The Upside of Rising Interest Rates
Filed in archive Banking , Investing , Saving by Justin McHenry on June 19, 2006

It wasn't long ago that you were lucky to be getting 1% on your savings. You either took your chances with the stock market or had to lock up your money for long periods with banks to get a decent return. Now that's changed. You can get returns as high as 5%, just for letting your money sit there doing absolutely nothing, with no risk whatsoever.
Where?
Countrywide Bank is giving a 5% yield on savings of $50,000 or more, but if you can't meet the $50K, you'll still get a 4.25% yield.
Citibank's giving 4.75%, although you do have to open an EZ Checking account with them in order to get it.
Emigrant Direct is at 4.65%.
You can also find quite a few at 4.25%. Just google "high-yield saving accounts" and there's plenty to choose from.
Almost all the big savings yields are coming from Internet-based banks, or are Internet-only offers from well-known institutions. It's not riskier, but I know that makes some people nervous. It shouldn't. It's all FDIC-insured, just like the bank around the corner.
I should mention that I read about a couple of the highest yielders in this column from Terry Savage.
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