ING Direct is the biggest name in online savings, and for good reason. Their online savings account always offers a good rate, currently at .75% APY, and no minimum deposit or balance requirements. It is an easy-to-use, reliable and safe account that we’ve rated 5 out of 5 stars.
On the other hand, EverBank currently offers the highest APY of all the online savings accounts we review, which is 1.25% APY for new customers in the first 6 months, and 1.01% APY thereafter. The catch? You must maintain a balance of at least $5,000 or your account will be charged a monthly fee of $8.95. Unlike ING Direct, which has no minimum opening deposit, you must start your EverBank account with $1,500 and quickly grow it to $5,000.
Thus, if you plan on keeping more than $5,000 in your online savings account, then EverBank is clearly the one that will make you the most money. Otherwise, ING Direct is the way to go with absolutely no fees whatsoever. Compare all of the savings account we review, here.