Detail of Historical Rates, August 2006 - August 2008
Online savings accounts are accounts you access entirely online (although a few also offer ATM cards). Since this saves the bank money (no tellers, etc.), they pay a higher interest rate. Typically you should still keep a local checking account at a "real" bank for your normal banking, and park excess money in the online account so it has a better yield until you need it. Transfers between your checking and online accounts are done electronically, taking 2–5 business days.
I only list accounts that:
The information in the table below was last verified August 10, 2008. Interest is credited monthly for all accounts.
| Bank | APY | Account-opening bonus? | Notes |
|---|---|---|---|
| HSBC Direct | 3.50% | 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. | |
| FNBO Direct | 3.50% | — | |
| E*Trade Complete Savings Account | 3.30% | — | |
| iGObanking | 3.28% | — | |
| AmboyDirect Premium Savings | 3.05% | Can only be linked to one checking account. Maximum deposit is $250,000. | |
| ING Direct Orange Savings | 3.00% | $25 if you let me refer you and you deposit $250 (I get $10) | The oldest of these online-savings accounts (around since 2000). Email me (see bottom of the page) if you'd like a referral. |
| Emigrant Direct | 3.00% | 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. | |
| CapitalOne High Yield Money Market | 3.00% | Includes free checks and an ATM card. | |
| Apple Bank Grand Yield Direct | 2.75% | Note: Has a minimum $2,500 initial deposit (but no minimums after account opening). Let me know if the $25 promo works (or not). | |
| VirtualBank eMoneyMarket | 2.53%* | $20 if you let me refer you (I also get $20) | Higher yields for high balances: 3.05% for $10,000-$24,999, 3.30% for $25,000-$49,999, and 3.56% for $50,000+. $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. |
| AmTrust Direct e-Money Market | 1.50%* | Higher rates for higher balances: 1.75% for $25,000-$49,999, and 2.00% for $50,000 and up. Has a minimum $1,000 initial deposit (but no minimums after account opening). Can be linked to six checking accounts. $20/yr inactivity fee if no activity for 12 months. |
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, August 2006 - August 2008
I do have a few ads on here. Unlike many finance-related sites, though, I make a point to keep them from cluttering up the content too much.
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