As many of you know I’m stuck at home due to my illness and not bringing in a weekly paycheck. I’ve been working hard on the internet though create a regular income and I’ve been fairly successful.

I don’t have a lot of extra money, but even so, I’ve been trying to put a certain amount away each month into high yield savings accounts. My husband and each have an account that we put at least $100 per month into and it has quite a good interest rate compared to our regular banks rates.

I’ve found the only way to get a good interest rate at any of the main Canadian banks is to maintain a very high balance. Most want you to have at least $1000, but many want you to have a balance of $5000 or more before you see any significant increase in the amount on interest.

I’ve been lucky though because the bank where I’m stashing our money starts giving out a high interest as soon as you make a deposit- even if it’s only a dollar or two. I think the interest rate right now is about 3%. That’s not much, but considering that in most of the main banks I’d have to have a balance of $5000 or more to earn 2% interest I think I’m doing pretty good.

I know that the majority of my readers are American, and I’ve found a site where you can learn more about High Yield savings accounts in the USA. Actually you can find out specifically which banks in each state offer high yield accounts at eMoneyCentral.com. You can even suggest banks or online banks that offer high yield accounts if you find that the one you use isn’t listed.

Check it out and maybe you can start earning a higher interest rate on your money too.