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Online savings account | High yield savings account

Published 1/15/08 (Modified 6/9/15)
By MoneyBlueBook

The high yield savings account and money market annual percentage yields (APY) listed below are current (verified as of the date provided). APY interest numbers can change not only after every major interest rate move by the Federal Reserve, but at other times as well. Keep in mind that online savings and money market account rates do fluctuate and check back often to ensure you are getting the highest rate.

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For those who want to know my short list of the best online banks that offer the best yield interest rates for savings and checking accounts, here they are. All of the top online banks I list here provide very competitive online banking features and back their websites up with commendable customer support. Some products below may require minimum balance to earn APY, be sure to check bank website for requirements. The following are all highly recommended by fellow high yield savings and money market account seekers*:

  1. Ally Bank Online Savings Account - for 0.99% APY Rate as of 6/08/2015.
  2. Capital One 360  360 Savings - 0.75% APY Rate as of 6/08/2015.
  3. FNBO Direct Online Savings - 0.75% APY Rate as of 6/08/2015.
  4. Mutual of Omaha Bank Online Money Market - 0.85% APY for balances between $1,000 - $1,000,000 and Rate as of 6/08/2015
  5. Lending Club - Historical returns by grade A-C for Lending Club notes are between 5.06% to 8.74%. Lending Club is definitely a rather impressive high yield interest rate alternative to traditional online banks. However note your funds are not federally insured. Historical returns by grade A-C as noted on Lending Club website on 6/08/2015.
  6. Sallie Mae Money Market Account - 0.90% APY Rates as of 6/08/2015.
  7. Dollar Savings Direct Dollar Savings Account - 0.55% APY $1,000 account balance minimum. Rates as of 6/08/2015.

*These rates are subject to change at any time by the respective banks. Check the banks website for current rates, fees, terms and additional information before applying.

Interest Rate Chasers and Choosing A High Yield Savings Account There's an interesting breed of savvy savers called high yield interest rate chasers that are continuously on the hunt for the best interest rates. However, although it is very important, I don't think high interest rates alone should be the sole determining criteria when deciding where to do your banking. Thus you don't need to immediately go nuts and jump ship whenever your bank drops your interest rate by a few decimal points. There are other quality factors worth taking into consideration and evaluating such as - reliability, customer service, website interface ease of use, brand name reputation, availability of brick and mortar branches, and consistent history of offering high rates. Just for the record, the vast majority of my cash is invested in the stock market, but what little cash I have is stashed in my Citibank Ultimate Savings Account. It doesn't offer the highest APY interest rate out there, but Citibank has always offered reliable and satisfactory service, with the added convenience of brick and mortar branches. Of course, with the growth of online banking and the stiff competition among online banks for high yield banking customers, I will likely expand my high interest savings account options very soon.

The online banks listed below are sorted in no particular order. I've chosen to leave out some regional banks as well as several established institutions like JP Morgan Chase Bank, Wells Fargo, and Bank of America for various reasons. Many of them either offer terrible interest rates for their savings and money market accounts, or their top rates require too high of a minimum account balance to achieve (frequently more than $100,000). Below, I've also provided information such as the minimum initial deposit required to open an account. All of the online banks listed below, with the exception of P2P social lending sites, have indicated that they are fully FDIC insured, which means all customer bank accounts are protected against catastrophic bank failure and financial loss up to a fairly substantial amount, backed by the full faith and credit of the United States government. As we should all be well aware at this point in time, due to the near rock solid FDIC insurance coverage that they provide, checking, savings, and certificate of deposit (CD) accounts invested at traditional and high interest online banks are the safest places to put your money during turbulent economic times. At the same time, those looking to diversify their holdings for greater interest rate returns, but still enjoy similar semblances of protection may want to check out a number of savings account alternatives available out there. List Of The Top High Interest Savings and Money Market Accounts.

Rates as of 6/08/2015, unless otherwise noted.

Bank Name APY Rate* Min. Initial Deposit Notes and Review
Lending Club TBD $1 Lending Club Review
EverBank-Money Market 0.61%* $1,500 EverBank Review
Ally Bank-Online Savings 0.99% $1 Rate as of 6/08/2015
Dollar Savings Direct 0.55% $1,000 Dollar Savings Direct
Savings Square
0.50% $200 Review pending
iGO Banking 1.00% $1 iGOsavings
American Express 0.90% $1 High Yield Savings
Capital One Bank 1.10%* $5 Essential Savings
FNBO Direct 0.75%* $1 Online Savings
Synchrony Bank 1.05% $1 High Yield Savings
Capital One 360 0.75% $1 360 Savings
Mutual of Omaha Bank Online Money Market 0.85% $5,000 APY for balances between $1,000 - $1,000,000
Bank of Internet USA
0.75% $100 Money Market Savings Account
Barclays Online Savings
1.00% $1 Rate as of 6/08/2015
0.80% $5,000 Money Market Account
Sallie Mae MMA 0.90% $1 Money Market Account

*Additional Notes:

These rates and terms are subject to change at any time by the respective banks. Check the banks website for current rates, fees, terms and additional information before applying.

*Everbank high yield money market account. For first time account holders, new account bonus rate for Yield Pledge Money Market Account for account balances up to $50,000 – 1.40% for the first six months, first year APY currently 1.01% and an ongoing APY currently at 0.61%.

*Capital One Bank 1.10% APY for for balances between $10,000.01 - $1,000,000 introductory APY for the first 6 months for new savings customers.

*FNBO Direct Minimum deposit to open an account is $1.00. Maximum principal deposit balance: $1,000,000.

Please let me know if there are any other better high interest online banking and savings account deals out there! I'm also interested in keeping abreast of the best CD rates in the market as well.

Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.

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56 Responses to “High Yield Savings Account | High Interest Savings Account | Savings Account Rates” 

  1. Steve says:

    Hi this is a great resource. However I noticed on WT that after 60 days if you have less than 10,000 in that account it jumps down to a variable rate of 0.50%

    "After the first 60 days, the APY for the account will have two tiers: (a) a higher APY for accounts with balances of $10,000 or more (variable and currently 3.31% APY); and (b) a lower APY for accounts with balances of less than $10,000 (variable and currently 0.50% APY)."

  2. Steve says:

    Nevermind, I scrolled down and saw that you had posted that information already.

  3. Cherm says:

    good comments and info. Question; How much should I let a banks star rating affect my decision of where to bank for an online savings account? Should a 2 star bank rating with a 4.0 int. rate (Dollar Savings Direct) be a wiser banking decision than a lower interest yet higher star rating (GMAC Bank)? Is it safe? With the rocky economy how important is the star rating of a bank? Just curious on some thoughts.

  4. Chris says:

    I went with venturebankdirect.com for my online savings account. Their rate is 3.6% APY with no minimum balance. The account was easy to set up and no delay in crediting my account with my funds.

  5. Danielle Buck says:

    Why isn't GMAC on here.? They appear to have higher rates. Are there issues regarding GMAC since the bail out?

  6. Marcus says:

    Thanks for the tip Chris, I checked out Venture Bank Direct and have been happy so far. They added an online checking account which is a big plus for me. Makes for easy access.

  7. Frank says:

    what about www.dollarsavingsdirect.com?

  8. Kara Sims says:

    How did you come up a list of what you believe to be the best savings banks? I'm looking for a high yield savings account with high interest rates, with unlimited ACH transfers (since I transfer large sums of money), and with good reliability. I don't want an online savings bank like GMAC or Countrywide or some other ones one there who may not be there tomorrow due to the credit crisis and financial troubles.

    Looks like Everbank or Etrade Savings Bank above are going to be my best bet in terms of a high yield savings account. What do you think?

  9. RSB says:

    Can a non-profit orginization apply for high interest bearing account in any bank in this List Of The Top High Interest Savings and Money Market Accounts above?

  10. Raymond says:


    Of course, simply open the high yield savings account or money market account with your business ID top start up a business account.

  11. Teresa says:

    Back to the non profit question...

    We have a non profit that does work in Africa. We are looking for a place to stash our small endowment- so far the high yield on line savings banks we have checked with have rejected our application b/c we are considered a business. Any suggestions???

  12. Gordon says:

    Here's an update on Countrywide Bank: in Dec. 2007 the rate was 5.3%, then each month there after it was: 5.14%,4.26%,4.63%,4.12%,4.03%,3.9%,3.72%,3.58%, I guess you can see where this is going, last month at the end of Jan 2009 it was 1.17%. I'm looking to transfer my funds to a higher yeilding bank. Countywide did, however, have very good on-line transfers of funds between banks, all electronic.

  13. Patrick says:

    iGo Banking

    This has not been a good experience for me. The online application process was easy enough; the e-mail progress updates were helpful. They did a soft credit pull to verify my identity and then posted the trial deposits and withdrawal to my account successfully. Then out of the blue they stopped the application process and asked for substantial additional information via snail mail. I've opened many online bank accounts before and have never been put through the hoops like with this bank. My credit is excellent, so that was not the issue. I have since canceled my application with iGo and have decided to open an account with another bank, and there are countless others to choose from. This wasn't worth my effort. I hope this information is helpful to you.

  14. BankFiesta says:

    ING rates have been down recently, need to switch to GMAC, I guess?

  15. Bob says:

    A caution regarding iGo Banking: Easy to get money into it, hard to get money out of it.

    The bank has crazy, confusing restrictions regarding withdrawals from its internet savings account.

    For example, you're (no surprise) welcome to deposit all the money you want into the account. But you are limited to withdrawing only $50,000 a month; any money north of that is held hostage by iGo.

    Not an issue to you? Well, you also can withdraw only $15,000 per day. And the bank charges for some withdrawals.

    The bank also takes days to get around actually doing the transfer--it withdraws the money and stops paying interest, but it takes days for the money to show up in the bank receiving the transfer.

    The bank's customer service is the worst of any online bank I've dealt with. So proceed with caution before banking with iGo.

  16. Eric says:

    The best rates always seem to be through clearskyaccounts.com

    I switched a lot of my spare cash to them about 6 months ago and they have ALWAYS been in the top 3 for interest rates. Their customer service is good although I will say it took them a little while to get the account set up initially and transferring money into or out of the account can take up for 48 hours but when everyone else's interest rates are sitting around 2.5% theirs are over 3.0% so I'm pretty happy with where my money is. They're part of chesapeake(SP?) bank which has been well established for many years and seem to be very attentive to their customers needs.

  17. Jennifer says:

    Teresa: I don't know if you'll get this, but ING Direct offers business savings accounts now, and the interest rate as of today is 1.5%. The one thing that they require is a link to a business checking account, and of course the paperwork proving that you're a business.

    I'm personally hesitant to switch from ING, but those other rates are looking REALLY good. I've been so happy with their customer service and their OPT-IN privacy policy (they won't share your info unless you tell them it's ok). Shore Bank rates are looking good today (2.8%)... any other experience other than the rep from Shore Bank?

  18. Jasen says:

    Hi All,

    Thanks for all the great information to read. I have been doing a lot of research myself, trying to find not only a great rate but a stable bank. Currently I'm using ING but as of lately their 1.6 percent isn't looking so great. I investigated Doralbankdirect.com and 1stconstitutiondirect.com. Each of them had a 5 and 4 star rating from that bank rating site. Currently Doral offerst 2.25% APY and 1st constitution 2.95% for 3 months then 2.5% adjustable. Anyone have any information on them or any thoughts!


  19. Tanza says:

    Have you guys tried out Lending Club...the link's near the top of the blog post. 9.05% APY is just astounding. Yes it's not an online bank per se, but looks like if you stick with the highest rated loans, its good as golden. Has anyone tried to see if this Lending Club site can be used as a high yield savings account replacement in larger dollar quantities. Like I'm not talking about just a few thousand dollars invested into Lending Club loan assets...but like into the six figures.

    Only downside is that LC's pretty strict on who they accept into their little club!

  20. HyungKim says:

    Tanza-I have a Lending Club account. It's not an online bank but more like a P2P (peer to peer brokerage account) that matches loan investors with loan borrowers. It requires you to do a bit more work than a traditional bank account but the interest rate you can get is definitely much higher than that of high yield savings or CD deposit. They say 9% yield annually is average and that looks about right. I guess your LendingClub rate of return really depends on how much risk and how much you are willing to bet. If you are conservative, it may be less, but if you are more aggressive, you may be able to get a much higher interest rate yield on your Lending Club loans. Overall, I've had a good Lending Club experience as a lender. I feel good about loaning money to people who need the funds and as an investor, I get a good rate of return. I've only lent about $1000 so far but I may increase the amount if things continue well for me. But yes, they are rather stringent on who they accept as an investor. You have to meet a certain income threshold to qualify. Prosper is another P2P...I don't have an account with them but I'm not sure, but I hear that they are no longer accepting investors? Correct me if I'm wrong. Good luck

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