High Yield Savings Account – Gain 4% Interest on Your Savings Today
Posted on | January 12, 2010 | No Comments
Finding a high yield savings account could go a long way towards helping you increase your savings in the near future. If you can gain a 4% interest rate on your savings account then you will be ahead of the crowd. Many Americans believe that the highest return they can get on their checking or savings account is around 2%. This is not true at all; there are many community banks that will offer rates up to 5%.
You will have to do some diligent research and look for community banks in your area but there are many small banks that are offering rates as high as 5% on checking and savings accounts. With these accounts you must use an ATM or debit card at least 10 times a month and you must have some type of electronic transfer into the account. If you can fulfill these requirements then you will get an interest rate of around 5%.
It is important to note that you must live within a certain radius of these small community banks to lock into these high yields. Most of the community banks that are advertising interest rates this high make you prove that you have citizenship in a certain county. You might be able to find a few that offer online checking and banking but it might be a stretch to get a high interest rate by doing this.
Compounding the interest on your savings account can greatly assist you in building wealth. If you have seen the money in your savings account increase yet you are getting a very low yield you might want to consider a community bank that offers you better rates. These banks are accessible so make sure to do your research today.
Author: Alan Lake
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