America's Highest Yielding Savings Accounts
and Money Market Mutual Funds
| Overall Rank |
Bank Name |
Product Name |
Current APY (Annual Percentage Rate) |
Minimum Initial Deposit |
Required Ongoing Minimum |
Service Fees |
Paper Statement |
Free Elec. Money Transfer |
| 1. |
Emigrant Direct |
American Dream Savings Account |
4.00% |
None |
None |
None |
YES |
YES |
| 2. |
HSBC Direct |
Online Savings |
4.00% |
$1 |
None |
None |
YES |
YES |
| 3. |
GMAC Bank |
Money Market Savings |
4.00%
(Balances of less than $500 earn 3.90%) |
$50 |
Avg. Monthly Balance of $500 |
$7.50 if monthly min. not maintained |
YES |
YES |
| 4. |
ING Direct |
Orange Savings Account |
3.50% |
None |
None |
None |
YES |
YES |
| 5. |
Capital One |
High Yield Savings |
3.75%
(Balances of less than $100 earn no interest) |
$100 |
None |
None |
YES |
YES |
Short term interest rates have risen considerably. Only a few months ago the highest yielding savings or money market accounts would have had a yield of just over 2%. Now, as you can see from the above table it is easy to earn 3.5 to 4.0 percent with no minimum deposit, balance requirements or service fees.
What is a Money Market Account?
A money market account is a special type of bank account that typically earns the same or more interest that a traditional savings account at a bank. Some money market accounts actually allow you to write a limited number of checks. Money Market Accounts and traditional Savings Accounts at banks are both banked by FDIC insurance.
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