Best Online Savings Account Rates (March 2010)
Online savings accounts are a critical tool—especially for young savers—to set aside savings in an insured account while earning better interest rates than at their local bank. This page examines the best online savings account rates and is updated monthly or when rates change. For a more detailed comparison of our most recommended online savings accounts, read: high yield savings accounts compared.
The following chart displays the best online savings account rates for some of the most popular banks among our readers. These top online savings accounts have been chosen not only for their consistently competitive interest rates, but also their customer satisfaction, ease of use, and overall reputation.
Happy saving!
Best Online Savings Account Rates
| Bank | Rate | Minimum | Remarks | Link |
|---|---|---|---|---|
| EverBank† | 1.51% | $5,000* | New customers get 2.25% for 3 months | Open→ |
| American Express | 1.30% | $1 | Open→ | |
| Ally Bank† | $1 | Open→ | ||
| WTDirect† | 1.16% | $10,000 | Top-rated customer service | Open→ |
| FNBO† | 1.25% | $1 | Free debit card & billpay | Open→ |
| SallieMae Direct† | 1.25% | $1 | 10% Upromise match | Open→ |
| Capital One Direct | 1.25% | $2,500 | Open→ | |
| HSBC | 1.10% | $1 | Global bank | Open→ |
| Discover Bank | 1.35% | $500 | Open→ | |
| ING† | 1.10% | $1 | Divide into up to 30 sub-accounts | Open→ |
*The minimum to open an EverBank account is $1,500, but balances under $5,000 are assessed an $8.95 monthly fee.
Have you found other online savings accounts that offer competitive rates with low or no minimum opening deposit? Please let us know in a comment, or share your experience saving with any of the above online savings accounts!
† We have a financial relationship with this company. To learn more, read our disclosures.
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Great list, but I don’t think the ING Sub accounts in unlimited. I think the max you can have is 30…which is probably more than enough for most people.
Kita
Oh! Good catch. I’ll fix that. But you’re right; I would imagine 30 sub-accounts would be plenty! Thanks.
You missed http://www.igobanking.com. Igobanking.com’s savings account gives you 1.56% interest. All you need is a minimum of one dollar in the account. I think that is pretty good.
The highest one I’ve seen lately, 2.15%. https://www.shorebankdirect.com/ and I believe it’s just a $1 minimum.
what about SmartyPig.com? They consistently have rates higher than the ones listed here, and its a neat concept, AND you can get boots for cashing out your savings in gift cards which is like adding 3% on top of their already high rates!
You should also add that you cn link your ING Savings account to your Sharebuilder account. Quite convnient.
On the flip side of this list is the worst online savings account: Bank of America! Interest rate seems to drop a tenth of a percent each day and you’re charged fees for external transfers.