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I was approached by AARP this week and was asked if I could highlight their high yield savings account and of course, I’m writing about it right now.

AARP is currently offering a high yield savings account that only requires a $1 minimum and is currently getting a very high rate of 4.50% APY as of May 10, 2008.  This rate blows away IndyMac’s 4.00%, which was the industry leader late last week.

I also did some quick research and most people are under the assumption you have to be at least 50 years of age to qualify for an AARP membership.  This isn’t the case.  Anyone can sign up for a membership.  If you fall under the age of 50, you can be approved for an associate’s membership.  This membership entitles you to some benefits and one these benefits is the high yield savings account.

For more information on this high yield savings account, visit the AARP’s website.

Charter Bank introduced a whole new program called TurboBanking.com, which is a new checking account offering a very high APY.  I’ve listed below the details about the account –

Earn 6.01% APY on balances up to $25,000.  Keep in mind that this is NOT an introductory rate.  It may sound too good to be true but you will have to maintain the following guidelines monthly which are as follows –

• Make at least 10 debit card transactions monthly.

• Receive one direct deposit or ACH auto debit monthly.

• Receive your monthly statement via the internet (e-statement).

• Access your on-line banking account at least once a month.

If you think you can handle these tasks, which I consider nothing and its well worth doing for this awesome rate.  This rate has been this high since October of 2007, so I don’t see it changing anytime soon.

A $100 minimum deposit is required to open this account.  If you fail to meet the minimum requirements above to maintain your APY, the standard APY will be .25%.

For more information on TurboBanking.com, visit their website or call 1-800-366-7621

Century Bank Direct which is a division of Century Bank of Kentucky, Inc. is currently offering some nice competitive rates as of May 2008.  Aside from their savings account rate, they are offering some industry leading money market, check, and CD rates.

Century Bank Direct is FDIC (#35450) insured and their accounts are opened to all USA residents who are over the age of 18.

Below are rates as of May 2008 –

Savings Account:  3.61% APY

Checking Account:  3.35% APY

Money Market Account:  3.82% APY

20 Month CD:  3.75% APY

The checking and savings accounts require a minimum deposit of $100.

The money market and CDs require a minimum deposit of $1,000.

View Century Bank Direct’s FAQs

View Century Bank Direct’s rate sheet and sign up page