Best High Yield Online Savings Accounts

What on earth did we do before online banking? With so many options, it can be confusing to know where to start. Before you sign up for the first online bank that you see, make sure offer a high yield on your savings account.  Here are 6 online banks that have good rates for online savings accounts.

Capital One 360

ING Direct was one of the first high yield online savings accounts, and now it has merged with Capital One to form the high yield online savings account Capital One 360. With a current annual percentage yield of 0.75%, the Capital One 360 savings account does not offer the highest rate, but it is not far behind. Online checking and teen checking accounts are also available with decent rates and free ATM access all over the country. To help your kids get started saving money, open up a kids savings account with the same high rate. There are no fees or minimum balances required, plus Capital One allows you to break up your savings accounts into subcategories such as “Vacation” or “New Car”.

Ally Bank

Ally Bank, newer to the online savings account lineup, offers a higher rate of 0.84%. Ally has adopted technology to allow customers to make deposits by scanning checks digitally. Ally offers no banking fees and mobile banking from your smart phone. Setting up an account is as easy as scanning a deposit check, mailing in a check or doing an online or wire transfer.

Discover Bank

If you already have a Discover credit card, getting the high yield savings account is a good next step. Your credit card account and bank account can be managed from the same web interface and mobile app. A minimum of $500 deposited is required to open an account, but it’s worthwhile for the 0.8% interest rate and account access convenience.

Ever Bank

Ever Bank requires a minimum opening balance of $1,500. This is steep, but Ever Bank guarantees an interest rate within the top 5% of competitive bank accounts in the country. Don’t worry about having to open up new high yield savings accounts every few months to get the best rate because Ever Banks strives to stay on top. Ever Bank is excellent for those seeking high rates that can meet the minimum balance. 24/7 customer support and mobile banking are also available.

American Express

American Express also offers the convenience of accessing both your credit card account and savings account information from one website just like Discover Card. If you are happy with your American Express credit card, you will likely enjoy the savings account with the same features and customer service. The current rate is a high 0.85%, and the account comes with no fees and no required minimum deposit.

FNBO Direct

FNBO Direct only requires $1 to open a high yield savings account. Use PopMoney to easily send money to friends and family electronically. With no monthly fees or minimum balances, the 0.85% is an attractive rate near the top of similarly competitive bank rates. A simple online bank with online convenience.

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3 Responses to “Best High Yield Online Savings Accounts”

  1. There must be a market for low cost banking – after all everyone wants it – but I fear that once a small low cost operation becomes viable, it is seen as a threat to the big banks, which either buy it up or somehow snooker its operations. But thanks for the list – I wish more were available, particularly for online payments!
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  2. Thanks for the great list. I use American Express almost exclusively because of the rewards cash back program they have on purchases. I think combining this with the savings account would be perfect for me. I plan to look into it this week!

  3. Thanks for posting the online savings account list. I have been looking into using Ally for online banking but wasn’t really sure. The fact that they allowed you to scan checks online makes them that much better.

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