High Yield Online Savings Accounts
Find the best online savings rates available.
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.
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!
Here are some of the current top savings accounts:
Top Current Savings Accounts -
*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
This isn’t the best bank bonus, but for anyone looking to open a Citibank Savings Account you might as well get a free $25 out of it, right?
All you have to do is open a Citibank Ultimate savings account and deposit a minimum of $1,000 by 2/28. You have to maintain a minimum of $1000 [...]
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US Bank has some competitive online certificate of deposits that are nationally available. Their CDs require a minimum deposit of $1000 and you can apply online instantly. The current CD rates (as of 12/23/2009) are as follows:
23 month CD – 1.75% APY
42 month CD – 2.00% APY
59 month CD – 3.00% APY
Interest is paid annually [...]
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Discover Bank currently has some relatively high CD rates available nationwide.
Current CD rates include:
3 month CD – 1.00% APY
6 month CD – 1.35% APY
9 month CD – 1.50% APY
12 month CD – 2.00% APY
18 month CD – 2.05% APY
24 month CD – 2.35% APY
30 month CD – 2.35% APY
3 year CD – 2.75% APY
4 year [...]
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MetLife Bank is offering a promotional 12 month CD with 2.25% APY. Minimum balance on this promotional CD is $25,000 or more.
Some details on the CD:
The CD can be opened by mail, phone, or via the internet
It can be funded by check wire or ACH
When you apply, you have 15 days to fund the [...]
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Posted under [
Savings ] on September 3, 2009
1st Constitution Direct has a special internet only savings promo on their high yield online savings account. With this internet only promotion, you can get 2.05% APY locked in for the first 3 months, after which it switches to a variable rate. The current variable savings rate is 1.95% APY.
In order to qualify for this [...]
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American Express has recently begun offering savings and CD products, only available online through their website. From what I can tell, they started offering banking products to qualify for bailout money.
They used to have a savings account called the “savings accelerator” which was connected to one of their credit cards. This new savings account is [...]
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State Farm is well known for their insurance division, but they also have offer banking services through State Farm Bank, which does not have physical branches and is primarily an online bank, with direct customer interaction through state farm agents.
State Farm has various CDs with terms ranging from 3 months to 5 years. Their rates [...]
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EverBank is offering a 3 month promotional rate at 2.51%, which is one of the highest money market rates currently available. This 3 month promo rate is only good for new customers and only applies to balances up to and including $50,000 in the Yield Pledge Money Market Account, and up to $100,000 in the [...]
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Many of you may know H&R block as the tax preparation service. But H&R also has a bank that accepts online deposits, with certificate of deposits, savings accounts, and checking accounts.
The best CD rate they are offering is a 1 year CD at 2.00%. Minimum deposit is $250. The rest of their CD rates are [...]
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Third Federal Savings & Loan has several high long term CD rates available online. Their current CD rates include:
6 month CD – 1.40%
12 month CD – 1.65%
18 month CD – 1.75%
24 month CD – 2.00%
30 month CD – 2.25%
36 month CD – 2.50%
48 month CD – 3.00%
60 month CD – 3.25%
72 month CD – 3.50%
Minimum [...]
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GiantBank is an online only division of Landmark Bank, NA. Because the bank is entirely online, they are able to offer some of the best CD rates, savings accounts, and money market rates.
They offer a wide range of products including small business CDs, business money market, and business interest checking accounts.
Their small business CD rates [...]
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Univest Direct is a division of Univest National Bank and Trust Co. They’ve got some decent rates on CD and savings, but nothing spectacular.
They have an interesting product called the 3D Certificate of deposit. Each year that you have it it yields a different rate. Year 1 yields 1.40%, Year 2 yields 1.85%, and year [...]
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Citibank, one of the mighty banks that almost went bankrupt during the financial crisis, needs your deposits! Do your part for the American economy and keep your money in Citi’s coffers. Don’t worry – Citibank is “too big to fail.” Seriously though if you’re still worried, just make sure to keep your deposits under the [...]
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Posted under [
Savings ] on July 4, 2009
For those of you who currently have banking accounts with Chuck, here are the current bank rates.
Certificate of deposits ($1000 minimum deposit):
3 month CD – .50%
6 month CD – .80%
1 year CD – 1.20%
18 month CD – 1.35%
24 month CD – 1.60%
36 month CD – 1.70%
48 month CD – 1.80%
60 month CD – 2.00%
Their high [...]
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Posted under [
Savings ] on June 27, 2009
Amboy Direct is offering 1.51% APY on balances over 3,000 in their online eSavings account. This savings account also includes a $50 bonus for new customers.
Balances under 300 will earn no interest, and balances under 3000 will earn 1.01% APY. In order to qualify for the $50 bank bonus, you must maintain 3,000 balance in [...]
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2.25% Money Market Bonus Rate at EverBank
APY Savings Account at Ally (2/15/2010)
1.16% APY with WTDirect Savings Account
5% Cashback Rewards with Discover More 
