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.
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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.
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High-Yield Savings Account #2
ShoreBank offers 3.15% APY. Minimum balance is $1. No monthly fees. 
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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.
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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.
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High-Yield Savings Account #5
CNB Bank Direct Online Savings Account offers 3.00% APY. Minimum to open account is $1. No minimum balance.
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High-Yield Savings Account #6
Chesapeake Bank Online Savings Account offers 2.85% APY. Minimum balance is $1.
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High-Yield Savings Account #7
Provident Direct offers 2.82% APY. Minimum to open account is $1. No minimum balance. No monthly fees.
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High-Yield Savings Account #8
GMAC Bank offers 2.75% APY. Minimum to open account is $1. No minimum balance. No monthly fees.
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High-Yield Savings Account #9
Presidential Online Bank offers 2.60% APY. Minimum to open account is $5,000. No monthly fees.
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High-Yield Savings Account #10
FNBO Direct offers 2.40% APY. Minimum to open account is $1. No minimum balance. No monthly fees.
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