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Best Online High Yield Saving Accounts

Updated on May 5, 2011

With current low interest environment, finding a good place to park your liquid asset is a necessity. Almost all the saving account in any brick or mortar bank will only provide little to no interest. Opening an online savings account is a one of way to diversify your liquid asset to earn some extra money on your cash balances. Most of these accounts are designed to interact onto your existing checking accounts. Transferring money from this online saving account is easy and one click away. If you don’t need the money immediately, you can move your money into this saving account. And when you do need it, you can transfer it right back. Typically, it only takes 1 business day for the transfer between your checking account and saving account.

The following list will provide some comparison between many different best online high yield saving accounts, also known as HYS bank account. The standard maximum insurance limits for both FDIC and NCUA-insured accounts will remain $250,000 for at least until December 31st, 2013.

The following is the list of top online bank provide online saving account with high interest rate:

  1. Redneck Bank Mega Money Market Account (MMA)
  2. Alliant CU Savings Account
  3. Capital One Costco InterestPlus
  4. Discover Bank Online Saving Account (OSA)
  5. Ally Bank Online Savings Account
  6. DollarSavingsDriect Saving Account - part of Emigrant Bank
  7. ING Direct
  8. HSBC Direct

I have an account in DollarSavingsDirect and ING direct. I prefer to use DollarSavingDirect. It has a decent web interface and easy to navigate. I also found dollarsavingsdirect as one of the best online saving account as well as top online saving bank. The money transfer between my checking account and my saving account is a brisk. Money transfer can be done within 1 business day. No issue till present. I have had this account for the past 4 years.


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