In a low bank rate environment, consumers have been searching their local bank market for high interest savings accounts to hold their savings and investment funds. While many local banks and big regional banks fail to offer high interest rate savings accounts, many online banks are able to offer a higher interest rate than a traditional banks or credit union.
A short list of the best high interest savings accounts shows that the online banks are indeed offering the best interest rates on savings accounts.
The list below includes the most popular online savings accounts. The listed high interest savings accounts allow account holders to earn some of the highest available interest rates available all with low minimum balance requirements and fees. And as online savings accounts, the account holder can manage their money through online account management and transfers to and from the high interest savings accounts with existing bank accounts.
The top savings rates are offered by two banks, American Express Bank and Sallie Mae Bank.
American Express Bank refers to their high interest rate savings account as the American Express Bank high yield savings account.
The interest rate on this savings account is currently 1.30 percent.
There are no fees or minimum balance requirements with the savings account.
The Sallie Mae Bank high interest savings account is called the Sallie Mae High Yield Savings Account.
The current yield on the Sallie Mae Bank online savings account is also 1.30 percent.
The account has no minimum balance requirement or monthly fees.
The account is FDIC Insured as are all accounts listed here.
Capital One Bank offers an high interest savings account called the InterestPlus Online Savings account.
The interest rate on this account is at 1.25 percent. The account also has a bonus rate that adds
an extra 10% quarterly bonus on the savings account interest earned if the account holder has an average monthly balance of at least $10,000.00 or use of a Capital One credit card at least once a month.
Without the bonus program, the minimum deposit is only $1.00 to open the savings account.
Discover Bank online savings account.
The Discover Bank online savings account earns an interest rate of 1.25 percent.
There is no minimum balance to hold the account but there is a $500.00 minimum opening balance requirement.
Ally Bank online savings account.
The Ally Bank online savings account has rate of 1.09 percent.
The online bank account has no minimum balance requirement and no monthly fees.
The appeal of these high interest savings accounts is apparent in the high yields and low costs to obtain and maintain the accounts. Note that the interest rates on online savings accounts do fluctuate. To find the best high interest rate savings account is best to compare rates frequently and stick with the banks that consistently offer the highest rates.
For more information on online savings account rates refer to additional reviews at Best Online Savings Accounts, Best Online Bank or at Direct Savings Accounts. A list of the top ten best savings account rates can be found at Savings Account Rates.
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