High yield savings accounts are very popular with Americans saving more money and looking for a return on their investment. There are checking and bank accounts available that offer interest rates at or above 5% at the present time.
High yield savings accounts have gained in popularity as Americans are working hard to save more after the recession. With most individuals looking for the highest rate of return they may seek local community banks that are currently offering interest rates in excess of 5% on a bank or checking account. Many people may think this is too good to be true but there are financial institutions that are offering rates in this range.
It is very important to understand that most of these checking accounts come with requirements. To gain the high interest rate customers must use an ATM or debit card at least 10 times a month and must have one electronic transfer into the account. If the account holder can meet these requirements then they are likely to get a very nice return on their checking account.
These high yield checking accounts are very popular but Americans must understand that not everyone has the ability to apply for these accounts. Citizens must reside in a specific part of the country to have the ability to submit an application. Unfortunately, there are parts of the country in which there are few local community banks are offering high yields.
The concept of compounding interest has made many Americans quite wealthy over the last several years and decades. By getting a very attractive interest rate or yield on a checking or savings account Americans can start to build their wealth as early as today. With the advancements of the Internet it should not be too difficult to find these accounts.