Online Savings Account Interest Rates (Updated!)
In the past, I’ve put together rundowns of the best online savings accounts (based on reader feedback) and the safest online banks (based on Bankrate ratings). Given WaMu’s recent rate increase, I thought I’d round things out by compiling a list of current interest rates for the most popular online savings accounts. Here goes:
- WT Direct - 3.31%*
- E*Trade Bank - 3.30%
- FNBO Direct - 3.25%
- Emigrant Direct - 3.00%
- ING Direct - 2.75%
As you can see, WaMu tops the list at 4.00% followed by my current favorite, FNBO Direct (read my review) at 3.50%. While rates change from time-to-time, the top banks on this list are typically near the top, whereas those lower down the list have typically lagged behind the competition.
*Requires minimum $10,000 balance.
Published on September 23rd, 2008 - 12 Comments
Filed under: Banking
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Everbank is offering 4.65% for 3 months and then 3.82% APY thereafter with a “yield pledge” guarantee that they will stay in the top 5% of the yield of leading banks.
I’ve been very happy with Everbank for over a year now.
Comment by MITBeta @ Don't Feed the Alligators — Sep 23rd 2008 @ 9:44 amThanks for this post, and all your posts for that matter! You feel comfortable having your money in the WaMu account despite all the recent rumors/turmoil/etc?
Comment by Jake — Sep 23rd 2008 @ 10:15 amI’m in!!!! can i borrow $10,000?
Comment by Budgets are Sexy. — Sep 23rd 2008 @ 11:18 amI’m happily getting the following rates on my accounts at Century Bank Direct. I have one of each kind.
Comment by Jacqui — Sep 23rd 2008 @ 1:38 pmChecking: 3.35%
Savings: 3.41%
Money Market: 3.57%
You read that right - I’m earning more on my CHECKING account than ING pays on savings. Century Bank Direct rocks
E-Loan used to have a decent rate. I opened an account about 18 months ago with a 4.5%. We are now at 1%… ridiculous
Comment by Lau — Sep 23rd 2008 @ 2:12 pmMy bank has a 3.75% online savings account: http://provident-direct.com/
Comment by JimmyDaGeek — Sep 23rd 2008 @ 4:48 pmHow about a Vanguard tax-exempt money market fund. Around 4% with the tax advantage.
Comment by Ziggy — Sep 24th 2008 @ 8:13 amAny reason why HSBC is listed above WT and Etrade when it has a lower rate?
Comment by FlatGreg — Sep 24th 2008 @ 2:54 pmFlatGreg: No reason, just an error on my part. Thanks!
Zions Bank has an online savings account that is currently 3.56%, and a brand new online checking account that I think was 1.87%. https://www.zionsbank.com/internet_portal.jsp
Comment by buraianto — Sep 26th 2008 @ 10:39 amCheck out Huntington Bank. I am receiving 3.5% from their online savings account. I have been a customer of theirs for 6 months and have received great service and now I am making some pretty good money off of them.
http://www.directhuntington.com/
Comment by chicagobob — Oct 2nd 2008 @ 5:29 pmVentureBankDirect.com is offering 3.8% APY with no minimum balance on their online savings account.
Comment by chris — Nov 17th 2008 @ 6:08 pm