High-Yield Savings Account Mini-Reviews

Today I thought I’d share some mini-reviews of one of my favorite financial products: the high yield online savings accounts. There are many of these accounts now available across the web. All contain different features, both positive and negative. But most, if not all, are FDIC insured, contain no fees, and pay an interest rate significantly better than traditional savings accounts. You should definitely find one that’s right for you and get started saving. And don’t just consider this list. These are just some of my favorites. For a side by side comparison, see my list of top high-yield savings accounts or the chart below.

FNBO Direct Savings – FNBO Direct is a product of the very old and stable First National Bank of Omaha. That’s where Warren Buffet lives. That’s got to be a good sign right? Anyway, they offer a nice, FDIC-insured savings account with a leading annual percentage yield (APY). There is no minimum to open a savings account. They also have a bill pay (checking) account, certificates of deposit (CDs), ATM card, credit card, and now a debit card. Their website is very user friendly, but maybe not as easy to maneuver as others. See my full review of FNBO Direct.

WT|Direct Savings – WT|Direct is a product of the Wilmington Trust Corporation. They promise a very competitive APY for the first 60 days of opening the account and if you open the account with at least $10,000. This rate has historically been one of the stronger rates out there. If you don’t have the 10K to get the good rate, the account doesn’t pay much better than a regular savings account. Still, you might want to check them out for the 60 days. The customer service is reported to be excellent. They are FDIC insured and charge no fees.

HSBC Advance – HSBC Advance is a product of the massive global banking leader HSBC. They were voted “best of the breed” by Money magazine in 2007. They are very similar to the other major players in the online savings world. No fees or minimums, historically competitive APY, and access to a variety of related financial products.

Sallie Mae Online Saving – Sallie Mae just introduced this online savings account which offers a competitive interest rate, no minimums or fees, and FDIC insured. The advantage to having this account is if you are a Upromise member. Your annual Upromise earnings get matched at 10% if you put them in this savings account. Not bad if you earn a lot through Upromise. But this account isn’t bad for general use as well. They have a nice compliment of CDs to go along with the savings account.

Capital One 360 Savings– Capital One 360 is, in my opinion, the reigning leader in online savings because of their great website, excellent customer service, and multitude of other financial products. They are owned by ING Group, based in the Netherlands. You mean you couldn’t tell they were Dutch based on that bold orange? They offer a great savings account, checking account, as well as debit cards to access your money. Like others, there is no minimum to open an account and they extend their services into CDs. They also have mortgages, life insurance, and low-cost investing through their Sharebuilder product. They are also FDIC insured. See my full review of Capital One 360.

Here’s some more details above Everbank…

  • Low $1,500 initial-deposit requirement
  • No-fee Online and Mobile Banking
  • Up to six withdrawals per month
  • FDIC insured
  • See my full review of EverBank.

And now, if you’d like to compare the accounts, plus some more, side-by-side, here’s the table I created to help you do so:

Rate (APY)
Additional Info
No Minimum
Ally Bank Review
CIT Bank Review
FNBO Direct Logo
No Minimum
FNBO Direct Review
Discover Bank Review
No Minimum
Capital One 360 Review
EverBank Logo
EverBank Review

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Last Edited: November 1, 2016 @ 9:52 pmThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, podcaster, FinCon Founder, husband, and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or Google+. Listen to the new podcast, Masters of Money!


  1. Great review PT! I am very happy with ING, but I keep thinking about moving my emergency fund over to another online account to gain a better interest rate on it, but I’ve been stalling…

    Have mostly been looking towards Dollar Savings Direct, hehe, but will wait some more until reading your review. The simplicity of having one solely-online bank is outweighing the increased interest I could gain by making the move. At least for the time being!

  2. direct shares says:

    I have an eye for ING Direct Orange Savings and Etrade Complete Savings because both offers competitive rates and secure investment for any portfolio. Plus ING Direct has a strong performance in the stock market trading. Thank you for the useful mini-reviews PT.

  3. I was with ING for years and just switched over to SmartyPig.com. I absolutely love it, it has great ways to save money and cute and fun to use, plus it has an awesome feature where you can post your savings goals on different social media so people can add to your account. It has a 2% interest rate and there are different ways to take your money out.

  4. You might want to check out the Redneck Bank. 4% checking and a hoot of a site.