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Are you one of the many that have your savings at a large bank where you are getting paid pennies in interest per month? Why not look for the best high yield savings account out there. The best savings account is out there you just need to know where to find it. Once of those banks is Ally Savings Bank.

Many internet high yield savings accounts are offering in the upwards of 2-3% with no minimum balalnces or monthly maintenance fees. Most large banks like Chase and Bank of America don’t want you to know about these since this is where they make their money. They lend out your money at 5-6% and pay you .5% interest and keep the difference. Some big banks even pay nothing unless you have a large minimum balance in the accounnt.

Sure a 2% interest rate isn’t going to make you rich, but over time with compound interest it will build up a nice little nest egg for you. Even faster than at that .5% rate offerd by the big banks. With the internet making it possible for banks to reach customers that aren’t local to them, the high interest rate war is on and there are some awesome deals out there. Before you open a new savings account make sure to do your research for a better rate.