High Yield Installment Savings Account
How does a 5.12% annual percentage yield (APY) sound to you? Pretty good? This is what a high yield installment savings account can do for you. We here at Online Banks Blog take our job of finding you the best rates and offers available seriously. An installment savings account might be the way to get that for you.
Right now, Willshire State Bank is offering a high yield installment savings account that they’re calling “Rainbow Savings.” An installment savings account like this Rainbow Savings account works like this: you open an account at the bank, set up automatic deposits in installments (usually monthly) and gain high yields in return for your promise to keep the account for a specific term. Think of it as a money market installment coupled with a certificate of deposit.
The high yield installment account at Willshire is offering a 4.6% APY for a 1 year term and a 5.12% APY for a 36-month term. That’s several points higher than the standard savings yield (4.08% to 4.86%).
This Willshire State Bank high yield installment account is backed by the FDIC and is available online to anyone in the U.S. This could be the opportunity that you’re looking for if you need a high yield for a relatively short term. An installment savings account might be the way to go. Check often, since these high yield installment savings account offers at Willshire might change.
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Filed under: Best Bank Accounts, Certificates of Deposits, Savings Accounts
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