A high yield savings account is a good way for you to keep your money in the bank and let it earn without being tied down to a specific term. A high yield savings account you should consider is the Savings Plus Account at Washington Savings Bank . This one can earn up to 1.50% APY if you can maintain $10,000 minimum balance. It’s also a high interest savings account with a 1.49% interest rate.

However, interest rates and annual percentage yields for any savings account tend to change a lot. It’s best if you visit the website first before you open an account. This savings account has no monthly service fee as long as you keep at least $100 in the bank. If you fail to do this, they will charge you $2 a month. To earn the top yield, though, you need to keep your balance at $10,000 or more.

Another downside it the limit of pre-authorized third party transfers you have from your account. According to the bank representative, since this is a personal account, you can only have six for every statement cycle. If your balance for the Savings Plus account is below the minimum, you will still earn interest. However, the rate drops down to 0.50%.

Savings Plus holders may also make a total of twelve monthly withdrawals for free. For any withdrawal exceeding that, a $2 fee will be charged. You will need to make a branch visit to open this account. While the website has online banking options, it seems that the savings account is open only to residents of Illinois.

Branches of Washington Savings include the main branch which is in South Banker street, and a smaller bank in Keller Drive. ATMs are also available in these locations.

Despite the smallness of the bank, it rates quite well. Bankrate.com rated it with four stars, which is an impressively high score these days, and BauerFinancial gave it a perfect score with five stars. It has been registered with the FDIC since 1883. They are insured through Certificate #29227 with the FDIC.