Everyone likes the idea of  high yield savings account.  You just take your money, put it in the bank, and sit back and bank coin.  Well the truth is that this is not real, at least not now, and maybe never.  Interest rates are at all time lows as of this writing (short term rates are .06%) and no matter where you save your money you won’t be getting a really high rate without risk any time soon.

That being said thanks to technology you can get relatively, if not absolutely, high returns.  By getting a high yield online savings account you can get more interest, or juice as I like to call it, then you are likely to get via your regular bank.

So how do you find the highest yield savings account?  There is an awesome thing called Google and it is your friend.  In all seriousness the primary things you want to look for are to make sure that the bank is real and not some online scam and that you are putting your money in an FDIC insured account.  If you do anything else you open yourself up to non-savings account type risk.

One of the best high yield savings account banks has historically been Ing Direct.  Ing with their orange savings accounts were one of the pioneers in online banking and give a higher than average yield to their customers.  Of course just because they have been one of the best does not mean you can’t do better with some extra homework.

Go to Ing and look at their rates.  Then go land find a bank that is offering even higher high yield savings account rates.  If you shop hard you will find some really good deals.  A few major caveats are that some banks kind of mislead and make you think that their account, which is really a CD, is a savings account.  Yes, it is a savings vehicle but a savings account it is not.

Another thing that you will want to do when looking for high yield online savings account is to look for any added bonuses.  Over time they can really add up.  We have seen free concert tickets, $100 dollar bonuses, Amazon gift certificates, and basically everything but the proverbial bank toaster.

By looking around and doing some good research you can make more money over time in a guaranteed manner then you would otherwise make.  Of course you will also want to ensure that you are using other methods of growing you money.  Online high yield savings accounts are great for your emergency money and other liquid needs but to build real wealth you will need to invest in stocks, bonds, and other similar things in order to reach your financial goals.  But maximizing your savings is a great first start.

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