The Best Online Savings Accounts

Inflation figures in most countries including the United States are high. In the UK, people are struggling with inflationary burden averaging around 4.3%. With fierce competition raging among online banks, it is important for depositors to review what is the best type of interest savings to avail of which will provide maximum safety to their money and attractive growth via a high yield return. Many banks have a savings account option with interest rates than can fight off inflation. Choose the best online savings which provide the best terms of service and account management conditions.

First thing you need to do is €COMPARE€. Comparison of what your bank is currently giving you with what other online banks are offering can be an eye opener and a wakeup call. As an example, when you see the internet ad of EverBank, it says €earns 5x when you open an account with them.€ You may not be maximizing your earnings for a very long time with your savings bank. Online banks are now getting to be popular because of the higher interest rates they can offer viz-a-viz the traditional brick and mortar banks that people have been used to.

If you Google search the best online savings for 2011, you will access some data about many top online banks such as EverBank and American Express. The offer of Everbank is around 0.76% APY. It has been named €Best of the Web€ by Forbes for the past 5 consecutive years and €Best of the Breed€ by Money Magazine. Its initial deposit is only $1,500 and maintaining balance of $5,000. Another is Ally Bank which offers a best high yield online savings at 0.99% APY. It does not require any minimum balance with no monthly fees and without any sneaky disclaimers. Kiplinger's Personal Finance Magazine has rated it €Best for Savings€.

Another online bank you can consider is SallieMae. Its high yield savings account features a 1.00% APY with a daily compounded interest. It does not have any minimum balance and does not charge monthly fees. You can also check on their UPromise earnings offer where they give a 10% match. With FNBO Direct, its high interest online savings offers a 0.70% APY with initial minimum deposit of only $1.00. The bank does not charge any monthly fees. It has received recognition from Kiplinger as the €Best Online Savings Account€ and from Bankrate as one of the safest online banks.

With HSBC Advance online savings account which provides 0.80% APY with no monthly fees and good web interface, you need only $1.00 to open an account. HSBC has also received past recognition from Kiplinger as the €best online savings account€. Two top banks worth looking into are ING Direct which is now owned by Capital One and American Express Bank. So far, the best interest rate online is the 1.10% APY offered by SmartyPig.

Some of the websites which can provide vital data for your comparative survey are those of RateAPY, Bankrate and MoneyAisle. The EDIE calculator can also be some help. These top rated online savings accounts are all FDIC insured up to the maximum limit of $250,000. They have very easy and fast signing up process. There are no limits to deposits but some limits for withdrawals.

When making your comparative survey, focus on the reviews and select the one or more accounts which can maximize your earnings. The best online savings accounts are those which offer a high interest return that are closest, equivalent or greater than the current inflation rates. The best online banks are those which have gotten recognition because of their reputable track record, reasonable fees, excellent user interface and customer satisfaction. Do your due diligence and choose the online savings that you firmly believe will work best for you.