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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With the high yield savings account comes a convenience card which will allow you to make cash withdrawals of up to $500 per day. You can also make deposits of up to $10,000 per day.

Organized in 1935 by a small group of United Airlines employees, Alliant now ranks as the 7th largest credit union in the country.

Alliant has several locations in Illinois, Colorado, California and Virginia.

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For folks who are always looking for ways of making their money work for themselves, options are many. For example, you can invest your funds in a Peer-to-Peer Lending. This type of investment is very popular these days competing banks that offer good returns.

One Peer-to-Peer Lending that has 860,000 members is Prosper.com. With a total funded loans of $180,000,000 as of this writing, one can make an estimated portfolio return of up to 13%. Now, that’s something that banks can’t give you.

Prosper works like any other Peer-to-Peer lending. You invest your money directly to people who are in need of funds. It’s a risky investment build on trust.  However, you have access to each borrower’s credit history. You can then place a bid with the minimum rate you want to earn. With Prosper, one can start with just $25.

In addition, you have a choice on how to invest either listing directly from borrowers or bidding on Notes offered for sale on the Trading Platform. Note that you cannot start investing unless you become a member of Prosper — a process that requests basic information from you.

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Among the features of Schwab Bank high yield investors savings are:

• Transfer money to and from your High Yield Savings account.
• View all your Schwab accounts—Bank, brokerage, 401(k), and more—in one place when you log in to the New Schwab.com.
• Set up Direct Deposit so that all or a portion of your regular monthly income is automatically deposited into your Schwab Bank Savings Account.
• Use any ATM worldwide—we’ll reimburse any fees you’re charged.

Schwab Bank also secures deposits with FDIC insurance up to $250,000 per account holder.

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