Would you turn down $150, no strings attached, if someone just handed it to you? How about $15?

Especially in this time of economic uncertainty, I would take the $15, too. This is no time to be doing nothing with your cash, but it’s also a time when you might not be too sure what to do with your cash.  I recently received an alert in my email that Capital One is offering a savings rate of 1.5% APY. My current savings account was at 0.5% APY.

The most attractive feature is that there is no minimum balance. This made it a risk-free, indecisive-procrastinating-commitment-phobe-proof choice. That’s right, even my husband opened an account. Put in $1,000 and make $15. Put in $15,000 and make $225 at year’s end by doing almost-absolutely-nothing and with no worries about changing your mind or needing the money sooner.

If you’re sitting around with a little or a lot in savings or even in checking, it may be worth your while to move it to one of the savings accounts with higher yields. (Some will argue that now is the time to throw it in the stock market, but that depends more on your personal financial situation.)  I found bankrate.com to have the most straightforward interface of current rates.  Use their tool on the left to quickly calculate how much your savings could grow in a year.

There are a number of rates slightly better than the 1.5 % being offered by Capital One, so you should sift through and see which one makes the most sense for you. Since most of these are online banks, you don’t need to put your mask on and go out. Just go online and claim your $$$ now, ok more like $.

A few things to remember:

• Some banks have more requirements for higher yields, like a minimum balance of $1,000 or $25K – something to consider. Also, savings accounts come with a maximum number of withdrawals per month. However, during the currently stressful financial time, the Fed is temporarily waiving it. Read more about that here.
• The best rates often come from online banks, so the customer service experience may be inconsistent. I chose Capital One because I have always found them to be reliable and responsive over the phone – and very easy to use online. I don’t have knowledge of the other banks that are currently offering slightly higher rates. Be sure to google user reviews on any of the banks before committing. I’ve found some helpful reviews on Reddit’s personal finance thread.
• The rates are subject to change, so try to keep an eye on them and move your cash to a higher savings rate account whenever you see one. I signed up for bankrate.com’s monthly best savings rates email so I don’t have to remember to check for higher rates!