Two savings accounts i looked up were bank of america and chase. Chase does not say ifthey are simple or compound but their interest rate is 0.01%. Also to open up an account theminimum deposit is $25. Also you have to be 18 or younger to be able to have an account. And itis $5 monthly service fee or $0 with one of the following each monthly statement period. Abalance at the beginning of each day of $300 or more in this account. Also the saving withdrawallimits are $5 savings withdrawal limit fee. Chase fee applies to each withdrawal or transfer out ofthis account over six per monthly statement period. All withdrawals, transfers and etc out ofchase account count over the fee. Also the ones made at a branch or at an ATM. The federalregulations for the chase account limit you to six accounts withdrawals or transfer per monthstatement period. But it does not apply to withdrawals and transfers made in person at a branchor atm. And if you go beyond the federal limits on withdrawals the bank chase will notify youand they might convert your saving account to a chase total checking account. Also Chasesavings account has no monthly service fee. It has no monthly service fee when you keep abalance at the beginning of each day of $300 or more in your saving account. Also if you have atleast one repeating automatic transfer of $25 or more in your personal checking account.The other savings account i looked up was bank of america savings account. The monthlymaintenance fee provides you with access to online and mobile banking, ATMs and financialcenters and security protection on your accounts such as fraud monitoring. The monthlymaintenance fee is $5 each month. Also you have to maintain a daily balance of $300 or more.You can also avoid the monthly maintenance fee by making a combined monthly automatictransfer of $25 or more from the bank of america checking account on your savings accountthroughout the immediately preceding statement cycle.You can make a total of 6 withdrawalsand transfers with no withdrawal limit fee. After your first 6, the Withdrawal Limit Fee is $10.00for each additional withdrawal and transfer. Also no more than 6 Withdrawal Limit Fees will becharged.Two high yield saving account i found was citi and discover. Citi is one of the best highyield savings account. Citi has $100 minimum opening deposit. Also there is no fees to open ormaintain. There is daily compounding interest. Also there is 24/7 secure online banking andFDIC insure. Your money will work faster with citibank. Citibank is 5 star rating. The other highyield saving account i found was discover. In discover you have two choices to sign up for anaccount. You can sign up for $150 and deposit at least $15,000 or $200 deposit at least $25,000.The annual percentage yield is 1.30% and minimum opening deposit is $0. There is no monthlyfee. The interest and compound paid is daily/monthly. Annual interest earned on $15,000 balanceis $194.75.Interest rate is how much your getting charged and investment is how much you put in tosomething.No there is not a monthly fee.They are important because you need to use them inorder to know what you need. I think investment is better because you know what your doingand you know how much your putting in and out.