February 15th, 2010

Compare And Choose An Online Savings Account

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piggy

Americans’ renewed sense to save money is the silver lining of this rough recession. The personal savings rate averaged nearly 4.6% in 2009, while for most of the decade it barely reached 2.5%, reports the U.S Department of Commerce. As more and more consumers make their savings accounts a priority in their personal finances, the key features of online savings accounts will determine what the best-fit piggybank is for each individual.

Do you need a long-term hold on your money, or the ability to move money rapidly? Do you demand excellent customer service, or are you more concerned with restrictions on your account? Online savings accounts aren’t one size fits all; check out the following chart to learn more about which provider meets your needs.

Ally Bank
Dollar Savings Direct
FNBO Direct
HSBC Direct/HSBC Advance
ING DIrect
WT Direct
RATES/BALANCES
APY (as of 2/15/10)
1.44%
1.40%
1.40%
1.20%
1.20%
1.41%
Max balance allowed
Unlimited
2MM
1MM
2MM
1MM
Unlimited
Min balance allowed for highest rate
$0
$1,000
$1
$1
$1
$10,000
SERVICE
Live person on phone
Yes
No
No
No
No
Yes
Click to call
No
No
No
No
No
Yes
Mobile banking
No
No
No
No
Yes
Yes
ACCOUNT TYPES/FUNDS TRANSFER
Totten Trust accounts offered
Yes
Yes
Yes
Yes
No
Yes
Number of external bank links permitted
Unlimited
3
3
Unlimited
3
Unlimited
ATM Card
No
No
Yes
Yes
No
No
Next day ACH transfer availability
No
No
Yes
No
No
Yes
Able to initiate transfers from another bank
Yes
No
Yes
Yes
No
Yes
Initial hold period for adding funds (new accounts)
5 days
5 days
10 days
None
10 days
7 days
Subsequent hold period for adding funds (existing accounts)
5 days
5 days
None
None
5 days
3 days
Wire funds ability
Yes
Emergency Only
Yes
Incoming Only
No
Yes

*Source: U.S. Department of Commerce: Bureau of Economic Analysis

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Our Featured Savings Account Provider:

WTDirect caters to more affluent customers, and though the minimum balance sets the bar high at $10,000, you get premiere features tailored for consumers that have large deposits. WTDirect provides unlimited account linking and transactions to other financial institutions, easy mobility of money, diverse ways to transfer funds, concierge-style account representatives, client access to expert economic advisers from Wilmington Trust, and the ability to establish Totten Trust accounts (to add beneficiaries). If you need a safe, FDIC-insured bank to trust your wealth with, check out WTDirect.

Disclaimer: All information posted to this site was accurate at the time of its initial publication. Efforts have been made to keep the content up to date and accurate. However, Credit Karma does not make any guarantees about the accuracy or completeness of the information provided. For complete details of any products mentioned, visit bank or issuer website.

5 Comments

  1. You can use an ATM card from ING Direct. It uses a network with ATMs at every 7-11 and many other locations.

    Eric at 5:46 pm on February 15, 2010
  2. I think you also mixed up Ally and Capital One when it comes to ATM cards. I’ve had accounts at both and Ally does give an ATM card while Capital One does not.

    Danny at 8:16 pm on February 22, 2010
  3. Savings rates are getting lower and lower, within a ten day time frame from the time this article was published, a good portion of the banks mentioned above have lowered their rates.

    I don’t think 2010 will be the year we’ll see an overall rise in savings rates, perhaps in the last quarter of the year when banks start to realize the actual interest rate is for the majority of savers the dominating factor that attracts new and hold existing clients.

    Edwin at 9:13 am on February 28, 2010
  4. Good post. I’m going through many of these issues as well..

    www.buyincoinscoupon.org at 9:10 am on January 29, 2013
  5. Showing competitive rates from 2010 is not useful in 2014

    Burt at 9:04 pm on April 9, 2014

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