Current High-Yield Online Savings Account Rates
I frequently receive e-mails asking my opinion as to which online bank has the best high-yield savings account.
So here’s an automated rate table – updated daily – that will show you the top 50 rates on online high yield savings rates gathered from over 200 banks.
I’ll also update the list below with accounts that FiveCentNickel readers have identified as their favorite online savings accounts.
| Institution | Type | Rate | APY | Min. To Earn APY | Details |
|---|---|---|---|---|---|
| SmartyPig Rates as of Jul. 29th |
Savings | 2.15% | $25 | ||
| North Middlesex Savings Bank Rates as of Jul. 29th |
Savings | 2.03% | 2.05% | $10 | Simply Save Account – must make $50 deposit in person during each interest cycle, balances up to $10,000 earn APY, must live within market area to open an account. |
| Ultima Bank Rates as of Jul. 29th |
Savings | 2.00% | 2.02% | $0 | SMART Savings Account – for young adults 18 yrs or younger, withdrawals prior to 18th birthday may result in a penalty |
| Bank2 Rates as of Jul. 29th |
Savings | 2.01% | $0 | Great Rate Savings-account must be linked to Great Rate Checking account, available only to Oklahoma residents. | |
| AmericaNet Bank Rates as of Jul. 29th |
MMA | 2.00% | $1 | Mega Money Market Checking Account – earn APY on balances up to $35,000, 6 free withdrawals per month | |
| Dollar Bank Federal Savings Bank Rates as of Jul. 29th |
Savings | 2.00% | $0 | FreeMONEYSavings – Rate for balances below $20,000 – must maintain Dollar Bank FreeMONEY Checking or e-Checking to earn rate. Open online and mail in forms. Available in Pennsylvania, and Ohio market area. Rate collected in: 15222 (PA) | |
| Georgia Primary Bank Rates as of Jul. 29th |
MMA | 1.93% | 1.95% | $100,000 | Available only to Georgia residents-limited check writing without fees, monthly maintenance fee of $10 waived with $2,500 daily balance. |
| Georgia Primary Bank Rates as of Jul. 29th |
MMA | 1.74% | 1.75% | $50,000 | Available only to Georgia residents-limited check writing without fees, monthly maintenance fee of $10 waived with $2,500 daily balance. |
| Gogebic Range Bank Rates as of Jul. 29th |
MMA | 1.74% | 1.75% | $100,000 | Available only to Michigan market area. Must open account in person. Gogebic Money Market Checking – tiered interest rates |
| Geddes Federal Savings and Loan Association Rates as of Jul. 29th |
MMA | 1.70% | 1.70% | $50,000 | Central New York market area only |
| Main Bank Rates as of Jul. 29th |
Savings | 1.56% | 1.56% | $5,000 | MainStream Savings Account III, must have checking account also. |
| SFGI Direct Rates as of Jul. 29th |
Savings | 1.51% | $1 | Currently SFGI is not accepting new customers nor opening new accounts. | |
| Brunswick State Bank Rates as of Jul. 29th |
Savings | 1.50% | 1.51% | $40,000 | Savings account – Tiered rates apply Limited to local Nebraska market area |
| Acacia Federal Savings Bank Rates as of Jul. 29th |
MMA | 1.49% | 1.50% | $125,000 | Tiered Money Market – Rates effective 07/26/2010 |
| Acacia Federal Savings Bank Online Rates as of Jul. 29th |
MMA | 1.49% | 1.50% | $125,000 | Tiered Money Market |
| H&R Block Bank Rates as of Jul. 29th |
MMA | 1.49% | 1.50% | $50,001 | |
| 1st Constitution Direct Rates as of Jul. 29th |
Savings | 1.50% | $10,000 | Direct Super Savings Internet Special – Rate disclosed is special APY for new accounts only | |
| Georgia Primary Bank Rates as of Jul. 29th |
MMA | 1.49% | 1.50% | $25,000 | Available only to Georgia residents-limited check writing without fees, monthly maintenance fee of $10 waived with $2,500 daily balance. |
| The Palladian Private Bank Rates as of Jul. 29th |
Savings | 1.49% | 1.50% | $10,000 | |
| Quantum National Bank Rates as of Jul. 29th |
MMA | 1.49% | 1.50% | $100,000 | Hi-Rate Money Market (Personal) – Limited to Georgia customers only |
| First National Bank in Cimarron Rates as of Jul. 29th |
MMA | 1.40% | 1.41% | $100,000 | Money Market Account – tiered rates apply |
| Sallie Mae Bank Rates as of Jul. 29th |
Savings | 1.40% | $0 | ||
| Peoples National Bank Rates as of Jul. 29th |
Savings | 1.35% | 1.36% | $2,500 | Certificate Savings – hybrid savings and certificate account, one time withdrawal per quarter without penalty, transaction limitations – Limited to New York market area |
| Discover Bank Rates as of Jul. 29th |
Savings | 1.34% | 1.35% | $1 | Online Savings Account – Account can only be held in individual or joint ownership – Up to 6 preauthorized transfers from your Online Savings Account per statement cycle |
| Capital One Direct Banking Rates as of Jul. 29th |
Savings | 1.35% | $0 | InterestPlus Online Savings – 10% bonus on interest earned with $15,000 monthly balance or active Capital One credit card in good standing, transaction limitations, contact bank for details. | |
| TriState Capital Bank Rates as of Jul. 29th |
MMA | 1.29% | 1.30% | $100,000 | Private MMDA |
| Chesapeake Bank – Clear Sky Accounts Rates as of Jul. 29th |
Savings | 1.29% | 1.30% | $1 | Online savings – Rate for balances up to $249,999 |
| American Express Rates as of Jul. 29th |
Savings | 1.30% | $0 | High-Yield Savings | |
| Colorado Federal Savings Bank Rates as of Jul. 29th |
Savings | 1.29% | 1.30% | $2,500 | Online Savings Account – up to 6 withdrawal transactions per month with no service fee |
| Discover Bank Rates as of Jul. 29th |
MMA | 1.29% | 1.30% | $100,000 | |
| AIG Bank Rates as of Jul. 29th |
MMA | 1.29% | 1.30% | $250,000 | High Yield Money Market – FDIC insured. Open an account online or by phone! |
| Ally Bank Rates as of Jul. 29th |
MMA | 1.28% | 1.29% | $0 | Money Market Savings Account |
| Ally Bank Rates as of Jul. 29th |
Savings | 1.28% | 1.29% | $0 | Online Savings – Free online transactions, no monthly fees, no minimums |
| EverBank Rates as of Jul. 29th |
MMA | 1.25% | 1.26% | $0 | New Account bonus rate for Yield Pledge Money Market Account – 2.25% for the first 3 months, 1.51% First Year APY for account balance $50K or less |
| AIG Bank Rates as of Jul. 29th |
MMA | 1.25% | 1.26% | $100,000 | High Yield Money Market – FDIC insured. Open an account online or by phone! |
| Greystone Bank Rates as of Jul. 29th |
MMA | 1.25% | 1.26% | $750,000 | Money Market Savings Account |
| Georgia Primary Bank Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $10,000 | Available only to Georgia residents-limited check writing without fees, monthly maintenance fee of $10 waived with $2,500 daily balance. |
| Acacia Federal Savings Bank Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $75,000 | Tiered Money Market – Rates effective 07/26/2010 |
| Georgia Primary Bank Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $1 | Available only to Georgia residents-limited check writing without fees, monthly maintenance fee of $10 waived with $2,500 daily balance. |
| Acacia Federal Savings Bank Online Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $75,000 | Tiered Money Market |
| First National Community Bank (FNCB) Rates as of Jul. 29th |
Savings | 1.24% | 1.25% | $1 | ME Savings – Maximum Earnings Online Savings Account, withdrawal limitations |
| Presidential Bank Rates as of Jul. 29th |
Savings | 1.24% | 1.25% | $0 | Premier Savings – APY on balances up to $35,000 |
| State Farm Bank Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $100,000 | Rate collected in: 60625 (IL). Rates may vary by market area. |
| First Internet Bank Rates as of Jul. 29th |
MMA | 1.24% | 1.25% | $50,000 | Money Market Savings – Rate earned on balances up to $99,999.99 |
| Kirkpatrick Bank Rates as of Jul. 29th |
Savings | 1.25% | $1 | ||
| AIG Bank Rates as of Jul. 29th |
MMA | 1.23% | 1.24% | $50,000 | High Yield Money Market – FDIC insured. Open an account online or by phone! |
| iGOBanking Rates as of Jul. 29th |
MMA | 1.20% | 1.21% | $25,000 | |
| iGOBanking Rates as of Jul. 29th |
Savings | 1.20% | 1.21% | $0 | Online Savings – High Interest Savings iGOSavings |
| WTDirect Rates as of Jul. 29th |
Savings | 1.20% | 1.21% | $10,000 | WTDirect Savings Account |
| Discover Bank Rates as of Jul. 29th |
MMA | 1.19% | 1.20% | $10,000 | |
| Discover Bank Rates as of Jul. 29th |
MMA | 1.19% | 1.20% | $50,000 | |
| Transportation Alliance Bank Rates as of Jul. 29th |
MMA | 1.19% | 1.20% | $1 | |
| Dollar Savings Direct Rates as of Jul. 29th |
Savings | 1.20% | $1 | ||
| Discover Bank Rates as of Jul. 29th |
MMA | 1.19% | 1.20% | $25,000 | |
| AIG Bank Rates as of Jul. 29th |
MMA | 1.18% | 1.19% | $10,000 | High Yield Money Market – FDIC insured. Open an account online or by phone! |
| Excel National Bank Rates as of Jul. 29th |
MMA | 1.17% | 1.18% | $250,000 | Premium Money Market – interest rate tiers |
| Giantbank Rates as of Jul. 29th |
MMA | 1.16% | $1,000 | ||
| First Banking Center Rates as of Jul. 29th |
MMA | 1.15% | 1.16% | $250,000 | Premium Money Market Savings |
| Virtual Bank Rates as of Jul. 29th |
MMA | 1.15% | 1.16% | $100,000 | eMoney Market online account |
| AmTrust Direct Rates as of Jul. 29th |
MMA | 1.14% | 1.15% | $10,000 | e-Money Market Account – Rate earned on balances up to $24,999.99 |
| OneWest Bank Rates as of Jul. 29th |
MMA | 1.14% | 1.15% | $10,000 | E-Money Market only available by applying online |
| Nationwide Bank Rates as of Jul. 29th |
MMA | 1.15% | $1,000 | ||
| OneUnited Bank Rates as of Jul. 29th |
MMA | 1.15% | 1.15% | $100,000 | UNITY GOLD E-Money Market – Available Online only |
| First East Side Savings Bank Rates as of Jul. 29th |
MMA | 1.15% | 1.15% | $100,000 | |
| Weymouth Bank Rates as of Jul. 27th |
MMA | 1.13% | 1.15% | $50,000 | Regular Money Market – South Shore Massachusetts market area |
| Zions Bank Rates as of Jul. 29th |
Savings | 1.10% | 1.11% | $1,000 | Internet Savings |
| Zions Bank Rates as of Jul. 29th |
MMA | 1.10% | 1.11% | $2,500 | Internet Money Market |
| Rhinebeck Savings Bank Rates as of Jul. 29th |
MMA | 1.10% | 1.11% | $100,000 | Priority Money Market, open with a priority elite checking account and receive extra benefits |
| Evergreen Bank Group Rates as of Jul. 29th |
MMA | 1.10% | $25,000 | Cornerstone Money Market | |
| Capital One Direct Banking Rates as of Jul. 29th |
MMA | 1.10% | $1 | High Yield Money Market – APY applies to account balances of $0.01 – $4,999.99 | |
| Salem Five Direct Rates as of Jul. 29th |
Savings | 1.10% | $0 | eOneSavings – Online applicants only, who do not have existing deposit accounts with Salem Five. | |
| California First National Bank Rates as of Jul. 29th |
MMA | 1.09% | 1.10% | $15,000 | Money Market Checking |
| ING Direct Rates as of Jul. 29th |
Savings | 1.10% | $1 | Orange Savings Account | |
| HSBC Direct Rates as of Jul. 29th |
Savings | 1.10% | $0 | Online savings account | |
| Earthstar Bank Rates as of Jul. 29th |
MMA | 1.09% | 1.10% | $100,000 | StarLight Money Market |
| California First National Bank Rates as of Jul. 29th |
Savings | 1.09% | 1.10% | $1,000 | Premium Savings |
| FNBO Direct Rates as of Jul. 29th |
Savings | 1.10% | $1 | Online Savings Act – Rated Kiplinger’s Best Online Savings Account, no minimums, no monthly fees, manage accounts securely online | |
| Ultima Bank Rates as of Jul. 29th |
Savings | 1.09% | 1.10% | $1,000 | UBM Direct Savings Account |
| Heritage Bank Rates as of Jul. 29th |
MMA | 1.05% | 1.06% | $50,000 | Located in Arizona. Final paperwork needs to be signed in a branch before account can be opened. |
| Emerald Bank Rates as of Jul. 29th |
Savings | 1.05% | 1.05% | $500 | Emerald Prime Saving |
| Dime Savings Bank Rates as of Jul. 29th |
MMA | 1.04% | 1.05% | $75,000 | Prime Rewards MMA Passbook |
| Kaiser Federal Bank Rates as of Jul. 29th |
MMA | 1.05% | 1.05% | $75,000 | Money Market Saver V |
| ShoreBank Direct Rates as of Jul. 29th |
Savings | 1.04% | $1 | Online Savings Account-Rate for balance up to $99,999.99 | |
| Watertown Savings Bank Rates as of Jul. 29th |
Savings | 1.00% | 1.02% | $10 | Limited to Jefferson County in New York |
| Virtual Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.01% | $50,000 | eMoney Market online account |
| Virtual Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.01% | $95,000 | Savings – Premium Money Market |
| Capital One Direct Banking Rates as of Jul. 29th |
MMA | 1.01% | 1.01% | $1 | Rewards Money Market – travel, cash and more |
| OneUnited Bank Rates as of Jul. 29th |
MMA | 1.01% | 1.01% | $1,000 | UNITY GOLD E-Money Market – Available Online only, tiered rates apply |
| Direct Huntington Rates as of Jul. 29th |
Savings | 1.01% | $20,000 | Not available to California residents. | |
| Greystone Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.01% | $100,000 | Money Market Savings Account |
| Amboy Direct Rates as of Jul. 29th |
Savings | 1.00% | 1.00% | $3,000 | eSavings – Apply online or by mail, offer not available at branches. New client offer $50 bonus after 90 days with minimum monthly balance of $3000 for 90 days. Offer good for NJ customers only. |
| The Antwerp Exchange Bank Rates as of Jul. 29th |
Savings | 1.00% | 1.00% | $10,000 | Platinum Investment Savings Account |
| Acacia Federal Savings Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $25,000 | Tiered Money Market – Rates effective 07/26/2010 |
| Amboy Direct Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $30,000 | Money Market Maximizer – 1.25% for 3 months, Must maintain $30,000 balance for 90 days. New NJ customers only. |
| Stonebridge Bank Rates as of Jul. 29th |
MMA | 1.00% | $1 | Premier Money Market Account | |
| AmTrust Direct Rates as of Jul. 29th |
Savings | 1.00% | 1.00% | $1 | e-Savings Account – Rate earned on balances up to $99,999.99. New money only, one account per customer. |
| TCF Bank Rates as of Jul. 29th |
Savings | 1.00% | 1.00% | $225,000 | TCF Power Savings. Tiered rates apply. Rate collected in: 60625 (IL) |
| 1st Constitution Direct Rates as of Jul. 29th |
Savings | 1.00% | $3,000 | Direct Savings – Internet account | |
| Century Bank Direct Rates as of Jul. 29th |
MMA | 1.00% | $1 | Online MM Rate | |
| Seacoast Commerce Bank Rates as of Jul. 29th |
MMA | 1.00% | $25,000 | Investor Money Market accounts require $25,000 in New Money to open | |
| Acacia Federal Savings Bank Online Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $25,000 | Tiered Money Market |
| Acacia Federal Savings Bank Online Rates as of Jul. 29th |
Savings | 1.00% | 1.00% | $1 | Sensible Savings |
| Discover Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $2,500 | |
| Emigrant Direct Rates as of Jul. 29th |
Savings | 1.00% | $1 | AmericanDream Savings Account | |
| OneWest Bank Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $10,000 | Premium Money Market – Tiered interest rates, account available through branch or call center, Southern CA residents only, requires premium checking |
| FultDirect.com Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $10,000 | eMoney Market |
| Amegy Bank of Texas Rates as of Jul. 29th |
MMA | 1.00% | 1.00% | $100,000 | High Yield Internet Savings |
| Heartland Bank Direct Rates as of Jul. 29th |
Savings | 0.95% | $1 | Performance Savings | |
| Rome Savings Bank Rates as of Jul. 29th |
MMA | 0.95% | 0.95% | $25,000 | Money Market Savings – Limited transactions |
| Valley Community Bank (IL) Rates as of Jul. 29th |
Savings | 0.95% | 0.95% | $100,000 | |
| Principal Bank Rates as of Jul. 29th |
MMA | 0.95% | 0.95% | $250,000 | Money Market Account – tiered rates apply |
| GCF Bank Rates as of Jul. 29th |
Savings | 0.95% | 0.95% | $100 | CyberSaver Promo – Introductory rate for first 90 day |
| Hanmi Bank Rates as of Jul. 29th |
Savings | 0.94% | $500 | Internet Savings – California only | |
| Goldwater Bank Rates as of Jul. 29th |
Savings | 0.94% | 0.94% | $100 | Goldwater Savings – limited transactions |
| Ravenswood Bank Rates as of Jul. 29th |
MMA | 0.92% | 0.92% | $50,000 | Investor Money Market |
| Ascencia Bank Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $0 | |
| Earthstar Bank Rates as of Jul. 29th |
MMA | 0.90% | 0.90% | $75,000 | StarLight Money Market |
| Excel National Bank Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $1,000 | Personal Savings |
| Bank of Internet Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $0 | High Yield Savings – Withdrawal limits apply |
| E-Loan Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $100,000 | Savings Plus, customers must make regular monthly deposits into their savings account of at least $100 |
| Ascencia Bank Rates as of Jul. 29th |
MMA | 0.90% | 0.90% | $100,000 | Money Market Account Tier 3 |
| Century Bank Direct Rates as of Jul. 29th |
Savings | 0.90% | $1 | Online Savings Rates | |
| ADB Bank Rates as of Jul. 29th |
MMA | 0.90% | $0 | Direct Wealth Money Market | |
| Silvergate Bank Rates as of Jul. 29th |
MMA | 0.90% | 0.90% | $100,000 | |
| TD Bank Rates as of Jul. 29th |
Savings | 0.90% | $25,000 | Elite Savings – Rate collected in Washington DC. Rate may vary by location. | |
| Virtual Bank Rates as of Jul. 29th |
MMA | 0.90% | 0.90% | $25,000 | eMoney Market online account |
| Heritage Bank Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $1,000 | Heritage Direct Savings. (Located in MN) |
| Sterling Bank Rates as of Jul. 29th |
Savings | 0.90% | 0.90% | $2,500 | Premier Savings – Passbook – Download a Certificate by Mail application form to open account – must reside in New Jersey or in Bucks County, Pennsylvania |
| Weymouth Bank Rates as of Jul. 27th |
MMA | 0.88% | 0.89% | $25,000 | Regular Money Market – South Shore Massachusetts market area |
| Intervest National Bank Rates as of Jul. 29th |
MMA | 0.88% | 0.88% | $2,500 | Rate available with balances from $2500.00 up to $24,999.99 |
| Sovereign Bank Rates as of Jul. 29th |
MMA | 0.85% | $75,000 | Premier Money Market Savings with Premier Checking, rate may vary by location | |
| Virtual Bank Rates as of Jul. 29th |
MMA | 0.85% | 0.85% | $50,000 | Savings – Premium Money Market |
| Ascencia Bank Rates as of Jul. 29th |
MMA | 0.85% | 0.85% | $7,500 | Money Marker Account Tier 2 |
| E-Loan Rates as of Jul. 29th |
Savings | 0.85% | 0.85% | $50,000 | Savings Plus, customers must make regular monthly deposits into their savings account of at least $100 |
| Bank of Internet Rates as of Jul. 29th |
MMA | 0.85% | 0.85% | $1 | Money Market Savings Account |
| Bank of Internet Rates as of Jul. 29th |
Savings | 0.81% | 0.81% | $1 | Advantage Savings – Limited Bill Payment service access, account has withdrawal limitations |
| Principal Bank Rates as of Jul. 29th |
MMA | 0.80% | 0.80% | $100,000 | Money Market Account – tiered rates apply |
| Citibank Rates as of Jul. 29th |
Savings | 0.80% | 0.80% | $1 | Ultimate Savings Account – Must apply online or by phone |
| Saigon National Bank Rates as of Jul. 29th |
Savings | 0.80% | 0.80% | $1,000 | Regular Savings Account – No monthly fee if you maintain a minimum daily balance of $200.00 or a monthly average balance of $400.00. |
| Third Federal S&L Rates as of Jul. 29th |
Savings | 0.80% | 0.80% | $25,000 | High-Yield, Tier 3 Savings |
| E-Loan Rates as of Jul. 29th |
Savings | 0.80% | 0.80% | $25,000 | Savings Plus, customers must make regular monthly deposits into their savings account of at least $100 |
| First East Side Savings Bank Rates as of Jul. 29th |
MMA | 0.80% | 0.80% | $25,000 | |
| First Niagara Rates as of Jul. 29th |
MMA | 0.80% | 0.80% | $150,000 | Relationship Builder Money Market – Tiered Rates, up to 3 checks per month. Rate listed is available for new accounts opened at branch locations. Rate may vary by market area. |
| Intervest National Bank Rates as of Jul. 29th |
Savings | 0.78% | 0.78% | $500 | Rate available with balances from $500.00 up to $24,999.99 |
| UnivestDirect Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $1 | Anytime Online Savings Account |
| E-Loan Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $10,000 | Savings Plus, customers must make regular monthly deposits into their savings account of at least $100 |
| First Trade Union Bank Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $2,500 | High and Mighty Savings – Open account online, new money only |
| People’s United Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $50,000 | Money Market Passbook Account |
| Bellevue State Bank Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $10 | Savings Account |
| Community First Bank – Chicago Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $300 | Statement Savings |
| Genesee Regional Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $50,000 | Limited to New York market area |
| NBT Bank Rates as of Jul. 29th |
MMA | 0.75% | $50,000 | Premium Money Market – Tier 2 rate, account must be linked to a Star Privilege Premium Checking Account, limited to local New York market area | |
| Silvergate Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $50,000 | |
| Excel National Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $10,000 | Premium Money Market – interest rate tiers, APY up to $49,999.99 |
| Zions Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $250,000 | Gold Money Market Account |
| Ridgestone Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $40,000 | Personal Money Market Account – limited transfers and check writing, rates may vary by location |
| Acacia Federal Savings Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $10,000 | Tiered Money Market – Rates effective 07/26/2010 |
| Zions Bank Rates as of Jul. 29th |
MMA | 0.75% | 0.75% | $1,000,000 | Gold Money Market Account |
| First Internet Bank Rates as of Jul. 29th |
Savings | 0.75% | 0.75% | $1,000 | Regular Savings |
| Zions Bank Rates as of Jul. 29th |
MMA | 0.70% | 0.70% | $100,000 | Gold Money Market Account |
| Tompkins Trust Company Rates as of Jul. 29th |
Savings | 0.70% | $50,000 | True Advantage Statement Savings – Requires True Advantage Checking or Checking Plus Account, limited to local New York market area | |
| Amegy Bank of Texas Rates as of Jul. 29th |
MMA | 0.70% | 0.70% | $25,000 | High Yield Internet Savings |
| Virtual Bank Rates as of Jul. 29th |
MMA | 0.65% | 0.65% | $25,000 | Savings – Premium Money Market |
| Alliance Bank Rates as of Jul. 29th |
MMA | 0.65% | 0.65% | $50,000 | Transaction limitations |
| Independence Bank Rates as of Jul. 29th |
MMA | 0.65% | 0.65% | $75,000 | Super Money Market – Account only available in California |
| Amegy Bank of Texas Rates as of Jul. 29th |
MMA | 0.60% | 0.60% | $1,000 | High Yield Internet Savings |
| MetLife Bank Rates as of Jul. 29th |
Savings | 0.60% | $25,000 | High Yield Savings Account | |
| MetLife Bank Rates as of Jul. 29th |
MMA | 0.60% | $25,000 | Limited check writing privileges | |
| AIG Bank Rates as of Jul. 29th |
MMA | 0.58% | 0.58% | $2,500 | High Yield Money Market – FDIC insured. Open an account online or by phone! |
| First National Bank and Trust Company of Ardmore, Oklahoma Rates as of Jul. 29th |
Savings | 0.50% | 0.50% | $0 | Regular Savings |
| Greenleaf Wayside Bank Rates as of Jul. 29th |
Savings | 0.49% | 0.50% | $5,000 | Regular Savings – tiered rates apply |
| First National Bank of Kansas Rates as of Jul. 29th |
Savings | 0.50% | 0.50% | $100 | Regular Savings Account |
| Northwest Savings Bank Rates as of Jul. 29th |
Savings | 0.50% | $100 | Statement Savings – Limited to local western New York market area | |
| Carthage Savings and Loan Association Rates as of Jul. 29th |
Savings | 0.49% | 0.50% | $10 | Limited to local New York market area |
| Wells Fargo Bank Rates as of Jul. 29th |
Savings | 0.50% | $50,000 | High Yield Savings-rate reflects a .10% bonus when linked to PMA Prime Checking. Rates stated are California consumer rates, contact Wells Fargo Bank for rates in your area. Rate applies for New York residents, contact Wells Fargo to check rates in your area. | |
| Gerber State Bank Rates as of Jul. 29th |
Savings | 0.50% | 0.50% | $5 | Passbook Savings |
| County Savings Bank Rates as of Jul. 29th |
Savings | 0.50% | 0.50% | $10,000 | Passbook Savings, tiered rates apply |
| E-Loan Rates as of Jul. 29th |
Savings | 0.50% | 0.50% | $5,000 | Savings Plus, customers must make regular monthly deposits into their savings account of at least $100 |
| Metro Phoenix Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $25,000 | Personal Metro Money Market – tiered rates apply |
| Doral Bank Direct Rates as of Jul. 29th |
Savings | 0.50% | $1,000 | Doral Direct Savings | |
| PNC Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $100,000 | Premium Money Market, Rate based on Chicago market area, rate may vary by location |
| M and T Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $1 | e-Money Market – Online only, geographic restrictions, rate and products may vary by location, rate disclosed is based on NY market area |
| Citizens Bank Rates as of Jul. 29th |
MMA | 0.50% | $25,000 | Circle Gold Money Market – rate for balances up to $2,999,999, rate applies to new accounts, NY – Albany region. Rate may vary by region. Market area – NY, CT, DE, IL, MA, MI, NH, NJ, OH, PA, RI, VT. | |
| First National Bank and Trust Company of Ardmore, Oklahoma Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $2,500 | First Class Money Market Account – rate effective for balances up to $10,000 – tiered rates apply |
| Bank of America Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $50,000 | Growth Money Market Savings-Bonus rate is available when eligibility requirements are met. See site for details. Rate stated is based on New York Consumer Rate, contact Bank of America for rates in your area. Some products may not be available in all states. |
| Virtual Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $5,000 | Savings – Premium Money Market |
| Greystone Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $50,000 | Money Market Savings Account |
| Union Federal Savings Bank Rates as of Jul. 29th |
MMA | 0.50% | $1 | Offering online banking services across the country | |
| Charles Schwab Bank Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $50,000 | Money Market Deposit Account (MMDA) |
| AmTrust Direct Rates as of Jul. 29th |
MMA | 0.50% | 0.50% | $1 | e -Money Market Account – Rate earned on balances up to $999.99 |
| MetLife Bank Rates as of Jul. 29th |
MMA | 0.45% | $10,000 | Limited check writing privileges | |
| MetLife Bank Rates as of Jul. 29th |
Savings | 0.45% | $10,000 | High Yield Savings Account | |
| Community Bank, NA Rates as of Jul. 29th |
Savings | 0.45% | $500 | Premium Savings – Limited to New York and Pennsylvania market area | |
| Astoria Federal Savings Bank Rates as of Jul. 29th |
Savings | 0.40% | 0.40% | $0 | Regular Passbook Savings Account |
| The Baldwin State Bank Rates as of Jul. 29th |
Savings | 0.40% | 0.40% | $5,000 | Regular Savings, tiered rates apply |
| First State Bank of Harvey Rates as of Jul. 29th |
Savings | 0.40% | 0.40% | $1 | Regular Savings Account. Interest compounded and paid quarterly. |
| E*Trade Bank Rates as of Jul. 29th |
Savings | 0.40% | $1 | Complete Savings Account | |
| Pioneer Bank Rates as of Jul. 29th |
MMA | 0.40% | $50,000 | Pinnacle Money Market Tier V – Tiered interest rate for up to $99,999.99. Contact bank to see how you can earn an additional 0.25%. Limited to New York market area. | |
| Bank of Oklahoma Rates as of Jul. 29th |
MMA | 0.35% | 0.35% | $0 | Money Market account – tiered interest rate |
| Investors Savings Bank Rates as of Jul. 29th |
Savings | 0.34% | 0.35% | $50 | Statement Savings Account |
| Solvay Bank Rates as of Jul. 29th |
Savings | 0.35% | 0.35% | $1 | Statement Savings Account |
| Genesee Regional Bank Rates as of Jul. 29th |
Savings | 0.35% | $100 | Statement Savings – Limited to New York market area | |
| PNC Bank Rates as of Jul. 29th |
Savings | 0.35% | 0.35% | $50,000 | Savings Max – tiered interest rate, rate based on Chicago market area, rate may vary by location |
| Citibank Rates as of Jul. 29th |
MMA | 0.35% | 0.35% | $1 | Premier Money Market Account – Must have an open or linked checking account – Apply online or by phone. |
| The First Bank and Trust Company of Murphysboro Rates as of Jul. 29th |
Savings | 0.29% | 0.30% | $1 | Passbook Savings |
| Bank of Hawaii Rates as of Jul. 29th |
Savings | 0.30% | $100,000 | Bankohana Bonus Rate Savings account – tiered interest rates effective for balances $100,000 and over | |
| Unity Bank North Rates as of Jul. 29th |
Savings | 0.30% | 0.30% | $1 | Savings Account |
| Windsor Federal Savings and Loan Association Rates as of Jul. 27th |
Savings | 0.30% | 0.30% | $100 | Passbook Savings |
| Bank of Wrightsville Rates as of Jul. 29th |
MMA | 0.30% | 0.30% | $1,000 | Money Market Account |
| Superior Savings Bank Rates as of Jul. 29th |
MMA | 0.30% | 0.30% | $1,000 | Money Market-APY earned on balances over $1,000 |
| JPMorgan Chase Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $50,000 | Chase Plus Savings Standard Rate – APY for balances up to $499,999, rate may vary by location |
| Bank of the West Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $10,000 | Online Savings Account – online only, must have a Bank of the West checking account |
| Windsor Federal Savings and Loan Association Rates as of Jul. 27th |
MMA | 0.25% | 0.25% | $0 | Money Market account – rate effective on balances up to $2,499 |
| West Milton State Bank Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $100 | Passbook Savings Account – rate effective for balances $4,999 and under |
| Independence Bank Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $0 | Independence Savings – Account only available in California |
| First Midwest Bank Rates as of Jul. 29th |
MMA | 0.25% | $0 | regular Money Market account | |
| Eastern Bank Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $0 | Statement Savings |
| Charles Schwab Bank Rates as of Jul. 29th |
MMA | 0.25% | 0.25% | $10,000 | Money Market Deposit Account (MMDA) |
| Bank of Botetourt Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $100 | Personal Savings |
| West Milton State Bank Rates as of Jul. 29th |
MMA | 0.25% | 0.25% | $2,500 | Tiered Money Market Demand Account – rate effective for balances up to $2,499 |
| Investors Savings Bank Rates as of Jul. 29th |
MMA | 0.25% | 0.25% | $500 | Tiered Preferred Money Market Account – rate effective for balances up to $4,999 |
| Community Business Bank Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $1 | Regular Savings Account |
| First National Bank of Groton Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $1 | Limited to local New York market area |
| KeyBank Rates as of Jul. 29th |
MMA | 0.25% | 0.25% | $2,500 | Key Silver Money Market Savings – Rates may vary by location. Available in AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA |
| Eastern Bank Rates as of Jul. 29th |
MMA | 0.00% | 0.25% | $0 | Tiered Select Money Market – rate effective for balances up to $2,499 |
| The Adirondack Trust Company Rates as of Jul. 29th |
Savings | 0.25% | 0.25% | $50 | Regular Passbook |
| Susquehanna Bank Rates as of Jul. 29th |
MMA | 0.20% | 0.20% | $25 | Premium Money Market |
| Union Bank Rates as of Jul. 29th |
MMA | 0.15% | 0.15% | $25,000 | High Rate MoneyMarket Account – A linked Tiered Interest Checking account is required to qualify for this account |
| First Midwest Bank Rates as of Jul. 29th |
Savings | 0.15% | $0 | Statement Savings | |
| Citizens Bank Rates as of Jul. 29th |
Savings | 0.15% | $0 | Circle Gold Savings – rate applies to new accounts, NY – Albany region. Rate may vary by region. Market area – NY, CT, DE, IL, MA, MI, NH, NJ, OH, PA, RI, VT. | |
| Cathay Bank Rates as of Jul. 29th |
Savings | 0.10% | 0.10% | $0 | Regular Savings |
| First National Bank Omaha Rates as of Jul. 29th |
Savings | 0.10% | 0.10% | $0 | Pay Yourself First Savings |
| Cathay Bank Rates as of Jul. 29th |
MMA | 0.10% | 0.10% | $0 | Smart Money Market – tiered interest rate, rate disclosed for balance up to $9,999 |
| Bank of Oklahoma Rates as of Jul. 29th |
Savings | 0.10% | 0.10% | $0 | Personal Savings 2.0 |
| Susquehanna Bank Rates as of Jul. 29th |
Savings | 0.10% | 0.10% | $25 | Statement Savings |
| Coleman County State Bank Rates as of Jul. 29th |
Savings | 0.10% | 0.10% | $1 | Regular Savings Account |
| National Penn Bank Rates as of Jul. 29th |
Savings | 0.08% | $0 | Statement Savings – rate effective through 8/01/2010 | |
| Harris Bank Rates as of Jul. 29th |
Savings | 0.45% | 0.05% | $25,000 | Statement Savings. Rate collected in: 60625 (IL). Rates may vary by location. |
| First National Bank Omaha Rates as of Jul. 29th |
MMA | 0.05% | 0.05% | $0 | Customer First Money Market – rate effective on balances up to $4,999 – tiered interest rates apply |
| First Niagara Rates as of Jul. 29th |
Savings | 0.05% | 0.05% | $200 | Statement Savings – Rate listed is available for new accounts opened at branch locations. Rate may vary by market area. |
| Raymond James Bank Rates as of Jul. 29th |
Savings | 0.01% | 0.01% | $2,500 | Statement Savings |
Looking for the best online high yield savings account? Here are some of the most popular online savings options. All savings rates current as of July 27, 2010
» Everbank High Yield MMA – 2.25% Bonus Rate!
Everbank offers a fantastic promotional rate for the first three months on their online savings account, and their standard APY is also amongst the best available. There are no fees associated with your account as long as you maintain a $5000 minimum balance. While you may not have heard of them, they’re FDIC insured and, according to Bankrate, they have a 4-star “Safe and Sound” rating. They also have a high interest checking option. Definitely worth checking out. »Click to Apply».
» Ally Bank Online Savings Account - 1.29% APY (as of 7/27/2010)
Formerly known as GMAC Bank, Ally is one of my favorites. They offer one of the highest savings rates out there, and they also have very competitive CD rates. Accounts with Ally have no monthly fees as well as no minimum balance requirement. We’re actively holding a portion of our savings with them. »Click to Apply».
» Sallie Mae High Yield Savings - 1.40% APY
Probably better known as the company that manages your student loans Sallie Mae has a very competitive high interest savings account. There are no required minimums, no monthly fees, and they match up to 10% of your Upromise earnings. »Click to Apply».
» FNBO Direct Online Savings Account - 1.10% APY
FNBO is currently offering a 1.10% APY on their Online Savings Account (Click to Apply). There are no minimums and no monthly fees. They offer a return that has averaged five times higher than traditional savings accounts according to a study by bankrate.com. »Click to Apply».
» ING Direct Online Savings Account - 1.10% APY
While they don’t have the most competitive interest rates, ING Direct is a perennial favorite. They offer both an online savings account and a high-yield checking account (Electric Orange checking). There are no fees, and they have an ultra-slick web interface that lets you create sub-accounts for different savings goals. We’ve actually zeroed out the balance in our Orange Savings account and moved those funds over to our Electric Orange account. »Click to Apply».
» WT Direct Savings Account - 1.21% APY
WT Direct has no minimum requirements or monthly fees for their personal savings account. They have an easy-to-use online banking platform and offer free mobile banking that you can access with a web enabled smartphone. »Click to Apply».
» Lending Club - average 9.6% APY
If you’re looking for a significantly higher yield than a regular bank can offer, you might want to check out online investing (Click to Apply) company Lending Club. They are a good option if you don’t mind taking on some additional risk. It’s not FDIC-insured, but annual returns have averaged 9.6% APY over the past 18 months. It’s free to open an account, and you can get started with as little as $25. I’ve been using them for the past few months, and have had a great experience thus far. »Click to Apply».
I should also note that USAA was a popular option amongst those that have access to it. I did not, however, include it in the main list, as it’s only available to members of the armed services (active duty, reserves, or retired) and their families.
And finally, in addition to the rate comparison tool and the list I have presented above, you can check different websites such as RateAPY.com which do periodic updates of the best bank rate deals.
Published on April 3rd, 2008 - 139 Comments
Filed under: Banking, Online
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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» Ally Bank Raises Savings Account Interest Rate
» HSBC Direct Increases to 3.50% APY
» Sallie Mae Raises Online Savings Rate, Matches Upromise Earnings
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139 Responses to “Current High-Yield Online Savings Account Rates”
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April 3rd, 2008 at 8:58 am
HSBC isn’t a bad choice, though ING seems to be the favorite. I personally shy away from anyone that doesn’t offer ATM access because some emergencies can’t wait 3-5 business days.
April 3rd, 2008 at 9:04 am
I’m on board with ING since it’s really simple and easy.
April 3rd, 2008 at 10:15 am
I have been researching a thing called rewards checking accounts. They offer high yields but come with a catch- minimum of 10 debit card transactions, online statements delivery and direct deposit or bill pay setup.
You also have to live in the area of the bank.
April 3rd, 2008 at 10:56 am
I stash my cash in Vanguard Prime Money Market Fund. There’s a $3000 minimum, but I can write checks from it.
April 3rd, 2008 at 11:22 am
I did a lot of research, and decided to try out savingssquare.com. No minimum, and the rate is still the best one I could find out there (currently 3.5% vs. ING Direct at 3.0%). It’s definitely not as user-friendly as ING, but it’s not bad for longer term thinking.
April 3rd, 2008 at 11:51 am
Love ING! Though I’ve been thinking about WaMu since I may get a new checking account. I’m not too happy with BofA these days.
April 3rd, 2008 at 11:55 am
I have used HSBC, ING, and now Wamu. ING has by far the best customer service. However I’m sticking with Wamu for now out of convenience (free account transfers online and brick/mortar visits) and the fact that it has a slightly better APY than the other two.
April 3rd, 2008 at 1:57 pm
FNBO Direct got some flack awhile back for allegedly not being very customer-friendly, but I have never had a problem with them. They do tend to maintain fairly high rates, though it’s currectly only 3.25%.
For the “convenience” factor, I use my local credit union paying a whopping 0.8%, but the majority of my cash savings (emergency fund, CC arbitrage money) is in FNBO.
April 3rd, 2008 at 2:22 pm
I’m surprised CapitalOne isn’t on this list. I find their APY is comparable to other banks, and they sent me an ATM card and checkbook to use for the account, which is what sold me. No minimums or fees. I also use ING Direct.
April 3rd, 2008 at 4:50 pm
I love ING Direct, but also Citibank offers a high yield savings account. You must have a checking account linked, but there are no fees, and you have the benefit of bricks and mortar branches. Their checking account may have fees, but the amount after a certain balance of assets (including your high yield savings), it may be free.
April 3rd, 2008 at 4:56 pm
My experience with the three internet savings accounts I use: VirtualBank has the best rate, and they are fairly quick about delivering withdrawals. Next best rate is HSBC, but they are slow to credit deposits and are the slowest of the three to deliver withdrawals. HSBC’s account account does come with a free debit card so you can get fast access to a few hundred if needed, however, larger withdrawals can take an irritatingly long amount of time to be delivered to my credit union – up to a week.) ING provides quick service (about the same as Virtual Bank), but is typically about .25 percent below Virtual Bank for the interest rate. ING’s web interface is easiest to use.
April 3rd, 2008 at 6:24 pm
hate ING, well i’m a fair weather ING fan when the rates are high; otherwise, don’t see the justification to stay with them. maybe it’s me, but i don’t find much difference between any on the list, having had or have accounts with most of them.
April 3rd, 2008 at 6:52 pm
I love USAA (thanks for mentioning it)… their customer service is amazing. Their savings interest rates aren’t too bad, but also not at the top, but the convenience and the service more than makes up for it. (And we got a mortgage in 2005 with a rate so low that when we tried to get other quotes, the mortgage companies/brokers just told us flat-out they could never match it.) Also, they pay you back any ATM fees you get charged by other banks, and charge none of their own. We can deposit checks at home by scanning them in as well. Now THAT’s free checking.
I read in their magazine that some members of other gov’t agencies might qualify…they mentioned the CIA and FBI.
April 3rd, 2008 at 11:05 pm
I have Emigrant, E*TRADE, ING, and Citibank (ok, yeah, I signed up to get a bunch of bonuses), and as far as actually using the accounts, I like ING the best. It’s just nice, clean, and easy, and I like having both the checking and multiple savings accounts.
April 4th, 2008 at 7:19 pm
WAMU online savings rocks!!!
April 6th, 2008 at 6:27 pm
I tested 5 banks last year for online savings, mainly for “free” money. I will say that ING is the slickest and has a great UI, but my vote goes for WAMU. Higher rates (ING just drops them way too fast, and is slow to raise), Brick and Mortar, and UI are all high marks. HSBC used to have a higher rate, but their website was a pain due to multiple login processes and site was clunky.
although the different between 3% and 3.3% is relatively nothing until you are talking 50k+ balances, go with what works for you. It would be a shame to chase a nickel if you have to go through hoops for it.
April 7th, 2008 at 5:17 pm
ING’s simplicity, ease of use, and customer service is hard to beat. I had a nightmare of a time with Emigrant a few years ago, it is good to see that they are up on the list – maybe they have gotten a bit better?
April 8th, 2008 at 8:34 pm
I am a big AmTrust fan. In addition, I have an ING, Emigrant Direct and CapitalOne MMA. AmTrust consistently pays more than the others. It is the easiest to link external accounts with.
Best Wishes,
D4L
April 11th, 2008 at 9:57 am
Well, what about Igobanking guys? their 3.28% no minimum, no fees definitely beats the 3% orange savings account…
April 11th, 2008 at 11:48 am
ING does offer ATM access! If you open their Electric Orange account, you get an ATM/Debit card. The checking account actually has an interest rate attached to it and you can freely move money from the Orange Savings account to it online. So when you need money, just xfer cash from your savings to the electric orange, then go to the ATM and take money out. no waiting 3-5 days.
April 11th, 2008 at 12:17 pm
I have ING Checking & Savings accounts, and I absolutely love them. The web site is cool and easy to use, and the counter that tracks how much interest you’ve earned over the month/year is nifty.
I also have an HSBC savings account, but I’ve come to enjoy the ING experience much more.
April 13th, 2008 at 4:26 pm
I use ING for checking but hate the general ledger. Positive and Negative pending transactions are grouped together. Another way to confuse clients and charge for NSF.
US Bank has a great checking interface ledger but pays no interest.
ING savings had the best rate in 2003 but has steadily declined.
Switched to Emigrant and eTrade for better Savings rates.
Waiting to see new rates after end of April FOMC meetings before checking out other banks like IGoBanking, etc.
April 13th, 2008 at 4:39 pm
Opened a CD with First National Bank of Omaha, parent of FNOBDirect, and they low-balled me on the interest rate advertised (5.10 > 4.90) and the term (18 months). They completed the transaction without informing me of the rate/term change.
They claimed the change was because I am from another state. I am not a banker, CPA, or Lawmaker so I do not understand how that would matter.
I closed the account mainly out of principle and have avoided FNOBDirect because of the parent bank’s behavior.
I consequently found a better rate (5.35) and similar term (16 months) locally.
April 13th, 2008 at 4:45 pm
eTrade’s interface is quirky. I have CDs and Savings. They project your savings contributions and I have found them to calculate them strangely, ie. not in order of transfer if they are within the same week. They have a decent rate so I am mostly satisfied.
Like others have posted here: the interfaces are basically the same or same ease of use. Go for the money.
April 15th, 2008 at 2:25 am
I am looking to start my emergency fund and I was looking at the money market accounts offered by EverBank and Nationwide.
-Everbank is offering an intro rate of 4.01%APY for 3 months then 3.01%APY.
-Nationwide is offering 3.65%APY.
Anyone have any experience with these accounts?
What sorts of questions should I be asking when I am comparing high yield savings accounts?
Are there practices in high yield savings accounts that I should watch out for?
Thanks for any help you can offer,
Sci
April 17th, 2008 at 12:06 pm
Since when is BoA a “high yield savings” bank? Their savings accounts earn less than 2%, and much much less if you don’t keep $50,000 in the account.
May 27th, 2008 at 11:32 pm
I just received a mailer from Schwab for a high yield checking account w/free online billpay and no ATM fees. Anyone have feedback on this?
May 28th, 2008 at 6:45 pm
Don’t forget about your local credit union. You probably can qualify for at least one and mine hasn’t paid less than 3.25% during the last several months. Competitive CD rates as well.
May 31st, 2008 at 12:51 am
Ing is a great bank. I have used them since 2001 and love their customer service. They are great for mortgages and mutual funds also.
Rivermark CU out of Portland Oregon offers a 6% cd for 500 to 1000 dollar new money for six months. They also have a five percent rewards savings for a minumum deposit of 2500.00 Check on the length that you get that rate for.
They put the limits on to get new people to join. They are a great credit union.
May 31st, 2008 at 4:34 pm
A great summary of high yeild accounts. I use ING and HSBC myself. They key thing to remember is not to use these accounts as your investment vechile – I wrote about this recently. Given how easy they are to work with people just end up leaving all their cash in them. Big mistake.
June 3rd, 2008 at 7:37 am
Do you know anything about IndymacBank? They have MoneyMarket account that give 3.85% on deposits over 10K.
July 16th, 2008 at 7:28 pm
Thanks for the comments. They have helpful. I received an offer from ING today and I think I will take advantage of it.
Saver Learner
August 27th, 2008 at 9:39 am
Not a savings account but WAMU now has a 5% 12 month CD.
September 9th, 2008 at 2:14 am
I liked ING for a while, but I got hit with an NSF on my Electric Orange and they froze and subsequently closed my account the next day with very little explanation besides “Well, don’t worry… there’s other banks out there.” (Literally, that’s what I was told) I was pretty disappointed with that, and am thinking of either moving my money to my credit union or FNBO.
September 9th, 2008 at 1:23 pm
I had an account with ING for several months and when I went to access it out of need, I found out they had closed the account. They had mixed me up with someone else. They even sent me the other person’s private documents in the mail. It took me many hours and weeks to get this all cleared up and I had to sell some stock funds at a loss to get the money I needed (even though they had my money). Their response was basically, “Well, we all make mistakes.” No apology or anything (just an offer to reopen the account). No thanks. I will never do business with them again.
October 25th, 2008 at 2:44 am
I’ve also had an online savings accounts with ING direct and what bugs me is the variable interest rate. They all have variable rates and ING never lets you know that the rate drops. You just have to find out when the interest payment comes at the end of the month. Keep a vigilant eye folks.
October 31st, 2008 at 12:28 pm
I was very pleased with customer service at Emigrantdirect, so much so that I opened an account with their offshoot Dollarsavingsdirect (at 3.75, later raised to 4.00 after the fed rate cut!). So far, so good. I also use FNBOdirect but don’t like that they don’t update info until the first of the month, also, they’re slow with opening transactions.
November 1st, 2008 at 5:09 pm
Had FNBO for a couple of months. Nothing but a hassle. Very unfriendly. Pulled all my money out. Emmigrant is great. No problem. Based on Consumer Reports I am thinking of apllying to Capital One.
November 20th, 2008 at 11:56 am
Currently GMAC Bank has a 3% Money Market and 3.75% Savings, both with no fees or minimums. It’s very easy to transfer from the savings to the money market, which comes with free 1st order of checks and debit card.
November 22nd, 2008 at 11:47 pm
I, too, just noticed the GMAC online bank. Best rates that I can see right now – better than my current ING (which I’ve been very happy with). How long have you banked with them? Do you transfer btwn GMAC and other online accounts? Overall experience w/ them?
November 28th, 2008 at 4:22 pm
vings rate, but a little more complicated and slow on crediting funds. Guess for ease my vote goes to ING, but Dollar has the best rate at present 4%.
November 28th, 2008 at 4:25 pm
Sorry, for some reason all of my comments does not show. I have both ING and DOLLAR SAVINGS, and find ING easier to use, however it only has a rate of 2.75%. Dollar has 4.00% but is not as user friendly. Thanks
December 3rd, 2008 at 11:43 pm
I will stick with my ING savings account for now. I also have a Sharebuilder account with them and they let me transfer money instantly and without any fees. The interface is great (the Sharebuilder interface could use a touch up). Right now I am sticking with them because they are convenient and easy to use. I am shopping around for a new high interest savings account so I can at least try to beat inflation!
December 8th, 2008 at 2:24 pm
Wamu / Chase’s online savings is now 2%. Time to shop around. I’ll miss the convenience of transferring money easily between accounts but 2% is just too low.
December 9th, 2008 at 1:48 pm
Keep in mind that rates that seem too good to be true usually are just that.
Remember, banks take your money and then turn around and loan it out. They make money on a “spread” which is the difference between what they are loaning it out at vs. what they are paying you.
So, if they are charging 6% on a loan to someone with your money and are paying you 2%, then they are making a 4% “spread” on your money. They then turn around and have to pay their personnel, light bills, facility costs, etc, etc, with that 4% spread money.
When banks get in liquidity trouble (ie, they have a lot of assets but not much of it is readily available without liquidation), they may start paying higher rates to customers in an attempt to boost cash in their control.
The problem is that paying you more means their “spread” is less. And, just like the example above, if they are charging 6% on a loan they are making with your money and are paying you 4% now (instead of 2% previously), they are only making a 2% spread.
Depending on the bank, a 2% spread may not make them any money at all. Thus, banks paying high interest rates is frequently a sign of a bank in trouble.
Of course, not all online banks are like this, they simply have less overhead, but they still have to make a spread.
In summary, be wary of interest rates that seem too good to be true and do your research. Sometimes, it would be better to make 1% less (which is only $100/yr on an account of $10,000) and know that your money is in better hands. Just something to consider.
December 16th, 2008 at 12:21 am
The best is Dollar Savings Direct (a division of Emigrant Bank). 4.00% APY on a savings account. No one can beat it….
December 16th, 2008 at 6:25 pm
Capital One E*Trade HSBC & GMAC Was with ING droped them because of low interest rate but might go back for one of their cds after todays cut.We have been happy with all of them overall But they all have had there special times.We have been online banking since 2001
December 24th, 2008 at 6:33 pm
I opened an account with Virtual, but found them very difficult to deal with. And now, they have dropped rate on Savings account to 2%. I think I will be closing very soon.
I like HSBC and will continue to use them.
Dollar Savings and GMAC have told me my applications are pending. Will have to see if they open accounts. If not, their loss, not mine!
December 24th, 2008 at 6:44 pm
Has anyone heard of Provident Bank?
Supposed to be offering 3.75%
December 28th, 2008 at 12:24 am
Dollar Savings is by far the best. Easy interface that hooks up to your checking account, moves money back and forth for free and it’s fast. Or you can sign up and have your pay check go directly to Dollar. The user interface shows you your daily interest as it is being accrued, monthly and yearly. You can set transfers into your savings account as a 1x event, or you can preset a certain amount to auto-transfer 1x per week or every other week or whatever. No one comes close to their APR which is a cool 4 %, no fees, no charges, no kidding.
January 2nd, 2009 at 5:06 pm
Does anyone have experience with Everbank? they have the highest rates right now as trying to expand and look interesting. Everbank, Etrade and FNBO all have 4 star ratings on Bankrate Safe&Sound.
January 9th, 2009 at 6:26 pm
well hsbc has taken my money from the account that i opened on line and put it into another account that i cant get to . it is not linked to the bank i funded the account with . My id and pass does not work there. It has been one year and i still can not get to my money there . So if you use it take care.
I have had good luck with emigrant and ing direct
January 9th, 2009 at 6:33 pm
Does anyone know why Dollar Direct is rated one star?
I understand it is because it is the same as Emigrant Direct (parent company) which is also one star.
Should we consider transferring our money out of DD and ED because of the one star rating?
January 9th, 2009 at 7:36 pm
We had some money in ING but withdrew it all because ING said they do not let customers add a Beneficiary. Therefore, if you die, all money goes to the State (I believe).
If you have an account at ING you should consider this fact.
January 12th, 2009 at 2:37 pm
JohnZ, that is not true. If you have no beneficiary on an account and you die, it will go to your estate (which is just a pool of the deceased’s assets) and then will be distributed according to that person’s will or to the next of kin as legally defined if there is no will.
January 12th, 2009 at 4:37 pm
Saw this posted on another forum. As far as I am concerned, if a bank does not allow a beneficiary to be included, then I will look for another bank. There are plenty of banks who do allow a beneficiary to be added. it’s an easy method, for me at least, to add a beneficiary, rather than let the courts/state, etc. deal with it. (If no will has been made prior to death.)
“If your account does not list a beneficiary (or co-owner), it is part of your overall estate when you die. If you have a will, estate assests are distributed in accordance with the will’s provision; if you die intestate (without a will), the estate goes to various relatives, according to a formula established by state law. If you have no beneficiaries or co-owners on the account _and_ have no will _and_ have no surviving relatives, the gov’t gets the estate. The advantage of a beneficiary or co-owner is that the account can go directly to the beneficiary or co-owner without having to deal with any estate matter; a death certificate is basically (not entirely) all the co-owner or beneficiary will have to furnish to the bank.”
January 19th, 2009 at 1:17 pm
Are you planning to update the rate page anytime soon?
January 19th, 2009 at 2:38 pm
unimax: Not sure what you’re talking about. My rate page:
http://www.fivecentnickel.com/.....est-rates/
Is already up-to-date (as of this writing).
January 22nd, 2009 at 12:32 am
I like Ing the best because of their website and just the ease of dealing with them. I have a living trust and I put all my accounts in the name of my trust (including my Ing accounts) so I don’t have to worry about setting up beneficiaries all over the place since they’re already established within my trust.
January 26th, 2009 at 5:36 pm
If I am not mistaken, Dollar Savings dropped it’s 4% rate to 3.50% and Venture dropped from 3.50% to 3.30%. Guess we will see more to follow…
January 28th, 2009 at 11:58 pm
Has anyone heard of Clear Sky Accounts with 3.75%?
Or, Bank of Internet High Yield Savings at 3.51%
Any comments?
January 30th, 2009 at 10:21 am
Does anyone have an account with CNB Bank Direct? Or any comments?
February 1st, 2009 at 11:59 am
I’ve been with ING since 2003 and, while their interest rates are no longer the highest, the ease of use and clean design of their web site wins me over. Also, it doesn’t hurt that I can see their HQ in Wilmington, DE from the train. Yeah, I know, it doesn’t really matter in the end, but..it is, admittedly, a bit comforting to see a “real” brick-and-mortar facility that is somewhat close to where I live (Baltimore).
Also, I noticed that, if you have $50k+ in your ING savings, you might as well move it to their electronic checking account, as the checking has a slightly better rate than the savings at that amount—not to mention you get the added benifit of the checking features. Unfortunately, not only am I a bit shy of $50k, but I also noticed that all of the free ATMs for the checking are in non-drive-up locations, such as convenience stores and gas stations. Being a city dweller, I’d not be exactly thrilled about having to pick up wads of cash at the local 7-11…
February 2nd, 2009 at 8:32 am
I have an online account with HSBC, which I am using less often. The interest rate has dropped and it takes too long to access money in the account. They state “3 days” for transfers to occur. BUT, the day of the transfer request does not count, making it in reality, 4 days. Add to that a weekend or holiday (which do not count), and it can take quite a long time to access your money if you are accessing it to make a purchase or for a time sensitive transaction.
I have complained to the bank to no response. Hence I use the account less frequently.
February 6th, 2009 at 12:23 am
i’m looking for a medical saving account
February 13th, 2009 at 10:22 am
When will rates stop dropping? It seems as soon as I find a bank with a fairly good rate of interest, a few days later the rate drops. I then have to start a new search for another online bank with a fairly good rate of interest.
Wonder when this ever will stop?
February 22nd, 2009 at 1:52 pm
Rates will stop dropping when the industry comes out of the tank – so don’t count on it anytime soon. Keep in mind, mortgage rates and savings rates typically go the same direction, so when mortgage rates start going up, so will savings rates.
The best approach is to find a high-yield account that you like and feel confident in, and stick with it. No bank is going to be the highest all the time, so don’t spring for that .25% higher APY for a bank that’s about to fail or has a crappy website. Strategically, you’ll be better off by putting your money in a bank that fulfills the rest of your needs (NO fees, quick access to funds, safe and sound, transparent, good website, etc.) instead of one that has a slightly higher rate.
One final thought: Why might Emigrant (rated at 1 star above) have a higher interest rate than ING (4 stars)?
March 3rd, 2009 at 5:23 pm
I tried to open an account with Doral Bank Direct. One of the most frustrating experiences I have ever had with any bank and trying to open an account. They have a Customer Service telephone number that no one ever answers. Their mail box is always full. You ask to be called back; no one bothers to call back (including officers of the bank). The people who do answer the telephone know nothing about the procedure to open an account.
Waited on the phone over 30 minutes and finally gavu up and disconnected.
Simply put, it is the worst bank I have ever dealt with. Miserable experience! No professionalism at all. What ever happened to “the customer is always right?”
March 3rd, 2009 at 5:31 pm
I keep watching DollarSavings drop their savings rates every few weeks. It’s down to 2.5% this week. I moved some money to their CD’s when the 16 month CD rate was 3% (a week after the rate was 4%) but if DollarSavings savings rate drops any further I’ll just keep the money with my regular bank Wamu/Chase which currently has a 1% online savings rate.
March 3rd, 2009 at 8:00 pm
What do everyone think of the services of Capitol One and GMAC Banks? Is the FDIC insurance going to drop back to $100,000 coverage at the end of this year? Isn’t that going to create problems for people with some of their total savings in anyone of these banks that is over $100,000?
March 4th, 2009 at 9:50 am
I use GMAC bank and have been very happy with them. The customer service is easy to contact and very efficient, especially via email. I’ve had only 1 mediocre customer service experience out of 5 or so calls to them. Not bad considering what the norm is for these online banks. I think their rate is currently one of the highest among online savings accounts. They do have a limit on # of transfers, but I don’t move the money much so I’m not all that familiar with that. Also, not sure about ATM access, as I don’t use it.
I also use ING, which is a very well run operation, even if their rates aren’t the best.
I certainly wouldn’t recommend keeping more than 100K in any one bank. I’ve heard that technically the Fed has years and years before they are legally required to reimburse you…
March 4th, 2009 at 10:51 am
Is there anyway or anything online for us to use to gauge how a bank is doing before putting any money into it?
Maybe someone on here has experienced a bank closing and can comment what they went through.
March 4th, 2009 at 11:23 am
Paul: Probably the easiest thing to do when gauging bank safety is to look at the Bankrate ratings.
March 4th, 2009 at 11:51 am
Where are the Bankrate ratings and who rates them? Are you talking about the stars? If anyone saw Berny Madoff on 60 minutes last Sunday then you would understand my new found appetite for asking questions. I read these comments on here which are very informative.Then I see GMAC bank is offering 2.75% on their online savings.Looks tempting to me but now I wonder are they in trouble and offering higher interest to get more business, will the rates drop in a month after they get a wheelbarrel full of our money. Do I leave my money in WAMU for a paltry 1% ? I would love to be educated on here because these interest rates being offered are not going to make me a rich man but if I can make my money work for me in a safe institution I would like to know which ones are safe and how do I figure that out?
March 4th, 2009 at 11:56 am
Paul: I maintain a list culled from Bankrate.com here…
http://www.fivecentnickel.com/.....s-updated/
Or you can go over to Bankrate and dig around for their Safe & Sound Ratings. These ratings are based on publicly available data reflecting things like bank solvency. They are, however, only updated quarterly.
March 4th, 2009 at 9:22 pm
I’ve had a couple bad months with CNB Bank Direct. They don’t have any beneficiary forms on their website and they haven’t been responding to my e-mails.
I’m looking at GMAC or I just may go back to Emigrant Direct. Emigrant Direct has a good interface and the ability to add a beneficiary. Does anyone know if GMAC has that option? GMAC seems to have a good rate right now.
March 6th, 2009 at 10:14 am
I am looking into opening a high yield savings account for my daughter as well as for me and my husband, but don’t really know what banks are safe these days. We have been looking at ING or GMAC. I don’t want to choose a bank that might not be there in few months. Any advice would be appreciated.
March 6th, 2009 at 11:41 am
I just ditched ING Electric Orange and opened an EONE account with Salem five. Opening was easy, got the checks and debit card as promised. Customer service is great. Interest rate is 3xs that of Electric Orange presently. Bill pay system is better than ING IMHO.
Thinking of ditching ING savings for FNBO as their rates are better. Fidelitybankdirect.com has a decent rate but they don’t allow ACH xfers as I called and asked. Have to use Bill pay. GMAC has a nice rate but only has a 3 star rating where as FNBO has a 4 star rating. Not sure of Dollar or Emigrant.
March 6th, 2009 at 11:46 am
I did my 1st CD with GMAC over the phone in January 2009 and listed my beneficiaries. The process was very smooth and the representative spoon fed me thru it.I can see the names of my beneficiaries on the webpage when I click this account open.The 2nd CD I opened I think I did everything online without a representative.I don’t see my beneficiaries names on the webpage for this account so I am thinking that option was not offered to me as I opened the 2nd CD and didn’t pursue making sure they are listed.For my personal situation my beneficiaries are listed in my trust but I will check today with GMAC.This process of moving money into new accounts just drains me because of putting money into the hands of some new institution and hoping it goes smooth during the time the money is there.Now that I am retired on a fixed income I am like the rest of us who can’t afford making bad decisions.I could not afford mistakes when I was working but at least I was able to make more money if needed with overtime.
March 7th, 2009 at 6:59 pm
These last few weeks/month have been frustrating. Originally I had most of my savings in Etrade Complete Savings, but when they dropped the rate down to below 3% I moved most of it to DollarSavingsDirect when it was 4%. But this AM they dropped it again to 2.25% (after MANY decreases in the last 2 weeks).
I opened an account at ShoreBank Direct, they have been holding strong at 3.15%, they serve the minority communtiy in Chicago, Detroit and Cleveland — rated as “Outstanding” fiscally by the FDIC. So I’m moving all my DSD money there. Keeping $1000 to keep the interest earned at DSD for this month, then I will keep $5 to allow the account to remain open and move the final $995 next month to ShoreBank. Keeping my fingers crossed they maintain the current rate.
March 7th, 2009 at 11:12 pm
Total newbie here: Found your site after screaming in disbelief at INGs crappy rates. Pretty soon they’ll be asking me to pay THEM to save with them! What the heck happened to them!? They used to be the best deal in town, now their rates have PLUMMETED and I’m moving my dough.
Sure, their interface is slick, but they’ve got my MONEY, folks. By moving it to (practically ANY) one of the excellent suggestions on your list I can DOUBLE my rate in a matter of seconds.
So I don’t get the little orange balls on my account. I’ll settle for the little gold coins IN my account, instead. Thanks for posting this excellent resource!
March 8th, 2009 at 10:27 am
Looks like venturebank pays incredible rates for savings/online checking. 3.5 for checking and 2.48 for savings? according to bauerfinancial though they only have one star rating..
Think i’m goin gto leave my money at salem five. Just looking for the right online savings account. ING used to be great but they’re so cheap now. :*(
March 8th, 2009 at 11:49 am
Maybe we can get some input here.I guess I have to ask some dumb questions here because moving money around is not my expertise.I know the process is more involved and I am not a rocket scientist but it seems to me that when an institution needs money from investors/depositors they just raise the interest rates for a period of time to get depositors and when they have what they need they lower it again.It takes a while for us to take notice of the reduction,shop around,find a higher rate and move our money. After Chase Morgan took over WAMU I watched the rates drop to 1% on an online savings account I had.How does GMAC offer 2.75% for an online savings account and Chase Morgan 1%. Are there that many customers who just don’t do anything with their money at these institutions regardless of low rates that they don’t try and make their money work for them?
March 9th, 2009 at 7:43 pm
HSBC just dropped it’s rate to 1.85%
When will it end? It’s getting worse and worse!!!!
March 15th, 2009 at 1:32 pm
DollarSavingsDirect only received a ONE STAR rating (out of FIVE STARS) when their financial soundness got analyzed due to the ongoing bank meltdowns. Although they are FDIC insured, I wouldn’t put my money there. If they do go down in flames, I don’t want my money stuck in limbo for several months while the feds sort out the mess.
March 15th, 2009 at 1:42 pm
All high interest _checking_ accounts have conditions, usually you have to use their debit card at a POS (not ATM) 10 times a month, have a direct deposit once a month etc, and the funds are usually limited to $25 or $50K
March 16th, 2009 at 7:18 am
I linked to ShoreBank Direct (2.80%) from within my Etrade savings, transfers went through in 1 day going to and from Etrade (requests originated on the Etrade side) painlessly.
Going the other way around, request for transfer orininating from the ShoreBank side took 3 – 4 days. If Shore holds the line, I will keep my cash there. They are highly rated by the FDIC and deeply rooted locally in Chicago, Cleveland and Detroit, focused on serving minorities.
So far I am very happy with them, I had a small problem this weekend, called the number and it was resolved instantaneously
March 16th, 2009 at 11:07 am
Opened an account with AmericaNet and linked an outside bank. I instructed AmericaNet to transfer money from my linked account to my AmericaNet account. I was told this could not be done until 30 days had passed. This is the first time a bank told me they could not transfer money for 30 days.
Thinking of closing account now.
March 22nd, 2009 at 3:16 am
Huh?
SMARTYPIG??? After Bernie and all the other ponzi and related scams…can anyone provide info “SmartyPig” Savings is for real?
It SOUNDS like a good deal where they automatically withdraw and apply money to your designated “goal” but a bank named SmartyPig gives me thoughts to wonder?
Is SmartyPig for real?
Thanks in advance for any info you can shine on this. In this day and age of too many rip offs, I DO appreciate it.
AWD
April 1st, 2009 at 11:23 am
I have ING Direct and Emigrant Direct accounts, but the other account I have, capital one, gets 2.01%. That is where I have switched more of my money to.
April 1st, 2009 at 5:21 pm
Great information to read!
I have been looking to move my money from ING cause of course their 1.5 or 1.65 APY isn’t looking so good compared to some of the others. I happen to love ING but I found a 5 star rated Doralbankdirect offering 2.25% and 4 star rated 1stconstitutiondirect offering 2.75%. Anyone have any thoughts on either of these two banks. Doral’s office is in Manhattan and 1stconstitution in Cranbury NJ.
Any thoughts?
April 8th, 2009 at 6:45 pm
I just transferred money from E-trade to my dollar direct account. E-trade is giving 1.45% on their savings account, Dollar direct is 2.05%, now I found GMAC @ 2.23%. Still looking for a better rate on savings,
April 8th, 2009 at 6:52 pm
Checked out the 1st constitutional, looks pretty good
April 9th, 2009 at 12:14 pm
I’m still sticking w/ ING Direct. I just like them better – better website, no overdraft fees on their checking, my fiance and I can email each other (or anyone else for that matter) money. It’s still a pretty decent rate even if it’s not the highest out there. It would drive me crazy to move my money around every time a bank is paying 1/2% higher rate. Not to mention, I’ve never been charged a fee…I read some of the terms on the other banks mentioned and they charge fees for a lot of stuff that ING doesn’t.
April 10th, 2009 at 2:14 pm
I pulled all of my money from Dollar Savings Direct (DSD) and back into my Chase savings account. DSD is paying 2.05% and Chase only pays .75% but that point and a quarter is not worth the hassle of transferring the money and Dollar Savings doesn’t seem to rate as “safe” as Chase. I would put the money on a decent CD but I may need it for a downpayment on a house in the near future. I enjoyed the 4.0% for a while.
April 21st, 2009 at 7:59 pm
I have an account at 1st Constitution, but am thinking of closing.
They do not allow beneficiary.
The only way to add a 2nd linked account is to send them statements from the bank. I don’t like this because the statement lists account numbers for my checking, savings and credit cards. Too much exposure is not to my liking.
Homepage leaves a lot to be desired.
Rate has dropped also.
May 29th, 2009 at 5:55 pm
HSBC just dropped online savings rate to 1.55%.
Rates going down – prices going up. What an economy!
Only people not worrying are the illegal aliens who are getting free food, free medical, free prescriptions, etc. And paying no taxes.
June 4th, 2009 at 10:30 pm
I also use Shorebank Direct and they have an excellent online savings account. The current interest rate is 2.0%, but they have been consistently within 0.5% of the highest rate on the web. Highly recommended.
June 12th, 2009 at 5:33 pm
@AWD
I consistently see SmartyPig missing from these lists but I’ve been using it for months now and i have to say that it ROCKS.
For starters, SmartyPig is more of a web application built on top of a bank. Funds deposited in your SmartyPig account are placed in an account at West Bank where it is FDIC insured and will earn (at the time of writing) 3.05%. You read that right.
The idea is that it’s goal based savings so you generally cant go adding and removing money all “willy-nilly”. You create a goal, say a TV or a house down payment or an emergency fund. You tell it when you want the money by and how much you will put in now. Then it calculates how much you will need each month to meet your goal and sets up a reoccurring withdraw from another bank account to fund your goal. That’s it! You can add additional funds off cycle or close your goal anytime. You can also change the date or amount of your goal as long as there aren’t any pending transactions. Also, if you know you will be buying something like a TV, you can redeem your goal for a gift card, say at BestBuy, and they give you an additional amount (up to 6.0% extra) depending on the gift card. I haven’t used this yet so I just transfer the money back to my bank but its a nice option to have.
Now the downsides. You can’t move money from goal to goal and you can’t deposit money without a goal. What i did when i was generally saving money was set up a goal called “A Money Pile” to just hold my cash while i figured out what to do with it. Also, you can’t set your own monthly payment so you might have to tweak the amount or due date to get the monthly amount right. If you know you need 5000 by the end of the year but you can’t save the full monthly amount for a couple months, you will have to change the amount or due date to get the right payment. One last downside, it takes a little too long to transfer the money out, i think it’s 5 business days. I wouldn’t put money you might need tomorrow in it.
If you can deal with those few downsides, I would HIGHLY recommend SmartyPig. My fiance and I have been able to save a lot of money we might have otherwise squandered. Being able to log in and see how much your monthly contributions are and how much interest you have accumulated on each of your goals is very motivating. I would say it’s borderline addicting to see your accrued interest on a daily basis! I don’t know any other bank that lets you see this.
Lots of the personal finance advice says to “pay yourself first” and SmartyPig is one of the best ways to do it! Plus you simply can’t beat the rate. Even CDs don’t offer that much now a days.
June 30th, 2009 at 11:26 pm
Just tried to open an account with Ally Bank (formerly GMAC). Really complicated procedure as far as I am concerned. You have to sent them copy of driver’s license and then they say they will get back to you 24-48 hours.
Very difficult to get information via the telephone because reps say request is now in their operations department, etc.
Still waiting for response.