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.
||Min. To Earn APY
Rates as of May. 15th
||SMART Savings Account – for young adults 18 yrs or younger, withdrawals prior to 18th birthday may result in a penalty
|Washington Savings Bank
Rates as of May. 15th
||Saver Rewards, tiered rates apply, APY valid for balances between $0 to $15,000, online accounts only, requires an Interest Rewards Checking account in which you must meet monthly qualifications to earn maximum Saver Rewards APY – 12 debit card purchases – electronic statements – 1 direct deposit or ACH. Limited to Massachusetts market area.
|Dollar Bank Federal Savings Bank
Rates as of May. 15th
||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 within: 15222 (PA)
>>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 May 14, 2013
Barclyas 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.
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 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. Click to Apply.
FNBO is currently offering a 0.85% APY on their Online Savings Account. There are no minimums and no monthly fees. They offer a return that has averaged four times higher than traditional savings accounts according to a 2012 study by bankrate.com. Click to Apply.
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. Click to Apply.
EverBank offers a high yield money market account. For first time account holders, new account bonus rate for Yield Pledge Money Market Account – 1.25% for the first six months, first year APY currently 1.01% and an ongoing APY currently at 0.76% for account balances up to $50K. 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 5.49% – 10.40% (as of 5/14/2013)
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 5.49% for grade A notes and 10.40% 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.
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 High-Yield Savings Account currently has a 0.85% APY and they match up to 10% of your Upromise earnings. 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.