Savings Accounts FAQ

Frequently Asked Questions about Savings Accounts

    How do I open an online savings account?

    Once you have chosen an online bank account, you can apply online. Some online banks also require a paper application to be signed and mailed. The ease and speed of this process varies widely, depending on the bank. Once your account has been approved and opened, you can deposit funds, which will immediately begin earning interest.

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Search our site for more information about Savings Accounts:

Top Savings Accounts

ING Direct

Bottom line: Feature-rich, reliable, and fast
Ally

Bottom line: Good, high-yield option with $0 minimum balance and $0 start up deposit
HSBC Advance

Bottom line: Great choice, particularly for those who want ATM access
Discover Online Savings Account

Bottom line: Good choice with comparable APY; has opening deposit requirement but $0 minimum balance
EverBank

Bottom line: Good for those who will maintain a balance above $5,000

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