Best Online Savings Accounts Comparison Updated March, 2010
Find the best online savings accounts is what I say when people ask me for recommendations on where to park their short term savings. These accounts have:
- Liquidity and Flexibility – Money is accessible right away via online transfers (within days)
- Safety – FDIC insured (bullet proof)
- High Yield and Awesome Rates – Pretty much the highest return on your money for the safety that it provides
Many institutions are reducing interest rates down to levels that are closed to zero, but some online savings accounts are still offering very high rates. If you have cash that is sitting somewhere and not collecting any interest, you ought to look at these as an investment vehicle that’s virtually bulletproof. Here are a few that I have personal experience with (and highly recommend).
EverBank Yield Pledge
EverBank has the highest introductory rate available in the industry with its 2.25% APY for the first three months. Afterward, you still get a cool 1.77% and with its exceptional service, it is a strong contender for your money. For further information, read my EverBank Review)
- Current Yield – 2.25% (Intro Rate)
- FDIC Insured
- Even the Checking Account has Amazing Yield
- Interest Rate Trend in the Last Month: Steady
Click Here to Go to EverBank.com
Ally Bank
A subsidiary of GMAC, Ally Bank is one of the newer comers of the online savings account scene. With high yields, a major effort to focus on customer support and no hidden fees, Ally Bank is actually very good (here’s an Ally Bank review). It’s true that when you have a bad name, you really do try harder.
- Current Yield – 1.30%
- FDIC Insured so your money, up to $250,000 per account, is safe
- Straightforward and No Hidden Fees
- Interest Rate Trend in the Last Month: Down
FNBO Direct Online Savings Account
From a local bank that started in Omaha during 1857, First National grew to having over $20 billion in managed assets with 7,500 employees in over 150 years. Being the biggest private bank in the United States, First National also prides itself as providing one of the best (if not the best) customer service in the whole industry (Here’s a more in-depth review of FNBO Direct).
- Current Yield – 1.25%
- FDIC Insured
- Biggest Private Bank with Outstanding Customer Service
- Interest Rate Trend in the Last Month: Steady
Click Here to Go to FnboDirect.com
Sallie Mae Online Savings Account
SallieMae is joining the liquid savings bandwagon too. The brand is familiar to us all, and the rate is competitive enough (they claim that it will stay at 5x the national average) to make us notice. Best of all, we are all comfortable with how they use our money because they actually help students finance an education. Well worth a look if you are looking for a place to park your hard earned cash. (Learn More with the Sallie Mae Bank Review here)
- Current Yield – 1.25%
- FDIC Insured
- Funds are Used for Student Loans Lending, One of the Most Responsible Type in the World
- Interest Rate Trend in the Last Month: Steady
Click Here to Go to SallieMae.com
HSBC Advance Online Savings Account
Whether you are in Mexico, Hong Kong or France, there is probably a local branch of HSBC around you. In fact, this bank has around 9,500 offices in 85 countries and territories serving over 100 million customers across the globe. The major advantage of this bank is the accessibility of your accounts from across the world. While it’s not as popular in the US, people around the world swear by this bank. (You can also read more from my review of HSBC Advance)
- Current Yield – 1.10%
- FDIC Insured
- World’s most valuable banking brand (According The Banker magazine’s Top 500 Financial Brand Listing)
- Interest Rate Trend in the Last Month: Down
Click Here to Go to HSBCAdvanceUSA.com
WTDirect High Interest Savings Account
Based in Baltimore, Maryland, WTDirect is a subsidiary of Wilmington Trust Company which has been in business since 1903. The bank prides itself on its customer service and you can really tell the quality of the call if you ever need questions answered over the phone. For more, read my WTDirect review. Some more advantages include:
- Current Yield – 1.26%
- FDIC Insured
- In business for over 100 years
- Interest Rate Trend in the Last Month: Steady
Click Here to Go to WTDirect.com
ING Direct Orange Savings
ING practically invented the word of “online bank” as it was the only major offering for years before its competition realized the power of the Internet. As a result, ING commands a big chunk of market share, and continues to dominate with its user friendly interface.
- Current Yield – 1.10%
- FDIC Insured
- Easiest Interface to Use
- Interest Rate Trend in the Last Month: Steady
Click Here to Go to IngDirect.com
How to Find the Best Online Savings Account
When we compare different products at first, we look at all the bells and whistles but we usually end up caring about none of them after we start using the service. What I found with online savings accounts are that:
- Pretty much all of them are FDIC insured.
- The difference in interface means nothing because I get used to it after a while.
- Some features, like the FNBO Direct free bill pay or a debit card, are great but I can always find an alternative way of accomplishing the same thing.
So nowadays, all I really care about is the rate, and the history of how the institution lowers and raises rates. To that end (and this is subjective), my ranking for the banks are:
- EverBank – If you meet the minimum deposit requirement, the rate is obviously above the rest.
- Ally Bank – They seem to adjust their rate quite a bit but they still have one of the higher rates out there so it’s still one of my favorites.
- FNBO Direct – The website is simple (which is a good thing) and easy to use, plus the rate is amongst the best out there. FNBO could easily be first as their rates go up in the future.
- SallieMae – It would be higher because of the rate, plus the fact that your money is actually helping other students. The only reason why it isn’t up top is because it’s a newer bank and I want to see some history first because I highly recommend them.
- HSBC Advance – They got the name and the rate is respectable. This is actually a great bank, but I just like the other ones better.
Note: Once again, this is subjective so take the ranking with a grain of salt. Also note that there are many options out there and these are actually the ones I recommend. So just because HSBC Direct appears last doesn’t mean it’s no good. In fact, I still highly recommend them to anyone that asks.
How Online Savings Accounts Save You Money
If setting up an online savings account is something you would like to pursue, you will want to know how to save money with online savings accounts.
First, you need to have a bit of savings to open an online savings account. No, it’s not because of the account minimums which is at $1 for some banks, but rather for the effort to make a difference for you. Since this account will be accessible for transfers between this account and your regular savings and checking accounts, you can use these funds however you want, to pay bills, replenish your checking account, etc. But you must keep in mind that it can take up to 4 days to have funds from an online savings account transferred into another account.
Although this instant inaccessibility may at first seem like a drag, in the long run, you may find that it acts as a deterrent for reckless spending. You cannot access this account in any other way than by transfer. For most options, no checks can be written from an online savings account, nor can you access it by ATM.
Online savings accounts can garner interest rates as high as 6 percent (in the good old days) and more than 2 percent (currently), so why would you let your money set in a regular low interest savings account?
To begin, look at the list above for the best rates. There are even online savings accounts available from well known banking concerns that have been around for generations.
Once you have selected the place you want to open an account, click through to their website and fill out the necessary online forms. The questions are the same as those you need to answer when opening up any bank account but the do it yourself approach usually saves you quite a bit of time.
Since there are no fees imposed when transferring funds from one account to another, you may find that you want to open more than one online savings account and take advantage of any higher interest rates being offered. There is no limit to the amount of transfers you can make between accounts.
Investing in other investments may offer higher returns, but an online savings account lets you transfer funds without penalties or added fees. Although your money is in a secure place, you can transfer it to your regular checking or savings account whenever you want, keeping in mind that the transfer can take up to 4 days. You can also transfer funds from your regular checking and savings account into your online account at any time, thus taking advantage of the higher interest rates online savings accounts offer.
So you make money with online savings accounts because of the higher interests they pay, and, because it takes days to finalize a transfer, you are less likely to use funds from your account, thus allowing a profit buildup that you would not garner in a regular savings account.
How to Get a Better Experience with Online Savings Accounts
One of the biggest fears of opening an online savings account is the fact that there is no physical branch. For some, there’s a misconception that for some reason, it’s not as safe if you run into any problems. In fact, many people on the web have expressed concerns with different banks even though the banks themselves offer a solid savings product. If you want to keep your sanity and take advantage of the higher yield that these savings account offers, here are some tips for you.
- Account Opening – Make sure you are filling out the correct information to avoid your account being put on hold. Most of these banks will automatically approve you if everything checks out, but this won’t be the case if you say, your social security number doesn’t match your name. Also, some people would mistakenly type in the wrong initial deposit amount and expect the online bank to correct it on the fly. If it’s your mistake, own up to it and work with the banks nicely to see if either institution will reimburse the overdraft fees charged.
- It’s a SAVINGS Account – Even though it’s very convenient, it is still a savings account. So many people treat it like a checking account and try to pay bills with it even though it’s not the intention. Consequently, they run into the six withdrawal per month limit set by the government and complain why they are charged a fee.
- Initial Deposit Hold – Most of the banks will hold your initial deposit while they try to receive your funds. Expect five to ten days where your money will be inaccessible at the beginning. Fortunately, your bank will allow you to start earning interest on your money even though it seems to be inaccessible.
- Transfer Takes Time – Like it or not, transferring money from one bank to another takes time. In most cases, it takes three business days or so. Again, this is a savings account. If you expect every transfer to be instant, perhaps you should keep your money at your local bank earning 0.10% interest annually.
Of course, some of the complains of certain companies are legitimate and should be addressed on a case by case scenario, but most of us have nothing to worry about as long as we follow some simple guidelines.
What is an Online Savings Account?
If you are interested in earning the highest possible interest rates on your savings account, you need to ask yourself the question, “what is an online savings account.” An online savings account is an essential money management tool that allows you to maximize the interest rate you get on your money, while minimizing the risk associated with higher interest rate investments like stocks, bonds or other investment vehicles.
An online savings account is a traditional savings account, like those you would find at a standard brick and mortar bank or credit union. An online savings account is simply a method of putting your money into a savings account and earning interest. Most online savings accounts are FDIC insured, up to the maximum limits for an FDIC insured account. They are thus risk free savings vehicles that allow you to earn interest on your money.
An online savings account may have many benefits over a more traditional brick and mortar account. The main benefit is that you tend to earn a higher interest rate on money in an online savings account. As of 2009, the interest rates for online accounts could be as much as 3.0% higher than an interest rate paid on a traditional bank account opened at a local bank.
Online savings accounts are able to offer higher interest rates because they tend to have lower operating costs then a traditional bank. While a traditional bank must maintain a building, and pay tellers and other customer service personnel, an online savings bank does not typically have standard retail banks. All transactions, including most customer service activities, are conducted over the Internet. The online banks take advantage of these lower overhead costs to pass the savings on to consumers in the form of higher interest rates. This helps online banks attract customers and encourages customers to invest their savings in one of these Internet institutions.
Online Savings Accounts Versus Traditional Savings Accounts
There are a number of differences between online savings accounts and traditional savings accounts. The main difference, of course, is the higher interest rate paid by an online account. However, there are several other important differences that you should consider when opening an online bank account.
Depositing and Withdrawing Money
When you deposit money in an online savings account, you must do so wirelessly. There is no ATM to go to to deposit your paycheck and no teller window to go to where you can hand over cash. This means you either must send in a traditional paper check, or use a completely wireless method of transferring money.
ACH transfers or wire transfers are the most popular way to fund online savings accounts. You can initiate a transfer from the online savings institution or from your own local bank. If you initiate a transfer of money from the online savings account website, you give the online account access to your local bank account. The online account then transfers the money from your traditional bank account into their account. The withdraw will show up as a withdrawal on your bank statement. In many cases, no fees are charged for this. You can also initiate the money transfer from your bank to your online account, setting it up as a bank-to-bank transfer. In some cases, there are fees associated with this, so ensure you check your local bank’s rules regarding transferring money wirelessly online.
Withdrawing money works in much the same way. Your online savings account will either allow you to transfer money from the account to your regular bank, or they will send you a check for the amount of money you want to take out. Again, there may or may not be a fee charged for these services, so check the rules with your online savings account.
As a savings account, you do not have “check writing” privileges from your online savings account. This means you cannot usually make bill payments directly from your online savings account. In most cases, you cannot make payments directly from any savings accounts, since the purpose is to save the money and not spend it, so in this regard there is little difference between your online savings account and a standard savings account.
Customer Service Options & Banking Interface
Most online savings accounts also offer online customer service. This can come in the form of email support or online live chats. Some online banks offer traditional 1-800 numbers where you can get customer service help and advice as well. Again, there is no physical location so you cannot go and speak to someone in person about questions with your online savings account. You must be comfortable interfacing with your account primarily in an Internet format, so make sure the website for your online bank is easy to navigate.
Interest Rates on Online Savings Accounts
Since the major benefit to online savings account is a higher interest rate then a traditional account, you will want to make sure you get the best interest rate possible. You can do this by using one of the many online tools available to compare interest rates for online savings accounts.
Some of the online savings accounts that pay the highest interest rate have high minimum or daily balances for opening an account. This means you must open the account with a set amount of money and keep that amount of money in the account on a daily basis. Ensure that you check these rules when opening an account so you do not end up being charged fees.
Opening an Online Savings Account
Online savings accounts can be opened online from the website of the bank that you select. Many online savings accounts will offer you a bonus or incentive for opening an account or making an initial deposit. These bonuses can range from $25 to over $100 or can come in the form of a free gift. Some online savings accounts even offer a referral bonus if you get friends and family to open an online account with their bank. Be on the lookout for these offers to maximize your potential savings and to jump start your online savings account.
Restrictions on Online Savings Accounts You Should Know About
Online savings accounts have a number of potential upsides, including higher interest rates than traditional accounts, but unfortunately there are a number of restrictions on online savings accounts that you should be aware of before you invest your money online.
Minimum Balance Requirements
Some of the highest paying online savings accounts have minimum opening balances or minimum daily balances. This means you have to have a certain amount of money to open an account, and you have to have a certain amount of money in there at all times. If you allow your balance to dip below these mandated minimums, you could find yourself facing hefty fees and charges. These fees and charges may negate all of the potential benefit you get from the higher interest rate.
Monthly Contribution Requirements
Online savings accounts may also require you to contribute or add a certain amount of money each month. One of the highest paying online savings accounts as of 2009, offered by WestBank, requires a monthly contribution. Certain other accounts have this stipulation as well. The minimum amount you need to contribute each month varies, but be aware of this and ensure that you can fulfill the rules before signing up for an online savings account that has this feature.
Limit on Transfers and Withdrawals
Some online savings accounts limit the number of transfers you can make to the account. Both adding money and taking money out can be limited. Money markets, for example, are one of the highest paying online savings accounts, but these types of accounts have the most restrictions on online savings accounts.
Federal rules mandate that in most money market accounts, no more then six withdrawals or transfers occur on a monthly basis. This means that you cannot put money in or take money out at will; you must comply with these regulations.
Some online savings banks also add their own limitations and rules for getting money into, or out of, the account. These rules can cover everything form how much you are allowed to take out at one time, to how often you can take out money. If you are uncomfortable about these types of restrictions, don’t choose an online savings account that puts these limitations on you. However, understand that many of the higher interest rate accounts do have some type of regulations regarding access to your cash.
Slow Withdrawals and Deposits
Savings accounts in general, including online savings accounts, don’t usually come with a debit or ATM card for fast access to your cash. Money in a savings account is meant to be saved. However, when you have a savings account at a standard local bank, you can walk into the bank and take out money if you need it. This is not the case with online savings accounts, which by definition exist online and not in person.
Since there is no local branch, you need to wait for funds to transfer if you want to deposit money or if you need access to your savings. Depending on the bank, this wait can be anywhere from two to three days to a week or more. The method by which you get your money can also be limiting. Most online banks will either transfer money from your online savings account into a standard bank account, or will send you a check. Both of these things take time, and there may be fees associated with them. If you need fast access to your savings on a regular basis, this restriction for online savings account may prove to be an impossible barrier for you to overcome.
Customer Service Issues
With online savings accounts, the days of the friendly neighborhood banker are officially gone. There are no tellers for you to see, and no local bank branch with a helpful manager who you can go to with your concerns. Most online savings accounts offer customer support through email or through online chat. If they do have a telephone number, the telephone calls may be routed overseas, or there may be long hold times or limited support.
If you are not comfortable navigating a web environment, an online savings account may not be right for you. Most websites are easy to use and provide features that are designed to help the customer, but a certain amount of technical know-how is still required to find your way around the site and get the technical help you need.
Interest Rate Caps
While online savings accounts tend to pay more then in-person savings accounts, the interest rates are nowhere near as high in 2009 as they were in times before the recession and the fall of the stock market. In 2006, 2007 and even into 2008, it was possible to find online savings accounts or money market accounts that offered an interest rate somewhere between three percent and five percent.
As of October 2009, a three percent interest rate would be considered quite high, with average rates hovering between one percent and 2.5 percent. While these rates are good for an FDIC insured account where your money is safe, the rates may not match the rate-of-return you could get with other investments. You will need to weigh the risks of other higher return investments with the relative safety, but lower interest, growth of online savings accounts to determine whether this investment option is the right choice for your money.
Evaluating Online Savings Account Restrictions
When selecting an online savings account, consider what is most important to you. You will need to look at your own personal income situation, the likelihood that you will need ready access to your money, and your comfort and familiarity with web based banking. While the decision to use an online savings account may not be right for everyone, if you do not feel the restrictions are inhibiting, then it may be the best solution for your monetary investment. An online savings account can certainly help money grow faster then a local savings account with a smaller interest rate, and in many cases it makes sense to get the most interest for your money.
Interview with an Industry Expert on Online Savings Accounts
Even experts agree. Online savings accounts are a much better option for your savings. Here’s an interview with bankrate.com’s senior analyst Greg McBride and his take on these high yield savings.
{ 28 comments… read them below or add one }
Most of these webBanks do a good -to-great job. I’ve had experience with several, and would rate EverBank and ING Direct as two of the best, provided you understand the rules going in, and abide by them. They are consistently competitive and easy to reach. The problem with these webBanks, a few people expect a top rate – with no fees for a ridiculously low balance, and immediate service (like overnight mail), and if their paperwork is messed up – then it’s up to the bank to fix it and become mindreaders. This isn’t realistic. They do mess up, but it’s very low compared to the volume of business handled, and some of the crazy-idiots that submit incomplete forms.
I really have a problem saving even tho I make very good money. Im looking for a place that somewhat diffcult or takes time to access. there anywhere where I could direct deposit?
Actually, I spoke with a few of the online saving accounts listed above and they all allow direct deposits. All your employer needs is the routing number and your account number. Usually (to avoid error), your HR department may want a check that shows those two numbers but I’m sure that they will let you use the online savings account if you explain your situation.
Have you also considered American Express high yield savings account. If yes why it did not make to your list of best accounts?
I know you asked about American Express but don’t get an account at Discover. The account opening process was the most cumbersome I have ever seen. Basically, you have to sign up, then it tells you to call the customer service department. After that, you wait a few business days to get confirmation. Then after that, you go back onto the site to sign up for a user ID. At this stage, you need your account number, which should have been told to you by the customer rep. If you wrote it down AND they told you, great. If not, then you have to call them again to get it. After that, you have to wait to get your password emailed to you… again, later.
Once that happens, you can get in and change your password etc.
Also, once I got in, I can’t even find option to add an account to do external transfers (why they don’t just add the account with the initial deposit is beyond me). As of right now, I’m waiting for customer support to get back to me about making a deposit but I’ve already put my money elsewhere for this particular deposit (which is a significant amount btw).
Wow I thought I was the only one that felt that way. I have a discover card and everything about it is great (other than the fact that many merchants don’t accept it) but the online savings interface and sign up process really sucks. I think it took me a week just to get through the application process and that’s simply not acceptable. I wonder if they do it to hide the fact that they actually hold your money for as long as 10 business days.
I contacted Discover bank for you and they told me that you have to sign up for MoneyHQ from within their interface in order to transfer money from another online savings account. If you need further instructions, I can send them to you so just contact me via the form in the about section.
Hope this helps and good luck!
Being a late comer, American Express Personal Savings hasn’t given me a good enough reason to open an account and give them a try. Their rates are in line with their competition and the competition works fine for everyone’s needs. They probably have a good offering, but I’m waiting to open an account with them when they have a good incentive for me to do so.
Even I’m having problem to open an account with American express personal saving. Any idea why it takes such along time for them to process the application.
Hello,
Check out American Express Online Savings they offer 1.70 APY no minimums.
I should have listened to Sally up there and not open the Discover account. Their online savings accounts sucks. Not only did I go through all the trouble that others have, the transfers take much longer to show up than my Ally Bank account. With Ally, the transfer is almost instant, with Discover… zzz.zzZZzz. Geez. An online bank operations should be much simpler than many other operations. Why do they mess this up so bad?
Why is the American Express 1.70% not listed? Have you just not had experience with it or is there something you dislike about it?
You are right. I just don’t have any experience with American Express as an online savings account solution. Since it’s totally new, I plan to give it another few months so they can upgrade/fix/smooth out anything they need before I look into them.
One other thing to watch for is that many of these online sites don’t let you choose beneficiaries. Even your spouse has to produce death certificates, etc . At least this is the way at ING. He’s doesn’t use a computer and couldn’t log into our ING account if he tried. AMEX lets you choose up to 6. It’s not just ING either, many of the other with high rates (well, considering the economy) don’t either. I know Colorado Saving Bank doesn’t either. Just something to think about.
I recently received an email from Cap One InterestPlus Online Savings account. I was conceidering going for it since i have a Cap One credit card already, but I dont know much about online savings accounts. Is anyone familiar with Cap One’s online savings accounts?
I’m looking for a BUSINESS High-yield On-line Savings account. Does anybody know of one that he/she would recommend? This is to park my cash from my business so it has to be a BUSINESS savings account. I’m with Chase right now and my money in the Savings account there is earning a paltry annual APR of 0.01%!!! It’s so ridiculous. I don’t want CD’s because I need the liquiditu of a Savings account. Thanks for your help.
How does ING even rate in this list as many other online banks beat its interest rate and have for a long time now. Like dollarsavingsdirect, for example.
Dollarsavingsdirect is now offering 1.50% as of today and is rated one star (the worst) at bankrate.com.
Ash, online banking is easy and very convenient/efficient/profitable. Once you sign up you will love it. FYI – I moved my money from Cap1 to Discover since Discover continually has one of the highest, if not the highest, savings interest rates among the large reputable banks. It appears several individuals have had a hard time getting signed up with Discover but I really like the site. It is easy to use and my transfers are always made by the third day, which is what is spelled out in the terms and is a common time frame used by most banks on free transfers. You do have an option to transfer funds the next day but it will cost. My goal has been to find the top yielding reputable bank sites since I do not want to keep moving money around and opening new accounts. Currently, I have accounts at bit Discover and Cap1. Take Care
Ash, couple other things to note when signing up. Include your beneficiaries (POD) when initially signing up since it is a pain to do it afterwards. Rates have changed since October so do your research. Also, look for introductory offers for new accounts. I think Cap1 is the same as Discover today but Cap1 is also has a bonus offer on new accounts.
I love ING Direct, although its rates are not highest. By far, their terms, service, and Web interface are better than any other accounts I have.
Avoid EverBank. Horrible experience I would never want to go through again.
Avoid Discover Bank. Horrible experience I would never want to go through again.
Good article – even site it in my most recent post. Check it out to see how you can earn double the interest.
Don’t forget that ING Direct also offers great promotions effectively bumping up the yield. In comparison to its peers, ING Direct has been written off plenty of times because of its lower yield, but there are numerous other reasons why this has set itself apart.
I’ve had Emigrant for several years. Transfer requests submited before 5pm have always been in my Chase checking account the next morning., and vice versa.
It’s tough to know what reviews are actual reviews and not people working in large organization’s “social media” departments, where it is their job to locate messages boards such as these and post positive comments about their employers. I know someone who does this for a living for a large bank.
I agree with WB.
Well, it figures. Since ING dropped their rate to around 1.10% (sheesh), I went with AMEX which was at 1.50%. Ha, of course, very shortly after they lowered their rate to 1.30%. I didn’t close my account at ING entirely, just in case. I think this rate chasing thing at all such relatively low rates is getting ridiculous. Now some banks & credit unions offer at least 3% or even higher, however they really make you jump through hoops to get that rate. The credit unions don’t make you use online banking. I still like having a local bank for general checking. I’ll post the link to find these places when I find it.
Full disclosure, I do work for one of these companies…Discover (though not on the Bank side). A question for MoneyNing: Why didn’t you include Discover on the list? Was it because of the reasons cited in the comments (user experience: difficult/non-intuitive navigation of the site) or something else?
I actually have a Discover Bank account and I’m not sure if I can recommend it yet. The interface used to REALLY bug me, then I was really excited when they did a face lift and got rid of pretty much all the annoying little details. Then, I noticed that:
There’s a $50,000 MONTHLY limit withdraw still. This may work for Discover, but not so great for customers who actually need money in a hurry. I asked, and you pretty much have to wire money out by calling them, and then faxing them written notice, which doesn’t seem to fit the whole convenience / modern model of online savings accounts.
Secondly, I notice that when I make a transfer, just before it shows up on my account, there’s a day or two where the transfer seems non-existent (it gets taken out of the list of pending transfer, it’s not in deposit history and then the money isn’t there yet either).
Other than that, the rates seemed fairly good. Actually, the rates are above the rest if you get into their premium savings account program, but I don’t know what the requirements are there, and whether you get “demoted” if your savings level dips past a certain point.
One thing I found odd with EverBank is that you must consent to them obtaining a credit report on you when applying for an account. Perhaps I overlooked this with my other online savings accounts (mostly from the list above) but I don’t remember seeing it. Why they need a credit report is beyond me. Since I’m giving them my money, I should be getting a credit report on them.