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Online savings account | High yield savings account

Published 1/15/08 (Modified 6/9/15)
By MoneyBlueBook

The high yield savings account and money market annual percentage yields (APY) listed below are current (verified as of the date provided). APY interest numbers can change not only after every major interest rate move by the Federal Reserve, but at other times as well. Keep in mind that online savings and money market account rates do fluctuate and check back often to ensure you are getting the highest rate.

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For those who want to know my short list of the best online banks that offer the best yield interest rates for savings and checking accounts, here they are. All of the top online banks I list here provide very competitive online banking features and back their websites up with commendable customer support. Some products below may require minimum balance to earn APY, be sure to check bank website for requirements. The following are all highly recommended by fellow high yield savings and money market account seekers*:

  1. Ally Bank Online Savings Account - for 0.99% APY Rate as of 6/08/2015.
  2. Capital One 360  360 Savings - 0.75% APY Rate as of 6/08/2015.
  3. FNBO Direct Online Savings - 0.75% APY Rate as of 6/08/2015.
  4. Mutual of Omaha Bank Online Money Market - 0.85% APY for balances between $1,000 - $1,000,000 and Rate as of 6/08/2015
  5. Lending Club - Historical returns by grade A-C for Lending Club notes are between 5.06% to 8.74%. Lending Club is definitely a rather impressive high yield interest rate alternative to traditional online banks. However note your funds are not federally insured. Historical returns by grade A-C as noted on Lending Club website on 6/08/2015.
  6. Sallie Mae Money Market Account - 0.90% APY Rates as of 6/08/2015.
  7. Dollar Savings Direct Dollar Savings Account - 0.55% APY $1,000 account balance minimum. Rates as of 6/08/2015.

*These rates are subject to change at any time by the respective banks. Check the banks website for current rates, fees, terms and additional information before applying.

Interest Rate Chasers and Choosing A High Yield Savings Account There's an interesting breed of savvy savers called high yield interest rate chasers that are continuously on the hunt for the best interest rates. However, although it is very important, I don't think high interest rates alone should be the sole determining criteria when deciding where to do your banking. Thus you don't need to immediately go nuts and jump ship whenever your bank drops your interest rate by a few decimal points. There are other quality factors worth taking into consideration and evaluating such as - reliability, customer service, website interface ease of use, brand name reputation, availability of brick and mortar branches, and consistent history of offering high rates. Just for the record, the vast majority of my cash is invested in the stock market, but what little cash I have is stashed in my Citibank Ultimate Savings Account. It doesn't offer the highest APY interest rate out there, but Citibank has always offered reliable and satisfactory service, with the added convenience of brick and mortar branches. Of course, with the growth of online banking and the stiff competition among online banks for high yield banking customers, I will likely expand my high interest savings account options very soon.

The online banks listed below are sorted in no particular order. I've chosen to leave out some regional banks as well as several established institutions like JP Morgan Chase Bank, Wells Fargo, and Bank of America for various reasons. Many of them either offer terrible interest rates for their savings and money market accounts, or their top rates require too high of a minimum account balance to achieve (frequently more than $100,000). Below, I've also provided information such as the minimum initial deposit required to open an account. All of the online banks listed below, with the exception of P2P social lending sites, have indicated that they are fully FDIC insured, which means all customer bank accounts are protected against catastrophic bank failure and financial loss up to a fairly substantial amount, backed by the full faith and credit of the United States government. As we should all be well aware at this point in time, due to the near rock solid FDIC insurance coverage that they provide, checking, savings, and certificate of deposit (CD) accounts invested at traditional and high interest online banks are the safest places to put your money during turbulent economic times. At the same time, those looking to diversify their holdings for greater interest rate returns, but still enjoy similar semblances of protection may want to check out a number of savings account alternatives available out there. List Of The Top High Interest Savings and Money Market Accounts.

Rates as of 6/08/2015, unless otherwise noted.

Bank Name APY Rate* Min. Initial Deposit Notes and Review
Lending ClubTBD$1Lending Club Review
EverBank-Money Market0.61%*$1,500EverBank Review
Ally Bank-Online Savings0.99%$1Rate as of 6/08/2015
Dollar Savings Direct0.55%$1,000Dollar Savings Direct
Savings Square
0.50%$200Review pending
iGO Banking1.00%$1iGOsavings
American Express0.90%$1High Yield Savings
Capital One Bank1.10%*$5Essential Savings
FNBO Direct0.75%*$1Online Savings
Synchrony Bank1.05%$1High Yield Savings
Capital One 3600.75%$1360 Savings
Mutual of Omaha Bank Online Money Market0.85%$5,000APY for balances between $1,000 - $1,000,000
Bank of Internet USA
0.75%$100Money Market Savings Account
Barclays Online Savings
1.00%$1Rate as of 6/08/2015
0.80%$5,000Money Market Account
Sallie Mae MMA0.90%$1Money Market Account

*Additional Notes:

These rates and terms are subject to change at any time by the respective banks. Check the banks website for current rates, fees, terms and additional information before applying.

*Everbank high yield money market account. For first time account holders, new account bonus rate for Yield Pledge Money Market Account for account balances up to $50,000 – 1.40% for the first six months, first year APY currently 1.01% and an ongoing APY currently at 0.61%.

*Capital One Bank 1.10% APY for for balances between $10,000.01 - $1,000,000 introductory APY for the first 6 months for new savings customers.

*FNBO Direct Minimum deposit to open an account is $1.00. Maximum principal deposit balance: $1,000,000.

Please let me know if there are any other better high interest online banking and savings account deals out there! I'm also interested in keeping abreast of the best CD rates in the market as well.

Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.

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