High Interest Savings Accounts

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Investment Wisely Over the Long term with a High Interest Savings Account

A savvy investor should always be on the lookout for making their money work for them. Savings accounts could be a good, low-maintenance option. By taking exercise a little bit of patience for the long haul, a high interest family savings can be an answer to making high yields along with minimal effort.

A top interest savings account is merely that a checking account with a greater once-a-year percentage yield than most. How can a financial institution offer what seems like money for free? Well, they dont. High interest cost savings accounts usually involve a greater contribution in advance than most regular savings accounts. This is often in the form of a larger starting deposit which can frequently start at $5,500. High interest cost savings accounts may also have to maintain a greater stability average than regular savings accounts. Restrictions may be placed on the amount of transactions that can take location each month for a large interest savings account. Also, some financial institutions need that another romantic relationship be maintained throughout an investment to a high interest savings account. This might mean that the interest that is gained in a large interest savings account during a particular period may need to be transferred to a sister checking account, nixing any chances of compounded Interest on the initial investment.

In case a consumer has a pretty large sum of money that he or she does not require access to to get a medium to long period of time, a high interest savings account may be the way to go. Despite the stipulations, large interest savings balances offer competitive yearly percentage yields over most investment plans. However, the accountholder nonetheless wishes to gain a competitive rate but doesn’t, for instance, have the large sum of money up front, a great higher than normal internet family savings interest rate may be a affordable fit.

Comments: 63

  1. Collen February 9, 2013 at 8:26 am Reply

    I have a couple thousand dollars that I would like to do something with and if possible help the economy out. If any one has any recommendations as to where to put it other than a high interest savings account then let me know. Are municipal bonds a good place to start?

  2. Danika February 26, 2013 at 1:47 pm Reply

    I would like to put my savings into a high interest savings account while I learn more about where I should invest it etc. Anyone know who offers the best?

  3. Gregg March 1, 2013 at 4:09 pm Reply

    Over the past year or so every time I would go to the bank I would be hounded to put my money into a higher interest savings account (like a CD) and finally the other day I did. So how much does a teller get paid to open a CD?

  4. Digna March 1, 2013 at 4:32 pm Reply

    iam just asking because ive come into inheritence of 1 mill.
    if i put that in a high interest savings account and live off that . e.g 5% interest meaning i get 50k a yr just by that and i live off that money. as in not work.

    would i be charged tax and how much tax will i have to pay for getting 50k a yr from the interest only?
    by the way, i live in australia so please give answers about australian tax only.

  5. Bertram March 8, 2013 at 3:51 am Reply

    I have about $7,000 of funds I would like to invest. However I am in the process of getting married, and need to have at least access to the funds in 6 months. I thought about a CD, a high interest savings account, or a mutual fund. Are there other options that give me the flexibility to take out my money in at least the mid-short term? Where are the best rates?

  6. Ai March 31, 2013 at 12:39 am Reply

    Looking to put money in either a CD or Savings account that offers high interest. I would like my money to be safe in the process. Where should I invest it?

  7. Vern April 11, 2013 at 1:23 am Reply

    I got a thing in the mail saying I could get a $5000 loan (with a 3% charger per transaction) for 0% interest for a year. Can I just put that into a high interest savings account and then when the year is up pay off the loan and keep the interest earned? Seems like an easy way to make a little money. I was thinking of signing up with ING for this. Thoughts?

  8. Zane April 16, 2013 at 7:45 am Reply

    Sorry did not know how to word that. :/

    Basically.. I might have a bit of money coming my way.
    I don’t want to touch it for a year!
    i want to put 5grand maybe more in a high interest savings account.

    I just want to know what bank has the best savings interest.
    My current account is with HSBC i get perks which i pay monthly for so I want to keep my current accou t there. Thanks 🙂

  9. Crysta April 17, 2013 at 9:57 am Reply

    My main asset is my income, 75% of which I save every month. My secondary asset is the interest from my savings account. My main liability is my rent. My interest is steadily approaching my rent and will eventually overtake it. So why does everyone recommend that I invest my savings into property, lose my secondary asset and swap my main liability (rent) for an alternative liability (mortgage + interest on mortgage + house maintenance costs). Am I not better off renting and saving? Is this advice all based on the assumption that house prices will continue to rise and the potential returns from property speculation will outpace the increase in the monthly interest I receive from my savings? Or is there something I’m missing which shows that it is fundamentally better to use money to put down a deposit on a mortgage than invest it in a high-interest savings account?

  10. Glynis April 25, 2013 at 7:16 pm Reply

    I’m currently with ANZ but not earning much interest on my savings.. I was just wondering what Australian bank offers the best high interest savings account? Preferrably one with no monthly fees etc, and that will help me save month by month.

  11. Serina May 10, 2013 at 11:44 pm Reply

    I’m not sure if I should just open a high-interest savings account or a CD. Obviously, I would have to wait to transfer the money from the CD, but I’m new at this and wonder how this works.

  12. Ed May 28, 2013 at 2:05 am Reply

    I plan to invest $30,000 in the stock market. My goal is to make more than 1.5% return since my high yield interest savings account guarantee me this much.

    Any tips on what good stocks to invest in today’s market?

  13. Shannan May 31, 2013 at 12:26 am Reply

    I want to open a savings account separate from my checking account to earn a higher interest rate. I keep reading about “money market accounts.” What is the different between a savings account and a money market account? What are the advantages/disadvantages to having either one? Thank you!
    By the way, I do plan on meeting with a banker as soon as the holidays slow down to better discuss my options.
    I just wanted to see if anyone could offer any quick info or help on here in the meantime! 🙂

  14. Jonah June 5, 2013 at 7:00 am Reply

    Has anyone put say ~$1m from an unlimited credit card into a high interest (6%) online savings account then transfered the money back before the end of the interest free period (45 days)?
    Not sure if this is profitable.

  15. Dyan June 13, 2013 at 6:25 am Reply

    I recently came into a small amount of money (about $20,000) and I don’t want to spend it all, I wanted to know if anyone had ideas about what the best thing to do with it is. I was thinking a high interest savings account. I don’t want a cd or anything, we are planning on using the money as a down payment on a house. Are there any other options for it?

  16. Karleen July 4, 2013 at 6:24 am Reply

    On one hand, banks get to charge higher interest rates on loans.
    But, they also have to pay higher interest on savings accounts and CDs. So does the gap between what they charge and what they pay stay the same?

    Plus, higher interest rates discourages borrowing. That means less people borrowing and less business for banks?

  17. Roger September 2, 2013 at 3:01 am Reply

    I am looking to switch banks. I have been able to save a good amount of money and would like to find a high interest rate savings account or both checking and savings. I have read some bad reviews about online savings accounts like amex, discover, and some others. I have noticed that they are the ones with the best interest though. So can you tell me your experience or what is out there that would be great. Thanks.

  18. Leonardo September 8, 2013 at 1:56 am Reply

    I would like to start saving for my future child’s college fund. Nope, I’m not pregnant. I just like to plan ahead 😉 My goal is to have a 200k college fund ready in 20 years.

    Are there any high interest savings accounts? Are college funds tax free or tax deductible?

    My husband and I earn 150k annually.
    @ Towanda

    Could you send me a link? OMG!

  19. Candelaria September 8, 2013 at 4:36 am Reply

    I’m an undergrad and I plan on going onto graduate school. If I open a 529 savings plan, can I use that money for future school costs? If so, is opening a 529 savings plan better than just having a high interest savings account with my bank?

  20. Jeffry October 18, 2013 at 12:48 am Reply

    I’m trying to find the highest interest rate for a savings account, but also want one that doesn’t have minimums or fees or anything like that. I was looking at Etrade at 5.05%, but it sounds like they could go bankrupt. I’ve heard a lot of good things about ING Direct, which is around 4.00%, but I feel like I can get a better rate somewhere else. Has anyone found one they are happy with?

  21. Antione October 24, 2013 at 5:35 am Reply

    Is there anything stopping me from raising my credit card limit to as high as I can…. Then depositing it all into a high interest savings account on the 1st of the month and then withdrawing it on the last day of the month?

    That way avoiding any credit interest but gaining interest in my savings account?

    I’ve tried on my online banking to see if it allows me to do this and it seems like it does.
    Is there anything to stop me earning interest off the banks money (credit) like this?

  22. Jill October 30, 2013 at 5:32 am Reply

    The money i receive from a high interest savings account, do i have to report that as “earned money” to the government?
    its because i use PC financial for investments. Since they have that 4 percent savings plus interest offer. And i dont get anything in the mail from them, everything is done online.

  23. Antoine November 22, 2013 at 9:06 am Reply

    At my bank, There is a 1.2% interest given every month in a high interest savings account.

    I do know the flat principal formula is M = P(1 + k)^n
    but that is just for 1 amount of money (P) if that is $1000 it ends up as $1036 in 3 months.

    I am wondering what a possible formula is for a Varible principal (P).

    Got anything? Leave it in the answer section below.

  24. Janean November 25, 2013 at 11:19 pm Reply

    We have 2 savings accounts and I am trying to figure out which one has the better interest rate. When i have a credit card account, I simply pull up the statement and the interest or APR is clearly listed on there. Well, with my savings statement it shows an APY, but it varies every month (I guess it depends on the amount of money that’s on the account maybe?)
    How do I find out the set interest percentage so that I can compare between the two accounts?
    Thanks

  25. Ray December 3, 2013 at 2:39 am Reply

    If I can borrow that much for a year, I can more or less live on the 5% interest I can get in some high interest savings accounts.

    I know that’s only $25,000 in interest, but I’m a frugal guy and can make it on that.

  26. Christian January 5, 2014 at 9:26 pm Reply

    My husband and I are 22 years old. We really understand the importance of managing your money well. So far we have accomplished the task of paying off all our debt and both have fantastic credit scores. We understand that the best “next step” for us is to start a high interest savings account or something of the sort. This is where I’m lacking in knowledge. I’m looking for account type suggestions, websites I can look at, etc.

  27. Kori January 10, 2014 at 5:24 pm Reply

    I am thinking of leaving banks and turn to credit unions… so i wanted to know why do credit unions offer higher interest rates for different types of savings accounts?

  28. Donella January 18, 2014 at 4:03 am Reply

    Hi i am a 13 year old looking for a high interest savings account for me to buy a car at 16 years old what bank has the highest rate on a savings account that i cannot withdrawl from until i am 16 years old

  29. Lawrence January 24, 2014 at 9:17 am Reply

    I’m working multiple jobs to save up towards a $100,000 in 5-7 years. What type of bank savings account (and which bank?) offers the highest interest rate? And, if it is a cd, can I add to it or do i only open it with one large sum and then no more adding. I know there are terms for withdrawing from a cd but I’m not sure about making regular deposits to a cd.

  30. Colin February 2, 2014 at 6:29 am Reply

    I’ve heard turkey is pretty good. 15% and more depending on the amount you put into the account. Anywhere else that is any better?

  31. Rosy February 2, 2014 at 6:42 am Reply

    I am looking for ideas on high interest accounts for my baby daughters future. I recently heard of one paying 10% or around that. any ideas ?
    I have found one folks !
    Halifax childrens regular saver account pays 10 % on first year, then 5.8 % thereafter ! Thanks anyway !

  32. Maxie February 7, 2014 at 12:16 pm Reply

    I was checking rates and I discovered the american express high yield saving account, which gives 1.25%. Something doesn’t make sense for me for the following reasons:

    First, If we compare with regular brick and mortar bank the rate given by AMEX is very high (Chase or BofA only give 0.25%APY at most). I understand that online banks create an advantage because they don’t have as much overhead costs, but is it a full 1% advantage!?

    Second, and more importantly, let’s compare this rate with the CD rate given by the same bank, it just doesn’t make sense! How do they expect customers to put their money in a 6 or 12 month CD that gives 0.5% or 0.9% while they offer a savings account giving 1.25%?

    This savings account seems very strange, if this rate is what it is, where’s the catch?
    Oh, and there is no minimum to open the account

  33. Giselle February 18, 2014 at 3:39 am Reply

    What would be better having a property investment where the rental income helps pay 3/4 of the mortgage repayments or a high interest savings account?

  34. Cyrus February 21, 2014 at 10:56 pm Reply

    What do I need to know? I may only leave my initial deposit in for 90 days – this is a link to Countrywide offers – can someone help me understand the differences between these accounts

    https://bank.countrywide.com/CWBRates.aspx?tab=tm

  35. Mauricio February 21, 2014 at 11:07 pm Reply

    My child was with Nation Wide, now it’s gone down to 0. %
    What savings account bank would you recommend?

  36. Edmond February 21, 2014 at 11:12 pm Reply

    Well, my brother and I are looking to separately invest about £50,000 each. I’ve been looking into fixed-term savings accounts but much of it is pretty confusing.

    Any suggestions on a reputable banking institution with interest rates in the range of 4.00-6.00%? We’re looking to let the money sit for 3-5 years to accrue it’s maximum potential but the option of monthly interest payments is a must.

    Also, one point we’re very confused about.. when they say they pay 3.75% in interest each month does that mean 3.75% of £50,000 monthly (£1875), or would they be splitting £1875 into 12 monthly increments of £156?

    This money comes from the death of our sister and we’d like to use it as respectfully as possible.
    Anybody offering a rate of 3.75% is likely a scam? Royal Bank of Scotland lists their highest rate at 6.00% for a 3 year fixed rate bond. I should be cautious?

    http://www.rbs.co.uk/personal/savings/g3/fixed-rate-bonds/3yr.ashx#tabs=section2

  37. Mauricio February 21, 2014 at 11:12 pm Reply

    I’m a teenager from Newfoundland, Canada and i’m looking to put 5000+ dollars into a savings account.. which bank offers the most interest or is most effective?
    I am currently employed full time, but I only want to put my money in a savings account for about 2 years because i will need to get a car then

  38. Idalia February 22, 2014 at 4:48 am Reply

    I am 19 and in America and I want to open an account where my money will be growing and moving

  39. Lonnie February 22, 2014 at 5:27 am Reply

    Being a little leery of the financial mess we are in at the present, I am thinking about switching to an on-line savings account such as ING Direct Orange. My current interest rate for savings accounts at my local bank is 1.14 per cent. I have roughly $10,000 sitting there earning .75 cents per month. Can anyone give me some advice on this? Does anyone have any experience with ING? Thanks!

  40. Manie February 22, 2014 at 7:47 am Reply

    Hi, I’ve been interested in putting some money aside and some one told me about these high yield savings accounts. Can anyone give me some advice on what to look for and where to look and what other options are out there. I appreciate any advice and thanks for reading.

  41. Ray February 22, 2014 at 8:08 am Reply

    Hello,
    I need to start a savings account, obviously i would like as high an interest rate as i can get but.. i would still need to get to the money incase of an emergency quickly.
    All suggestions welcome please or even if you have a better idea!!

  42. Chadwick March 5, 2014 at 6:52 pm Reply

    I was working on a homework assignment, where I am supposed to compile a report containing three different investment plans that will increase a $10,000 investment to $30,000 within 20 years. I suggested a savings account with an interest rate of at least 5.5%, stocks, bonds, and mutual funds.
    Now that I have that, I need to come up with actual real-life examples of each, including names and interest rates. So far, I’m not finding any high interest rate savings accounts. I was wondering if anyone had any tips that could be helpful. Thanks!

  43. Zachery March 11, 2014 at 8:27 am Reply

    I need some information about checkings and savings account.

    Which one is better ?
    Is there interest rate ? (How much)
    Pros’s/Con’s ?
    Which would you prefer/ Which do you have ?
    Which one is the best ?
    Are there any fee’s and/or costs to start ?

    Any information will help.
    Thank You!

  44. Harris March 11, 2014 at 8:35 am Reply

    Which bank and what % has a good rate of interest at the moment?

    Thank you

    Will choose best answer.

  45. Rey March 11, 2014 at 8:48 am Reply

    I recently inherited a decent amount of money and once I’ve purchased a property and taken care of some other costs, I’m wanting to put around £650k into a high interest rate savings account. Anyway I was looking at the ING Direct Growth Account and they offer 2.5% per month and then after 3 months it reverts to the basic 1% per month. Anyway I just wanted to make sure I wasn’t working it out wrong, but if I were to put £650k into this account does this mean it would earn £16,250 in interest per month for the first 3 months and then £6,500 per month thereafter? Bringing the annual interest for the first year to £107,250? It just seems a little too good to be true and I feel like I’m making a dumb mistake? For those of you who are wondering why I’m asking on Yahoo and not seeking professional financial advice, please note that I intend to seek the advice of a professional, but just wanted to do as much personal research beforehand.

    Thanks!

  46. Lashaunda March 11, 2014 at 5:36 pm Reply

    i would like to save a little nest egg for the future so i can travel when my kids are of age. i would like to open an account where the interest is good, but is also non-taxable, giving me a lump sum at the end of 15 years.
    resident in UK!

  47. Vilma March 14, 2014 at 3:42 am Reply

    I have $2000 I’d like to put in a savings account. Currently I have a business economy savings and a personal savings, both Bank Of America. My plan is to put this money into savings and add $200-$300/month into it. I’m not going to be paying taxes quarterly (due to my W2s where I claim 0, and also a high amount of deductions this year). However I don’t want to come short so I am putting aside an additional 15% of my income into a savings account. I would like to make more interest than what my savings account offers, which I believe is 1% (someone correct me if I’m wrong?).

    I don’t need access to the money until at least January of 2013. I wouldn’t mind if it was locked away, just as long as I could continually add to it. So, what are my options as far as where to put the money, how much interest, if its monthly or not, and whether its compound interest or not?
    Correction: Bank of America is .08%

  48. Jayne March 14, 2014 at 5:09 pm Reply

    I am about to graduate soon and I want to put some money every month into a high interest savings account. I went to http://www.bankrate.com and the best bank (with 4 stars) is FNBO Direct with rate after intro being 4.93% and no monthly service fees but I heard the customer service was terrible and sometimes they aren’t able to link accounts. Does anyone have suggestions as to another bank that has a solid high interest rate on their savings account? I don’t want to keep switching back and forth between banks so it doesn’t have to have the highest interest rate. Thanks!

  49. Cristopher March 19, 2014 at 4:42 pm Reply

    Where can I open a high interest savings account in Canada at a good rate? But I’m 16 and a lot of accounts are 18 and over so…….any ideas?

  50. Pedro March 20, 2014 at 6:06 pm Reply

    What are some high- yield savings accounts (5% or higher) that are farily liquid and have a minimum deposit of $1000 or less?

  51. Alvaro March 22, 2014 at 5:56 am Reply

    Hello, I have around 12000 GBP that i want to put in a high interest savings account and what would give me the most return in around 4-10 years?

  52. Cyrus March 27, 2014 at 1:56 pm Reply

    So i’ve just started uni and got a interest free overdraft of £1000 and was wondering if i could draw it all out and put it into a high interest savings account. Ing do an account which is 2.9% and so i’d earn £29 over a year which is better that nothing. I don’t think i’ll need it so i’d rather have it earning money. would this work?

  53. Giselle March 28, 2014 at 4:37 pm Reply

    I have accounts in HDFC & SBI banks.
    In HDFC I have three accounts 1. Salary 2. Savings 3. Current
    In SBI I have a savings account only.
    Where shall I keep maximum balance to get more interest & other benefits (if any).

  54. Maxwell April 2, 2014 at 9:39 am Reply

    Do you know anyone that have both of these?

  55. Jacque April 9, 2014 at 2:28 am Reply

    I’m talking about something that offers at least 3% interest & up

  56. Stewart May 4, 2014 at 10:11 pm Reply

    I am clueless as to what type of savings account I need and how it much it could accumulate over time. I have a lump sum to start it with, not a huge amount, but enough to get it going. I really would like to start an “emergency fund” to have as a back-up just in case. Due to our financial situation, I would only have about $20 a month to add to it. Is it feasible to do the high interest account? What should I go for? I would prefer to not do an online one, also.
    I just only knew about savings accounts, truthfully…I haven’t done my research! I will look into it!

  57. Elfrieda May 19, 2014 at 11:56 am Reply

    If I was to start a savings account (saving to move away) when the time comes for me to move could I take all that money out at one time and shut down the savings account?

  58. Johana May 21, 2014 at 7:48 pm Reply

    Which institution has the highest yield interest rates for savings/money market accounts and also has a nice online interface? I am considering capital one but interested in others if they are better.

  59. Errol June 8, 2014 at 6:38 pm Reply

    I know people take out loans to buy stocks. Someone told to me that would cause double taxation somehow.

  60. Joleen June 8, 2014 at 6:48 pm Reply

    Hi, i live in canada, in vancouver, BC.

    I’m new here, i guess that i have to pay taxes over the earnings of a savings account if i open one. Is that correct? if i only have an account for 9 months, do i still have to pay taxes over it? what happens if i do not pay taxes over the earnings after the year? i’m not planning on having more than 20 000 CAD …

  61. Kurt June 11, 2014 at 3:03 pm Reply

    Want to open a savings account with compound interest so i hav money for the future how do i go about looking for a bank that can help me???

  62. Hal June 12, 2014 at 8:12 pm Reply

    I WANT TO START A SAVINGS ACCOUNT AND I NEED A BANK THAT HAS COMPOUNDING INTEREST ON A MONTHLY BASES. PLEASE LET ME KNOW WHAT BANK I CAN USE.

  63. Dave June 15, 2014 at 6:48 am Reply

    What is some important info on a checking and savings account? What types of benefits and disadvantages?

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