in your RSS/feed
reader.
Online savings accounts are accounts you access entirely on the internet (though some have ATM cards). Since this saves the bank money, they often pay higher interest rates. Transfers between your checking and online accounts are done electronically, taking 2–5 business days.
For approximately once-per-month notices of rate changes, check the
news page, or subscribe to the
feed in your RSS/feed
reader.
I only list accounts that:
The information in the table below was last verified June 18, 2009. Interest is credited monthly for all accounts.
| Bank | APY | Account-opening bonus? | Notes |
|---|---|---|---|
| Shorebank Direct Online Savings | 2.05% | Online account of ShoreBank, a Chicago-based community development bank. | |
| iGObanking | 2.02% | — | |
| CNB Bank Direct High Yield Savings | 2.00% | Online account of Citizens National Bank, a small but established bank in Ohio. New offering (since September 2008). | |
| Apple Bank Grand Yield Direct | 1.80% | Note: Has a minimum $2,500 initial deposit (but no minimums after account opening). Let me know if the $25 promo works (or not). | |
| FNBO Direct | 1.65% | — | |
| Emigrant Direct | 1.55% | Account holders can apply for a no-annual-fee credit card with 1.40% cash back if your average balance for the past 6 months is over $10,000, or 0.50% cash back otherwise. | |
| HSBC Direct | 1.55% | Comes with an HSBC ATM card. Their account-opening process is lengthier than most, involving several pieces of snail-mail, and takes 2–4 weeks total. | |
| AmboyDirect Premium Savings | 1.51% | Can only be linked to one checking account. Maximum deposit is $250,000. | |
| ING Direct Orange Savings | 1.50% | $25 if you let me refer you and you deposit $250 (I get $10) | The oldest of these online-savings accounts (since 2000); there's a book out on their history, if you'd like details. Email me (see bottom of the page) for referrals. |
| CapitalOne High Yield Money Market | 1.40% | Includes free checks and an ATM card. | |
| E*Trade Complete Savings Account | 0.95% | — | |
| VirtualBank eMoneyMarket | 0.80%* | $20 if you let me refer you (I also get $20) | Higher yields for high balances: 1.26% for $10,000-$24,999, 1.51% for $25,000-$49,999, 1.71% for $50,000-$99,999, and 1.87% for $100,000+. $100 minimum initial deposit. $5/mo inactivity fee if no activity for 12 months. Email me (see bottom of the page) if you'd like a referral. |
Here are some charts of the interest rate each account above has offered since its inception. Data points are as of approximately the middle of each month, but may be slightly inaccurate (especially the very old ones).
Detail of Historical Rates, June 2007 - June 2009
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Occasionally you might even find some of the ads useful, since some companies advertise promotional deals that aren't on their websites.
Contact: mark@pfstuff.com