Online High Yield Savings Accounts – Which One is Best?

I signed up for the Washington Mutual 5.00% savings account awhile back and have been making a decent chunk of interest of that account each month, but it has been brought to my attention that there are other options out there. Here are 3 of the top yielding savings/money market accounts available online today:

  • Countrywide Bank – 5.40% savings account – Perks: Money market like rates for balances over $50,000 (5.25% for balances over $10,000)
  • ETrade – 5.05% savings account – Perks: $1 minimum to open, link to multiple accounts (including outside accounts)
  • Washington Mutual – 5% savings account – Perks: Free checks for life, free ATM withdrawls (from any ATM)

All percentages are expressed in APY (not interest rate) – note that the actual interest rate is typically slightly below the APY.

3 thoughts on “Online High Yield Savings Accounts – Which One is Best?”

  1. I’ve been in the process of switching my bank account from BofA to WaMu for this reason (among others). But its a PitA to change bank accounts! Gotta change anything that’s auto-paid (bills, credit cards, loans, etc) / auto-deposited (paycheck, etc), and have enough money in each account to cover the transition. If you have any suggestions on an easier way to go about this, let me now.

    But instant transfers between a free checking account and a free high yield savings account is hot. Hot enough to draw my money away from ING Direct, whom I respect very much… but I need the ability to withdraw cash and make deposits locally (even though I don’t do that much anymore)(not to mention- the APR is 0.50% higher at WaMu).

    I’m still a little torn, however, as ING offers interest checking, and electric checks. This seems to be the way of the paperless future, but it’s a bit of a PitA when you are the only one that uses the technology.

  2. Give it 10 years… then everyone will be using electronic checks like you. I’m still waiting for the day when I get to have a diode implanted in my finger tip that I will be able to swipe in order to pay for things… can’t wait!!!

  3. Imagine too how much money could be saved if receipts were downloaded with your credit card statement instead of printed out at the register. Plus it’d be so much nicer.

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