There are so many high-yield savings accounts nowadays and the majority are from online banking companies. You would be a fool if you put most of your savings in a savings account offered by a typical brick and mortar bank that offers a measly 0.25% return on your money. The absolute minimum you can do with the savings you have is put them in a high-yield online savings account that typically offers 4-5x the national average interest rate.  I use my budget template which I wrote previously about how to budget, to help me figure out exactly how much I’m saving every month. Whatever savings I have each month, I deposit it straight into my online savings  accounts (I have multiple). So, allow me to introduce you to some of these high-yield online savings accounts.

Note: I should remind you that it is a government requirement that a maximum of 6 withdrawals per month can be made from any online savings money market account. There are no such requirement for deposits.

**Updated: 3/19/2012**

Discover Bank (0.85%)


Discover Bank recently decided to offer a high-yield savings account and it is very respectable. At 1.35% APR, I believe it’s the highest of all competing money market accounts. And you know you’ll be getting great customer service because it’s Discover! Additionally, there are no fees, and it’s only $500 minimum initial deposit requirement to get you started. If you own a Discover Card already, you can deposit your cash back rewards into your new Discover Bank online savings account to earn and save even more money.

EverBank (0.91%)


Currently, EverBank is offering a special 1.05% APR for new money market accounts for the first 3 months for balances up to $50,000.  After 6 months, the APR will drop to the normal variable rate, which currently stands at a respectable 0.76%. This equates to a first year APR of 0.91%. This is a great rate for any one, considering the current US financial condition. The only thing I don’t like about it is that you need $1,500 initial deposit requirement and must maintain a $5,000 minimum balance. If the balance falls below $5,000, an $8.95 monthly charge will be applied. There are no other fees associated with this account so you can close it at any time without penalty. If you have a good amount of savings and have zero chance of falling below the minimum balance, then EverBank might be a good fit for you.

Ally (0.84%)


I really like Ally money market account. Not only is the APR at sky high at 1.29%, they also give you a check card and 50 checks for free. There are no fees associated with this account and no minimum balance. You can use your check card to make withdrawals (unlimited). The only bad thing is that you’re only limited to 3 total check card (not atm) or check transactions per month, or a $10 fee for each additional transaction applies.

ING DIRECT (0.80%)


Everyone’s heard of ING DIRECT. You see their ads everywhere and they were actually one of the very first to offer a high-yield online savings account. Currently, their Orange Savings Account offers a 1.10%. ING DIRECT is great because there are no fine lines on their offer. It’s exactly what it says and there are no catches. No fees, no minimum, no nothing. When you deposit your money into ING DIRECT, you’ll always know you’re getting a great rate without worrying about fees and penalties.