SmartyPig combines the features of a savings account with  social networking. The savings account is aimed at folks who want to put money aside for a specific goal. With savings rates averaging 1.32%, the 2.01% annual percentage yield (APY) being offered by SmartyPig is a pretty good deal. Here’s how the savings account works:

• Automatic transfers from your checking account
• Set up as many goals as you want
• Family and friends can contribute to your savings to help you reach goals faster
• Open a savings for free
• Savings goals can be a minimum of $250 to a maximum of $250,000
• Minimum deposit of $25 to begin savings goal
• Recurring monthly contributions must be a minimum of $10 to a maximum of $50,000

Once you meet your savings goal, the automatic monthly contributions stop. You can transfer the money into an existing savings or checking account for free. The savings also can be used to purchase gift cards from a variety of retailers. The bank does not charge monthly fees, load fees, or ATM fees.

All money in SmartyPig savings accounts is held at West Bank of Des Moines. Money in savings is insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor.

Savings rates are averaging about 1.32%, but TD Bank has an Elite Savings with a 1.5% annual percentage yield (APY). The offer expires Nov. 30, 2009, and is available when you open a new TD Bank checking account. Other details include:

• Minimum deposit of $10,000 in Elite Savings and checking account
• New customers can apply online, by phone, or in a branch
• Existing bank customers must apply by phone or at their local branch
• Promotional savings rate is guaranteed as long as $10,000 minimum daily balance is maintained
• Savings accounts insured by the Federal Deposit Insurance Corp. (FDIC)

At the end of the promotional three-month period, standard rates apply and can change at any time. If the minimum daily balance falls below $10,000, the APY is 0.8%, which is current as of Nov. 8, 2009. The bank also charges a $12 maintenance fee if the balance falls below $10,000. Any fees associated with the savings account can reduce the amount earned.

When you open checking and savings accounts you get free access to more than 5,200 TD Bank or TD Canada Trust ATMs. TD Bank also offers free online bill pay and free coin counting at its branches.

The deal only applies to consumer accounts and does not apply to IRA Elite Savings Accounts.

Do you want to get your kid to save more money for college? The Ultima Bank Minnesota SMART Smart Savings account can help. SMART, which stands for School Money at Right Time, is for savers who are 18 or younger. Details of the savings account include:

• No minimum deposit required
• Savings rate of 2.02% APY on any amount
• Interest begins accruing on first business day after deposit and is credited quarterly
• Savings rate is subject to change at any time
• Withdrawals before 18th birthday are subject to a penalty equal to six months interest
• Limited number of monthly transactions after 18th birthday
• SMART savings converts to a regular savings account on 19th birthday

The SMART savings account is designed to complement Ultima Bank Minnesota’s student checking account. Using the savings and checking accounts can help kids learn to manage money responsibly from a young age.

The checking account has no minimum balance requirement and has no limitations on writing checks. The account also offers the following freebies if the account is administered electronically–online statements, direct deposit, transfers between accounts, and bill payment. Statements received by mail are free, but if check images are included there is a $3 fee.

American Express is known for charge cards and credit cards. But the bank has two products that can help you build  savings. The bank’s high-yield savings account currently has a 1.85% annual percentage rate (APY) and its 24-month CD rate is 2.35% APY. Other CD terms are also available.

You don’t need to have an American Express credit card to open a high-yield savings account or certificate of deposit. You can open accounts  online or by phone. Other details of the high-yield savings account include:

• No minimum deposit required
• Interest is compounded daily and credit to account monthly
• Interest begins accruing on the business day the deposit is received
• No fees for electronic transfers
• Savings is FDIC insured up to $250,000 per depositor

Details of the certificate of deposit offer include:

• CD rates can change at any time without notice
• No minimum to open account
• No additional deposits are allowed before maturity date
• Penalty for early withdrawal of principal
• Interest can be withdrawn

Once the CD matures you have a 10-day grace period to withdraw the money, renew it at current CD rates, or transfer the money to a high-yield savings account. Statements are  sent online or by mail each month.

You can open American Express certificates of deposit and high-yield savings accounts as individual or joint accounts, but not trust accounts.

Are you looking for the best savings accounts for people who don’t have a lot of cash to start saving? Bank of Internet has some of the best savings accounts in terms of annual percentage yields (APY) offered.  You need a minimum of $100 to open an account but there is no minimum monthly balance required to to get the best savings rates.

Bank of Internet’s Advantage Savings Account has a savings rate of 2.02% APY. Other features include:

• No monthly fees
• Up to three bill payments each month
• ATM card available
• A five-year archive of online statements

The bank’s High Yield Savings rate is 1.75% APY. It also has:

• Interest compounded on a daily basis
• No minimum daily balance required
• FDIC insured up to $250,000 per depositor
• ATM card available

Savings rates can change at anytime so it’s important to contact the bank before applying to get the most current rates. Interest is calculated using the average daily balance method. The average balance is determined by adding up the amount of the principal for each day of the statement period, then dividing the total by the number of days in the statement period. There also are no fees for ATM withdrawals or balance inquiries at any ATM. However, you may have to pay ATM fees required by other banks.