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 look 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

• 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: $100 to receive interest
• The Downside: $1000 minimum deposit to open.

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.