High Yield Savings account

You've heard of a regular savings account that a bank offers, but just what is a high yield savings account? Well, to tell you the truth, it is just like a regular savings account only wrapped up in a few little perks!

Usually banks will only offer these high yield savings accounts to a limited number of their customers. In order to even be considered in the running, you probably have to meet at least one of the following criteria:

- You must be able to make a large initial deposit
- You must also maintain other banking relations
- You must be able to keep a high balance over the life of the account
- You must be able and willing to limit transactions both in and out of the account

As you have probably already guessed, banks only want to offer these special savings accounts to their valued customers.

Internet Bank Accounts

Now comes another exception to the rule. You can always shop around on the Internet and get the most bang for your buck! These accounts offer higher interest rates with your account size being as small as one dollar. The only trade off in having an account online is that you are going to have to do more of work yourself rather than some bank teller doing the work for you. You will have to be able to use the internet, link account, and manage transfers.

Finding High Yield Savings Accounts

If you are comfortable with banking on the Internet, perhaps you should look here to find an account. You will probably have fewer restrictions here that going with an ordinary bank on the street. All you have to do is a Google search to find some reviews of some of the most popular accounts on the Internet. You may also want to utilize the banking blogs and communities for the most recent additions to the Internet marketplace.

A very prominent online bank offering is the High Yield Savings account that is offered by Capital One. This is much like many of the online bank accounts except for some unique features.

Capital One does not offer just a High Yield Savings account. A High-Yield Money Market Account is now being offered in its place. The main difference with this new account is that you now get free checks along with a debit card so that may easily access your cash. Bear in mind that there are some money market accounts that limit your withdrawals during every statement cycle so plan accordingly.

If you are thinking of using a certain bank's services, you should always go online and visit the bank's website to make sure that you read all of the fine print.

Capital One's High Yield Savings account is much like other Internet bank accounts. The main attraction here is the Annual Percentage Yield or APY. You can usually earn much more than your typical bank on the street. Also, there are no fees for the service nor are there any minimum balance requirements. You can open a High Yield Savings account with as little as $1.

When you open an account with Capital One, you are able to keep the checking account you already have and link it to your new High Yield Savings account. To move money back and forth from account to account, you just have to login to your new High Yield Savings account and merely request a transfer.

There you have it, the scoop on a High Yield savings account. Feel free to check it out further to see if this might be a sweet deal for you!

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