Photo Credit: Refracted Moments™

People spend time figuring out how to save some money in their budget and then just put cash in a low interest savings account.  There are many banks that are willing to offer higher interest rates for your deposits. If you haven’t already, consider opening a high yield savings account.

All these savings accounts are listed as FDIC insured and currently that is up to $250,000 (until December 2009).

ING Direct Review

We personally use ING Direct and have great customer service with them.

Opening an account

There are no monthly maintenance fees and it is very simple to open an account. Their current rate of 2.75% APY is not the highest, but it’s not too low to convince us to switch.

HSBC Direct Review

Opening an account

HSBC Direct is offering a savings account with 3.00% APY.  Like ING, there are no monthly fees.  Kiplinger has mentioned HSBC as one of the best online banks.

Emigrant Direct Review

Opening an account

Emigrant has the American Dream savings account for 3.00% APY. There are no monthly fees.

ShoreBank Review

I received an email about Shore Bank and its high yield online savings account. Since I really haven’t heard of it, I decided to look u some information.

Opening an account

There appears to be a $1 minimum to open the savings account. There are no monthly fees and the current rate is 3.50% APY. The bank also invests in social and environmental projects.

If you’re interested in learning more before you deposit any money, here are some articles I found.

• Which Online High-Yield Savings Account is Best?
• Profits with Purpose: ShoreBank | Fast Company
•  The Best Cyberbanks - Kiplinger.com
• ING Direct’s Man on a Mission – TIME

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