Top High-Yield Savings Accounts: Interest Rates And Some Thoughts

Published: September 21, 2007, 7:45 am

Tags: apy, mma, banking, personal finance, interest rates

After the recent cut in the Federal Funds Rate, it is anticipated that most high yield savings accounts will follow suit and decrease the interest rates offered on deposits. In fact, a couple of fellow bloggers reported yesterday that ING Direct has already reduced it’s savings account interest rate from 4.50% (yawn) to 4.30% (longer yawn). It won’t be too long before other banks respond in a similar manner. Although, ING’s 0.2% rate reduction can hardly be called as “significant”, for people who are used to earning interest at a higher rate, such a drop causes some discomfort. Consequently, they start looking around for other accounts that are offering better rates. If you belong to such a group, here are some options you might want to consider. The table below lists banks that are offering an interest rate (APY) of 5.00% or more on their respective online savings accounts as of 09/21/2007 (links are for information only - no referral

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