Because of the recent market turmoil I am sure you have heard of people talking about other alternatives to the stock market. The information is all over the Internet. Of all these different options, I think one of the most talked about is a High Yield Savings Account.
But what exactly makes a savings account "High Yield"? I have seen numerous banks trying to sell you on their "High Yield" savings account by offering 1% return. WOW! What a great deal! not. Apparently, because so many banks/ financial institutions are offering a savings account/ MMA at .80 percent, High Yield could actually mean .81 percent (after all, it is higher). But Seriously now... they are seriously calling these high yield returns. Because it bothers me so much, here is a list of banks that offer this ridiculously low "high yield":
Wells Fargo .65 percent (with $25,000 minimum)
Wells Fargo .05 pecent (less than $25,000)
US Bank .40 percent (with $25,000 minimum)
Chase Bank .15 percent (with $25,000 minimum)
UCCU .698 percent (with $500 minimum)
Online (much better option)
Citibank 1.40 percent ($25,000 minimum)
Zions Bank 1.87 percent ($1,000 minimum)
AIG Savings 1.91 percent (10,000 minimum)
Some of these rates are okay.. but would you really classify them as High yield? not me...
By the way, in case you are wondering which High Yield Savings Account I saw that was the highest, then check out SmartyPig.com
They offer a Saving Account Rate of 3.05 percent... but don't be misled, this is valid only until June 22, 2009. After which the rate will change to 2.75 percent...and there is no minimum balance.
If you have any topics you want me to discuss or research for you, please feel free to leave a comment.
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