High Yield Savings Account – Compound Interest at 5.25%
Posted on | January 28, 2010 | No Comments
If you are looking for a high yield savings account you might want to look towards local community backs. At local community banks you can end up compounding interest at 5.2% on a savings or checking account. Most people would not believe this but they are our community banks that will give you an interest rate above 4% on a checking or savings account.
Most national banks cannot offer this high of an interest rate but there are local banks they can. It would be a wise decision to do research on community banks in your area and see what yields they are willing to offer you. Unfortunately, you will only be able to get these high yields if you reside in the specific county they are offered.
By doing your research you are likely to find that there are many community banks around you that could offer a very attractive interest rate. You may not get a yield as high as 5.25% but you could get a yield that is much higher than the national average. If you have a significant amount of money in your bank or checking account you will want to receive some type of yield on this money.
The concept of compounding interest has made many Americans very rich over the last several decades. If you can compound interest of 5.25% over several years you are going to see your money grow very quickly. By continuing to add money to your checking or bank account you will see this money built the great wealth.
Author: Jeremy North
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