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.
Deal of the Day: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
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.
Current Savings Account Deals:
Barclays: Earn 1.00% APY with no monthly maintenance fees and no minimum balance to open.
Ally Bank: This is the bank I use, and it is currently paying an APY of 1.05%.
Chase SavingsSM: Get a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 10 days & maintain a $10,000 balance for 90 days.
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.
Barclays offers one of the highest savings rates available today, topping out at 12x the national average. There are no monthly maintenance fees and no minimum balance requirements.
Capital One 360 is the bank my whole family uses. Both of my teenage children have Money accounts, and my wife and I have checking and savings accounts. The interest rates are extremely competitive, there are virtually no fees, and the website is extremely easy to use. In addition, I use the Capital One 360 iPhone app to check balances, make transfers, and deposit checks.
FNBO Direct, better known as First National Bank of Omaha offers online savings accounts, CD’s and fee free bill pay for all its customers. This is the bank that I personally use and even though the APY isn’t the best on this list, the online interface and customer service is top notch. FNBO Direct is an excellent choice
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.
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.
More High Yield Options
*Earn 1.00% APY for accounts with balances of $10,000.00 or more. For accounts with less than $10,000.00, earn a great everyday rate of 0.60% APY.