What is the best route for an interest earning savings account?

The options you considered fall under 2 big categories based on volatility and risk. Options like savings accounts and bonds are a safe bet but grant low profit, while stocks and FX are by default risky, in the way of you being able to get high profit,but at the same time you can lose all and more.

Savings accounts are very poor in getting you money, and the truth is,while your money are there in that deposit,the bank uses them to place investments in markets like stock and commodities. But your money are always available for you. There is no such thing as restriction in withdrawing,however you will be rewarded a low interest rate for the period of the deposit you didn't completed. One of the best options in saving accounts is to find a bank that offers monthly/quarterly cycles and capitalization. In simple terms that means every month or 3 months, your bank will calculate the interest on your account and grant you the interest into the account.In the next cycle, you will get interest not only for your deposit but also for the interest granted in the first cycle. There are a lot of things to consider, so if you require additional help,feel free to contact me.

Have a good day.

First of all, savings interest rates are too low right now to compete with inflation, so if you have any debts, pay those off first.

Now since savings interest rates do not compete with inflation, and with the declining value of the dollar, I truly believe it's best to buy silver and gold.

I've always said to others that you can have a million dollars in the stock market, then one day the market will crash leaving your shares to be value-less.

you can cash out on your stocks, then put the money in the bank, but what happens when the value of the dollar becomes worthless? you have toilet paper that nobody will want.

silver and gold have been considered money over the centuries and still today though not presently commonly accepted as payment for settlement or debts.

do yourself a favor. This will only take 30 minute of your time. Google: federal reserve cartoon

http://www.youtube.com/watch?v=ZPWH5TlbloU

there is a 30 minute cartoon called 'american provocative network...' it's 30 minutes long.

understand what real money is before you take action with saving. it's only 30 minutes long.

For now, open a savings account somewhere that is convenient to you.

Possibly tying your savings along with your checking account.

Interest rates are so low, that shopping around is not worthwhile.

The best you could do is 1% return.

On $1,000 this is only $10 a year. Not really worth shopping around for is it?

Once you get 5 months worth of income in savings (your emergency fund).

Then you can look into other options.

Such as opening a ROTH retirement account.

As you do not even have a year to next May,I suggest you put the money in a notice a/c, such as 90 days or 6 months. There are many of them, so shop around for best rates. I think ING and HSBC have some good rates.

Open saving account and reinvest interest earning in fixed deposit periodically.