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Online Bank Savings Account Interest Rates (Updated!)

Written by Nickel - 41 Comments

Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.

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 under – Show all bank rate listings – 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 noted below.

Barclays Savings Account – 1.00% APY (as of 7/31/2016)

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 7/31/2016)

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 (as of 7/31/2016)

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 7/31/2016)

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

Capital One 360 Savings Account – 0.75% APY (as of 7/31/2016)

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 7/31/2016)

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 is no monthly account fee associated with the account. They also have a high interest checking option. While you may not have heard of them, they’re FDIC insured. Definitely worth checking out.

Lending Club – average net annualized return grade A to C 5.25% – 8.57% (as of 7/31/2016)

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 7/31/2016)

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 which do periodic updates of the best bank rate deals.

Published on September 23rd, 2008 - 41 Comments
Filed under: Banking

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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Comments (scroll down to add your own):

  1. Thanks 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 Anonymous — Sep 23rd 2008 @ 10:15 am
  2. 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 Anonymous — Sep 23rd 2008 @ 9:44 am
  3. I’m in!!!! can i borrow $10,000?

    Comment by Anonymous — Sep 23rd 2008 @ 11:18 am
  4. I’m happily getting the following rates on my accounts at Century Bank Direct. I have one of each kind.
    Checking: 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 πŸ™‚

    Comment by Anonymous — Sep 23rd 2008 @ 1:38 pm
  5. 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 Anonymous — Sep 23rd 2008 @ 2:12 pm
  6. How about a Vanguard tax-exempt money market fund. Around 4% with the tax advantage.

    Comment by Anonymous — Sep 24th 2008 @ 8:13 am
  7. Any reason why HSBC is listed above WT and Etrade when it has a lower rate?

    Comment by Anonymous — Sep 24th 2008 @ 2:54 pm
  8. FlatGreg: No reason, just an error on my part. Thanks!

    Comment by Nickel — Sep 24th 2008 @ 5:56 pm
  9. Dollar Savings Direct has a 4.0% rate with a min of a 1000.00 and also a promise to be in the top 5%.

    Comment by Anonymous — Jan 5th 2009 @ 7:47 pm
  10. Happy to report that Century Bank Direct still hasn’t lowered their rates! Oddly enough, their CDs have actually dropped below their normal account yields.

    Comment by Anonymous — Jan 5th 2009 @ 10:36 pm
  11. Thanks for keeping on top of this.

    Comment by Anonymous — Jan 6th 2009 @ 10:20 am
  12. Right on Unimax… It’s 2009. A lot has changed since 09/2008. Perhaps 0$Nickel went Bankrupt.

    Comment by Anonymous — Jan 7th 2009 @ 1:18 pm
  13. Just upgraded IRA accts from 3.20 rate and purchased two jumbo CD’s from Alliant Credit Union with a 4.50% APR – 48 moths. Minimum deposit was 25K each. Looks like it was a very good move.

    Comment by Anonymous — Jan 9th 2009 @ 11:40 pm
  14. my last cd matures in two days. i’m going to put them into the market. i’d rather get over 4% dividend in a good company that has good earnings prospects than lock into a cd again. then again, i have cash in tax-exempt mmf account.

    Comment by Anonymous — Jan 10th 2009 @ 10:27 pm
  15. why don’t you include Everbank on your list of rates?

    Comment by Anonymous — Jan 19th 2009 @ 5:44 pm
  16. I’ve been with provident-direct for almost a year, started at 4.5% lowered to 3.75 than 3.5 and now 3.25 but it has been a steady decrease with the economy.

    Comment by Anonymous — Jan 24th 2009 @ 8:42 pm
  17. Actually, ING is down to 2.40% now.

    Comment by Anonymous — Jan 30th 2009 @ 3:54 pm
  18. I highly recommend looking at’s Safe&Sound report before making your deposit. I think it will answer some of the questions here such as “Why not Everbank?” The information is unbiased and based on FDIC data. I decided against banks such as Everbank, Emigrant (which looks like it’s near collapse), and WaMu based on this information. And I withdrew all of my money from AmTrust for the same reason.

    Comment by Anonymous — Feb 1st 2009 @ 10:52 am
  19. I did look at and that is why I asked, why not Everbank? – it has one of the highest safety ratings on bankrate, higher than some of the other banks mentioned in this thread.
    Am I missing something? If so pls send a link or quote!

    Comment by Anonymous — Feb 1st 2009 @ 11:01 am
  20. As a current Everbank customer, I would also like to know if there’s a reason I should be concerned with Everbank.

    Comment by Anonymous — Feb 1st 2009 @ 8:07 pm
  21. Etrade website still mentions the rate as 3.01. Why do you show it lower?

    Comment by Anonymous — Feb 2nd 2009 @ 9:41 am
  22. unimax: It’s dropping at close of business today. No sense in showing it higher since people who open an account now will never get the higher rate.

    Comment by Nickel — Feb 2nd 2009 @ 9:56 am
  23. Thanks for the info on E trade as I was considering them. With that kind of a rate drop I am taking them off the list. I am enrolling in Dollar Savings. I think I will also open IGO banking

    Comment by Anonymous — Feb 2nd 2009 @ 11:40 am
  24. Your wish is my command. Everbank is now included.

    Comment by Nickel — Feb 2nd 2009 @ 4:31 pm
  25. When I logged into my ING savings account this morning; it appears that the rate has dropped again…to 2.2%.

    boo hoo πŸ™

    Comment by Anonymous — Feb 3rd 2009 @ 8:40 am
  26. Union Federal Savings Bank ( is currently at 3.01%. Minimum to open an account is $1, I believe.

    Comment by Anonymous — Feb 3rd 2009 @ 10:38 am
  27. Liz and MITBeta — Looks like Everbank improved signficantly. They’re now four stars. That wasn’t the case in December 2008.

    Comment by Anonymous — Feb 7th 2009 @ 10:42 am
  28. CNB Bank is still offering 3.2%. Any idea how they rank? Didn’t find any hidden clauses …

    Comment by Anonymous — Feb 11th 2009 @ 12:03 am
  29. Looks like ING has dropped again — down to 1.85%. Their rate dropping rate is faster than once per month. Much lower and I’m going to seriously start questioning the word “high” in “high interest rate savings account!!!” Time to find new places to put my money, I think…

    Comment by Anonymous — Feb 19th 2009 @ 2:21 pm
  30. E*Trade dropped again too – now 2.15% Wonder if that’ll last?

    Even my favorite Century Bank Direct finally started dropping πŸ™
    Savings: 2.74%
    Checking: 2.34%
    Money Market: 2.59%

    Comment by Anonymous — Feb 19th 2009 @ 2:27 pm
  31. I will recommend again. I’ve been with them for almost 1 year now. They just recently dropped to 2.82% and were all the way at 4.75% last year around this time. The drops have been steady and they always seem to stay ahead by 0.5-1% of everyone else out there! FDIC insured.

    Comment by Anonymous — Feb 19th 2009 @ 3:06 pm
  32. Danversbank has an online 4 month CD with an APY of 3.30 and
    have a 4 star rating at I’m on the West Coast and
    can’t find any rates over 2.75. Anyone have an account with Danvers?

    Comment by Anonymous — Feb 22nd 2009 @ 1:32 am
  33. What about Although marketed as a social networking/savings vehicle, it is FDIC insured (it’s the online component of West Bank in Iowa I believe)- but if you set a savings goal and have a monthly withdrawal, it looks like their rate is 3.5% and that’s not an intro rate!!!
    Any thoughts about this site???

    Comment by Anonymous — Mar 24th 2009 @ 9:49 am
  34. Regina: Too many strings for me. When I want a bank, I want a bank.

    Comment by Nickel — Mar 24th 2009 @ 9:51 am
  35. Nickel: Great area for online account feedback. Thx. I went through the site and don’t see the strings you refer to – pls. clarify.

    Comment by Anonymous — Apr 18th 2009 @ 2:07 am
  36. I have a smartypig account and the only “strings” i have found are that you can’t transfer money FROM your smartypig account unless you withdrawal everything, and they only pay interest quarterly. Oh well -small prices to pay for the high interest rate πŸ™‚

    Comment by Anonymous — Apr 22nd 2009 @ 3:58 pm
  37. I’m using GMAC Bank online with 2.25%, still one of the best rates around. And even though some might shudder at GMAC, it is FDIC approved and as long as you don’t have more than $250K, you’re safe!

    I really find it very good – you can add a number of external accounts, transfer money to and from (outflow has a cap of 6[I think], but that is generally true for nearly all others), interest monthly, user friendly UI, just a dollar for opening.

    Comment by Anonymous — Apr 22nd 2009 @ 5:22 pm
  38. According to, EverBanks 3.01% rate is just a 3-month “teaser” rate — after which it resets to 1.64%…

    You should move Everbank down into the middle (I know you have the footnote, but still…)

    Comment by Anonymous — Jun 8th 2009 @ 2:07 pm
  39. American Express ( now offers a 1.85% APY high yield savings account.

    Comment by Anonymous — Sep 7th 2009 @ 9:34 pm
  40. Why no love for SmartyPig? They’re at 2.15% with no min balance, and that’s not a promo rate.

    Comment by Anonymous — May 22nd 2010 @ 11:27 am
  41. I would like to have a high rates yield Saving account and CD account with FDIC please

    Comment by Anonymous — Oct 6th 2010 @ 4:54 pm

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