How Many Use a High Yield (online) Savings Account?

[Val J.]

I'm slowly opening my mind by reading, investing and trying to learn all I can about growing my $ thru various means. I've read about High Yield Savings accounts that are opened online.  Fellow Bpers, do you guys/gals have any experience with them. Please share your pros and cons.

[James McCard]

I use a Netspend account (prepaid credit card) as it has a high yield savings account attached to it. On up to 1,000 dollars they pay 5% interest. I currently have 3 accounts with them - now I can do 2 more with a brinks card. I use it as an emergency fund or for cash I want to keep close at hand and be able to deploy at very quickly. Interest is paid quarterly. If I send you a referral email we both get 20 dollars after you put at least 40 dollars in your account. Shoot me a PM and I am happy to send you a referral link.