Online Savings Accounts – 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 through quick and easy online funds transfers. 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.
Best Rates, If You Meet Requirements
CIT Bank
- Summary: 1.05% APY on balance of $25,000 or more. 0.90% APY on all other balances and CIT Bank also offers a very competitive set of rates on their Acheiver and Jumbo CD’s.
American Express Personal Savings
- Summary: 0.85% APY, a new bank which is slowly adding different deposit products. American Express is well know for being a trusted credit card issuer and having excellent customer service.
- Summary: 0.80% APY, $500 minimum balance to earn interest. No minimum balance fees.
Best No-Hassle Savings Accounts
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 that still earn you some extra cash with little effort.
Ally Bank Online Savings
- Summary: 0.84% APY (as of 3/11/13), $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts. Ally Bank also offers a wide variety of other deposit products.
Capital One 360 Online Savings
- Summary: 0.75% APY, $1 to open, no fees and no monthly minimum balance, links to up to 3 external bank accounts
- 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).
FNBO Direct Online Savings- Summary: 0.85% APY, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts
