| High yield savings refers to financial accounts that | | | | certificates of deposit (CDs). |
| accrue a higher interest rate than regular savings | | | | Funds deposited with credit unions are insured by the |
| accounts. In order to obtain the highest annual | | | | National Credit Union Share Insurance Fund. NSUSIF |
| percentage yield, consumers should look for banks that | | | | insures checking and savings deposits up to $100,000 |
| compound interest daily. The majority of financial | | | | and retirement savings up to $250,000 per insured |
| institutions compound interest on a quarterly basis, so it | | | | credit union. |
| is wise to shop around for the best deal. | | | | One unique high yield savings provider is SmartyPig; a |
| One trusted source for comparing high yield savings | | | | partnership of West Bank. This online savings plan |
| accounts is Bank Rate. This website provides a list of | | | | allows consumers to establish separate accounts for |
| nationwide banks, credit unions and online banks, along | | | | various purchases. For example, consumers might |
| with savings calculators and overviews of each | | | | establish a savings account to pay off credit cards, |
| available high interest account. Visitors can easily view | | | | vacation funds, and to purchase household appliances |
| minimum deposit and balance requirements, monthly | | | | or an automobile. |
| service fees and interest rate percentages at | | | | SmartyPig has been making headline news and was |
| Another source for comparing high yield savings | | | | recently featured in Forbes and American Banking |
| accounts is Consumer Search. Presented by | | | | News magazines. These publications highlighted the |
| About.com, a division of New York Times, provides | | | | fact that SmartyPig allows family and friends the |
| comprehensive information about the various types of | | | | opportunity to deposit funds in their loved ones |
| interest-bearing savings accounts and allows visitors to | | | | accounts to help them reach their financial goals. |
| compare APY percentages. | | | | Details of this money plan savings account can be |
| Consumers can also obtain information by visiting | | | | found at |
| physical locations of various banks. This is a good | | | | Regardless of the type of high yield savings you |
| choice for individuals concerned about providing | | | | desire, always research bank ratings at before |
| sensitive information online. Banks and credit unions | | | | establishing an account. Seek out financial institutions |
| usually offer brochures in the lobby and branch | | | | with a minimum 3-star rating. Compare monthly fees, |
| managers are happy to answer consumer questions | | | | opening deposit and minimum balance requirements, |
| and address concerns. | | | | and high yield savings interest rates. |
| Regardless of whether you prefer to bank online or in | | | | Many banks offer higher interest rates when savings |
| person, it is important to work with FDIC-insured | | | | accounts are opened online. Others include hidden fees |
| financial institutions. The Federal Deposit Insurance | | | | for receiving paper bank statements or withdrawing |
| Corporation was created by Congress to protect | | | | funds from ATM machines. By taking time to compare |
| consumers in the event of bank failure. Depositor | | | | savings plans, consumers can obtain the highest APY |
| funds are protected up to $250,000 per insured | | | | and prevent costly fees. |
| account including checking, savings, money market, and | | | | |