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 until you need it. Transfers between your checking and online accounts are done electronically, taking 2–5 business days.
I only list accounts that:
Since I live in the U.S., I tend to know less about the accounts in other countries. If you have any particular information you think should be here, or know of accounts meeting the criteria that I haven't listed, please email me! Or you might be looking for the U.S. online savings accounts page.
The information in the table below was last verified January 27, 2011. Interest is credited monthly for all accounts, and all are at-call accounts. An asterisk by the rate means that there are caveats explained in the Notes.
|RBonline Savings Account||5.35%||Formerly the online account of Elders Rural Bank, which has since been split into Elders and Rural Bank.|
|EasyStreet EasySavings||5.10%||An Australian online-only bank.|
|ING Direct Savings Maximiser||5.00%||There is a higher bonus rate for new accounts for the first four months. Australian version of the multinational Netherlands-based ING Direct. Similar to their numerous other international offerings. Has a good reputation.|
|St. George Direct Saver||4.60%||There is a higher bonus rate for new accounts for the first four months.|
|AMP eASYSAVER||4.30%||AMP's online-only account.|
|Citibank Online Cash Manager||0.10%*||Pays 0.10% for balances under $10,000; 0.15% between $10,000 and $50,000; 0.25% between $50,000 and $100,000; 1.90% between $100,000 and $250,000; and 2.00% for $250,000 and over. Includes an ATM card. Maximum of two fee-free withdrawals per month by any method; $2 per withdrawal after that.|
|HSBC Online Savings Account||0.05%*||Pays 0.05% if your balance is under $5000; 0.75% if between $5000 and $50,000; 1.75% if between $50,000 and $500,000; and 3.50% if $500,000 or over. Minimum $2000 to open account (no minimum after opening). Includes an HSBC ATM card, which is free at HSBC Australia ATMs and 5 times/month at non-HSBC ATMs in Australia, and $4.50 for ATMs outside of Australia (see the fees and charges list for details).|
The information in the table below was last verified January 27, 2011. Interest is credited monthly for all accounts.
|ING Direct ISA||1.50%||Canadian version of the multinational Netherlands-based ING Direct. Has a bank card with four free transactions per month. The online interface and customer service have a good reputation.|
|Manulife Bank Advantage Account||1.50%||Includes checkwriting privileges and an ATM card. Checkwriting is free; ATM withdrawals have a transaction charge.|
The information in the table below was last verified January 27, 2011. Interest is credited monthly and all are no-notice savings accounts.
|ASB FastSaver||3.65%||NZ brick-and-mortar bank with an online account. Comes with an ATM card.|
|BankDirect Savings||3.65%||Online-only subsidiary of ASB. Comes with an ATM card.|
|Kiwibank Online Call||0.00%*||Pays no interest unless balance is at least $2,000. Pays 3.75% if balance is $2000 or greater, or 4.35% in months where no withdrawals are made. NZ brick-and-mortar bank with an online account.|
The information in the table below was last verified January 27, 2011. Interest is credited monthly for all accounts, and they have no fixed saving period.
|HSBC Direct||0.32% or 0.10%*||Choice of keeping savings in Taiwan Dollars (at 0.32% p.a.) or in U.S. Dollars (at 0.10% p.a.). The Taiwan-Dollar account includes a fee-free ATM card. This is the Taiwan (Republic of China) offering of global banking giant HSBC.|
The information in the table below was last verified January 27, 2011. Interest is credited monthly, unless noted, and all are instant (no-notice) savings accounts. An asterisk by the rate means that there are caveats explained in the Notes.
|ING Direct||0.50%*||New customers get a much higher 2.80% AER for the first 12 months. UK version of the multinational Netherlands-based ING Direct. Similar to their numerous other international offerings. Has a good reputation.|
|Santander eSaver||0.50%*||New customers get a much higher 2.75% AER for the first 12 months. Formerly Abbey Bank.|
|Egg Savings Account||0.50%*||New customers get a much higher 2.50% AER for the first 12 months. A UK online-only bank.|
|Halifax Variable Rate Web Saver||0.10%*||Slightly higher rates for high balances: 0.15% for £5,000 to £25,000, and 0.20% for £25,000 and over. Can get a slightly higher 0.25% rate if a cash card is requested. Interest is credited annually, on the anniversary of account opening.|
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.