10 High-Yield Savings Accounts 2009

By | February 27, 2009

In this economy, we want to protect our money but at the same time, we want to our money to work for us.  Stocks and mutual funds historically have the best returns, however since the credit crisis, the market has seen some extreme volatility and there are high risks in playing with equities and commodities in this uncertain economy.

One of the best alternatives for the risk-adverse is to store the money in a high-yield savings account. This high-yield savings account can also be used to park our emergency funds, because the money is liquid or easily accessible. The money sits in a safe account, where the principal amount is protected and earns a high-yield interest rate.

The national average interest yield is at a measly rate of 0.42% APY. We want to earn the most interest without a trade-off for risk. If we can find savings accounts with at least 600% or more than the national average interest yield, and our initial deposit will still be insured by FDIC, it would be wise to choose the higher interest yield accounts. Below are 10 savings accounts with some of the highest Annual Percentage Yields (APY).

The current National Average interest yield is 0.42% APY according to Bankrate.com.
bankrate-national-average-savings-rate

___________________________________________________________________

High-Yield Savings Account #1

Broadway Federal Bank offers 3.56% APY in a savings account. Minimum to open account is $1,000. Only available online.

broadway-federal-bank-logo
broadway-federal-bank-savings-account

___________________________________________________________________

High-Yield Savings Account #2

ShoreBank offers 3.15% APY. Minimum balance is $1. No monthly fees. shorebank-direct-online-savings

___________________________________________________________________

High-Yield Savings Account #3

Alliant Credit Union offers 3.00% APY and only requires a minimum amount of $5 to receive the advertised interest rate. Minimum balance is $5. Fee Schedule.
alliant-credit-union-savings-account

___________________________________________________________________

High-Yield Savings Account #4

Danversbank Online Savings Account offers 3.00% APY and only requires a minimum amount of $0.01 to receive the advertised interest rate. Minimum balance is $1.

danversbank-logodanversbank-online-savings-account

___________________________________________________________________

High-Yield Savings Account #5

CNB Bank Direct Online Savings Account offers 3.00% APY. Minimum to open account is $1. No minimum balance.
cnb-bank-direct-osa

___________________________________________________________________

High-Yield Savings Account #6

Chesapeake Bank Online Savings Account offers 2.85% APY. Minimum balance is $1.chesapeake-bank-osa

___________________________________________________________________

High-Yield Savings Account #7

Provident Direct offers 2.82% APY. Minimum to open account is $1. No minimum balance. No monthly fees.provident-direct-savings-account

___________________________________________________________________

High-Yield Savings Account #8

GMAC Bank offers 2.75% APY. Minimum to open account is $1. No minimum balance. No monthly fees.gmac-bank-savings-account

___________________________________________________________________

High-Yield Savings Account #9

Presidential Online Bank offers 2.60% APY. Minimum to open account is $5,000. No monthly fees.

presidential-bank-logo
presidential-bank-premier-savings-rate

___________________________________________________________________

High-Yield Savings Account #10

FNBO Direct offers 2.40% APY. Minimum to open account is $1. No minimum balance. No monthly fees.fnbo-direct-osa

Related:
Top 10 High-Yield Savings Accounts July 2010

3 thoughts on “10 High-Yield Savings Accounts 2009

  1. pfincome

    Great job putting this list together. I think opening up a high interest savings account is a perfect way to start an emergency fund.

    Reply
  2. Smarty Guy

    pfincome,

    You are right, high interest savings accounts are great for emergency funds because they are liquid. I had that in mind but left it out during writing. I added that point to the post now. Thanks!

    Reply
  3. Pingback: Latest Money Market Rates | Understanding The Stock Market

Leave a Reply

Your email address will not be published. Required fields are marked *