High Yield Savings Account Update as Fed Cuts Rates

As the Fed cuts rates aggressively, the yields of no (or low) minimum online savings accounts have gone down.

Here are a few sample high yield online savings accounts with no or very few fees and with no or low minimums.

1. Amboy Direct: APY = 4.25%


2. E*Trade Bank Complete Savings Account: APY = 4.10%


3. FNBO Direct: APY = 3.85%


4. Emigrant Direct: APY = 3.60%


5. HSBC Direct: APY = 3.55%


6. ING Direct: APY = 3.40%

Among the things to consider in choosing a high yield savings account:

1. The Yield.
   
2. The Minimum Amount Needed to Open.
   
3. What are the fees (if any)
   
4. How easy is it to use?
   
5. Is there a minimum amount you need to keep in the account to avoid a fee?
   
6. Does it have an ATM or Debit Card Feature?
   
7. Are there any fees when using the ATM?
   
8. Are there any fees when using a competitors ATM?
   
9. Is it a reputable bank?
   
10. Are they FDIC insured?
    
11. Is there a check-writing service?
    
12. How many times can you withdraw or transfer out of per month?
    
13. How easy is it to open the account?
    
14. Do you need to access the accounts online at all hours of the day? (Some sites are down for maintainance longer than others)
    
15. How good is customer support?

All the accounts mentioned above generally fit in the no fees, low minimum, FDIC insured category.

If you aren't getting those high rates, consider choosing one of the accounts above.