Where can I find a good high yield savings account?
April 27, 2009 by How Savings Bonds Work
Filed under High Yield Investing
Can you answer Ambernc1’s question about Bonds?:
We are looking to transfer the money in our savings account to a high yield savings account or even possibly a CD. The bank I am currently with only offers a 0.2% return on savings and a 1.2% return on a 3 month CD. Does anyone know of a bank in the US (Arizona) that has a higher interest rate? I was looking for around 3%.
Tax Free Municipal Bonds
We are looking to transfer the money in our savings account to a high yield savings account or even possibly a CD. The bank I am currently with only offers a 0.2% return on savings and a 1.2% return on a 3 month CD. Does anyone know of a bank in the US (Arizona) that has a higher interest rate? I was looking for around 3%.
Tax Free Municipal Bonds
Bonds Feedback: Go to and click on the CDs and Investments tab. Your interest-bearing deposit is insured up to $250,000.00 in any FDIC insured institution.
Bonds Feedback:
Bonds Feedback: High yielders tend to be Everbank in Florida and Met Life Bank in the New York/New Jersey area. You don’t have to limit yourself to Arizona if you are willing to open an account online with these banks and mail in your payment.
Bonds Feedback: online is the best
Bonds Feedback: Yes, online banks are the best for high interest rates since they don’t have to pay costs for owning large buildings.
Bonds Feedback: As the above have told you, bankrate.com will show you the best rates. But if you’re doing it online, ING direct is probably the easiest.
HOWEVER, I am going to suggest you a better alternative, DON’T USE ONE.
Are you serious?
3% a year?
Don’t you waste and spend more than 5-10% on your regular expenses just by not shopping smart and buying in bulk?
Do you pay sales taxes when you purchase stuff?
Do you pay tips when you eat out?
Do you remember “late fees” for not paying bills on time?
(hopefully none of this applies to you, but as you can see, how easy it is to NOT save money, that you can save money by just being careful and frugal).
What’s wrong with using a savings account?
1. They don’t pay you enough to matter. If you’re willing to settle for 3 cents on a dollar for a year, you can certainly save 5 cents to 10 cents by spending some time shopping for a better deal on groceries, necessities, clothing, electronics and whatever you buy.
2. You risk being penalized if you have to withdraw early, why bother? It’s YOUR money, what if you need it in an emergency? You not only lose the interest, you pay a penalty!
3. By accepting a crap rate, you’re perpetuating our overlending economy. Why are so many companies asking for bailout now? Because they were lent money that wasn’t supposed to be, low interest rates. You should keep your money until something bigger comes up (such as 10%, and it won’t happen, so don’t use savings accounts).
SO WHAT CAN YOU DO?
1. Get a FREE checking account, no fees, no interest, no penalties. Put in LITERALLY EVERY PENNY you don’t spend.
2. Watch out for deals, buddy with friends and neighbors to shop in bulk and save together. Cut coupons, spend a few hours a week can save you a few hundred a month! (I know it because I live it)
3. Are you sure you’re not going to touch this money for a long time? If so, buy some silver coins, I’ve done it for 4 years and it’s appreciated greatly every year, at least 20% (even when today the market price is low, I can sell my physical coins for as much as I paid for).
4. Keep thinking, stay alert, always demand better. You are a consumer and banks, businesses prey on your ignorance and laziness. You KNOW you can save money by being smart, being careful, why let the hold your money for ONE WHOLE YEAR and only give you 3%? You deserve better, do yourself a favor.
Ask me any specific questions, I’ve saved people hundreds a year, I’m a personal savings advisor and I only present facts and experience. You are free to disagree, but it can’t hurt to hear both sides of the story.