Have you been taking advantage of the pretax benefits of retirement accounts like 401K plans and IRA accounts every year, socking away as much as permitted?

Did you know you can use a health savings account as a vehicle to save more money pretax? With a high deductible health savings account plan you can deposit up to $3,000 pretax or $5950 for families into an HSA every year.

Funds deposited and the interest earned in a HSA account can be withdrawn tax tree for medical expenses at anytime. If the funds are not used for medical expenses you can leave the money in the account earn in and year out.

When you turn 65 the funds can be withdrawn for any reason and you won’t pay a penalty. You will pay regular taxes, just like you would with a traditional IRA, but your money would have grown tax free until retirement.

The national average savings account rate/money market account rate is rather pathetic these days.

As you can see in the table below rates are either just above or just below 0.50 percent depending on the deposit amount. 

You can find savings account rates and money market account rates well above the national average rates, in fact, a select few banks and credit unions offer rates above 2.00 percent.

SFGI Direct is offering their “Direct Savings Account” which currently has an annual percentage yield of 2.25 percent. ShoreBank Direct is offering a savings account that has an annual percentage yield of 2.15 percent.

Savings account rates and money market account rates are variable and can change at anytime.  These days rates are headed down so chances are the rate change will be down. There is nothing more annoying than opening an account and have the rate change within a week or two.

If you want to lock in a rate around two percent you can find banks offering one year and two year CD rates around two percent. Interest rates will be headed up in the coming year so stick to shorter term certificate of deposits for now.

Here is a list of the best savings account rates.

1. SFGI Direct 2.25% APY
2. ShoreBank Direct 2.15% APY
3. Alliant Credit Union 2.00 APY
4. Evantage Bank 2.00% APY
5. AmericaNet Bank 2.00 APY
6. Redneck Bank 2.00% APY
7. Discover Bank 1.85% APY
8. Bank of Internet USA 1.75% APY
9. UFB Direct 1.75% APY
10. Ally Bank 1.70% APY
11. Nationwide Bank 1.70% APY
12. GiantBank.com 1.56% APY

Find the best savings account rates and money market account rates in your zip code by searching our savings rate tables here.

Best Savings Rates and Money Market Account Rates

EverBank of Jacksonville, Florida, is offering a money market account ( ”Yield Pledge Money Market Account”) that currently has an annual percentage Yield (APY) of 2.51% for the first three months.

The 3 month “Bonus Interest Rate” period APY on the money market account is for the first $50,000 deposited, balances over $50,000 currently earn an APY of 1.50%.

The rate and yield on the first $50,000 will remain fixed for the first three months. In other words, the account rate and yield are guaranteed. For money market account balances over $50,000 the rate is a variable rate.

If you combine the 2.51% 3 month bonus savings account period and the current account APY after the bonus period has ended, the first year’s APY is 1.77%. EverBank refers to this as the “New Account First-Year APY”. The first year APY can change because after the first 3 months the rate isn’t guaranteed.

The minimum opening money market account balance is $1,500. There is an $8.95 monthly charge for accounts under $5,000, so be sure to keep at least $5,000 in the account if you decide to act on this promotional savings rate. If you don’t, the charge will effectively lower the APY on the account.

Deposit accounts at EverBank have been insured by the FDIC since October 1998. The account is FDIC insured up to $250,000. EverBank’s FDIC Cert number is 34775. Accounts can be opened online or by calling EverBank at 888.882.EVER (3837). EverBank High Yield Money Market Account Application.

In addition to deposit products including money market accounts and certificate of deposit accounts, EverBank also offers home financing products. EverBank’s current conforming fixed 30 year mortgage rates are under 5.00% at 4.875 percent.

Capital One Direct, the banking arm of the credit card company Captial One is offering an online savings account promotional bonus of $25.00.

To qualify for the promo bonus, you first must open your online savings account or money market account with Capital One Direct and deposit at least $10,000 by November 25, 2009 to receive a $25.00 promotional bonus.

When you open the money market account or online savings account you must use promotional offer code SAVER25DF. The savings account or money market account must be your first account with Capital One Direct Banking. The account you open must also remain open for 4-8 weeks after November 25, 2009 and during this time the $25 promo bonus will be deposited into your account.

The online savings account rate is very competitive with other savings account rates available today. The savings rate is also competitive with 12 month CD rates available these days.  The annual percentage yield is currently 1.60% for account balances of $10,000 or more. Savings account balances of less than $10,000 receive an annual percentage yield of 0.60%.

Capital One Direct Bank Online Savings Account Bonus

SFGI Direct, the online banking division of Summit Community Bank, is offering a high yield savings account that currently has an annual percentage yield of 2.25 percent.

The minimum opening account balance for the online savings account is only $500. There is also a maximum savings account opening balance of $25,000.

Considering the national average savings account rate is only 0.390 percent for account balances of $2,500 an annual percentage yield of 2.25 percent is a really good deal. SFGI Direct savings accounts are opened online and funded through an electronic deposit, you can’t use paper checks at this time to fund the savings account.

SFGI Direct only offers individual savings accounts or joint savings accounts. The bank doesn’t offer business savings accounts or Individual Retirement Accounts. SFGI Direct Online Savings Account Application.