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Disclaimer: ING direct was acquired by Capital One 360.

Online Bank Savings Account Interest Rates (Updated!)

Written by Nickel - 41 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 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.
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>>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 7/24/2016)

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 (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. 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. Click to Apply.

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 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. 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 September 23rd, 2008
Modified on July 24th, 2016 - 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!

Related articles...

» Ally Bank Raises Savings Account Interest Rate
» Watch for Falling Rates: HSBC, ING Reduce APY
» Online Bank Interest Rates on the Rise? E-Trade Bank to 3.30% APY
» More Online Bank Interest Rate Decreases
» HSBC Direct Drops Savings Rate
» Fed Cuts Interest Rates to Record Low
» HSBC Direct Increases to 3.50% APY
» Online Savings Account Rate Changes

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41 Responses to “Online Bank Savings Account Interest Rates (Updated!)”

  1. 1
    MITBeta @ Don't Feed the Alligators Says:

    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.

  2. 2
    Jake Says:

    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?

  3. 3
    Budgets are Sexy. Says:

    I’m in!!!! can i borrow $10,000?

  4. 4
    Jacqui Says:

    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 :)

  5. 5
    Lau Says:

    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

  6. 6
    Ziggy Says:

    How about a Vanguard tax-exempt money market fund. Around 4% with the tax advantage.

  7. 7
    FlatGreg Says:

    Any reason why HSBC is listed above WT and Etrade when it has a lower rate?

  8. 8
    nickel Says:

    FlatGreg: No reason, just an error on my part. Thanks!

  9. 9
    Jeff Says:

    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%.

  10. 10
    Jacqui Says:

    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.

  11. 11
    unimax Says:

    Thanks for keeping on top of this.

  12. 12
    Mike Says:

    Right on Unimax… It’s 2009. A lot has changed since 09/2008. Perhaps 0$Nickel went Bankrupt.

  13. 13
    MJ Says:

    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.

  14. 14
    Tim Says:

    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.

  15. 15
    liz Says:

    why don’t you include Everbank on your list of rates?

  16. 16
    Matt Says:

    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.

  17. 17
    Dawn Says:

    Actually, ING is down to 2.40% now.

  18. 18
    Archangel Says:

    I highly recommend looking at Bankrate.com’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.

  19. 19
    Liz Says:

    I did look at bankrate.com 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!

  20. 20
    MITBeta @ Don't Feed the Alligators Says:

    As a current Everbank customer, I would also like to know if there’s a reason I should be concerned with Everbank.

  21. 21
    unimax Says:

    Etrade website still mentions the rate as 3.01. Why do you show it lower?

  22. 22
    nickel Says:

    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.

  23. 23
    Mark Says:

    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

  24. 24
    nickel Says:

    Your wish is my command. Everbank is now included.

  25. 25
    deedee Says:

    When I logged into my ING savings account this morning; it appears that the rate has dropped again…to 2.2%.

    boo hoo :-(

  26. 26
    Mike Says:

    Union Federal Savings Bank (www.unionfsb.com) is currently at 3.01%. Minimum to open an account is $1, I believe.

  27. 27
    Archangel Says:

    Liz and MITBeta — Looks like Everbank improved signficantly. They’re now four stars. That wasn’t the case in December 2008.

  28. 28
    Kris Says:

    CNB Bank is still offering 3.2%. Any idea how they rank? Didn’t find any hidden clauses … cnbbankdirect.com

  29. 29
    Dawn Says:

    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…

  30. 30
    Jacqui Says:

    E*Trade dropped again too – now 2.15% Wonder if that’ll last?

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

  31. 31
    Matt Says:

    I will recommend http://www.provident-direct.com 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.

  32. 32
    Stacey Says:

    Danversbank has an online 4 month CD with an APY of 3.30 and
    have a 4 star rating at bankrate.com. I’m on the West Coast and
    can’t find any rates over 2.75. Anyone have an account with Danvers?

  33. 33
    Regina Says:

    What about http://www.smartypig.com? 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???

  34. 34
    Nickel Says:

    Regina: Too many strings for me. When I want a bank, I want a bank.

  35. 35
    Graham Says:

    Nickel: Great area for online account feedback. Thx. I went through the smartypig.com site and don’t see the strings you refer to – pls. clarify.

  36. 36
    Micki Says:

    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 :)

  37. 37
    Kris Says:

    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.

  38. 38
    LOL Says:

    According to bankrate.com, 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…)

  39. 39
    Tim Says:

    American Express (www.americanexpress.com/startsaving) now offers a 1.85% APY high yield savings account.

  40. 40
    Aaron Says:

    Why no love for SmartyPig? They’re at 2.15% with no min balance, and that’s not a promo rate.

  41. 41
    James Kim Says:

    I would like to have a high rates yield Saving account and CD account with FDIC please

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