Read this Before Opening High-Yield Savings Accounts

If you're looking for ways to make a good return on your money, you may want to consider high-yield savings accounts. If this is something you've been considering doing, the first thing you should do is do your homework on the varying places that offer them.

High-yield savings accounts can be an extremely helpful tool for your personal finances. They're flexible and convenient, because money can be deposited or withdrawn at any time. Unlike other options out there, your money isn't locked up in a vault where you can't get to it for xx amount of years. You'll also find that they have a much better interest rate than your typical bank account.

One of the best places to start your comparison shopping is Bank Rate. When you look at Bank Rate, you'll see that they have an amazing list of banks and credit unions that are offering them. What can you compare? You can find out if there are any balance requirements or what kind of deposit they require to open your account. They also tell you about any service fees. The second place that you can look is Consumer Search. Being able to look at all this information in one place makes it easy for you to quickly see which one is best suited for your situation. Another benefit of shopping for and opening your account online is that you sometimes will get a higher interest rate. Online banks and financial institutions have lower operating expenses, so they can offer better interest rates.

Of course, if you're the type is overly concerned with your security online, you can always go visit your local banks. Where ever you do decide to get your account, make sure that they are FDIC-insured. This is especially important today. Just look at all the banks who have folded under in the last few years. In the unfortunate case that happens with your bank, you want to make sure that your money is protected and insured. If you're using a credit union, then you should be insured under the National Credit Union Share Insurance Fund (NSUSIF).

Here's a tip for you. The competition for high-yield savings accounts online is fierce. Therefore, many financial institutions will offer special bonuses or perks to get your business. These might include free ATM access, a sign up bonus, a higher rate for your first year or free bill pay. So look around and see if you can find one that fits your needs that also has special bonuses or rewards.

It's very likely you will discover online banks that you have never heard of before. Smarty Pig and Ally Bank both have great programs, but those are just two of many to choose from. As long as you make sure the financial institution is covered by the FDIC, you can feel safe putting your money into high-yield savings accounts they offer.