Kiplinger’s top picks for online savings

January 23, 2007 at 1:48 pm 1 comment

Kiplinger’s Personal Finance magazine featured the best “cyberbanks” for their savings and checking accounts, user-friendly sites, and access to funds. See which banks made the cut.

For the best online savings account:
HSBC Direct with an annual yield of 5.05%.

  • Quick customer service.
  • ATM card.
  • a $1 minimum balance.
  • and typically one of the highest yields.

For being the simplest to use:
ING Direct with an annual yield of 4.50%.

  • Streamlined Web site and painless four-step application are painless.
  • No minimums.
  • No monthly fees.

For access to funds:
E*Trade Financial with an annual yield of 5.05%.

  • E*Trade users can access deposits on the same day.

For the best online checking account:
EverBank with an annual yield ranging from 3.25% for balances less than $10,000 to 4.41% for $10,000 or more.

  • EverBank treats checking almost like savings.
  • Minimum of $1,500 to open an account.
  • Introductory rate of 6.01% for the first three months (before it goes down to the market rate).

For the best place to vet online banks:
Bankrate.com (interest rates and features vary daily).

  • Interest rates and features change daily.
  • Fast way to compare the full range of standard bank offerings as well.

Moneytalk uses ING’s Orange Savings. It’s easy to use and makes managing accounts much, much simpler.

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Entry filed under: Saving and Investing.

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1 Comment Add your own

  • 1. Larry  |  December 28, 2008 at 12:51 pm

    You need to update the rates on your page.

    Reply

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