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Which bank in US gives the highest interest rate for saving account? |
Which bank in US gives the highest interest rate for saving account? Online banking will yield the highest savings rate. Bankrate.com is a very good site for anything you need to know about yields. Check these out for yourself (all are online, high-yield accounts, don't be confused with the brick/mortar accounts you can set up with BoA or HSBC though): 1. Bank of America 2. HSBC Bank 3. EmigrantDirect.com 4. INGdirect.com Bank of America is a money market account. I have read in several articles that the money market yields are approching and exceeding some short-term CD yields! I bank with INGdirect.com and earn 4.35%. Been a customer for 4 years now and is good. All transactions are online. Emigrant is a real bank, and is FDIC insured, i think their savings APY is 4.85 or something. All transactions are online. HSBC is the highest at 5.05% APY... but you HAVE to choose their "online high-yield savings" account to earn this... so all your transactions are online. But they have regular savings accounts that don't offer such a great rate and yield though! Know the difference though: APR is the rate and APY is the Annual Percentage Yield. Two banks can have the same Rate but different Yields because they compound at a different rate. Compounding is how often the interest you earn is added to your account to start earning you money at the rate. Therefore, the more often your interest is compounded, the more you make... so... Daily compounding is the best, followed by monthly, and then yearly. These are the 3 most common compound rates found amongst American Banks... although HSBC is the HongKong and Shanghai Bank... it's a LARGE international bank like Bank of America. GOODLUCK and watch out for some banks that require a minimum balance. It somewhat depends on how much you have to deposit. If you have a lot, you can get higher rates. But, even if you just have a small amount, you can get 5.15% right now at emigrant direct. Good luck! emigrantdirect.com is offering 5.15%, hsbc.com is 5.05% go to bankrate.com for updated info http://www.bankrate.com/brm/rate/mmmf_hi... 5.15% apy seems about maximum for no-check-writing 5.00% apy looks like the best, with check writing privlidges. |
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