There have been some changes for high-yield “internet” savings accounts, typically unavailable directly in a brick-and-mortar bank and only available through online applications.
Presidential Bank is now leading the pack with a 4.87% APY for the first $35,000 of your balance. Unfortunately, this account requires a minimum balance of $5,000.
CitiBank eSavings is not far behind with 4.75% APY on its savings account. To get this account, you must also have a CitiBank checking account. It can be opened at the same time, but there may be fees.
HSBC Direct recently jumped to 4.65% APY. The good news here is there is no minimum balance and no fees. For someone opening a new account and starting from scratch, this may be the best choice.
Updated February 6, 2012 and originally published May 18, 2006. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.