UnivestDirect, an online banking division of Univest National Bank & Trust Co., is currently offering an online savings account at a great rate of 1.25%APY.

Univest’s online savings account has no monthly fees and no maintenance fees. Only $1.00 is required to open and earn interest, which is compounded daily and credited monthly.

The bank’s online savings account features Free online banking and anytime online funds transfers to other banks, Free e-statements, Free ATM Card with no charge for ATM withdrawals.

Though the APY is great and deposits are FDIC insured, online savings account are only for people who are comfortable banking online.

Tags: online savings account

Looking for a high yield savings account? If you are comfortable banking online, Savings Square offers 1.90%APY on its  Savings Square Account.

Minimum opening deposit for a Savings Square Account is only $1.00 but no minimum is required to obtain the APY. The online savings rate is however variable and may change after account opening.

There are also no minimums and no fees involved and deposits are insured up to $250,000 per depositor.  APY is accurate as of August 3, 2009.

Savings Square is offered by Kirkpatrick Bank, a federally insured bank based in Edmond, Oklahoma.

Tags: online savings account

Update April 13, 2011:

Current APY on Presidential Online Bank Premier Savings is 0.50%APY. A huge drop from its offer of 1.75%APY in 2009.

Previous offer:

Presidential Online Bank, a division of Presidential Bank, FSB of Bethesda, Maryland, offers 1.75%APY on its Premier Online Savings account on balances up to $35,000. If your balance is in excess of $35,000, you will earn a competitive rate of 1.25%APY.

Opening the Premier Online Savings account requires at least $5,000 but there is no account fees and no minimum balance. You will also get added features like free online banking, free electronic statements, free check images, receive deposit confirmations and free nationwide ATM access.

Tags: online savings account

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