So far in 2013, the best online savings accounts haven’t been able to provide too much on the interest rate front. However, they still remain a far better option than simply stashing your money away in a checking account. If you’re in the market for one of these this year, below are the top 50 accounts available nationwide.
They can all obviously be opened online and may also be opened over the phone. Every account we mention is FDIC insured up to $250,000. You can compare these accounts by minimum deposit requirements, interest rate, or APY. Check to see how the interest is compounded in the rate column. Usually it’s compounded daily but it could be monthly or even quarterly depending on the institution.
Top 50 Online Savings Accounts (2013 Edition)
(Rates updated daily.)
Additional Features to Consider:
Flexibility with an online savings account is crucial. You’ll want an account with limited restrictions on withdrawals and easy wiring options to add/subtract funds. You’ll also want a low minimum balance requirement (especially if you don’t plan on stashing too much cash in the account) as well as various online management tools. Visit each instituions website for more information on the accounts online tools, features terms and conditions.
We’ve taken customer service into consideration when ranking these accounts as well. Many online banks, or even online savings accounts offered by traditional brick and mortar banks try their online savings account products. So even though you’ll likely never need to speak to a representative it’s still nice to know there are actually human beings behind the screen.
Alternative High Yield Bank Accounts in 2013:
Not satisfied with the current interest rates provided on online savings accounts? There may be an alternative option for you this year.
Rewards checking accounts have been covered on BankVibe feverishly in the past and are still touted here today, but their rates like all other FDIC insured savings accounts, have diminished as well.
Rewards checking accounts will still be able to pump out higher returns than traditional online savings accounts will (usually between 3 and 4 percent annually) but they require additional actions by the consumer each month. Typically this will involve around 10 debit card transactions, a direct deposit and e-statements, though it could vary.
Word of Caution: If you’re not planning on making this account you’re primary checking account stick with an online savings account, as you’ll likely not be eligible for the high rate anyway. Read more about rewards checking accounts here.
|Pelican State Credit Union
|Kasasa Cash||4.01%||balances up to $10k||1) 15 monthly debit card transactions. 2) receive electronic statements only. 3) 1 monthly direct deposit.|
|Money One Federal Credit Union||REWARDSchecking||3.01%||balances up to $10k||1) 10 debit card purchases post and clear (ATM usage does not count toward the 10 purchases).
2) 1 Automatic Payment or Direct Deposit post and clear.
3) Receive your account statement electronically.
4) Sign in to your online banking account at least once.
|Lake Michigan Credit Union||Max Checking||3.00%||balances up to $15k||1) Direct deposit into any LMCU account.
2) Minimum of 10 debit card purchases per month.
3) Minimum of 4 logins to home banking per month.
4) Be eligible for and sign up to receive eStatements/eNotices.
|Consumers Credit Union||Rewards Checking||3.09%||balances up to $5k||1) 12 monthly debit card purchases. 2) 1 Direct Deposit. 3) Sign-up to receive e-statements.|
|Capital Educators Federal Credit Union||High Yield Checking||2.50%||balances up to $10k||1) 12 monthly debit card purchases. 2) 1 Direct Deposit. 3) Sign-up to receive e-statements.|
|ABCO Federal Credit Union||Premiere Checking||2.12%||balances up to $25k||1) 10 debit card transactions. 2) Receive all statements electronically. 3) 1 direct deposit or money transfer.|
|Randolph Bank||Reward Checking||2.02%||balances up to $25k||1) 6 point of sale card transactions (minimum $20, ATM transactions not included). 2) Electronic statements. 3) 1 direct deposit or auto ACH or Bill Pay – Extra-Mile Choice – Limited to NC, VA, TN, SC, GA and FL customers only.|
|Advantage Bank||Rewards Checking||2.00%||balances up to $10k||1) 10 monthly debit card purchases. 2) 1 Direct Deposit. 3) Sign-up to receive e-statements.|
|Redneck Bank||Rewards Checking||2.00%||balances up to $10k||1) 10 monthly debit card purchases. 2) 1 Direct Deposit. 3) Sign-up to receive e-statements.|
|America Net Bank||Rewards Checking||2.00%||balances up to $10k||1) 10 monthly debit card purchases. 2) 1 Direct Deposit. 3) Sign-up to receive e-statements.|
Have you opened an online savings account in 2013 that you feel deserves to be on this list. Tell us about it by leaving a comment!