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Online Saving Banks

These links are to online banks, or regular banks with a major online presence. I try to list only banks that allow you to set up and access your account online, transfer money online to other accounts relatively easily and quickly, have no fees, have no (or low) minimum deposits, and have a decent interest rate. These links are not financial advice, and you should do your own research to see if these banks will serve your purposes. Some of these banks may be accessible only to customers in the USA. Be sure to check the specific details to find out the precise fee and minimum deposit structure, as well as the exact APY and how the interest is calculated.
5 links in this category
 Emigrant Direct — Another no-fee, no-minimum online savings bank. As of November 9, 2006, the interest rate was 5.05%, but be sure to check because it changes often.
 GMAC Bank — Offers a money market savings account with a 5.25% APY (as of November 9, 2006), but be sure to check as it changes often. However, you need a $500 minimum balance to avoid monthly fees, which is annoying, and you can only have six transactions per statement cycle.
 HSBC Direct — An online savings bank with no fees and no minimums. The signup and login process is a little confusing and convoluted compared to ING, but it all worked out in the end. As of November 9, 2006, the rate as 5.05% but make sure to check it as it changes regularly. You can also get an ATM card to access your money via ATMs.
 ING Direct Orange Savings Account — The ING Direct Orange Savings Account has no fees and no minimums and is easy to set up and access (although they do ask for a lot of personal information for security reasons at first). As of November 9, 2006 the interest rate was 4.40%, but make sure to check because it changes often.
 VirtualBank — VirtualBank's eMoney Market account has a 4.50% interest rate as of November 9, 2006 (but make sure to check as it may change). They have a $100 minimum, which is kind of annoying, but no fees.

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