Savings Account Rates Updated

Version of Original Post Below

The rates on this page are current as of the dates specified below. Rates are low right now, but they’ll rise as the economic crisis eases. For more information about these banks, please see the 1,700+ comments that follow this list.

I’ve heard a lot of people mention their online high-yield savings account, but I’ve never bothered to look into them. It occurred to me today that it’s ridiculous to keep my “web money” in a no-yield checking account at Wells Fargo. As my blog revenue grows, I’m throwing away money by not having my savings someplace that pays. So how does one find the highest interest savings accounts?

I did some research. I searched on Google for “high yield savings account” and “money market account” and followed promising links (and ads) from the search results. Here are the offers that I was able to find with minimal digging. All of these accounts are FDIC insured and, unless otherwise noted, can link to other bank accounts (your local credit union, for example). CD Rates are maintained on a separate page.

Right now savings & money market rates are within close range of CD rates, and companies are offering savings or MMA rates higher than many CD rates – without locking you in for the term of the CD.

Based on anecdotes from GRS readers, the first group of banks offer excellent customer service, great rates, and a good user interface:

  • Ally Bank High Yield Online Savings Account offers a 0.99% APY (Rate as of December 19, 2014) with no minimum balance and no monthly fees. Ally Bank was rated as “Best Online Bank” by Money Magazine in both 2012 and 2013. They have a heavy marketing campaign going right now so you have probably seen their ads stating, “You can also depend on no monthly fees, no minimum balances or deposits, and no sneaky disclaimers.”
  • CIT Bank offers 1.00% APY on deposits of $25,000 or above and 0.95% APY for all deposits between $100-$24,999 for their CIT Savings account. Henry Ittleson founded CIT in 1908 to provide financing for businesses. Throughout the 20th century, CIT continued to grow, expanding into many business sectors. CIT Bank is an FDIC-insured institution, and offers CDs, savings accounts and custodial accounts to small businesses and consumers. Rate as of December 19, 2014.
  • Barclays Online Savings Account offers a 1.00% APY . (Rate as of December 19, 2014) Barclays requires no minimum balance, and there are no monthly fees. They also advertise interest is compounded daily. Barclays is a large bank, that has been around for over 300 years, and operates in 50 different countries. Barclays and GE Capital Bank for Money Magazine’s Best Savings Account of 2013.
  • GE Capital Bank Online Savings Account offers a 1.05% APY with no minimum balance.  Using a model favored by other top online banks, GE Capital Bank is leveraging its low overhead to offer some of the most attractive terms available today. Chartered in Utah, GE Capital Bank offers an online savings account with no transaction fees and a highly competitive rate.  Rate as of December 19, 2014.
  • Mutual of Omaha Bank offers 0.85% APY on balances from $5,000 – $500,000 on its Online Money Market account. A name more associated with insurance than banking, with such a competitive rate this isn’t one to be written off – and it includes free online banking and bill pay, as well as a national network of free-to-use ATMs. Rate as of December 19, 2014. Rate in Nebraska.
  • Capital One 360 offers 0.75% APY on their Savings Account with no minimum balance and no monthly fees. Rate as of December 19, 2014.
  • FNBO Direct High Interest Online Savings Account offers a 0.75% APY, the minimum balance to open an account is $1.00 and no monthly fees. FNBO was named best online savings account by Kiplinger’s Personal Finance magazine. FNBO has also been rated as one of the safest of the major online banks according to a study by Rate as of December 19, 2014.
  • EverBank Yield Pledge Money Market Account offers, for first time account holders, a 1.40% bonus rate for the first six months, and a first year APY currently at 1.01% for balances up to and including $50k then an ongoing APY currently at 0.61% APY on their Yield Pledge money market account. EverBank is an online-only bank that has been named “Best of the Web” for 5 consecutive years by and was also named “Best of the Breed” for online banks by Money Magazine. EverBank has a $1,500 initial-deposit requirement. Rate as of December 19, 2014.
  • SallieMae Online High Yield Savings Account offers a 0.80% APY with no minimum balance and no monthly fees and daily compounded interest. SallieMae is best known for originating, servicing and collecting on student loans, and while they have a very competitive rate on the SallieMae high yield savings account, they also stay close to their education focus by providing a 10% match on UPromise earnings. Rate as of December 19, 2014.

    This second group of banks is also worth considering. They tend to have stiffer requirements, more hoops to jump through, or lower customer reviews. (Note: E*Trade savings accounts are being sold to Discover, as Joe noted in the comments, and they have been removed from the list):
  • Savings Square Savings Account offers 0.55% APY. $200 minimum to open. Electronic interface only. I’ve had a couple readers tell me setting up an account at Savings Square is a nightmare. Rate as of December 19, 2014.
  • Presidential Online Bank Premier Savings Account offers 0.50% APY on balances up to $35,000. Balances in excess of $35,000 earn 0.25% APY. Why rates drop as your balance goes up is a bit of a mystery. No fees, ATM access, web interface. $5,000 minimum to open. Rate as of December 19, 2014.
  • Emigrant Direct Savings Account offers 0.50% APY, no fees, web interface. No minimum. GRS readers like Emigrant Direct. Rate as of December 19, 2014.
  • Lending Club is another option, but its not like a bank. Lending club works by people requesting personal loans between $1,000-$35,000, while others fund (fully or partially) them based on criteria provided by Lending Club. Although this option isn’t as safe as a traditional bank as it lacks some of the protections afforded to traditional savings accounts by FDIC insurance, lending club offers yields above today’s deposit rates. Projected returns for grades A-C 4.74% – 7.98%. Rate as of December 19, 2014

You can also seek to find the best high interest savings account through exploring numerous bank rates blogs, such as, which cover different bank deals on a near-daily basis, from both local as well as national banks.

The rate of personal savings has been increasing recently, even despite low rates. A reader sent in a story about online banks last November, but that discussion was specifically about customer service. I’d like to hear from people who use one (or more) of these banks and can tell me more about the features. Which one should I choose and why?

You may also be interested to learn about rewards checking accounts. Also, Canadian readers should check out this article about Canadian high-interest savings accounts.

You can use the EDIE calculator to check on which types of accounts at which banks and for which amounts are FDIC insured. Do your homework and choose an online savings account that works for you.

Have you been able to find savings or money market account rates that are even better than the ones listed here? If so, please let us know. Don’t forget to include all the details: name of the bank, state, rate, when you opened this account with this rate and whether one can you open an account online or have to come in person. I’d like to find the best possible savings account rates and money market rates to share with Get Rich Slowly readers. Rates are low right now, but they’ll rise as the economic crisis eases. For more information about these banks, please see the 1,700+ comments that follow this list.

GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, and more.