Online savings accounts are one of the best places to stash your cash. Also called high yield savings accounts, you earn some of the highest available interest rates for a savings account, and you get the convenience of online account management and easy transfers to and from your existing bank accounts. Recently, a reader e-mailed me asking where to find the best online cash accounts. So here is my list of some of the top paying online savings account offers.
Online Savings Account Details
Because of their convenience, security and favorable interest rates, online savings accounts are perfect for emergency funds or other short term savings. Interest rates on these savings accounts do change, and here are some of the highest yield account offers to make the most of your money.
Bank | APY | Min. Deposit | Details |
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  Rate (APY): 0.65% |
FNBO Direct, better known as First National Bank of Omaha offers online savings accounts, CD’s and fee free bill pay for all it’s customers. This is the bank that I personally use and even though the APY isn’t the best on on this list, the online interface and customer service is top notch. FNBO Direct is my personal recommendation. |
 Rate (APY): 1.01% |
EverBank is one of the best online savings account options for one very simple reason–it promises to offer interest rates in the top 5%. Called a Yield Pledge, EverBank guarantees that your rate will always be in the top 5% of competitive accounts offered by leading banks. Finally, EverBank just recently redesigned its entire website. |
Savings Account Alternatives
If you are looking for higher returns, LendingClub may be the answer. LendingClub is a social lending site where you can invest in loans issued to individuals and businesses. The current average return is above 9%, and some loans carry interest rates as high as 20%. While these investments are not FDIC insured, given the low interest rates paid by banks, LendingClub may be a great alternative. Visit www.LendingClub.com for more information.
Rob Berger
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Published or updated May 9, 2013.
{ 24 comments… read them below or add one }
So 3.75% is the best deal online right now?.. I’m fairly certain that even Treasury bonds can provide a higher return than that.
@ GL… Yeah, but are treasury bonds as liquid as savings accounts?
GL, there is also more risk with Treasury bonds. Depending on when you need to cash out, if interest rates have risen, you may be forced to sell at a loss.
How about SmartyPig?
They offer 3.4% right now and it’s a great way to force yourself to save money by setting goals. Save now, buy later!!
Merna, it’s funny you mention SmartyPig. I just ran across an article in Fast Company magazine about SmartyPig, and I’m preparing a follow up article on the site.
Smarty Pig savings is at 1.34 now, but it’s still better than the rest.
Is there a link to Smartypig available? I tried typing it into Google and got a DNS server blah blah blah error.
Other than government bonds, the new Tax free Saving Account being introduced in Canada is also going to be a very good option for investors.
MiningOilGasGuru
It would be interesting to find out a comparison between the yields of the savings accounts now versus a year or two ago. I seem to remember that ING and others were at 4.5-5% in 2006, but I could be mistaken.
What can be the next best thing to stuff that is not fdic insured. What do you think about ag financial savings account Mr. Roller?
Actually, the AG financial savings account pays a good interest rate and promotes a good cause, too!
Hi – great list of online savings accounts – but there are more! I work with ShoreBank that has a competitive online savings account at 3.5% interest. Some more details: $1 minimum, no monthly fees, online and phone customer service. If you are interested in promoting good causes – ShoreBank is a great option. ShoreBank has a bottom line mission to invest in socially and environmentally (and sometimes both at once) responsible projects and businesses – so a good rate, a great cause.
They talk about the most recent high-yield savings accounts and also gives an opinion about each one on Feeding Wealth.
How about American Express Personal Savings account? Like Discover, they recently started offering a savings account with a 2% APY. Any opinion on this one?
The TOP High Yield Online saving bank is and has been over a year is South Shore bank. Until very recently offrerd 2.1 % rate and just now dropped to 1.90% !
Why is this bank NOT reported is a mystery to me……
I do have an account there for last six months and surprised no one comes close to this bank!!
BRICK and mortar! BRICK and mortar! NOT “brink” and morter. The smart little piggy built a BRICK house, not a “brink” house.
its really nice online deal.
I invested with Flux Holdings when they accepted new investors. The rates have held steady at 2.5% even with the recession. But it looks like they’re not accepting new clients right now.
Tyler, as you no doubt know, Flux Holdings is not FDIC insured.
Can some one explain me how this works? Im looking into invest some money but I have no idea where to start! How it work and how u get your monet
i am an invester over seas and i can get up to 10% APR per year in some banks tax free from the origen .so you tell me how this compares to your rates .for example i get $95.00 us dollares for each $10000.00 dollares per month .now can any one beat that ?
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Bruce, thanks for the tip! 3.80% today is really good rate.
Chris, thanks for the tip. I’m not familiar with Venture, but will definitely check it out.