Virtual Bank, a division of Lydian Private Bank, is offering a virtual or online savings account at 1.01%APY. There is no minimum balance requirement but you must maintain a balance of at least $1,000 to obtain the APY.  The online savings rate offered is accurate as of July 28, 2009 but subject to change. Interest is compounded daily and credited monthly.

Opening the online savings account comes with some added features like free online statements, free deposit envelopes, and there is no monthly service charge for children. But, above all else, deposits are FDIC insured.

Tags: online savings account

Direct Huntington is offering an anywhere or online savings account at 1.40%APY. To obtain the 1.40%APY, customers must have a maintaining balance of between $20,000 to $49,999.

Depositors must be 18 years and above and U.S. Citizens or Permanent Residents to apply. Accounts are not available to California residents.

You can open an account with just $1 and there is no minimum balance required. However, your rate of return on deposits depends largely on your maintaining balance. In other words, the more you save, the more you earn.

For example, balances between $50,000 – $99,999.99 earn 1.60%APY while balances between $100,000 – $999,999.99 earn 1.80%APY.

Tags: online savings account