Do you have a high yield online savings account yet? If you aren’t sure why you need one you can check out 9 Reasons You Need An Online High Yield Savings Account that I wrote a little while back.
To get you started here are some popular online high yield savings accounts:
ING Direct
- Minimum to open: $1
- Amount needed to maintain rate: None
- Fees: None
- FDIC Insured: Yes
HSBC
- Minimum to Open: $1
- Amount needed to maintain rate: None
- Fees: None
- FDIC Insured: Yes
- Minimum to Open: $0
- Amount needed to maintain rate: None
- Fees: None
- FDIC Insured: Yes
- Minimum to open: $1
- Amount needed to maintain rate: None
- Fees: None
- FDIC Insured: Yes
- Minimum to open: $1
- Amount needed to maintain rate: None
- Fees: None
- FDIC Insured: Yes
- Minimum to open: $1
- Amount needed to maintain rate: $1
- Fees: None
- FDIC Insured: Yes
You can see that these accounts are very similar. If you want to open an account with one read through their terms carefully and see which bank best fits your needs.
What other online high yield savings accounts do you know of?
Please see my Bank Rates page for rates.
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{ 6 comments… read them below or add one }
I’ve been a loyal ING Direct customer since 2004. Great product.
the weakonomist’s last blog post..What Happens When The Banks Pay Back TARP Money?
@ Weakonomist – I’ve been with ING for about that long too! No complaints.
Same here – ING since 2004! Although… I do have an HSBC account for emergency savings.. shh – don’t tell anyone
ING is by far the easiest interface, but HSBC has a local branch and they pay a higher yield.
Joe Morgan’s last blog post..MSNBC Thinks U.S. Fidelis Auto Warranty is a Scam Too! (Video)
@ Joe – There’s nothing wrong with having more than one account!
I dont get why no one ever mentions ShoreBank Direct. I have been trying to figure it out since I opened an account with them a few months ago. If anyone knows something about them that I dont, please let me know. Their info is:
* Savings Rate: 2.45% APY*
* Minimum to open: $1
* Amount needed to maintain rate: None
* Fees: None
* FDIC Insured: Yes
Jesse’s last blog post..PayPerPost v4.0 Alpha
@ Jesse – It could be marketing. I can’t say I’m familiar with Shore Bank but I’ll check it out!