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Several banks offer high yield savings accounts. This means that it is a savings account that offers a higher interest rate that most. Generally speaking, a high yield savings account will offer several advantages, primarily a better return on your investment. Of course, what a bank might consider a high yield savings account, you might consider a bad investment, so it is important to do some research in order to find the best results.
Generally speaking, a bank will only offer a high yield savings account to certain types of customers. In most cases, an investor will need to meet several requirements. For one, they will need to keep a high balance in the account for a long period of time. Their initial deposit into the account will generally need to exceed a certain amount. The amount of transactions in or out of the account will be limited. They will need to use other services offered by the bank.
In other words, a bank will only offer a high yield savings account to a valued customer.
Not all high yield savings accounts will require these criteria to be met. In fact, many online banks will circumvent this process. In some cases, an online bank will offer a high yield savings account with a deposit of only one dollar. Of course, with an online bank you will be required to make more of an effort on your part. You will need to manage transfers and link accounts together on your own, rather than having a bank teller do the work for you.
In most cases, online banks are the best option if you are looking for a place to find high yield savings accounts. This is because of the fact that they tend to have fewer restrictions than other banks.
If you prefer to work with a bank that you can physically visit, it is worth starting with your current bank to see if they will offer it. This is because, as mentioned above, the option is typically only offered to valued customers. If they do not, it is worth checking with some of the other banks in your area to see if they offer it as an option.
What else can I help you with?
Where could one find a savings account with a high yield?
A local credit union would probably have the highest yields on savings accounts. Otherwise, Ally Bank, Sallie Mae Bank, and Capital One offer high yield savings accounts.
What online banks have high interests savings accounts?
You can get a list of them here www.moneybluebook.com/the-best-online-high-yield-savings-accounts/
What are the advantages of high yield savings accounts?
Some advantages of high yield savings accounts include security, guarantee, development of good savings habits, and growth. The maintenance of such an account is usually performed online.
What kind of rates are offered with high yield savings accounts now?
High yield savings accounts can offer rates as high as 1.75% to 2%. If you are looking for high rates another good option is to get a Certificate of Deposit.
Is the yield for a Chase money market savings account high?
The yield for the Chase money market savings account is in line with the National average.You will find the highest rates with online accounts like www.DiscoverBank.com
How do banks offer high yield savings accounts to customers?
Banks offer high yield savings accounts to customers by investing the deposited funds in various financial instruments that generate higher returns, such as bonds or money market accounts. This allows banks to pay customers a higher interest rate on their savings compared to traditional savings accounts.
What is required to open a high yield savings account with a bank?
Banks may require a deposit of $1 to $100 to start a high yield savings account. At this time many banks are offering high yield savings accounts with fees and no minimum balance after the deposit.
Does Wells Fargo of Texas offer business savings accounts?
Wells Fargo of Texas offers several types of business savings accounts. These include Business Market Rate Savings Accounts and Business High Yield Savings Accounts.
What type of accounts does rainier pacific bank offer?
"The type of accounts the Rainier Pacific Bank offers are Savings accounts, Checking accounts, Investment accounts, online accounts, business saving accounts and high yield savings."
Where can I get a high yield interest account online?
The online site http://www.moolanomy.com/1333/how-to-find-best-high-yield-savings-interest-rate/ will provide you with a list of of top online banks that offers high yield savings account, high interest savings account, or high yield money market account. All of these accounts are FDIC insured up to $250,000. Your principal is protected and you’re guarantee a positive nominal return on investment.
What high interest accounts does TD Bank offer?
TD bank offers a great high yield savings account. With the economy beginning to recover the interest rates are only going to get better in the near future. There are several high yield savings accounts available at TD bank.
Are there additional benefits to opening a high yield savings account?
Often times high yield savings accounts do not require a minimum balance. These accounts can also be set up in addition to an already existing checking account you may already have which makes it easy to transfer funds.
