In the poor economy finding high interest savings rate savings accounts can be difficult and often times tedious. This article will review the top 4 banks with the highest interest savings rates available. Getting high interest in this economy may be just over 1% however the average market rate is still only a fraction of a percent; help keep your money safe and growing with a savings account that will offer a high percent yield. Remember the average interest rate for savings accounts are only around .16%.
- ING Direct
ING offers a high savings interest rate of 1.5% with no minimums or fees, this mean no matter how much money you want to open your account up with, you can. ING also offers no hassles; they will transfer the money for free from your checking account and applications only take about 5 minutes to get a response. ING has one of the most trusted high interest savings accounts, I currently use them and they are easy to use. ING is also FDIC insured up to $250,000 per depositor; when the economy picks up expect to see savings interests rates go up as well, I opened mine with over 4% a few years ago. More can be found on their website: http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount.
E*Trade currently offers .95% APY on their savings accounts which is a high rate in this economy. This online bank offers easy and free money transfers from your current checking account; E*Trade also offers no deposit minimums to open a savings account, and they also offer no fees. E*Trade is a great company that has found a lot of customer satisfaction and high APY on savings accounts. More can be found on their website: https://us.etrade.com/e/t/home.
- HSBC Direct
HSBC Direct is an online banking company that offers 1.55% APY which is one of the highest on this list. The company is FDIC insured and you are only required to open an account with a minimum deposit of $1. There no account minimums and of course no fees; money can be transferred via online or at any HSBC ATM's in the U.S. HSBC offers simplicity with a very high APY on your savings account; expect this rate to increase in the next few years as the economy gets better. More on HSBC Direct can be found on their website: www.hsbcdirect.com.
ally which used to be GMAC has changed some of their policies for the better offering high interest rates on savings accounts and no more fees. ally offers 2.05% interest on savings accounts, which require no minimum and there are no fees or hidden disclaimers. This bank is also FDIC insured and can be opened with $0 which makes this ally highly convenient. More can be found on their website: www.ally.com.