Best Online Savings & Checking Accounts Interest Rates

Posted by Sun on May 9, 2008
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It has been more than four months since I last updated my little interest rates table. During this four-month period, the rate picture of online banks has changed a lot, going down 5% something to mostly in the neighborhood of 3% APY, as the Fed cut interest rates every time they met. However, the latest reduction of a quarter of a percentage point at the end of last month could be the last one by the Fed in the current round of rate cut. And because of the relatively small cut (only 0.25%), no bank, as far as I know, has followed suit. One bank, E-Trade Financial, even raised the rate on their Complete Savings Account a couple of days ago. So I feel it’s time to take a look at where everybody stands on the rate ladder.

For more information on each bank, be sure to check out Best Online Savings Account Deals page and the Online Bank Interest Rate History for latest rates.

Last update: November 2, 2009

Bank Savings
APY		 Minimum Checking
APY		 Minimum
EverBank Money Market 2.51%* $1,500 2.51% $1,500
DollarSavingsDirect Savings 1.60% $1,000 N/A N/A
Bank of Internet Money Market 1.75% $1 1.15% $1
ShoreBank Direct Online Savings 2.15% $1 N/A N/A
Bank of America Fork SaveSmart Direct Savings 1.55% $1,000 N/A N/A
American Express High Yield Savings 1.70% $1 N/A N/A
Doral Bank Direct Savings 0.50%* $1,000 N/A N/A
1st Constitution Direct Super Savings 2.00% $10,000 N/A N/A
Provident NJ Direct Savings 1.50% $50 N/A N/A
CNB Bank Direct High Yield Savings 1.70% $1 N/A N/A
Venture Bank Wise-Choice Savings 1.43% $1 3.3% $1
Savings Square 1.55% $1 N/A N/A
Provident Direct High Yield Savings 1.25% $1 N/A N/A
First Trade Union Bank High & Mighty Savings 1.65% $2,500 N/A N/A
Tennessee Commerce Bank Savings 2.30% $1 N/A N/A
Seacoast Commerce Bank Money Market 1.50% $25,00 N/A N/A
First National Community Bank Online Savings 1.75% $1 N/A N/A
Chesapeake Bank Clear Sky Savings 1.75% $1 2.50 $1
Redneck Bank Money Market 2.00% $1 N/A N/A
SmartyPig Savings 2.01% $1 N/A N/A
Darby Direct Savings 1.75% $1 N/A N/A
Danvers Bank Online Savings 1.50% $1 N/A N/A
IGoBanking Savings 1.41% $1 1.00% $1
Century Bank Direct Online Savings 1.38% $1 N/A $100
E*Trade Complete Savings 0.50% $1 N/A $5,000
UFB Direct US Savings 1.75% $1 0.01% $50
Ally Bank Online Savings 1.55% $500 N/A N/A
Intervest National Bank Savings 1.70% $500 N/A N/A
Centennial Bank Savings 0.50% $500 N/A N/A
Goldwater Bank Savings 1.52% $1,500 N/A N/A
Corus Bank Money Market 2.00% $10,000 N/A N/A
Flagstar Bank Express Money Market 1.81% $1 N/A N/A
Evantage Bank Money Market 2.00% $1 N/A N/A
Virtual Bank Money Market 0.80% $100 N/A N/A
WT Direct High Yield Savings 1.51% $10,000 N/A N/A
FNBO Direct Online Savings 1.50% $1 2.25% $1
Capital One Online Savings 1.60% $10,000 N/A N/A
HSBC Direct Online Savings 1.35% $1 2.25% $1
Umbrella Bank Money Market 1.25% $1,000 N/A N/A
Presidential Bank Premier Savings 1.25% $5,000 1.00% $1,500
Heartland Bank Direct Performance Savings 1.65% $500 N/A N/A
Amboy Direct Savings 1.01% $3,000 N/A N/A
Citi Bank Ultimate Savings 1.20% $1 N/A N/A
Emigrant Direct Savings 1.30% $1 N/A N/A
ING Direct Orange Savings 1.30% $1 1.00% $1
Discover Bank 1.85% $2,500 N/A N/A
Capital One Money Market 1.20% $1 N/A N/A
E-Loan Bank Savings Plus 1.45% $5,000 N/A N/A
Salem Five Direct Money Market 1.55% $1 0.75% $1
Univest Direct Online Savings 1.25% $1 0.25% $1
OnBank Money Market Savings 0.50% $1 N/A N/A
KeyBank Money Market Savings 0.10% $1 N/A N/A
AmTrust e-Savings 0.50% $1 N/A N/A
Countrywide Bank 1.05% $10,000 N/A N/A

*3-month bonus rate.

Any other better deal out there?

Update: I eventually opened an account at DollarSavingsDirect.

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55 Comments
May 9, 2008

I went to Capital One’s website and the savings rate of 3.75% requires $10k deposit not $1.00.

Posted by RD
May 10, 2008

Yes. Look at Money-Rates.com they are listing a bank paying 4.65% on a bank money market account. Thank goodness rates are going up again

Posted by Marley
May 10, 2008

RD: You are right. The minimum is indeed $10,000 instead of $1. I have corrected the post.

Marley: Thanks for the information. I will take a look at Money-Rates.com. Hopefully, rates will soon start to go up. But don’t expect bank to raise their rates as quickly as they drop rates.

Posted by Sun
May 11, 2008

countrywide has a savingslink account offering 4% interest rate.
https://bank.countrywide.com/landing/sl2.aspx?src=HLSLA001D002&tier=10000

Posted by zw
May 13, 2008

zw: Thanks for the information. I have updated the table. I am considering getting a Countrywide account :)

Posted by Sun
May 14, 2008

Hi,
These is a wonderful information. Gathering all bank rate interests and many more, this might be a tough job still you are doing well. Keep up the good job.

Posted by How To Invest online
May 14, 2008

I just opened a money market account at OnBank with a 3.49% yield.

Posted by Jimmy
December 31, 2008

gulf coast bank is offering 5.51% on checking with balances below 25,000 – you must do at least 12 check card transactions – i have had this account open for 2 months and earn 110.00 a month on interest

http://www.gulfbank.com/

Posted by sal
December 31, 2008

gulf coast is offering 5.51 percent interest on checking accounts!!

http://www.gulfbank.com/

Posted by sal
January 16, 2009

We use the ING Direct Orange account but I am surprised that there are so many with much higher rates. Thanks!

Posted by arizona auto insurance
February 20, 2009

FYI – Gulf Coast says you “must be a resident of Louisiana”

Posted by Marc
March 5, 2009

Thanks Marc for the information. I didn’t realize there’s a residency requirement.

Posted by Sun
October 14, 2009

$100 Chase checking offer. I saw this online and thought I’d share: Chase has a new checking offer! Get $100 when you open a Chase Checking account, you’ll need to make 5 debit card purchases or set up direct deposit. The offer is good until December 31, 2009 and you can apply online or get a coupon to take to a branch.

Here’s URL:
https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/shared/marketing/page/108847_genblg_bonus&ID=0000010269&MSC=c1234

And here’s the bonus information:

Bonus/Account Information — Offer valid 10/15/09 – 12/31/09. To qualify for the bonus you must open a new Chase CheckingSM account with a $100 minimum deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 days of account opening you must initiate a monthly direct deposit which includes payroll, pension, Social Security or other government benefits, or make five debit card purchases. The bonus will be automatically deposited into your new account within 10 business days after the initial direct deposit or five debit card purchases have posted to your account. Bonus is not considered part of minimum opening deposit. Limit one checking account-related reward/premium per customer, per calendar year. Offer not available on account conversions or in combination with any other offer. Offer not available to existing Chase checking customers. Employees of JPMorgan Chase Bank, N.A. and our affiliates are not eligible. Checking account must remain open for a minimum of six months or the bonus will be debited from the account at closing. Account is subject to approval. Bonus is considered interest and will be reported on IRS form 1099-INT.

Posted by Tom Roberts
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