Please view this updated overview of the best online savings accounts.
The highest savings account interest rates change practically daily. Here is a summary of the highest interest rates on well-known banks currently offered.
HSBC Direct Online Savings Account
0.80% APY
HSBC Direct has a track record of offering very competitive rates. I have been adding more to my HSBC Direct account to take advantage of their habit of high interest rates.
Unlike Washington Mutual, HSBC Direct requires no minimum balance and has no recurring account fees.
FNBO Direct Online Savings Account
0.70% APY
FNBO Direct is a newcomer to the online banking arena having launched a little over a year ago, but the bank behind the online presence, First National Bank of Omaha, has been around since 1857 and currently has 38 branches in Nebraska, Iowa, and Texas. First National Bank of Omaha has a CAEL rating of 2 (1 is the highest rating, 5 is the lowest). This means that even though the online account is a new offering, the bank is in good shape and most likely won’t fail like others have recently.
ShoreBank High-Yield Savings
2.15%
This account is a newcomer. ShoreBank requires no minimum balance and charges no account fees for this online account. An appealing feature is the bank’s attitude toward community development and the environment. Like most banks, ShoreBank turns a portion of deposits into loans. This bank focuses on “loans for projects that promote the efficient use of materials, resources, or alternative sources of energy, that promote the elimination of toxins, and that protect or revitalize land or water.”
If you’re interested in ShoreBank’s High-Yield Savings Account, apply here.
Capital One 360 Savings Account
0.90% APY
No list of the top online savings accounts is complete without Capital One 360. They are no longer the interest rate leader, offering only 0.90% APY. In fact, it’s been some time since Capital One 360 has been at the top of any interest rate list, but there are several reasons to include them here. They were one of the first banks to popularize the idea of high-yield online-only savings accounts. Capital One 360 still maintains one of the strongest presences thanks to a vast customer base, good customer support, and a sensible and simple website.
Even though the advertised interest rate is lower than others, new customers can greatly increase their effective interest rate by grabbing a $25 bonus for opening an account. The bonus will work for anyone who opens the account with $250 and leaves at least $250 in the account for 30 days. The bonus is considered interest income for tax purposes.
Capital One 360 has no minimum balances or account fees.
If you’re interested in Capital One 360′s Savings Account, apply here. However, if you want to see if you qualify for a $25 account opening bonus, find out here.
{ 9 comments }







Luke Landes founded Consumerism Commentary in 2003 and has been building online communities since 1990. Luke, also known as Flexo, has contributed to PC World Magazine, US News, Forbes, and other publications. 




Where Did You Come From, Where Did You Go (July 2008)
by Luke LandesHere are the most popular articles on Consumerism Commentary during the month of July 2008. The Correct Way to Pay Off Personal Debt: The Debt Avalanche 2007 New Jersey Homestead Rebate: Receive Up to $2,000 Just Like Apple’s MobileMe, But Free (by Smithee) Net Worth Competition: Don’t Compare Yourself With Others Four Day Work Week: ... Continue reading this article…