Banking Reviews: 14 High Yield Savings Accounts Reviewed

Choosing a high-yield online savings account is like deciding which fast food restaurant you want to go to. Some have a little bit better prices than the others, others have slightly different features and products, and it’s always just so hard to choose which one you should go to. We’ve decided to review at all of the competitive online savings account and figure out which high-yield savings account has the best combination of features, security, interest rate, and more.

Amboy Premium Savings
Interest Rate: 5.25% APY, 5.35% for balances above $20,000.
Bankrate.com Customer Service Rating: Unavailable
Special Features: Simple signup process, Advanced security features.
New Account Bonus: $25.00 if referred by an existing member
Minimum Balance & Fees: None
The Downside: Amboy doesn’t advertise this account on their main page; don’t confuse it with their eSavings or Maximizer accounts.

AmTrust Direct
Interest Rate: 5.36% APY
Bankrate.com Customer Service Rating: Two Stars
Special Features: None
New Account Bonus: None
Minimum Balance & Fees: No minimum balance, some fees apply
The Downside: Poor customer service, $1000 minimum opening deposit

Citibank Direct’s Ultimate Savings Account
Interest Rate: 4.65% APY
Bankrate.com Customer Service Rating: Four Stars
Special Features: ATM Card to withdraw money at all Citibank ATMs
New Account Bonus: $25 for new Citibank customers only.
Minimum Balance & Fees: None
The Downside: None

Capital One FSB (Corrected)
Interest Rate: 5.00% APY
Bankrate.com Customer Service Rating: Five Stars
Special Features: Check writing privileges, ATM Card
New Account Bonus: $50 for Costco Executive Members
Minimum Balance & Fees: No Minimum Balance and No Fees

The Downside: None

Emigrant Direct
Interest Rate: 5.05 APY
Bankrate.com Customer Service Rating: Four Stars
Special Features: Advanced security features.
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: Past reliability issues

E-Loan
Interest Rate: 5.25% APY
Bankrate.com Customer Service Rating: Three Stars
Special Features: None
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: Minimum opening deposit of $5000

E-Trade
Interest Rate: 5.25% APY
Bankrate.com Customer Service Rating: Three Stars
Special Features: None
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: Can easily transfer money to investment accounts

GMAC Bank
Interest Rate: 5.00% APY
Bankrate.com Customer Service Rating: Four Stars
Special Features: Debit Card & Check Writing Privileges
New Account Bonus: None
Minimum Balance & Fees: $500 minimum balance, various fees
The Downside: High fees for some services

Grand Yield Direct
Interest Rate: 5.27% APY
Bankrate.com Customer Service Rating: Four Stars
Special Features: None
New Account Bonus: $25.00 with promotional code
Minimum Balance & Fees: None
The Downside: Long and Confusing Signup Process

HSBC Direct
Interest Rate: 6.00% APY until April. Normally 5.05% APY
Bankrate.com Customer Service Rating: Two stars
Special Features: ATM card, high promotional rate
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: Poor customer service record

IGOBanking
Interest Rate: 5.30% APY
Bankrate.com Customer Service Rating: Three Stars
Special Features: None
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: New and unproven, long and confusing signup process.

ING Direct
Interest Rate: 4.50% APY
Bankrate.com Customer Service Rating: Three Stars
Special Features: Advanced security features
New Account Bonus: $25 if referred by an existing member.
Minimum Balance & Fees: None
The Downside: Interest rate no longer competitive

UFB Direct
Interest Rate: 5.31% APY
Bankrate.com Customer Service Rating: Three Stars
Special Features: None
New Account Bonus: None
Minimum Balance & Fees: None
The Downside: No electronic transfers

Virtual Bank
Interest Rate: 5.13% APY
Bankrate.com Customer Service Rating: Four Stars
Special Features: None
New Account Bonus: $20 new account bonus
Minimum Balance & Fees: None
The Downside: None

The Verdict: There are several different good options; but for the typical saver, Amboy Direct’s Premium Savings is definitely the way to go. It offers one of the most competitive interest rates, has an easy signup process, and the new account bonus only sweetens the deal.