Earn A Lot More Interest By Opening A High-Yield Online Savings Account

Your savings can earn upwards of 4 more percentage points of interest, if you put it one of these high-yield online savings accounts. Here’s seven to check out.

HSBC Direct 5.05%
eTrade 5.05%
Emigrant Direct 5.05%
WaMu 5%
Capital One 4.75%
Citibank Direct 4.5%
ING Direct 4.5%

Note that under federal law, many online savings accounts may limit you to 6 withdrawals max. So don’t give up the brick and mortar yet. Instead, the “old-skool” bank for your day-to-day transactions, and an online savings account as your long-term piggy-bank.

UPDATE: Reader bosco says,

I think you should make a note that the 6 maximum withdrawals are on a monthly basis and only apply to electronic withrdrawals (an online transfer) but if the bank gives you a check payable to you or you use an ATM, those do not count.