Posted on April 08, 2013
Online Savings & Money Market Account Rates - May 19, 2013
The best online savings account rates and money market rates from United States FDIC insured banks. Learn about the offering bank and compare accounts by APR, minimum balance, and more. You can also view local savings account rates for every state and zip code in the U.S.
| Online Banks | APY | Min Bal | Max Bal | More | |
|---|---|---|---|---|---|
| Ally Bank | 0.84% | $0 | _ | ||
| No minimum deposit to open. Member FDIC. | |||||
| Discover Bank | 0.80% | $0 | _ | ||
| High Yield Savings Account. | |||||
| Amtrust Direct | 1.05% | $5,000 | _ | ||
| Barclays Bank Delaware | 1.00% | $0 | _ | ||
| CIT Bank | 1.00% | $25,000 | _ | ||
| Salem Five Direct | 0.90% | $0 | $500,000 | ||
| Sallie Mae Bank | 0.90% | $0 | _ | ||
| CIT Bank | 0.90% | $100 | _ | ||
| American Express Bank, FSB | 0.85% | $0 | _ | ||
| FNBO Direct | 0.85% | $1 | _ | ||
| ableBanking | 0.85% | $1,000 | _ | ||
| Colorado Federal Savings Bank | 0.85% | $2,500 | _ | ||
| GE Capital Retail Bank | 0.85% | $25,000 | _ | ||
| Clear Sky Accounts | 0.80% | $1 | _ | ||
| Bank of Internet | 0.80% | $100 | _ | ||
| Virtualbank | 0.78% | $100,000 | _ | ||
| Nationwide Bank | 0.76% | $1 | _ | ||
| EverBank | 0.76% | $1,500 | _ | ||
| Capital One 360 | 0.75% | $0 | _ | ||
| Amboy Direct | 0.75% | $300 | _ | ||
| New Dominion Direct | 0.75% | $50,000 | _ | ||
| First Trade Union Bank | 0.70% | $2,500 | _ | ||
| Acacia Federal Savings Bank | 0.70% | $25,000 | _ | ||
| OneWest Bank | 0.70% | $100,000 | _ | ||
| AIG Bank | 0.65% | $50,000 | _ | ||
| Savings Square | 0.55% | $1 | _ | ||
| Dollar Savings Direct | 0.55% | $1,000 | _ | ||
| Zions Bank | 0.55% | $2,500 | _ | ||
| Ascencia Bank | 0.51% | $100,000 | _ | ||
| AirBanking | 0.50% | $1,000 | _ | ||
| HSBC Advance | 0.40% | $1 | _ | ||
| Ascencia Bank | 0.32% | $7,500 | $100,000 | ||
| CNB Bank Direct | 0.31% | $1 | _ | ||
| iGobanking.com | 0.25% | $75,000 | _ | ||
| Ascencia Bank | 0.22% | $1,000 | $7,499 | ||
| Ready Saver | 0.10% | $1 | _ | ||
By: Sol Nasisi
What to Look for in a Savings Account:
FDIC Insurance – In order to secure the viability of the US banking system, the Federal government provides insurance to a maximum amount of $250,000 per individual per institution (or 500,000 for joint account holders). While all deposits (CDs, Checking, Savings Accounts) held in the same type of ownership are added together and insured to $250,000, funds held in different types of ownership (Individual, Joint, Trust, Retirement) may fall under separate FDIC insurance provisions. Please visit the FDIC's website to determine if your financial institution is insured and use its "ask Edie" program to determine your coverage limits. We recommend that you deposit savings in only FDIC insured institutions and that you do not exceed FDIC coverage limits. All bank accounts listed on BestCashCow are FDIC insured.
Liquidity – The ease of moving money in and out of a savings account on short notice.
Money Movement - The ability to easily and freely transfer money to checking accounts and/or savings accounts at other banks.
Avoiding pitfalls when opening a Savings Account:
Stability of Savings Rates - There is virtually no guarantee that a rate will not fall after you open a savings account. If you require greater certainty that your rate will last for a given period of time and believe that short term interest rates are not likely to increase soon, you may be better off investing in short term certificates of deposit.
Introductory rates – Some banks, particularly online banks, offer promotional rates to open an account which is only good for first time account holders for a certain period of time.
Minimum Balances – Banks often offer higher savings account rates if you deposit a larger amount of money. This is particularly true of brick-and-mortar banks and not as true for online banks.
High transaction fees - Banks can sometimes charge high transaction fees for transferring money between banks more than a certain number of times.
