Three Lower Risk Ways To Earn Up To 7.40% On Your Savings

By Author: Sky Christensen
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Smart New Ways to Get Top Yields:

1. 4.30% with Interest Checking
Royal Banks of Missouri is paying 4.30%, but only on deposits up to $25,000. Similar to other rewards checking offers, in order to qualify for the 4.30% you have to get an account at a {Missouri|local) branch, make ten qualifying debit purchases and one EFT transfer EACH MONTH - for the majority of investors that is simply not worth the hassle.

2. Up to 7.4% at Bank Loan Mutual Funds
Some of the best bank loan mutual funds for 2010 as stated by SmartMoney Magazine are: 7.4% at Nuveen Senior Income(NSL), 6.6% at ING Prime Rate Trust(PPR),and 4.4% at Fidelity Floating Rate High Income(FFRHX).

Before you commit your cash, Realize that these mutual funds are NOT Government insured, and come with risks like: high price volatility, restricted access to your cash (you can only withdraw quarterly or once a month), and the underlying bank loans you're laying out money for are made to companies in trouble and the default rate on these kinds of loans is currently 9.10%.

On the bright side these investments deliver consistent income ...
... and will increase their dividends as the economy rebounds and loan rates increase. Because bank loan mutual fund prices are still low, you're also likely to gain from capital appreciation as well.

3. 1.55%+ Online Savings Accounts
No Risk, FDIC Insured, increase with inflation, and allow access to your money 24/7. As the economy rebounds, yields from money market accounts will increase; although the returns may not seem impressive right now, they're likely to increase in 2010.

Conscientious savers will regularly check money market rates at a website like RateCatcher to make sure they are getting most competitive rates in the nation.

Online, it only takes 5 minutes to apply for an account; then you can take advantage of the almost certain rate increases. So, start/increase your emergency fund today by opening a online savings account today.

About the Author:

Skyler Christensen holds a Bachelor's Degree in Business Administration and writes about banking at RateCatcher.

His mission is to boost investor's ROI managing away risk.

Consumers can gain more interest on http://www.ratecatcher.com by going to http://www.RateCatcher.com now.