It used to be a given that if you wanted to have your money in a savings
account, you had to have it in a traditional bank and it yielded virtually nothing. The times have changed greatly. Now there are numerous very legitimate online banks who are offering high yield online savings accounts. These accounts allow you to invest small amounts of money and still benefit from great yields.
A terrific source in finding the highest yielding savings accounts online is savingsaccounts.com. By looking at this site we see that the current highest yielding savings account online is the online savings account through FNBO Direct, which yields 6%. There are also household names on the list, such as ETrade and HSBC, both offering 5.05% for their online savings accounts.
The majority of these accounts have no minimums and no account fees whatsoever. The rise in the amount of high yielding online savings accounts in the past two years has been staggering. The reason for this rise is that there are increasingly popular with the customer. The banks are simply reacting to what the consumer is demanding.
There is so much you can do with all of the extra money that you will have growing in your account through high yield savings accounts. Ask yourself, why should I have my money in a savings account paying 0.10% when I could be getting over 5%, with no minimums and no account maintenace fees? You'll probably come up with the same answer I did, I shouldn't.
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