What Are The Best Online Savings Accounts?

I wanted to create a place for you guys where I share the best high yield savings accounts for online banking.

You guys know the saying, “work hard for your money, then let your money work for you” (or something like that). I believe in this. You work hard for your money. The least that you should expect is some decent returns on your money, while you focus on making more money.

What Are The Best High Yield Savings Accounts?

Keep in mind that most rates are not as attractive as they were a few years ago. Things will change eventually, but it’s unpredictable when and how. For now these are the best high interest savings account rates that I’ve been able to find.

ING Direct

ING Direct is the staple of what an online savings account should be all about. I joined with them when I was like 19 years old, so I have only positive things to say. You get $50 for free for just signing up. You get a debit card so that you can access your money at any time without having to deal random fees. You also have the ability to create sub-accounts so that you can save money for your various goals. I use this feature to plan for my future trips. What will you use it for?

Join ING Direct right now for your free $50.

Discover Bank.

Discover Bank is new to the world of online savings accounts. You need $500 to get started. If you meet this minimum amount you’ll have access to their great rates.

Ally Bank.

Ally Bank is one of the fastest growing online savings accounts. They offer a savings account and an interest checking account, among many other options. They’ve also become a very reliable and trusted bank over the years.

What’s the point of a high yield online savings account?

There are many positives to opening an online savings account right now.

1. You get to lock your money up.

For the average 20-something the biggest problem is having access to our money. When we lock it up and don’t see it, we’re able to save much more of it. With an online savings account, you can send your money away and not think about it until you absolutely need it.

2. Online savings accounts are a safe investment.

At the end of they day it comes down to what you’re looking for specifically when deciding on what the best online savings account is. For me I don’t want to risk all of my money. I take calculated risks. I have money invested in business opportunities and in real estate. The rest of my money I keep locked up in an online savings account.

For Australian readers check out UBanks savings accounts.

What’s your favorite high yield savings account?