People are familiar with a savings account; it is ordinarily the first type of bank account that most people open when they are kids. As adults they have the choice of keeping the money in a high-interest savings account, but they also can choose to branch out into a high-yield money market account, and they can open both types in online banks.
Ally Bank
Ally Bank has a savings account that can be opened with an interest rate of 0.99 percent. The account doesn’t charge any maintenance fees, so depositors don’t have to have a minimum balance. They can open this account with any amount of money, and the interest will be compounded on a daily basis; this gives the principle a chance to grow faster. People will need to be comfortable with the fact that they can only withdraw money from this account six times in a month.
Ally Bank also has a money market account with a 0.99 percent interest rate. With this account, depositors won’t be paying any fees to maintain it. They don’t even need any money at all before they open the account, although it probably would be more advantageous to everybody if they deposited at least one dollar. The interest earned will be compounded daily and they will have the ability to write checks on this account.
American Express
The American Express savings account gives people a variable interest rate without a minimum balance or monthly fees. People who open this account receive the benefit of being online because they will have access to their money even at 3:00 in the morning. The account also allows them to do electronic transfers between accounts. People will be able to enjoy all of these features without fees or minimum balances.
Capital One Bank
Capital One Banks has a high-yield money market account that offers people an interest rate of 0.65 percent for no monthly fees, no minimum balance and free checks. If these accountholders need to add funds to their checking account from their money market account, they can do it online for free. They can also write as many checks as they like and use their ATM cards as often as needed without charge.
ING Direct
ING Direct gives people 1.00 percent in interest as well as access to their accounts through their SmartPhones or their computers. This account makes it easy and convenient for people to make regular deposits to this savings account without having to do it themselves. They can decide how much money they would like to contribute, and it will be automatically debited from their checking accounts and credited to their savings accounts.
Every day, the interest on high-yield money market and high-interest savings accounts can change, but lately, online banks have been offering the highest interest rates. It’s more likely that people will be able to find higher interest rates from an online bank, because they are more easily maintained than the traditional banks that have many more expenses and bills. That’s why the online banks will continue to be the place to find the best high-yield money market and high-interest savings accounts.
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