Best Online Savings Account Reviews and Comparisons


Opening an online savings account is a great way to earn some extra money on your cash balances. Most of these accounts are designed to “piggy-back” onto your existing checking accounts. If you don’t need the money immediately, you can transfer the money into the savings account, and when you do need it, you can transfer it right back. Sometimes you can even pay bills directly from the account.

While the following list isn’t exhaustive, these are the more well-known ones with no minimum opening value, no minimum balances, and no monthly fees. In other words, the most simple and hassle-free accounts.

How Much Money Can I Gain?
You can use my Ultimate Rate Chaser Calculator to estimate how much extra easy money you’ll be earning by switching to one of these accounts. Chances are your current checking account pays next to zero interest. Just type in 1 day for “days of lost interest” if you aren’t sure.

Online Bank Rates
Ally Bank Online Savings

  • Summary: 1.55% APY, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts

  • Details:
    » Ally Bank Reviews

FNBO Direct Savings

HSBC Direct Savings

Dollar Savings Direct

  • Summary: 1.70% APY with $1,000 balance, otherwise 1.00% APY. No monthly minimum balance, no monthly fees.

  • Details:
    » Same underlying bank as with EmigrantDirect.

ING Direct was the one of the very first high-yield online savings accounts. Although their rates aren’t the highest anymore, lots of people still like them due to their good customer service, easy application, and being around successfully for so long (for an internet bank).

[Rates Updated 10/30/09]




net worth progress bar