High Yield Savings Accounts
Lending Club – 9.05% Rate
$0 minimum deposit required. Earn a great return by NOT going to a bank. Instead of your normal savings deposit account, at Lending Club you invest in loans to high quality borrowers across the country. SEC registered and the leader in social lending, it takes just 5 mins. to setup your account and start being your own bank!
—>Click HERE to setup your account.
A high yield savings account is a bank account, usually online, where you can earn a small, but safe return on your cash.
High Yield Online Savings Accounts Rates
Here are the best companies that offer high yield savings accounts. The rates change constantly, but this is accurate as of June 15th, 2009.
Bank Rate (APY) Min. Deposit Rating Link
| WT Direct | 1.76% | $10,000 | Click HERE | |
| E*Trade | 1.20% | $1 | Click HERE | |
| HSBC Direct | 1.65% | $1 | Click Here | |
| Capital One | 1.5% | $5,000 | ||
| LendingClub | 9.05% | $0 Top Pick | New | Click HERE |
Higher Yield Alternative
With most savings accounts earning under 2%, you might look into a little different type of liquid investment. LendingClub.com offers high interest rate notes that you can invest in with as little as $25. The average return is over 9%.
Sign up at LendingClub.com and start earning over 9%
Why primarily online. Online banking is far more fluid than a bank with branches, paper statements etc… Therefore lower yield. ING and E*Trade are great examples of being 100% online and maintaining a lot of liquidity. The trade-off is you have to most of the work yourself. You don’t have a broker working for you like you would at an investment firm etc… If you are a brick and mortar guy check with your existing bank. The reason many of these high yield savings accounts are now online, is because there is not a lot of work involved when you just want to move money and let it sit.
What are the requirements for a high-yield savings account?
Commonly, you have to meet at least four requirements in order to receive a high yield savings account. Make a sufficiently large enough initial deposit, keep a high balance over time, limit transactions in and out of the account, and have other banking relationships along with the high-yield account.
Most banks will ask that you have a checking account with them so that it is easier for you to transfer and affectively change anything as a “total” banking customer with them. Banks have followed a credo that implies high yield savings accounts “only” to valued customers.
What should I do now?
Speak with your current bank and ask where you can get a higher yield rate. If they don’t know, look online and there will be reputable banks that pop up or places with lists like man that will help you pick and choose your best option. A high yield savings account can greatly benefit you in the long run. If you have a growing amount of revenue, or your savings account just doesn’t seem to blossom, think about a high yield savings account. It can greatly benefit your monetary gains.
High Yield Is Dead
The online savings account is dead.
Where are people supposed to put their money right now and earn a decent return? The stock market? Good luck with that. Might as well put it all on red.
The so called “high-yield” savings accounts are anything but. The banks are desperate for deposits to shore up their balance sheets, yet rates keep dropping faster than condo prices in Miami.
I have a business account with ING Direct that’s earning….wait for it….1.7%. I hardly call that “earning” anything. There are higher rates out there of course, especially for personal accounts, but they still suck.
I setup a 2nd account (you can have two max) as a business account at Lending Club. I’m going to start moving some of my savings into notes there.
I’m not the only one starting to see the value of Lending Club as a replacement for CD’s and online savings accounts.
So goodbye “high yield” accounts. You’re dead to me.
