Deals of the Day
1. Last Minute Gifts: Order American Express Gift Cards online in time for the holidays.
2. Discover More Card: 5% to 20% Cashback bonus, 12 month 0 APR balance transfer, and no annual fee (review | apply)
3. WTDirect Savings Account: Up to 3.06% and FDIC Insured to $250,000.
Best High Yield Savings Account Offers
Online savings accounts are a great place 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 the top paying online savings account offers.
Online Savings Accounts
Because of their convenience, security and favorable interest rates, internet savings accounts are perfect for emergency funds or other short term savings. They can also be used in conjunction with 0% balance transfer credit cards to make money during the 0% introductory rate. 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.
WT Direct: WT Direct is currently paying 3.06% for accounts with balances over $10,000. Don’t plan to start with that much? No worries. There is no minimum deposit required to open an account. Even $1 will do the trick. There are no fees, no minimums, and deposits are FDIC insured. You can sign up for a WT Direct online savings account by clicking here.
ING Direct: Better known as the Orange Savings Account, ING Direct’s online account is currently paying 3.0% APR. There are no fees with this account or minimum savings requirements. I have an ING Direct account, as do both of my children. Signing up online takes about 5 minutes, and Internet access to the account is very intuitive. You can sign up for an ING Direct savings account by clicking here.
HSBC Direct: HSBC’s online savings account currently pays out at 3.25%. There are no monthly fees or minimum balance requirements, and you can open an account with as little as $1. And your money is FDIC insured to the maximum permitted by law. HSBC is a great option, and you can open an account online by clicking here.
E*Trade Financial: When you think of E*Trade, you probably think of the online discount broker. But E*Trade also offers an online high yield savings account, which currently pays 3.3% APR. As with the other options, there are no account fees or minimum balance requirements. You can open an E*Trade savings account by clicking here.
I will do my best to update this page as interest rates and features change, but you should always confirm the terms and conditions of the online savings account before applying.
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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?
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.
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.
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. Even more details: http://shorebankdirect.sbk.com/ 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 this site http://www.feedingweatlh.com
It is in the forums section.
here is the link… http://feedingwealth.com/Home/Default.aspx?tabid=72&forumid=3&threadid=4&scope=posts
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.