One of the ways to save more money is to put it aside where it is not easily accessible, and a high-yield savings account is an important tool for following that strategy. Most people who keep extra cash in their pockets or checking accounts, tend to use that money and treat it as expendable income. Plus, putting your money into a online high yield savings account will help you build your savings in the form of compounding interest. The only way to prevent that is to take the time to research and open an online high yield savings account.
It is no mystery that the economy is suffering right now and that the Federal Reserved lowered the short-term interest rates as a way to stimulate the system. Interest rates are at an all time low for borrowers and the time has never been better to purchase a new car or a home because of the thousands that can potentially be saved courtesy of the loan rates.
However, on the flip side, because of the low short-term rates, investors are struggling to find online high yield savings accounts. As of April 20, 2009 highest online high yield savings accounts pay off between 2.45% -3.30%. However the rates are constantly fluctuating and these rates may be for a limited time as a promotional incentive for the financial institution to build a new client base.
If you want your money to live up to its fullest potential and build a nest egg for yourself, comparing online high yield savings accounts will be your best strategy. You can either enter the words “online high yield savings accounts” into the window of your favorite search engine or start your search with us right now on GoBankingRates. Any way you choose to do it, opening up a high yield savings accounts is a great idea.