Top 10 Online Savings Accounts

10.31.06 | Online Savings Accounts | 0 Comments | by junger

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In response to the popular 10 Reasons to Open an Online Savings Account, one Reddit commenter asked this simple question:

Ok, great. So what's a good online bank?

What a great question. Let's go over 10 of them.

This list is my opinion only, and geared toward people just beginning their savings.

  1. Amboy Direct
    With no minimums, no fees, $1 to open and a 5.25% APY, Amboy is the highest earning online savings account that requires little or no money to get started.
  2. AmTrust Direct
    No fees, a 5.30% APY and FDIC-insured, but $1000 minimum to open. However, you don't need to keep the $1000 in to avoid service fees - just to open the account.
  3. E-Loan
    The highest APY currently available - 5.50% - but requires a $5000 minimum to open. No fees, no monthly minimums, but if you don't have the $5000, try something else.
  4. HSBC
    A 5.05% APY, no fees, no minimums, FDIC-insured and a decent Web interface. One complaint, however, is that money transfers take longer than with other online banks.
  5. Emigrant Direct
    Emigrant offers the same APY and conditions as HSBC, but from my experience, the sign-up process is much more difficult. While I've heard that the process has improved, I haven't done it yet.
  6. ING Direct
    While ING's APY — currently at 4.40% — lags behind quite a few other options, the opportunity to get $25 free for opening an account ($250 minimum) makes it worthwhile. ING also offers $10 per referral — another great bonus.
  7. grandyielddirect
    A 5.25% APY, no minimums, no fees, $1 to open and FDIC insured.
  8. Gloucester County Federal Savings Bank
    $100 to open an account that earns a 5.09% APY. No minimums, no fees, but plenty of Jersey.
  9. Citibank
    No fees, no minimums and a 5.00% APY.
  10. Capital One
    There are no vikings here, but there is a 4.80% APY, FDIC-insured savings account. $1 to open, with no minimums and no fees.

(data pulled from

Want to learn more about any of these online savings accounts? Join in the discussion at Online Savings Forum.

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