Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
Given the recent spate of bank failures, I though I’d put together a quick rundown of the safety ratings of eight of the best online savings banks.
- Barclays – 4 stars
- FNBO Direct – 4 stars
- Everbank – 3 stars
- Ally (formerly GMAC) – 4 stars
- Synchrony Bank – 5 stars
- Capital One 360 – 5 stars
- HSBC Direct – 4 stars
- E*Trade Bank – 4 stars
- Dollar Savings Direct – 4 stars
- Emigrant Direct – 4 stars
Or… If you’re looking for a significantly higher yield than a regular bank can offer, and you don’t mind taking on some additional risk, you might want to check out Lending Club. It’s not FDIC-insured, but annual returns have been averaging above online savings rates. Its free to open an account, and you can get started with as little as $25.
Also be sure to check out my list of online bank interest rates, which I update frequently.
*Definition of ratings:
5 stars – Superior
4 stars – Sound
3 stars – Performing
2 stars – Below peer group
1 star – Lowest rated
Source: Bankrate’s Safe & Sound Database