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 26, 2008. 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.
| Bank | p.a. | Account-opening bonus? | Notes |
|---|---|---|---|
| ERBonline Savings Account | 6.75% | Elders Rural Bank's online account. | |
| EasyStreet EasySavings | 6.71% | An Australian online-only bank. | |
| AMP eASYSAVER | 6.55% | AMP's online-only account. | |
| dragondirect directsaver | 6.50% | St. George Bank's online-only account. | |
| ING Direct Savings Maximiser | 6.40% | Australian version of the multinational Netherlands-based ING Direct. Similar to their numerous other international offerings. Has a very good reputation. | |
| Citibank Online Cash Manager | 4.00%* | Pays 4.00% for balances under $100,000; 6.15% if between $100,000 and $250,000; and 6.25% if $250,000 or over. Citibank's online-only account. Includes an ATM card, which is free in Australia, $4 per use elsewhere. Maximum of two fee-free withdrawals per month by any method; $2 per withdrawal after that. | |
| HSBC Online Savings Account | 0.50%* | Pays 0.50% if your balance is under $5000; 5.35% if between $5000 and $500,000; and 6.40% if $500,000 or over. 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 26, 2008. Interest is credited monthly for all accounts.
| Bank | Rate | Account-opening bonus? | Notes |
|---|---|---|---|
| Citizens Bank Ultimate Savings Account | 4.00% | Canadian brick-and-mortar bank. Includes an ATM card with four free transactions per month. | |
| ING Direct ISA | 3.65% | 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 | 3.55% | 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 26, 2008. Interest is credited monthly and all are no-notice savings accounts.
| Bank | p.a. | Account-opening bonus? | Notes |
|---|---|---|---|
| ASB FastSaver | 7.75% | NZ brick-and-mortar bank with an online account. Current rates are here. | |
| BankDirect Savings | 7.75% | Online-only bank. One free withdrawal per month. | |
| Kiwibank Online Call | 0.00%* | Pays no interest unless balance is at least $2,000. Pays 7.70% if balance is $2000 or greater, or 8.20% 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 December 4, 2006. Interest is credited monthly for all accounts, and they have no fixed saving period.
| Bank | p.a. | Account-opening bonus? | Notes |
|---|---|---|---|
| HSBC Direct | 1.50% or 3.00%* | Choice of keeping savings in Taiwan Dollars (at 1.50% p.a.) or in U.S. Dollars (at 3.00% 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 26, 2008. 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.
| Bank | AER | Account-opening bonus? | Notes |
|---|---|---|---|
| Egg Savings Account | 5.50% | A UK online-only bank. | |
| CapitalOne Internet Savings | 5.40% | UK version of the multinational US-based CapitalOne. Presumably similar to their US High Yield Savings account. | |
| Alliance Leicester Online Saver Issue 2 | 5.25%* | Higher rates for very high balances: 5.50% for £25,000 to £50,000, and 5.75% for £50,000 to £100,000. Interest is credited annually, on September 1. Maximum account balance is £100,000. | |
| ING Direct | 5.15% | UK version of the multinational Netherlands-based ING Direct. Similar to their numerous other international offerings. Has a very good reputation. | |
| Halifax Web Saver | 5.01% | Slightly higher rates for high balances: 5.05% for £5,000 to £25,000, and 5.10% for £25,000 and over. Interest is credited annually, on the anniversary of account opening. | |
| Abbey eSaver | 4.90%* | Pays a 0.5% bonus for the first 12 months. Higher rates for very high balances: 5.00% for £50,000 to £100,000, 5.20% for £100,000 to £200,000, and 5.55% for £200,000 and over. |
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