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Key Considerations for Online Savings Accounts

Online savings accounts

When shopping among Internet bank accounts, you’ll want to look at some key features. Not every bank offers everything, so you have to decide how important these are to you.

The APR (annual percentage rate) is usually the most important attraction for rate shoppers. Your access to the money is another important factor. If you want to take the money and spend it, consider how much work you have to do. The number of linked accounts is also an important consideration. Can you set up a network of accounts and zap money back and forth through your Internet bank account?

Check into the additional products and services that are offered. Can you buy CDs, get a mortgage or pay bills online? Also consider the leverage of your existing banking relationships. If an institution that you already deal with has an Internet bank account, you may qualify for some extra perks by keeping all of your business in one place.

Customer service options are important to most bank customers. How easy will it be to get questions answered? If you prefer a bank with automatic savings plans, find out whether you can put it on autopilot and let the money accumulate automatically. And finally, check the bank'’s safety and security. Is the bank FDIC insured, and do you trust its security process?

Online Bank Interest Rate Trends

On Dec. 23, 2008, the interest rate at 1st Constitution Direct Savings was 2.50 percent. On May 7, 2009, the interest rate was 2.50 percent. On May 30, 2009, the interest rate was 2.50 percent. On January 2, 2009, the interest rate was 2.00 percent. On January 5, 2010, the interest rate at 1st Constitution Direct Savings was 1.50 percent.

The Dec. 23, 2008 interest rate at AmTrust e-Savings was 1.75 percent. On May 7, 2009, the interest rate was 1.25 percent. On May 30, 2009, the interest rate was 1.25 percent. On January 2, 2009, the interest rate was 0.50 percent. On January 5, 2010, the interest rate at AmTrust e-Savings was 0.50 percent.

On Dec. 23, 2008, the interest rate at Capital One Money Market was 3.00 percent. On May 7, 2009, the interest rate was 1.40 percent. On May 30, 2009, the interest rate was 1.40 percent. On January 2, 2009, the interest rate was 1.20 percent. On January 5, 2010, the interest rate at Capital One Money Market was 1.20 percent.

The interest rate at Capital One Online Savings on Dec. 23, 2008 was 3.25 percent. On May 7, 2009, the interest rate was 2.01 percent. On May 30, 2009, the interest rate was 1.85 percent. On January 2, 2009, the interest rate was 1.60 percent. On January 5, 2010, the interest rate at Capital One Online Savings was 1.60 percent.

The Dec. 23, 2008 interest rate at Citi Bank Ultimate Savings was 2.50 percent. On May 7, 2009, the interest rate was 1.65 percent. On May 30, 2009, the interest rate was 1.50 percent. On January 2, 2009, the interest rate was 1.20 percent. On January 5, 2010, the interest rate at Citi Bank Ultimate Savings was 1.01 percent.

On Dec. 23, 2008, the interest rate at Discover Bank Online Savings was 2.75 percent. On May 7, 2009, the interest rate was 2.00 percent. On May 30, 2009, the interest rate was 2.00 percent. On January 2, 2009, the interest rate was 1.75 percent. On January 5, 2010, the interest rate at Discover Bank Online Savings was 1.60 percent.

The interest rate at E*Trade Complete Savings on Dec. 23, 2008 was 3.01 percent. On May 7, 2009, the interest rate was 1.20 percent. On May 30, 2009, the interest rate was 0.95 percent. On January 2, 2009, the interest rate was 0.50 percent. On January 5, 2010, the interest rate at E*Trade Complete Savings was 0.50 percent.

The Dec. 23, 2008 interest rate at Emigrant Direct Savings was 2.75 percent. On May 7, 2009, the interest rate was 1.65 percent. On May 30, 2009, the interest rate was 1.55 percent. On January 2, 2009, the interest rate was 1.30 percent. On January 5, 2010, the interest rate at Emigrant Direct Savings was 1.20 percent.

The HSBC Direct Online Savings interest rate on Dec. 23, 2008 was 3.00 percent. On May 7, 2009, the interest rate was 1.65 percent. On May 30, 2009, the interest rate was 1.55 percent. On January 2, 2009, the interest rate was 1.35 percent. On January 5, 2010, the HSBC Direct Online Savings interest rate was 1.35 percent.

The Dec. 23, 2008, IGoBanking Savings interest rate was 3.08 percent. On May 7, 2009, the interest rate was 2.12 percent. On May 30, 2009, the interest rate was 2.02 percent. On January 2, 2009, the interest rate was 1.41 percent. On January 5, 2010, the interest rate at IGoBanking Savings was 1.31 percent.

On Dec. 23, 2008, the interest rate at ING Direct Orange Savings was 2.75 percent. On May 7, 2009, the interest rate was 1.50 percent. On May 30, 2009, the interest rate was 1.50 percent. On January 2, 2009, the interest rate was 1.30 percent. On January 5, 2010, the ING Direct Orange Savings interest rate was 1.30 percent.

The OnBank Money Market Savings interest rate on Dec. 23, 2008 was 3.15 percent. On May 7, 2009, the interest rate was 0.50 percent. On May 30, 2009, the interest rate was 0.50 percent. On January 2, 2009, the interest rate was 0.50 percent. On January 5, 2010, the OnBank Money Market Savings interest rate was 0.50 percent.

The Dec. 23, 2008, Salem Five Direct Money Market interest rate was 2.75 percent. On May 7, 2009, the interest rate was 1.40 percent. On May 30, 2009, the interest rate was 1.40 percent. On January 2, 2009, the interest rate was 1.55 percent. On January 5, 2010, the interest rate at Salem Five Direct Money Market was 1.55 percent.

The ShoreBank Direct Online Savings interest rate on Dec. 23, 2008 was 3.50 percent. On May 7, 2009, the interest rate was 2.45 percent. On May 30, 2009, the interest rate was 2.05 percent. On January 2, 2009, the interest rate was 2.15 percent. On January 5, 2010, the ShoreBank Direct Online Savings interest rate was 1.70 percent.

On Dec. 23, 2008, the interest rate at Univest Direct Online Savings was 2.00 percent. On May 7, 2009, the interest rate was 1.50 percent. On May 30, 2009, the interest rate was 1.50 percent. On January 2, 2009, the interest rate was 1.25 percent. On January 5, 2010, the Univest Direct Online Savings interest rate was 1.25 percent.

The WT Direct High Yield Savings interest rate on Dec. 23, 2008 was 3.06 percent. On May 7, 2009, the interest rate was 1.76 percent. On May 30, 2009, the interest rate was 1.76 percent. On January 2, 2009, the interest rate was 1.51 percent. On January 5, 2010, the WT Direct High Yield Savings interest rate was 1.41 percent.

The graphic also includes the interest rates for Ally Bank Online Savings, Amboy Direct Savings, DollarSavings, Direct Savings, Doral Bank Direct Savings, EverBank Money Market, Flagstar Bank, Presidential Bank Premier Savings, Money Market FNBO Direct Online Savings, Savings Square UFB Direct US Savings, Bank of Internet Money Market and E-Loan Bank Savings Plus.

If everyone did all of their banking online, more than 17 million trees would be saved each year.