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Your Best High Yield Savings Account?

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High yield baby!I’ve been emailing back and forth with reader Tomas (he’s the impetus for the Bargaineering VideoCast that will be published on Sunday), and one question I struggled with was which online bank has the best high yield savings account offer now?

In the last few months, interest rates have plummeted. It was only a few short months ago that Dollar Savings Direct offered 4.00% APY on their savings account. Now the rate is half that, a mere 2.05% APY. FNBO Direct, a long-time favorite of mine, just lowered their rates yesterday to under 2%. ING Direct, HSBC Direct, and E*Trade Bank all have rates under 2.00% and have had rates that low for quite some time.

So which one is the best? For me, it’s any of them. The difference between 1.50% at ING Direct and 2.05% at Dollar savings is microscopic. Half a percent isn’t worth the hassle of opening up an account, to be honest, and my money is going to whatever account makes it easiest for me to work with them.

How about you? What do you consider the best high yield savings account nowadays?

(Photo: refractedmoments)

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39 Responses to “Your Best High Yield Savings Account?”

  1. LinearChaos says:

    Yeah, I am with ING. Have been for years, started when they were close to 4% and have watched it drop.

    I love ING and won’t switch to get a better rate. They are an awesome company and I will stick. I’ll just cross my fingers for the days when the rates start to climb again and I’ll keep stuffing my ING account with all the pennies I can scrounge.

    Hey, my ING is worth more then a house right now. :P

  2. Stephen - NYC says:

    For a long time now, I whenever I need to purchase something (product or service), I avoid any company that wastes money with naming rights. Granted, citibank played the john to the mets for the naming rights of the new stadium, but I’ve been banking with them for more years than I care to recall. So, I am not going to drop them JUST BECAUSE of the naming rights debacle. But let’s say I want a new bank, well, ING is out of the question. Why? Watch the new york city marathon in november and you’ll see why.
    I am not always successful in my endeavor to avoid the naming rights johns but where I can do so, I do. Think of all the college bowl games. All the stadiums / parks / fields / centers / whatever. All the ‘events’ that exist just to promote a corporate john.
    Like I am going to buy your stuff just because you decide to pay to name the thing.
    What upsets me further is when supposedly objective journalists write up the names in stories. You might be able to forgive (if that’s the right word) if there was only one mention of the name in the story. No, sometimes, you get repeat mentions and then you have photo captions next to the story (not to mention on the front or back page of the newspaper, assuming the paper is still being printed these days).
    /end of rant – sorry about it.


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