These days, people are getting even more resourceful when it comes to finding ways to make money without any effort. High-yield savings accounts provide free, albeit taxable, income to individuals in the form of interest payments that are higher than those offered by most conventional banks. Simply holding the account entitles the individual to these interest payments.
One of the highest yielding savings accounts has quite an interesting name: SmartyPig. It offers a free 2.15 percent APY savings account that is FDIC insured. Individuals specify financial goals (minimum of $250) and establish automatic transfers from an existing savings or checking account. All that is required to get started is a deposit of $25. The additional deposits toward the goal are then automatically withdrawn from the designated account on a specified basis.
EverBank offers a money market account with a 1.51 percent first-year APY and a three-month new account bonus rate of 2.25 percent on the first $50,000 deposited. Existing account holders have a 1.26 percent APY and the bank has a written pledge that it will offer yields in the top five percent of competitive accounts available from leading banks. A minimum deposit of $1,500 is required to establish an account.
One of the most advertised high-yield savings accounts is offered by ING Direct. The Orange Savings account requires no money establish and features a 1.10 percent APY rate. This account is FDIC insured and participants can set up automated or on-demand transfers from an existing checking account. Those interested in this account should check their mailbox for offers from ING Direct because the company sometimes offers a $25 deposit bonus for establishing a new account.
Other organizations that offer excellent high-yield savings accounts are: Sallie Mae, FNBO Direct, WT Direct, HSBC Advance, E-Trade, Dollar Savings Direct, Citibank e-Savings, and Virtual Bank Savings. Their current APY rates vary from 0.40 to 1.40 percent. These high-yield savings accounts are excellent ways to generate passive income with only a small, if any, minimum deposit or balance required.
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