Your long-term savings (over 5 years) should be put into investment accounts (stocks, bonds, etc.) Until interest rates raise, you will not be able to earning anything meaningful in savings accounts.

Cents wrote: Breakinger, you're right that it can be very discouraging when you see how little you earn. What banks consider to be a "high yield" account, I consider to be a kiddie account where piggy bank money goes.

I couldn't agree more. Where are all the high yield accounts? It's almost like we are better off putting our money into IRA's because they have a better yield of return.

Breakinger, you're right that it can be very discouraging when you see how little you earn. What banks consider to be a "high yield" account, I consider to be a kiddie account where piggy bank money goes.

I've been looking for a high yield savings account. So many traditional banks don't offer hardly anything. I remember when I was in high school I went through my bank and I earned maybe fifty cents a month. It really discouraged me from wanting to keep my money in there.

I am also getting .95% with Synchrony financial. I have been generally pleased with their performance.

I'm getting .85 with an Ally money market account. I've seen better interest elsewhere, but I've gotten comfortable with them, so I haven't made an effort to move the money yet. If rates go up this year, I may switch it to Discover or Capital One.

For Discover, I just applied at https://www.discover.com/online-banking/savings-account/

Discover Bank offers a Discover Cash Back Checking Account and a Discover Savings Accounts (presently 0.95%).

I currently have a Discover credit card, so I am already a customer of theirs. I didn't know that they offered any type of savings account, I only thought that you could go through your local banks for something like this. How do you get started with one of these accounts?

Another option could be the Sallie Mae Money Market Savings at 0.90% or the Sallie Mae High Yield Savings at 0.85%.

With interest rates expected to rise soon, I think this will be a great topic to get started again. The 2 well known high yield savings accounts that I'm aware of include:
1. Personal Savings from American Express personalsavings.americanexpress.com (Currently 0.90% APY)
2. Discover Savings: discover.com/online-banking/savings-account/ (Currently 0.90% APY)

I just got off of the phone with AMEX in regards to their One Card. As of November 7th, rewards will be gone, and the savings account associated with it will be closed for all of their accounts. A check will be returned to their customers with the account balance. What a bummer...

However I decided to open a savings account with them that pays similar interest. Instead of getting a check back for my savings, it will be transferred to my new savings account with them.

Would you mind sharing where??? It's bad to say, but 1.5% is a terrific savings rate in today's world.

Bummer!! I never ended up opening the account but am still considering an option like this down the road.

I just got off of the phone with AMEX in regards to their One Card. As of November 7th, rewards will be gone, and the savings account associated with it will be closed for all of their accounts. A check will be returned to their customers with the account balance. What a bummer...

However I decided to open a savings account with them that pays similar interest. Instead of getting a check back for my savings, it will be transferred to my new savings account with them.

I am getting 1.50% on my savings

Would you mind sharing where??? It's bad to say, but 1.5% is a terrific savings rate in today's world. :

I am getting 1.50% on my savings

I did a little research on MMA's, and their is a huge difference in rates. It doesn't make sense. In the mean time, most checking and savings accounts are paying .15%!!! It would take almost 7 years to earn 1 measly percent. How pathetic... I couldn't imagine the people living on fixed income right now with inflation.