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Skyrocket Your Returns By Putting Your Money in High Yield Accounts

It’s a sacrilege to have your hard earned money just sitting around in a regular checking or savings account that hardly yields any returns. If you have your money in one of the big banks such as Bank of America, Chase or Citibank, you are probably only earning about 0.01% APY on your money. The national average for a typical checking account is only about 0.17% which is significantly less than the current inflation rate which is estimated to be about 1.9%. If you have your money in one of these low yielding accounts you are actually losing money considering inflation. What it essentially means is that if you have $100 in your account today, it’s only worth $98.10 the next year adjusted for inflation.

It does not have to be that way. You can put your money in other high yield accounts to get better returns. The first things that comes to mind when people talk about high yield accounts is CD’s. But, CD’s have a minimum lock in period and there is a penalty to take the money out before the lock in period ends. It’s a common misconception that CD’s are the only safe way to earn high returns if you do not want to invest in stocks or bonds.

There are several banks which offer high yield savings accounts and rewards checking accounts which yield high returns and have the benefit of not being locked into a contract unlike the CD’s. This gives you the freedom of being able to withdraw your money any time your feel like while yielding high returns.

I have a premium rewards checking account with a Credit Union and I earned $450 on my savings of $15,000 in 2018 which amounts to a 3% APY well above inflation. You can also earn such high yields by opening high yield accounts.

Below is a list of some high yield savings and checking accounts that I have come across based on  my research.

High Yield Savings Accounts

High-Yield Rewards Checking Accounts

Typically with rewards checking account there are certain requirements to quality for the higher APY. Typical requirements are to have a direct deposit setup in the account and to have a minimum number of transactions every month to quality for the high APY. Through personal experience I have noticed that most of the times I don’t meet the requirement for the minimum number of transactions. So, in order to ensure I meet the requirement for minimum number of transactions, I review my account around the last week of every month to see if I have enough transactions to meet the threshold to qualify for the high yield APY. This will give you an idea of how many transaction you need to do to meet the threshold. One trick that has worked for me to achieve the required minimum transaction threshold is to split your purchases in a store into multiple transactions. Although not ideal, this would help you meet your transaction threshold easily.


Don’t let your hard earned money sit idly in a low yield account. Take charge and open one of the high yield accounts listed above and put your money to work. These small but consistent changes are what will help you achieve your goal towards financial freedom.


  1. I think this is the easiest thing that most people are missing out on. Personally I have an ally savings account earning 2% which I like because there are no minimum withdrawals every month. It’s the best money I make!


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