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High Interest Rate Savings Accounts Fact Sheet

Holly — Tue, 08 Jun 2010 17:31:02 +0000

In lieu of the recent financial concerns about the Gulf spill, turmoil in Europe and an impenetrable unemployment rate, many investors are in search of safe havens to stockpile cash reserves. And while inflation remains at a norm, high interest rate savings accounts continue to attract the consumer who does not have a penny to lose.

To deconstruct the high interest rate savings accounts, High Interest Savings compiled a fact sheet:

High interest savings accounts with funds up to $250,000 are protected by the FDIC Federal Deposit Insurance Corporation.

Although, many high interest rate online savings accounts promote a yield, many are promotional gimmicks, accompanying specific guidelines.

Since each financial institution assesses interest on differing terms (week, month or year), always determine the metric for the promoted high interest rate savings accounts.

Subsequent to subscribing funding a new high interest rate savings accounts, remember to review the following terms which can carry fines, and fees:

- - Withdrawal policies
  - Number of monthly transactions
  - Administrative fees
  - Minimum balance requirements

In situations, where the accountholder maintains a checking account and high interest savings accounts, review if there are any check balancing guidelines that would negatively affect the high interest savings accounts’ growth. (Some brick and mortar banks have pesky conditions, like this).

Did you know… that if even account holders of high interest savings accounts, are NOT American citizens, their deposits up to $250,000 are insured by the FDIC.

Compare how much yield the bank contributes to high interest rate savings accounts. (Many findings show that larger institutions offer a lower yield than smaller banks)

Until 2013, all high interest savings accounts with balances up to $250,000 are covered by the FDIC’s standard insurance amount (per depositor – per institution)

How to Feed the High Interest Savings Account

Holly — Tue, 25 May 2010 15:58:15 +0000

At High Interest Savings.org we often review the various types of financial products to grow the nest egg. But, the cultivation of the high interest savings account calls for setting a monthly target goal. Decide how much money you can reasonably afford to save each month. Use the following money saving’s tactics to accelerate your high interest savings account:

Maximize gas mileage, by keeping tires on the proper inflation.

Shop for a high interest savings accounts, where funds are electronically transferred from the paycheck into the savings account.

Regular automobile tune-ups can minimize major car repairs, requiring vehicle owners to dip into their high interest savings account.

The average car wash costs anywhere between $5 and $15. By washing one’s car by hand, that’s more than a $60 savings per year.

Decrease energy consumption around the home. By turning down the thermostat five to ten degrees below the normal temperature, actualize a savings of at least 10 percent a year–another savings opportunity with worth an annual savings of $75.

Using a mason jar or other similar sized receptacle (piggy bank), discard all extra change into the jar. Try to fill up the jar monthly to deposit into the high interest savings account.

Practice financial prudence by avoiding overdraft fees.

To reduce the chances of overspending, set a weekly budget that accounts for transportation, food and other personal necessities. Then, store all credit and debit cards in a safe place, alleviating the temptation to exceed the financial plan.

In the end, the only way to maximize savings is by setting realistic monthly goals. Since high interest savings accounts fluctuate based on inflation, be sure to check the yield of your high interest savings account on a regular basis to assure that you’re attaining the best return on the savings’ investment.

Banking on High Interest Savings Accounts

Holly — Thu, 31 Dec 2009 20:58:53 +0000

Subsequent to the most volatile stock market crisis in history, high interest savings accounts gained substantial popularity. Americans, who were concerned about preserving the fruits of their labor, are turning to the high interest savings (HIS) account to harvest the nest egg. By and large, these catalysts for saving money are renowned for offering liquidity. Nonetheless, the HIS is not intended for every consumer.

Repetitive Withdrawals

High interest savings (HIS) accounts are not advisable for individuals, who are need to make perpetual withdrawals each month. Since banks are authorized to impose fees for withdrawals, easing the arbitrary limitations, a HIS is suitable for the individual, who adds funds on a regular basis.

Accountholders with fluctuating savings balances are generally an awkward fit for the high interest savings account holder. All banks require a minimum account balance. Accounts with insufficient balance requirements are subject to fee penalties.

Deposits over $250,000

The high interest savings account is not recommended for the saver who has more than $250,000. Since the Federal Deposit Insurance Corporation (FDIC) is insuring deposits up to $250,000, any excesses would not be backed. As a result, divvying up the money and placing them into separate banking institutions, may potentially protect one’s savings from unusual investment market events. However, the FDIC plans to roll back the standard insurance coverage to $100,000 on January 1, 2014.

High Interest Saving Tip: Compare the following terms of service and provisions:

ATM Card Replacement – Mishandling
ATM Deposits
ATM Withdrawals
ATM/Online Fees
Bill Payment (online or by telephone)
INTERAC Direct Payments
International ATM Withdrawals
Personalized Checks
Personalized checks
Preauthorized debits

For additional resources about high interes savings accounts, be sure to bookmark this site and post your financial questions below.

High Interest Saving Accounts – Financial Tidbits

Holly — Tue, 22 Dec 2009 19:53:35 +0000

Although high interest savings accounts do not present the potential returns of a hedge fund, they emblematize a risk-free tool to grow a savings and retirement money. High Interest Savings.org compiled a short list of tactics to shop and save

Shop around for a high interest savings account. Compare rates offered at major financial institutions to small banks. Bear in mind that the caveat involved with the high savings account is that if the economy weathers inflation, the value of your savings account may hindered.

Set the savings budget. There’s no need to wait for the annual bonus to fund the high interest savings account. Establish a daily, weekly and monthly budget. Try to reduce costs two to five percent to allocate regular deposits to the high interest savings account. Also, add any extra cash windfalls, multiplying interest savings to earn dividends.

Turn sales into opportunities to save. Incentivize the desire to purchase bargains and cut costs, feeding the nest egg with the amount saved from each trip to the grocery store, shopping spree– ultimately setting aside substantial cash reserves.

Stay on target. Don’t be tempted by associates, who seem to be on a spending bender. Exercise financial control, adhering to your financial plan to make regular deposits.

Open a high interest savings account at a bank backed by the Federal Deposit Insurance Corp. (FDIC). Until Dec. 31, 2013, the FDIC will insure accounts with up to $250,000. (In 2014, the standard insurance amount will revert back to $100,000).

Where to find a high-interest savings account? Online high interest saving products are in ample supply. Remember to evaluate the terms and yield of any savings account, as they tend to be capricious in nature.

High Interest Savings Account Questions and Answers

admin — Sun, 13 Dec 2009 19:51:47 +0000

What are high interest savings accounts?

High interest savings accounts are merely cash rewards for stockpiling money at the bank or other financial institution. Banks use the cash reserves of high interest saving accounts to fund a small portion of other loans, Based on those interest fees, the bank extends the interests earned to the high interest savings accountholder.

Important note: High interest savings accounts are a catalyst for earning a high yield interest or return on reserved finances (savings).

Are high interest savings accounts risky?

No, high interest savings accounts are not risky per se. Since, the Federal Deposit Insurance Corp. (FDIC) insures high interest savings accounts with balances up to $250,000, the monetary tool offers a modicum of financial security. (However in 2014, the FDIC plans to revert the standard insurance amount to $100,000).

Are there any advantages for having a high interest savings account?

In terms of definitive liquidity, high interest savings accounts outperform certificates of deposits, imposing little risk.

What are the drawbacks of high interest savings accounts?

High interest savings accounts are the mainstay for liquid interest bearing accounts. However, if inflation transpires, the money dwindles in purchase power.

Additionally, banks may charge high interest savings accountholders a penalty for funds below minimum account balance requirements. Federal guidelines allow customers to make as many as six transactions of transfers and withdrawals each month. Once the arbitrary withdrawals exceed the limitations, it is legal for financial institutions to impose fees.

What are the eligibility requirements for opening a high interest savings account?

The vast majority of high interest savings accounts require a higher minimum deposit to open the account.