5 Best High Yield and Interest Savings Accounts 2015

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Over the years, people have gotten dissatisfied by how traditional banks charged the bonuses on interests they place on savings. It led to looking for alternative high yield savings accounts that provide growth in interest for their money over short duration while security for their money is enhanced.

These accounts also allow one full access to their money at all times. Other banks may facilitate one with a certificate of deposit, where one commits to collecting money for a fixed duration of time so as to earn high interest. Penalties may apply for early withdrawals from these types of accounts.

Note: APY = Annual Percentage Yield

MySavingsDirect Account – 1.10% APY

It delights itself in being “America’s Highest Rate” savings account with an APY of 1.10%. It also boasts of no minimum fees required for opening an account; no monthly service charge there is no need of opening accounts as one can sync this account with an already opened different account.

No minimum balance is required to operate the account. It offers a flat rate to any amount deposited in it and checking account at any other bank since its an online account. The account is diverse as it provides online methods of opening and maintaining an account

Barclays Bank Delaware and Dream Account – 1.0% APY

It has an annual percentage yield of 1.00% that is higher than of most competitors, thereby giving it an edge over other banks. Account holders are subjected to no opening fees or hidden charges in maintaining the account. It offers a 24/7 access to funds online.

There is also no hidden costs in an account transactions or transfers to other banks. It also facilitates direct deposit options to any account in the USA. Barclays also offers a remote deposit feature, allowing you to deposit checks with a computer or smartphone.

For people who want to gain value for their money, I would advise that they go for the Barclays Dream Account. Because, they can save for a consecutive six months, thus being entitled to a 2.5% interest.

Also, if no withdrawals are made in the same period an additional 2.5% in generated, that will boost the interest of up to 1.05%. It has a charge of $5 per transaction on bank overdrafts, therefore, becoming ideal for people who want to make the most interests and who require fewer withdrawals.

Ally Bank – 0.99% APY

It has been recognized as ”Best Online Bank” by Money Magazine from 2011-2014. It is considered the best online saving accounts as it has real time chat support that’s present 24/7. Opening and operating an account with them is easy as there are no long protocols involved as it’s done on an online platform.

Verification needed when opening an account, is a driver’s license or military identification card. It has a 0.99% APY that is relatively higher for online banks. When opening an account, it requires no minimum deposits or maintenance fees. Another advantage of this account is, the clients money is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor and compounds a daily interest on the money saved.

High Yield Savings Account – Synchrony Bank  – 1.05% APY

Synchrony Bank, a newly opened financial institution that incorporates both the online banking and traditional banking system. It means it has a physical location in Bridgewater, New Jersey like old bank institutions and is technical savvy by being an online bank.

The account is service- fee- free to clients who maintain a minimum of $30 in their accounts monthly or be charged a $5 monthly fee.

Synchrony Bank increased its Optimizer +plus High Yield Savings to 1.05% APY as from June 2015. Thereby, out-beating its competitors. Services accessed by a mobile phone are free of charge, plus they get an entitlement of three complete transactions of up to $100,000 per account, per day.

CIT Bank High Yield Savings account – 1.05% APY

I would recommend this account for those who would mind paying a $100 minimum deposit since its annual percentage yield is 1.05%.

There are no fees charged on account opening or monthly maintenance costs, and there is no once the account is operational. No charges are incurred during online transactions, or outgoing wireless transfer fees with amounts exceeding $25,000.

The account is 24/7 access to either web or phone, and depositors money is FDIC- insured for up to $250,000 in case of bankruptcy of the bank.

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