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Bank and Financial Reviews

Start Article Ever since ING Direct opened the savings floodgates in the late 1990s, online savings accounts (OSAs) have meant big business for technology-friendly banks — and, better yet, great opportunities for savers. But which OSA is the best for you? Or should you have accounts at more than one OSA?

Good questions. Glad you asked!

Thanks to the internet, gone are the days when consumers' savings were restricted to the measly rates offered by the bank or credit union down the street. Online savings accounts offer interest rates that are often four or fives times the national savings-account average, and they do it without tying up your money for months at a time. As long as you're just a little "internet savvy," you can take advantage of the fantastic opportunities afforded us by forward-thinking financial institutions like Capital One 360 (formerly ING Direct), HSBC Direct, and all the others. (And in case you haven't noticed, it seems like more and more banks are embracing the OSA concept with each passing week!)

Following are my reviews of the online savings accounts I've used personally. I'll do my best to keep these reviews up-to-date with the new features (and sometimes drawbacks) offered by these institutions.

Capital One 360 Checking Account™
Capital One 360 Savings Account™
Capital One Direct Banking Money Market
Emigrant Direct American Dream™ Online Savings Account
FNBO Direct FNBO Direct Online Savings Account
HSBC HSBC Online Savings Account
Sallie Mae SLM High-Yield Savings Account