Entries Tagged 'High Yield Savings' ↓

With the recent and ongoing economic crisis, Americans are changing their fiscal habits. One of these changes is the way we save money. We are now saving more than we have in recent history. As this recession has showed us, many jobs that we thought of as secure are anything but secure. This lack of security causes more people to put money away for hard times in the future or what is commonly referred to as an emergency fund. So, where is the best place to stash your cash?

IGoBanking – This online only bank is always among the top of high yield savings accounts and offers one of, if not the, best interest rates on savings; currently yielding 1.91%.

Ally Bank – formally a division of GMAC. Yeah, your taxes probably paid for this bank. This bank receives constant criticism over their high savings rates taking funds from away from credit unions, after taking taxpayer money. Their no-penalty CD currently yields 1.9% APY and a savings APY of 1.85%. Both require no minimum deposit.

These are two of the best yields that your will receive on cash. You should have at least on year’s worth of income saved in an emergency fund and these are two places to start, if you have not already.

If you already have an emergency fund, start building an income portfolio along with a growth portfolio. If you are not comfortable investing your own money, buy into an index fund such as the S&P 500 (SPY) and make regular purchases.

Recently there has been a lot of talk about the Dollar weakening as the Federal Reserve keeps pumping money into the economy and trying to keep interest rates low but slowly meeting failure as interest rates are increasing. When the dollar starts to weaken, what do you trade or how do you protect your portfolio from inflation?

Buy Gold

One of the safest and most popular ways to trade or protect your portfolio from inflation is investing in or trading gold. The easiest way to invest or trade gold is through the SPDR Gold Trust ETF (GLD). Looking at the chart below you can see the GLD has performed well gaining 60% over the last three years when compared to the dollar at which lost 6%. If you are looking for another way to trade gold, try looking at the Market Vectors Gold Miners ETF (GDX). Gold miners significantly increase their profits when inflation picks up; as gold moves up, mining companies profit margins expand.

Treasury Inflation-Protected Securities

Treasury Inflation Protected Securities are another way to trade inflation. ETFs like iShares Treasury Inflation-Protected Securities ETF (TIP) give you a real rate of return, do not expect to make a significant amount of money here but rather reserve the value of what you have. What happens when global inflation occurs? Try looking at global ETFs like SPDR DB International Government Inflation-Protected Bond ETF (WIP) track global inflation. Looking at the chart below again you can see TIP outperformed the dollar returning 16% while the dollar lost 6%.

Buy Commodities ETFs

Commodities are a great way to trade inflation. Commodities tend to move more rapidly than the other two ways mentioned above. Commodities ETFs like PowerShares DB Commodities Index ETF (DBC) have big price swings and should be traded and watched carefully. Buying into commodities at the wrong time can devastate a portfolio but when used right they can produce huge gains. You might want to buy the individual commodities like crude oil along with a gold ETF previously mentioned.

Whatever ETF or tracks you choose to use, do your research before getting into them. Make sure you have a good case for an increase in inflation. These ETFs will not do much good to you in a deflationary period.

Looking to stash you cash in a safe place while earning some money? High Yield Savings Accounts might be for you.  The banks listed below are FDIC insured and offer rates at least 5 times higher than the national average, meaning you make more.  All you need is a checking account to make deposits and withdrawals.

The following list is just some of the well known high yield savings accounts.

FNBO Direct – No minimum balance, no fees, 2.8% APY, and also has a rewards credit cards that deposit cash into your savings account.

Emigrant Direct – No minimum balance, no fees, and a 2.75% APY. I have an account with Emigrant Direct and highly recommend them. Read my review of Emigrant Direct.

Etrade – No minimum balance, no fees, and a 3.0% APY. Etrade also has many other banking and investment products.

ING Direct- No minimum balance, no fees, and a 2.75% APY. ING Direct also offer a high yield checking account with no minimums or fees along with other banking and investment products.

HSBC Direct – No minimum balance, no fees, and a 3.0 APY. HSBC also offers other banking products.

IGoBanking – No minimums, no fees, and a 3.08% APY. Also offers a high yield checking accounts and CDs. Usually, IGoBanking has one of, if not the, highest yields available.

Most Americans aren’t saving enough money; but if you could make your money earn more, would you? Emigrant Direct is a high yield savings account that is available online only. Emigrant Direct usually pays around 6-8 times what you would get at your local bank, making your money add up quicker.

How Can They Afford To Pay More?
Emigrant Direct is an online only bank, which offers high yield savings account and certificate of deposits (CDs). Because they conduct all of their banking online or by telephone, they don’t pay the cost for buildings, employees, and other expenses that you local brick and mortar banks have. This allows them to give you more money, rather than the bank keeping most of your money.

Open A High Yield Savings Account Emigrant Direct
You can open an account with Emigrant Direct online, in a matter of minutes. All you need is a checking account to make deposits from and withdrawals to.

The current interest rate of an Emigrant Direct high yield savings account, An American Dream Savings Account as Emigrant Direct calls it, is 2.75%.

Get More Information at EmigrantDirect.com.