Top High Yield Interest Savings Accounts With The Best Yields and No Fees

[Updated for 2011] With the gyrations in the stock market and depressed real estate market, many investors are wondering where to put their money other than a zero percent checking account. Fortunately there are still some good savings accounts available that provide a decent relative yield. Here are some great fee free, highly rated FDIC insured options that provide well above the average yield currently available in the market place.

ING Direct has a very simple and easy to use interface, which along with its strong brand makes it amongst the most popular accounts in the market place. The new electric orange account combines their competitive APY offering along with checking and ATM features that put in direct competition with the established banks, that offer little or no interest on their checking accounts. If you want a steady and simple high interest account, then ING Direct is the one for you.

Discover Savings Account is more well known for their high reward credit cards, but have come on strong in the online savings space with a very competitive yield. They are also highly rated with a 5-star Safe & Sound by Bankrate.com. Their 24/7 live customer service is also a great support feature. Given their strong brand, customer service and competitive account features this is definitely a high yield savings account option worth looking into.

Ally Bank is a relatively new player in the high interest savings account space, and is providing some strong competition to the market leaders like ING Direct and HSBC Advance. Their offering is quite standard relative to the leading providers but the feature I liked best was that they calculate and compound interest daily, rather than monthly or quarterly like some other big banks. You also get easy access to your money via check card with no ATM fees at any ATM in the country. The more often interest is compounded, the faster it grows. They also have the leading Certificate of Deposit (CD) offering which is good for longer term savers that like to use laddering.

EverBank pays out higher-than-average interest rates on most of it’s savings and money market accounts and pledges to be amongst the top 5% of all providers (which is clearly demonstrated by their recent rates). The minimum opening deposit is $1,500, but after that there’s no minimum balance. A bonus for new accounts provides a special interest rate on checking for the first year, and a competitive yield on their IRA, CD and money-market savings accounts.

Conclusion: I would suggest you check out the various offerings above to see their latest rates (APY) on offer and if there are any special promotions. Then pick the one you feel that best suits your saving, spending and investment needs. With saving interest rates falling across most money market funds, online high yield savings accounts can provide the best investment to park your cash savings.