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lindagray

Top online banks: Salem Five Direct & HSBC Direct

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Top online bank: Salem Five Direct

Salem Five Direct impresses with a high-yield savings account that has no monthly fees. Right now, you can earn 1.91 percent APY (Annual Percentage Yield) on its savings account. You will, however, need at least $100 to open the account.

Its checking account can also help you earn a little extra money. It pays 0.25 percent APY on your balance. You can also earn cash back on your debit card purchases and won’t pay a monthly fee for the account. The bank never charges you for ATM (Automated Teller Machine) transactions and will reimburse up to a certain amount of fees others banks charge.

While there’s nothing innovative about the bank’s mobile app, it scores well in the app stores and will let you tackle the important chores, like deposit checks and pay bills.

Salem Five Direct is an online division of Salem Five Bank in Salem, Massachusetts.

Top online bank: HSBC Direct

The online bank’s biggest draw is offering a top-tier interest rate. At HSBC Direct Savings, the direct bank pays savers an impressive 2.05 percent APY, making it one of the highest APYs available right now. Even better, you can earn the APY regardless of how much, or how little, you park in the account. You only need to deposit $1 to open the account and there are no monthly maintenance fees.

The online bank also pays its checking account customers something, but the APY is extremely low. You won’t, however, have to pay monthly maintenance fees. Plus, you only need to deposit $1 to open the account. If you write physical checks, this account isn’t for you — it doesn’t offer personal checks.

The reviews of the mobile banking app disappoint compared to other online banks ranking on the list, but the app makes available some useful digital tools to help you budget and save for goals.

Read Bank Review

investopedia.com

 

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