Best Online High Yield Savings Account Rates, August 2009
For August 2009, the average interest rate on high yield savings accounts continue to drop. Fortunately, you can still find a good rate if you look around. This article contains a list of nationally available highest yields savings and money market accounts. All of these accounts are FDIC insured up to $250,000. Your principal is protected and you’re guarantee a positive nominal return on investment.
Savings Banks With Highest Interest Rate
As of 8/2/2009 the highest yield savings accounts are:
| Bank | Interest Rate (APY) | Min. Deposit | Details |
|---|---|---|---|
| EverBank Yield Pledge Money Market Account | 2.15% | $1,500 | For new customers 3.01% 3-Month Bonus Rate. Low $1,500 initial-deposit requirement. No-fee Online and Mobile Banking. Up to six withdrawals per month. |
| Discover Bank Money Market Account | 2.00% | $2,500 | Low opening deposit plus no minimum balance. Make fast and free online money transfers. Set up automatic transfers from any checking or savings account. |
| WT Direct Savings Account | 1.76% | $10,000 | Earn up to $150 sign up bonus (expires 8/15/2009)
No minimum deposit required to open the account. The account earns maximum APY for the first 60 days regardless of the account balance. After the first 60 days, the APY drops to 0.15% APY if the if the balance drops below $10,000. |
| Ally Bank High Yield Savings | 1.75% | $0 | Open with $0, no minimum balance. No monthly fees. Daily compounded interest for maximum earnings. Six withdrawals or transfers per statement cycle. |
| HSBC Direct Online Savings Account | 1.55% | $1 | No monthly fees. No matter how much you use our ATMs or how many times you transfer your money, there are no fees. No minimum balance requirement. |
| E*Trade’s Complete Savings Account | 0.95% | $1 | A $1 minimum deposit is required to open a new account. Withdrawal limits apply. Online statements required. |
Bank Rates Search Tool
Additionally, you can use the following tool from MoneyRates.com to find more high interest rate savings account and other banking products for your need.
If you are looking for more savings options, I recommend that you try MoneyAisle to help you find the best online savings account rates.
Alternative Savings And Investment Options
In addition to high yield savings accounts, there are other alternatives that may work for you.
Lending Club (average 9.50% APY*)
Lending Club is a social lending network where you can invest in individual loans with as little as $25. The specific interest rate depends on the quality of loan you are investing in. Currently, the average return on investment is 9.5% APY. To learn more about peer lending, please read Introduction to Peer-to-Peer Lending.
* IMPORTANT: Please note that there are special risks associated with social lending.
Save Yourself Account at TD Ameritrade ($100 + 0.50% APY)
Open a new (non-retirement) Save Yourself Account at TD AMERITRADE, make 12 consecutive monthly deposits of $100 or more, and TD AMERITRADE will give you $100. Also, you will receive free online access to Women & Money—the book that launched Suze’s Save Yourself movement.
SmartyPig (2.75% APY)
SmartyPig is an online piggy bank where you could set up savings goals, and invite family and friends to contribute to your account. While your savings is accumulating, it’s earning a competitive interest rate of 3.25% APY — currently the bast savings rate. Additionally, you could opt for special incentive from participating retailers to get even more from your savings.
Here’s a review of SmartyPig I did in 2008, please note that several things may have changed since.
High Yield Checking Accounts (up to 1.65% APY)
Generally, there are more restriction around high yield checking to be eligible for the best rate. However, it may be worth while if you can meet the requirements. Currently, ING Electric Orange offers a high yield checking account that pays up to 1.65%.
Please visit Best High Yield Online Checking Account Rates for more checking options
Please review information associated with each offer before you sign up. Rates and conditions change constantly and I have reported what I believe to be the most accurate information at the time the article was updated.
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