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Online Savings Accounts – Reviews and Comparisons

Saturday, 24 December 2011


Why Go Online?

Opening an online savings account is a great way to earn some extra money on your cash balances. Most of these accounts are designed to “piggy-back” onto your existing checking accounts through quick and easy online funds transfers. You can use my Ultimate Rate Chaser Calculator to estimate how much extra easy money you’ll be earning by switching to one of these accounts. Chances are your current checking account pays next to zero interest. Just type in 1 day for “days of lost interest” if you aren’t sure.

Best Rates, If You Meet Requirements

  • Summary: 0.90% APY and a new bank which is slowly adding different deposit products.  American Express is well know for being a trusted credit card issuer and having excellent customer service.
  • Summary: 0.90% APY, $500 minimum balance to earn interest. No minimum balance fees.

Best No-Hassle Savings Accounts

While the following list isn’t exhaustive, these are the more well-known ones withno minimum opening value, no minimum balances, and no monthly fees. In other words, the most simple and hassle-free accounts that still earn you some extra cash with little effort.
  • Summary: 0.89% APY, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts
  • Ally Bank Reviews
  • Summary: 0.85% APY, $1 to open, no monthly minimum balance, links to up to 3 external bank accounts
  • One of the very first high-yield online savings accounts. Although their rates aren’t the highest anymore, lots of people still like them due to their good customer service, easy application, and being around successfully for so long (for an internet bank).
  • ING Direct Account Information Page
  • Summary: 0.70% APY, $1 to open, no monthly minimum balance, links to up to unlimited external bank accounts
  • FNBO Direct Review

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