Savings Account Reviews & Prices

ING Direct Review: Savings AccountGo to Site | Back to Chart

ING Direct's Orange savings account is one of the first and most well known online savings accounts. An Orange savings currently earns a 1.10% APY, regardless of balance. Interest is accrued daily, compounded monthly, and credited at the end of each month. There are no monthly fees and no minimum balance requirements. Customer service associates are available by phone seven days a week, between the hours of 9:00 AM and 8:00 PM, as well as by email.

ING Direct's slick online banking interface includes unique and useful features, such as the ability to create labeled subaccounts and download transactions into Quicken or Microsoft Money. Users can link up to three external accounts, which allows funds to be moved quickly and easily. As is the case with all savings accounts, only six withdrawals are permitted per month. While ING Direct's Orange savings account may not always offer one of the highest APYs available, it is one of the most reputable and secure options. It may not be the savings account for you if you are determined to have the highest rate possible, but if ease, speed, simplicity, and security are factored into your choice, an Orange savings account is an excellent option.

Capital One InterestPlus Review: Savings AccountGo to Site | Back to Chart

A Capital One InterestPlus online savings account containing $2,500 or more earns an APY of 1.25%. The minimum opening balance is $2,500. While there is no minimum balance required to keep the account open, no interest is earned on balances under $2,500. Accounts with a monthly average balance of at least $15,000 earn an extra 10% bonus on interest earned, four times each year. This 10% quarterly bonus is also available to anyone who uses a Capital One credit card at least once a month. Interest is compounded daily and credited monthly. There are no monthly fees associated with a Capital One online savings account. Customer service representatives are available by phone from 8:00 AM to 8:00 PM, Monday through Friday, and from 8:00 AM until 2:00 PM on Saturdays. Automated banking information is available by phone 24 hours a day, seven days a week.

Capital One's InterestPlus online savings account is straightforward and relatively easy to manage. Capital One's free online banking interface allows customers to transfer money between Capital One accounts and external bank accounts. Multiple external bank accounts can be linked to a Capital One online savings account. As with all online savings accounts, withdrawals are limited to six per month. Capital One's online banking makes it easy to set up automated recurring deposits from an external account to an online savings account. It is also easy to set up direct deposit, if you wish to automatically deposit all or a portion of your paycheck directly into your savings account. And of course, the online banking interface allows customers to view online statements and track balances, rates, and interest earned.

A Capital One InterestPlus online savings account would be a great choice for anyone who is likely to maintain a balance above $2,500, and a terrific choice for anyone who will maintain a balance above $15,000 or who uses a Capital One credit card regularly.

WTDirect Review: Savings AccountGo to Site | Back to Chart

WTDirect offers a promotional APY of 1.51%. After the first 60 days, though, accounts with balances below $10,000 will earn a lower APY, which, at present, is just 0.15%. Accounts containing $10,000 or more will continue to earn the higher APY of 1.51%. Interest is compounded daily and credited to accounts on a monthly basis. WTDirect charges no monthly fees and has no balance minimums. Customers can contact customer service representatives by phone between 7:00 AM and 11:00 PM on weekdays, and during more limited hours on weekends.

WTDirect's transfer limits are quite high, allowing customers to deposit up to $500,000 and withdraw up to $200,000 per month. As mandated by federal law, customers may only make six withdrawals or transfers per month. If you open a savings account, WTDirect allows you to electronically link an unlimited number of external accounts to your WTDirect savings account, which facilitates transfers between accounts. You'll also be able to transfer funds electronically without having to establish a linked account. And you'll have access to an online banking interface that allows you to transfer money, set up an automatic direct deposit into your WTDirect savings account, set email alerts to monitor your balance, and send or review secure communications with WTDirect customer representatives. Additional layers of security help ensure that your WTDirect online account is as safe as possible. If you are unlikely to maintain a balance of $10,000 or more, a WTDirect savings account will not be especially rewarding for you, but if you do intend to deposit at least $10,000 in your savings account within the first 60 days, this is a terrific option.

EverBank Review: Savings AccountGo to Site | Back to Chart

An EverBank high yield money market account is a very competitive way to grow your savings. While APYs fluctuate over time, EverBank pledges to keep the yield on your account in the top 5% of competitive accounts as tracked in the Bankrate.com National Index of leading banks. At present, balances of $50,000 or less earn a 2.51% APY for a three month bonus period, then 1.77% for the remainder of the first year, and 1.51% thereafter. Accounts containing more than $50,000 will earn 2.51% for the first $50,000 during the bonus period, and the APY for the remaining funds will be 1.51%. After the three month bonus period has ended, the entire balance will earn an APY of 1.51%. Interest is compounded daily and credited monthly. The minimum opening balance for an EverBank money market account is $1,500. There is no monthly fee for balances over $5,000, but balances under $5,000 will be subject to a monthly fee of $8.95. Customer care specialists are available 24 hours a day, seven days a week over the phone.

If you choose to open a money market account with EverBank, you'll have access to free online banking, where you can view your total financial portfolio, including accounts at other financial institutions. You'll also be able to manage your account and conduct transactions. Once your money market account has been approved and set up, you'll be able to link additional accounts in order to transfer money online. If you do make more than six withdrawals per month, you'll be subject to a $10 fee. EverBank's online application requires some paperwork to be printed and mailed, which does slow down the process considerably. And this bank will do a hard inquiry of your credit, which slightly decreases your credit score. If speed, ease and simplicity are priorities for you, or if you are unlikely to maintain a balance of $5,000 or more, EverBank may not be the best choice. If, however, you are likely to keep at least $5,000 in your account and you want one of the highest rates available, EverBank is probably a good option.