High Yield Online Savings Accounts
What is a High Yield Savings Account?
High Yield Savings Accounts are savings accounts--typically only available online--that provide higher interest rates than your typical savings account from a brick and mortar bank. They usually have a $1 minimum and can only be opened online. You can usually transfer money in directly. Interest is usually compounded daily and paid monthly.
Top High Yield Savings Rates
| Rate Search Results | Click here for column definitions | |||||
Institutions | Account | Rate | APY | Minimum Deposit | Avoid Fees | Monthly Service Fee |
Glen Allen, VA  | Savings | 1.34 | 1.35 | $1,000 | 0.00 | 0.00 |
New York, NY | Savings | 1.29 | 1.30 | $0 | 0.00 | 0.00 |
Jacksonville, FL | Money Market | 1.25 | 1.26 | $1,500 | 5000.00 | 8.95 |
Midvale, UT | Money Market | 1.24 | 1.25 | $0 | 0.00 | 0.00 |
Midvale, UT | Savings | 1.24 | 1.25 | $0 | 0.00 | 0.00 |
Baltimore, MD | Savings | 1.20 | 1.21 | $10,000 | 0.00 | 0.00 |
Omaha, NE | Savings | 1.09 | 1.10 | $1 | 0.00 | 0.00 |
New York, NY | Savings | 1.09 | 1.10 | $1 | 0.00 | 0.00 |
Pleasanton, CA | Money Market | 0.50 | 0.50 | $5,000 | 0.00 | 0.00 |
Bridgewater, NJ | Money Market | 0.25 | 0.25 | $5,000 | 0.00 | 0.00 |
| Discover Bank New Castle, DE | Savings | 1.34 | 1.35 | $500 | 0.00 | 0.00 |
| newdominionDIRECT.com Charlotte, NC | Money Market | 1.29 | 1.30 | $3,000 | 3000.00 | 0.00 |
| iGObanking.com Lake Success, NY | Savings | 1.20 | 1.21 | $1 | 0.00 | 0.00 |
| Dollar Savings Direct New York, NY | Savings | 1.19 | 1.20 | $1,000 | 0.00 | 0.00 |
| Dollar Savings Direct New York, NY | Money Market | 1.19 | 1.20 | $1,000 | 0.00 | 0.00 |
| AIG Bank Wilmington, DE | Money Market | 1.18 | 1.19 | $10,000 | 0.00 | 0.00 |
| giantbank.com Ft. Lauderdale, FL | Money Market | 1.15 | 1.16 | $1,000 | 0.00 | 0.00 |
| Wedbush Bank Los Angeles, CA | Money Market | 1.05 | 1.06 | $25,000 | 25000.00 | 15.00 |
| Goldwater Bank Scottsdale, AZ | Money Market | 1.02 | 1.02 | $2,000 | 2000.00 | 10.00 |
| California First National Bank Irvine, CA | Money Market | 1.01 | 1.01 | $5,000 | 5000.00 | 20.00 |
| Discover Bank New Castle, DE | Money Market | 1.00 | 1.00 | $2,500 | 2500.00 | 0.00 |
| Stonebridge Bank Exton, PA | Money Market | 1.00 | 1.00 | $1,000 | 1000.00 | 10.00 |
| Fultdirect.com Herndon, VA | Money Market | 1.00 | 1.00 | $10,000 | 10000.00 | 10.00 |
| OneWest Bank, FSB Pasadena, CA NR | Money Market | 1.00 | 1.00 | $1,000 | 1000.00 | 7.00 |
| First Internet Bank of Indiana Indianapolis, IN | Money Market | 1.00 | 1.00 | $100 | 4000.00 | 5.00 |
| Heartland Bank Direct St. Louis, MO | Savings | 0.95 | 0.95 | $500 | 0.00 | 0.00 |
| Goldwater Bank Scottsdale, AZ | Savings | 0.94 | 0.94 | $100 | 100.00 | 5.00 |
| Ascencia, a div. of PBI Bank Louisville, KY | Savings | 0.90 | 0.90 | $50 | 0.00 | 0.00 |
| Bank of Internet USA San Diego, CA | Savings | 0.80 | 0.80 | $100 | 0.00 | 0.00 |
| State Farm Bank Bloomington, IL | Money Market | 0.80 | 0.80 | $1,000 | 500.00 | 0.00 |
| First Internet Bank of Indiana Indianapolis, IN | Savings | 0.75 | 0.75 | $100 | 1000.00 | 2.00 |
| Heritage Bank Willmar, MN | Savings | 0.75 | 0.75 | $1,000 | 1000.00 | 10.00 |
| Bank of Internet USA San Diego, CA | Money Market | 0.75 | 0.75 | $100 | 0.00 | 0.00 |
| Nexity Bank Birmingham, AL | Savings | 0.75 | 0.75 | $50 | 0.00 | 0.00 |
| Lone Star Bank Houston, TX | Money Market | 0.65 | 0.65 | $2,500 | 2500.00 | 10.00 |
| Nexity Bank Birmingham, AL | Money Market | 0.60 | 0.60 | $1,000 | 1000.00 | 0.00 |
| Excel National Bank Beverly Hills, CA NR | Money Market | 0.50 | 0.50 | $1,000 | 1000.00 | 0.00 |
| NOVA Bank Philadelphia, PA | Money Market | 0.50 | 0.50 | $1,000 | 1000.00 | 10.00 |
| American Bank Allentown, PA | Money Market | 0.45 | 0.45 | $100 | 1000.00 | 5.00 |
| Ascencia, a div. of PBI Bank Louisville, KY | Money Market | 0.40 | 0.40 | $1,000 | 1000.00 | 5.00 |
| Astoria Federal Savings Long Island, NY | Savings | 0.40 | 0.40 | $500 | 500.00 | 5.00 |
| NOVA Bank Philadelphia, PA | Savings | 0.25 | 0.25 | $1 | 500.00 | 5.00 |
| American Bank Allentown, PA | Savings | 0.20 | 0.20 | $100 | 0.00 | 0.00 |
| Citizens Trust Bank Atlanta, GA | Savings | 0.15 | 0.15 | $200 | 0.00 | 0.00 |
| Citizens Trust Bank Atlanta, GA | Money Market | 0.15 | 0.15 | $1,000 | 0.00 | 0.00 |
| Amegy Bank of Texas Houston, TX | Money Market | 0.15 | 0.15 | $1,000 | 1000.00 | 12.00 |
| Amegy Bank of Texas Houston, TX | Savings | 0.15 | 0.15 | $1,000 | 1000.00 | 12.00 |
| Astoria Federal Savings Long Island, NY | Money Market | 0.10 | 0.10 | $2,500 | 2500.00 | 8.00 |
| Allstate Bank Northbrook, IL | Money Market | 0.10 | 0.10 | $1,000 | 1000.00 | 8.00 |
| BankDirect Dallas, TX | Savings | 0.10 | 0.10 | $100 | 0.00 | 0.00 |
| Colorado Federal Savings Bank Greenwood Village, CO | Savings | 1.29 | 1.30 | $2,500 | 0.00 | 0.00 |
| Intervest National Bank New York, NY | Money Market | 0.87 | 0.87 | $2,500 | 2500.00 | 0.00 |
| Intervest National Bank New York, NY | Savings | 0.77 | 0.77 | $500 | 0.00 | 0.00 |
| First NB of Baldwin County Foley, AL | Money Market | 0.29 | 0.30 | $1,000 | 2500.00 | 10.00 |
| First NB of Baldwin County Foley, AL | Savings | 0.24 | 0.25 | $100 | 100.00 | 2.00 |
| Centennial Bk Fountain Valley, CA | Savings | 0.90 | 0.90 | $500 | 0.00 | 0.00 | Many lenders and institutions have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please email us. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration. Bankrate.com rates banks, thrifts and credit unions through proprietary Safe & Sound star rating system. Rates are subject to change without notice and may vary from branch to branch. |
How does a high yield savings account work?
The reason banks can offer higher savings rates on these online accounts is because the overhead required to maintain and manage these accounts is a lot lower than your brick and mortar savings account. Unlike high yield checking accounts, high yield savings accounts don't have many requirements. You can usually make as many withdrawals as you want, and with a minimum balance of only $1 and online transfers available, it is very easy to move your money around.
Important information about high yield savings accounts
Some things to keep in mind: there are some savings accounts have higher minimum balances, so it is important to research this before applying for an account. With these accounts, the savings rate is usually significantly lower if you don't meet the minimum balance requirements. In addition, the rates on these savings accounts can change quickly as the market changes, because banks aren't obligated to lock in a rate. So we see a bit of quid pro quo--while you can maintain a lot of flexibility and liquidity, the bank can as well. Make sure you do your research and find the best savings rate before signing up!
*EverBank's bonus rate applys for 3 months, and then the rate reverts to 2.15% for the first year on balances up to $50,000
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2.25% Money Market Bonus Rate at EverBank
APY Savings Account at Ally (6/23/2010)
1.21% APY with WTDirect Savings Account
5% Cashback Rewards with Chase Freedom 
