Find the Best Online Savings Accounts

Even with the current low interest rates, online savings accounts can still be a key place to hold your money. Continue reading…

If you have a vacation fund, down payment fund, or maybe money sitting in a low interest baring savings account… it might be worthy to consider transferring the money into one these online savings accounts. Historically, many of these online banks have carried high competitive savings rates. When the market does return, you’re gains will be potentially more substantial compared to a traditional savings account.

Here are a few key factors to consider in locating the best online savings accounts.
They are:

  • Rates – Who has the best Savings Account Interest Rates
  • Accessibility – If you want to withdrawl money, how long will it take?
  • Automatic savings plans – Can you set up an automatic system to deposit money from another account.
  • Additional products – When you wealth grows, can you diverify your funds in a Money Market account or CDs.
  • Customer Service – How hard is it to obtain a live person to answer your needs. *Peronally, I will shun a company from my list if I need to push too many buttons or cannot dial 0 to reach an operator.
  • Safety – Is the bank FDIC insured or what safety measure are in place.
  • Lets compare a few of the known banks available:

    If you’re interested in a bank with high yields and greater convenience, then EverBank is the bank for you. The EverBank Yield Pledge(SM) Money Market Account gives you a higher interest rate plus access to your cash. Open a new account, and take advantage of EverBank’s 3-month bonus rate.


    Open a savings account with Ally Bank and earn a higher rate than traditional savings, plus get free online banking transactions and enjoy no monthly fees. Ally Bank requires no minimum deposit and will not charge you a fee if your balance dips too low. Customers are allowed six withdrawals or transfers per statement cycle. Open an online savings account with Ally Bank today. Ally Bank is member of the FDIC.


    The WTDirect Savings Account offers a high yield savings account with no maintenance fees and no minimum deposit requirement to open, plus you’ll get a 1.41% APY for the first 60 days regardless of your account balance. WTDirect Savings Account are FDIC-insured for up to $250,000 with $0 liability on unauthorized transactions, so your funds are absolutely safe.


    Your savings will grow with 1.35% APY* – currently 5 times the national statement savings average ยฑ No monthly fees. No matter how much you use our ATMs or how many times you transfer your money, HSBC will not charge you any fees. We mean it. No minimum balance requirement. It’s always up to you how much you keep in your account. When you open an account, you only need $1 to start. However you choose to fund your account, there’s no fee to open and the application is easy.

    Click here to start saving with ING DIRECT!
    The Orange Savings Account. Earn high interest. Great rates, no fees, no minimums. Start saving in under 5 minutes. No Changing Banks – It electronically links to your current checking account. Transfers are free and easy. FDIC Insured – Your deposits are FDICรขโ‚ฌโ€œinsured up to $250,000 per depositor.


    Do you have a favorite online savings account? What are your experiences with an online savings account? Share your thoughts below.


    A few other choices for high interest savings accounts:

    • American Express Bank, FSB 1.49%
    • Capital One Direct Banking 1.44%
    • FNBO Direct 1.39%
    • AnchorBank, FSB 1.29


12 thoughts on “Find the Best Online Savings Accounts

  1. Forest

    I remember when you could get savings accounts around 8%…. My money and accounts are in England so as soon as I get an emergency fund built up it’s going into an easily accessible savings account.

    Thanks for the post.

    1. money funk

      You’re welcome, Forest. I remember the high rates, too. Unfortunately, I didn’t have $$ to put into them. LOL. And you need to have that EF. It really is a nice, safe feeling having it available. ๐Ÿ™‚

    1. money funk

      Hi JPKittie! Glad to see you around. The rates might be low, but as I pointed out… when the market does go back up I am sure we will see some nice rises in the rates; making much more sense to transfer that money into an online savings account. Good if you have cash brewing and it needs a good home. ๐Ÿ™‚

  2. Moon Hussain


    After seeing the pitiful amount of how much money I accrued in my current savings account, I know I need to change banks or simply open up a new account. When I was younger, my parents handled everything, which leaves me pretty intimidated when handling financial matters on my own.

    I wonder how online banks work if you want to withdraw money. Something I need to look into.

    Thanks for bringing these options to us and reminding me that I need to take another look at my banking options!

    1. money funk

      Oh, I am trying to teach my kids about finances. And my son has his own account. But he still doesn’t understand why I put 10% of his allowance away in a savings. Hopefully, one day soon he will (he’ll be 18 in 2 1/2 yrs).

      I believe the withdrawl time can be 3-5 days. So, if you need liquid funds it might be good to put a portion into a traditional account while the excess of funds gets held in a higher rate savings account. Excess funds…. wish I had some. ๐Ÿ™‚

      Hopefully, these one-day-passive activities will help me obtain some. ๐Ÿ™‚ And you’re welcome.

  3. Little House

    I bank with Capital One, they are FDIC insured and making transfers between my checking and savings account is easy. The only drawback is that transfers take up to 3 business days. However, they offer checks and an ATM card for easy access to your money. Their savings rate is higher than my brick and mortar bank, so it works for me!

    1. money funk

      Glad to hear a first hand review. And that it is working well. The 3 days… just makes it more convienent not to touch the money and let it grow. ๐Ÿ™‚

      It will be nice when the rates climb back up. Another option is to look at a credit union. I just recieved an email for a 3.00% APY. Sweet. *considering*

  4. Colleen

    I have my online savings with HSBC and have been VERY happy. I have another savings with BofA and have been LESS than happy… I barely keep anything in it… just use to transfer to HSBC.

    1. money funk

      I am glad to hear your great experiences with HSBC.

      And I closed my BofA due to all the issues I had with them. So glad to rid of using their services. Thank you for stopping by!

  5. Dallas Dollars

    I found this info very helpful! I’ve been looking to save some money for a few trips that i want to take this year. I will look into all of them and I’ll see which one works best for me.

    1. money funk

      Glad I could help! ๐Ÿ™‚ I know that alot of them are down right now, but the ones listed had strong high rates in the past. If you sign up, let me know how your experience goes with them. ๐Ÿ˜‰

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