Online Savings Account Reviews and Comparisons


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Opening an online savings account is a great way to earn some extra money on your cash balances. Most of these account 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 big 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.

Brick and Mortar Banks
If you already have your checking at one of these banks with a significant number of physical branches, then it’s almost a no-brainer to open one of these up since you’ll be able to keep all your money at the same place and earn more interest at the same time.

Washington Mutual Special Savings Account

Citibank Ultimate Savings Account

  • Summary: 1.96% APY, only $1 to open, no monthly minimum balance, links to existing Citi checking account or external accounts. If you maintain two bill payments per month from a linked Citi checking account, you can get a higher 2.70% APY.

Online Bank Rates
If you don’t use one of the banks above or just want a shot at a higher rate, check out one of these banks:

HSBC Direct Savings

  • Summary: 3.50% APY guaranteed until 8/15, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts

  • Details:
    » HSBC Direct Account Opening Review

FNBO Direct Savings

E-Trade Complete Savings

  • Summary: 3.30% APY, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts

  • Works with your existing E-Trade brokerage account, if you have one.

Emigrant Direct Savings

Old Faithfuls
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).




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