High Yielding Savings Accounts, Online Mostly

High Yielding Savings Accounts, Online Mostly


Earning 3.35% on your savings account may seem like chump change, but if you recently opened your 401(k) statement and learned that your portfolio plunged by 20% or more, then any sort of savings plan looks like a comparable goldmine.

Most brick ‘n mortar banks are downright cheap when it comes to savings accounts, even worse with interest paying checking accounts. Some banks act as if they are Liberty Head Dollar
doing you a favor by paying 0.25% on your balances, while few will pay more than 1.5% on every day savings.

Fortunately, internet banking has changed the way that banks do business, at least for those whose deposits are chiefly transacted online. With fewer employees and virtually no real estate to speak of, online banks keep their overhead low and pass on their savings to you.

I’m not about to endorse any bank these days, simply because so many of the larger ones are going through extraordinary times, requiring a federal government bail out or risk facing insolvency. When dealing with any institution, you’ll want to verify that they are FDIC insured, otherwise your funds could be at risk.

The following are some of the more noteworthy banks conducting business online, financial institutions to consider as a places to make your hard earned funds work for you:

ShoreBank – Some banks help you earn money while others do that and take up a cause. ShoreBank’s modus operandi is to give you a good return on your money while using some of their profits to support the environment. ShoreBank has funded solid alternative energy businesses, environmental protection groups, green collar jobs, sustainable business practices, nursery schools, educational institutions, churches, temples, homeless shelters, NPOs, and much more.

ING Direct – Disclaimer: I am a loyal customer of ING, having banked with them for many years. A global institution based in the Netherlands, the American arm of this bank offers various savings accounts, mortgages, equity loans, and more. The bank now offers business services too. So, am I recommending them? Well….

Dollar Savings Direct – Operating as a division of Emigrant Bank, Dollar Savings currently is offering 4.0% interest on a sixteen-month, one thousand dollar deposit. Founded in 1850, Emigrant is one of the oldest, continually operating banks in the U.S. If longevity is a factor in who you bank with, then there are few banks that have been around as long and are paying high rates for deposits.

GMAC Bank – If it weren’t FDIC insured, I probably wouldn’t include GMAC Bank on this list. Parent GMAC Corporation is owned by Cerberus Capital Management, L.P. (of Chrysler automobile fame) and General Motors, two companies who aren’t exactly doing well right now. But, with some of the highest earning rates in the nation, you may not want to pass this bank by. Just don’t expect a break on your car loan rate if your credit isn’t good!

E*Trade Financial – You may already use E*Trade to buy and sell stocks, so why not use them for your government backed savings account? Currently, E*Trade is paying 3.30% on every day savings, which means you only need to deposit $1 to get such a high rate of return.

EverBank – Based in Jacksonville, FL fast-growing EverBank offers a good rate on short term money market accounts as well as on checking accounts. Although you need to put $1500 down to open a high yielding checking account, there is no minimum balance requirement to earn interest.

With the financial markets in a tizzy, many consumers are looking for safe places to stash their cash. It looks like certain online financial institutions have what it takes to give you a high return on your investment and some peace of mind too!


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About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".