Kiplinger Today

Kip Tips

Best Places to Stash Your Cash

Cameron Huddleston

These banks provide higher yields and convenience.

What to do with all those Black Friday and Cyber Monday savings? Consider a high-yield savings account.

Our favorite is the high-yield savings account at Ally Bank, formerly GMAC Financial Services, which yields about 1.6%. No, you won't get rich off that rate, but it's better than what you'd get at most brick-and-mortar banks. Plus, the account has no monthly fees and no minimum balance.

For checking accounts, we like Charles Schwab Bank's high-yield investor checking account. You must have a Schwab One brokerage account to get this checking account. For more information about this account and the one at Ally Bank, see our 2009 Best List. To find other high-yield accounts, see How to Find the Best Savings Rate.

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