1. UFB Direct Airline Rewards Savings – 1.30%APY. This is a regular savings requiring $100 minimum to open with no monthly fee.

2. Alliant High Yield Savings – 1.15%APY. This is a regular savings issued by Alliant Credit Union. Only $5 minimum is required to open and there is no monthly fee.

3. SmartyPig Savings Account -  1.10%APY. A regular savings that requires $25 minimum to open with 0 monthly fee.

4. CNBBankDirect High Yield Savings Account – 1.05%%APY. Only $1 minimum is required to open and no monthly fee for this regular savings account.

5. Clear Sky Accounts Clear Sky Savings Account – 1.04%APY. Same thing with CNBBankDirect high yield savings account offer, this regular savings only requires $1 minimum to open with no monthly fee.

6. State Farm Federal Credit Union Share Savings – 1.01%APY. This requires $5 minimum with no monthly fee.

7. Discover Online Savings – 1.00%APY. For this high yield savings, Discover requires at least $500 minimum to open, but there is no monthly fee. Discover’s Refer-A-Friend Bonus for its savings account promotion has already expired.

8. American Express High Yield Savings Account – 1.00%APY. American Express does not require a minimum amount to open and charges no monthly fee.

9. Colorado Federal Savings Bank Online Savings Account, First Trade Union Bank High and Mighty Savings and ING Direct Orange Savings Account all offer a savings rate of 0.90%APY. Colorado Federal Savings Bank and First Trade Union Bank both requires $2,500 minimum amount to open, but while Colorado Federal Savings Bank charges no monthly fee, First Trade Union Bank charges $2.50 monthly fee, which can be waived. ING Direct requires nothing for opening an account.

10. Aurora Bank Statement Savings Account – 0.87%APY. Aurora Bank requires at least $500 minimum to open and charges $5 monthly fee. However, the monthly can be waived if you maintain an average balance of $500 or more each month.

Compare the above with the saving account rates for October 2011. It shows UFB Direct Airline Rewards Savings maintaining its savings account rate at 1.30%APY. You can also compare the above with the high yield savings rates offered in July 2011, which shows Discover offering a saving account rate of 1.15%APY. Take a look at the May 2011 saving account rates or the high yield online savings accounts offered in March 2011 and you will see the drop in saving account rates.

So, how will this affect your savings goal?

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Here are the top five banks that offer high yield online savings accounts for October 2011. Choose the bank that fits your goal and interest.

1. UFB Direct Airline Rewards Savings – 1.30%APY. Minimum to open is $100 with zero monthly fee. Interest is calculated daily but paid montly. Account is covered with FDIC insurance up to $250,000
2. Incrediblebank Incredible Money Market Account – 1.25%APY. Requires $2,500 minimum to open with a $10 monthly fee. Interest is calculated and paid monthly. Account is covered with FDIC insurance up to $250,000.
3. SmartyPig Savings Account – 1.10%APY.  Only $25 is required to open with no minimum balance. Interest is calculated and paid monthly. Account is covered with FDIC insurance up to $250,000.
4. CNB Bank High Yield Savings Account – 1.05%APY. Only $1 minimum to open with no monthly fee. Interest is calculated and paid monthly and account is covered with FDIC insurance up to $250,000.
5. First Trade Union Bank – 1.05%APY. Requires $2,500 minimum to open with $2.50 monthly fee which may be waived. Interest is calculated and paid monthly. Also, account is covered with FDIC insurance up to $250,000.

The above high yield saving accounts for October 2011 are available online. Compare these saving accounts that are high yield with the high yield savings rate offered in July this year.

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For those hesitant to do peer-to-peer lending or investing, try the following banks which offer above the 1.0%APY mark. Here are the top of our list for July 2011:

1. Discover Bank Online Savings Account – 1.15%APY
2. Capital One Bank Simple Savings Account – 1.15%APY
3. Incredible Bank Incredible Money Market Account – 1.15%APY. With this account, bank fees may be waived.
4. Clear Sky Accounts – 1.10%APY. A high yield, online savings account with no monthly fees offered by Chesapeake Bank.
5. Flagstar Direct – 1.11%APY. A high yield money market/savings account.
6. SallieMae – 1.10%APY. A high yield savings account with no fees and no minimum balance.

In May 2011, SmartyPig offers the highest yield savings rate of 1.35%APY, but now it is down to only 1.10%APY. In March 2011, American Express high yield savings account was 1.30%APY, but now it is only 1.00%APY. The bank that seems to offer a steady savings account rate  is Discover Bank which is currently at 1.15%APY.

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The highest yield savings account rate offered so far is coming from SmartyPig, a free online piggy bank for people who want to save for a specific purpose.

Here are the highest yield savings account rates offered for May 2011:

• 1.35%APY – SmartyPig savings account
• 1.25%APY – Hudson City Bank internet money market savings
• 1.25%APY – SalemFivedirect eOne Savings
• 1.15% – Discover Bank online savings, American Express high yield savings and incrediblebank incredible money market account

SmartyPig has the lowest minimum balance requirement to obtain the APY, which is $25. SalemFivedirect requires $100, Hudson City Bank requires at least $2,500, Discover Bank $500, zero for American Express, and $2,500 for incrediblebank.

If you are comfortable investing in peer-to-peer lending, the returns you will get is high compared to what is being offered by most financial institutions.

For example, Prosper actual returns of investment, according to its website, is 10.4%. You can also borrow money from them at 7.4%APR. Refer your friends and you will earn $100 for friends who will get a loan from them. There is also Lending Club which offer a great return of over 9.6%.

Remember that though the returns are quite tempting, peer-to-peer lending is ideal only for those who are comfortable with these type of investments.

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