J.D. first posted this online savings account article back in March 2007, when interest rates were well over 1 percent. Since then, of course, interest rates at online banks have run under or just at 1 percent, making it hard for savers to make headway on their goals.

Our sister site, MoneyRates.com, does a quarterly analysis of savings rates, called America’s Best Rates, which shows the highest interest rates offered during the previous quarter. The rates offered by brick-and-mortar banks have tended to fall into the 0.50 percent range, while online banks have been nudging toward 1 percent. The trend for both kinds of institutions is encouraging, though, as rates are slowly improving.

For many diligent savers, the news that ING Direct was acquired by Capital One was discouraging. ING Direct became Capital One 360 on February 1, 2012.

If you’ve found a savings account that is paying a good rate, let us know in the comments. The online savings account article is updated daily with the latest savings account interest rates.

All of these accounts are FDIC insured. (You can check whether an online savings account is FDIC insured at the official FDIC institution directory.) All rates current as of dates indicated below.

Reminder: In terms of interest rates, there’s no difference between a money-market account and a savings account. “Money-market account” is simply a marketing term for high-balance/high-yield savings accounts.
  • Barclays is offering a 1.00% APY for its online savings account. There are no monthly fees or minimums either. They also offer some attractive CD Rates. (Rates as of December 11, 2016.)
  • Ally Bank currently offers a 1.00% APY online savings account with no minimums. (Rates as of December 11, 2016.)
  • Incredible Bank is offering 0.95% APY on their money market account for balances between $0 – $249,999.99. (Rates as of December 11, 2016.)
  • SFGI Direct offers a 1.06% APY savings account with a $500 minimum to open but only a $1 ongoing minimum balance to earn interest. The SFGI Direct savings account can only link to one external account. (Rates as of December 11, 2016.)
  • Discover Bank has a 0.95% APY online savings account with a $500 minimum to open. (Rates as of December 11, 2016.)
  • CNB Bank Direct pays 0.26% APY on its high- yield savings account with a $1 minimum balance. (Rates as of December 11, 2016.)
  • CIT has a savings account which offers a 0.95% APY for all deposits between $100-$24,999 and 0.95% on any deposit of $25,000 or above. CIT was founded in 1908 in St. Louis by Henry Ittleson with a mission to provide financing for businesses. Throughout the 20th century, CIT continued to grow, offering financing, lending and insurance for corporations in all sectors. CIT Bank, an FDIC-insured institution, serves consumers and small businesses with certificates of deposit, savings accounts and custodial accounts. (Rates as of December 11, 2016.)
  • Everbank offers high-yield checking, savings and money market accounts with a variety of APYs, including a one year intro rate of 1.11% APY for Yield Pledge Checking and Money Market Account holders. There’s a $5000 minimum deposit to open. Click through to learn more. (Rates as of December 11, 2016.)
  • Sallie Mae Bank has a 0.85% APY high-yield savings account with an added twist: If you use Upromise, the Sallie Mae savings account gives you a 10% rewards match. Read more here. (Rates as of December 11, 2016.)
  • GRS reader favorite SmartyPig is paying 0.80% APY for account balances up to $2,500. SmartyPig is a goal-oriented savings account that many folks love. (Rates as of December 11, 2016.)

(Rates as of December 11, 2016.)

Required Deposit Balance APY
$0.01 – $2,500 0.80%
$2,500 – $10,000 0.85%
$10,000.01 – $50,000 0.85%
$50,000 + 1.05%
  • Nationwide Bank is paying 0.50% APY with a $1,000 minimum opening balance on their Money Market Account. (Rates as of December 11, 2016.)
  • OneWest Bank has a Green Savings account that currently pays 0.40% APY for balances up to $49,999. (Rates as of December 11, 2016.)
  • Zions Bank has long had some of the top savings account APYs in the country, and their non relationship Internet Savings Account is at 0.45% APY right now. To qualify for this rate, your balance must be over $1,000. In addition you may be eligible for a higher APY if you meet the relationship qualifications. (Rates as of December 11, 2016. Rates located in New York.)
  • iGOBanking is providing a 1.00% APY with no fees and no minimums. (Rates as of December 11, 2016.)
  • Dollar Savings Direct has an APY of 0.55% with no fees and a $1,000 minimum balance. (Rates as of December 11, 2016.)
  • FNBO Direct has an 0.95% APY online savings account with a $1 minimum deposit. (Rates as of December 11, 2016.)
  • Capital One has a 360 Savings account that pays 0.75% APY. No fees and no minimums. Capital One 360 is the old ING which was the darling of the personal-finance blogosphere. I use them too. (Rates as of December 11, 2016. Rate collected within: 10025 — NY.)
  • The HSBC Advance Online Savings Account currently provides an 0.01% APY for balances up to $14,999.99. There are no monthly maintenance fees, though you do need a buck to open the account. (Rates as of December 11, 2016.)
  • Emigrant Direct offers 0.50% APY with no fees and no minimums. (Rates as of December 11, 2016.)
  • Lending Club is an alternative to investing your money in a bank. Lending club is a peer to peer lending service. You can invest in people who are requesting personal loans through lending club, and they offer a 5.12% – 7.78% return on your investment for Grades A to C. (Rates as of December 11, 2016.)
Note: I originally listed these from highest APY to lowest. If a bank offers an affiliate program, I’ve used it. Translation: Get Rich Slowly earns revenue when you open an account at some of these institutions. Affiliate opportunities played no role in the rankings above.

So, how do you choose the best savings account when interest rates are at all-time lows? Which is the best online savings account for 2015? Did I miss your favorite? Share your savings strategy in the comments below.

Note: For a more complete list of savings accounts, check out this list of savings account rates at Money Rates.

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.