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Disclaimer: ING direct was acquired by Capital One 360.

Current High-Yield Online Savings Account Rates

Written by Nickel - 157 Comments

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 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.

>>Show all bank rate listings

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 dates indicated below.

GE Capital Bank Savings Account 1.05% APY (as of 7/24/2016)

This Utah-chartered online bank offers some of the most attractive savings vehicles available. Its online savings account features a highly competitive yield, no transaction fees and no minimum monthly balance or opening deposit. Maximum deposit amount $1,000,000. All GE Capital Bank accounts are insured by the FDIC.

Barclays Savings Account 1.00% APY (as of 7/24/2016)

Barclays has been around for over 300 years, and operates in 50 different countries. Barclays is a large bank and offers competitive rates on savings accounts. There is no minimum balance or any monthly fees, and don’t worry, its FDIC insured.

Ally Bank Online Savings Account 1.00% APY (as of 7/24/2016)

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.

CIT Savings Account - 0.95% APY on balances over $25,000 (as of 7/24/2016)

CIT was founded by Henry Ittleson in 1908 with a mission to provide financing for businesses. CIT continued to grow, offering financing, lending and insurance for corporations in many different sectors. CIT Bank, an FDIC-insured institution, offers CDs, savings accounts and custodial accounts to consumers and small businesses. Accounts below daily balance of $25,000 will earn 0.95% APY. Click to Apply.

FNBO Direct Online Savings Account - 0.95% APY (as of 7/24/2016)

FNBO is currently offering a 0.95% APY on their Online Savings Account. There are no minimums and no monthly fees. They offer a return that has averaged ten times higher than traditional savings accounts according to a 2012 study by bankrate.com. Maximum principal deposit balance: $1,000,000. Click to Apply.

Capital One 360 Savings Account - 0.75% APY (as of 7/24/2016)

Building off the legacy of online-banking pioneer ING DIRECT, Capital One 360 is a new favorite. Capital One 360 offers both an online savings account and a high-yield checking account. There are no fees, and its site has an ultra-slick interface with lots of useful features.

EverBank High Yield MMA – 0.61% Ongoing APY (as of 7/24/2016)

EverBank offers a high yield money market account. For first time account holders, new account bonus rate for Yield Pledge Money Market Account – first year APY currently 1.11% for account balances up to $150K and an ongoing APY currently at 0.61%. There are no fees associated with your account as long as you maintain a $5,000 minimum balance. They also have a high interest checking option. While you may not have heard of them, they’re FDIC insured. Definitely worth checking out. Click to Apply.

Lending Club - average net annualized return grade A to C 5.25% – 8.57% (as of 7/24/2016)

If you’re looking for a significantly higher yield than a regular bank can offer, you might want to check out online investing company Lending Club. They are a good option if you don’t mind taking on some additional risk. It’s not FDIC-insured, but an average net annualized return for Lending Club notes are between 5.25% for grade A notes and 8.57% for C grade notes. 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.

Sallie Mae Money Market - 0.90% APY (as of 7/24/2016)

Probably better known as the company that manages your student loans, Sallie Mae has a very competitive money market account as well as a high-interest savings account. There are no required minimums, no monthly fees. While their Money Market Account is currently earning a 0.90% APY, their Upromise GoalSaver Account currently has a 0.85% APY.Click to Apply.

I should also note that USAA was a popular option among 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
Modified on July 24th, 2016 - 157 Comments
Filed under: Banking, Online

About the author: 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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157 Responses to “Current High-Yield Online Savings Account Rates”

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  1. 1
    Frugal Dad Says:

    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.

  2. 2
    Fiscal Musings Says:

    I’m on board with ING since it’s really simple and easy.

  3. 3
    Dividend growth investor Says:

    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.

  4. 4
    Kyle Says:

    I stash my cash in Vanguard Prime Money Market Fund. There’s a $3000 minimum, but I can write checks from it.

  5. 5
    Ken O. Says:

    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.

  6. 6
    FFB Says:

    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.

  7. 7
    El Cheapo Says:

    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.

  8. 8
    Rick Says:

    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.

  9. 9
    Chris Says:

    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.

  10. 10
    Greg Says:

    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.

  11. 11
    Saver Says:

    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.

  12. 12
    Tim Says:

    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.

  13. 13
    Cindy Says:

    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.

  14. 14
    Stephanie @ PoorerThanYou Says:

    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.

  15. 15
    quizzer Says:

    WAMU online savings rocks!!!

  16. 16
    thomas Says:

    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.

  17. 17
    ChristianPF Says:

    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?

  18. 18
    Dividends4Life Says:

    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,

  19. 19
    SJunior Says:

    Well, what about Igobanking guys? their 3.28% no minimum, no fees definitely beats the 3% orange savings account…

  20. 20
    steve Says:

    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.

  21. 21
    Jinx Says:

    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.

  22. 22
    Mike Says:

    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.

  23. 23
    Mike Says:

    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.

  24. 24
    Mike Says:

    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.

  25. 25
    Sci Says:

    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,

  26. 26
    Mickey Blue Eyes Says:

    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.

  27. 27
    tori Says:

    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?

  28. 28
    Lo. Price Says:

    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.

  29. 29
    Sherry Says:

    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.

  30. 30
    AndyS Says:

    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.

  31. 31
    Jerry Says:

    Do you know anything about IndymacBank? They have MoneyMarket account that give 3.85% on deposits over 10K.

  32. 32
    SaverLearner Says:

    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

  33. 33
    Sherri Says:

    Not a savings account but WAMU now has a 5% 12 month CD.

  34. 34
    Josiah Says:

    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.

  35. 35
    Tim Says:

    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.

  36. 36
    Sam G Says:

    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.

  37. 37
    Hector Lebron Says:

    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.

  38. 38
    Bill Says:

    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.

  39. 39
    BDL Says:

    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.

  40. 40
    SYC Says:

    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?

  41. 41
    Red Foxx Says:

    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%.

  42. 42
    Red Foxx Says:

    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

  43. 43
    BG Says:

    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!

  44. 44
    William Says:

    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.

  45. 45
    Brandon Says:

    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.

  46. 46
    ABh Says:

    The best is Dollar Savings Direct (a division of Emigrant Bank). 4.00% APY on a savings account. No one can beat it….

  47. 47
    Danny B Says:

    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

  48. 48
    AliceZ Says:

    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!

  49. 49
    AliceZ Says:

    Has anyone heard of Provident Bank?
    Supposed to be offering 3.75%

  50. 50
    Joseph Says:

    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.

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