The interest rates that you are earning at many of the nation’s largest banks are downright pathetic. Bank of America and JPMorgan Chase is paying a 0.05% APR on their savings accounts. These rates are so bad that you couldn’t be blamed for wanting to hide your money under your mattress. Fortunately, there are a few banks that are showing the money to people serious about earning dividend income from their savings accounts.
These are the best yields that you can get on a bank account right now.
Discover Bank 1.20%
Flagstar Direct 1.10%
ING Direct 1.00%
Ally Bank 1.00%
I know that these interest rates may not seem like much but they are great compared to the traditional bank rates. You are getting 20 to 24 times the rate of return on the average savings account.