Back in the days when we were regularly seeing 5% CD rates and some rates as high as 6%, FNBO Direct had one of the best savings rates available online with a 6% APY. FNBO Direct was one of the first online savings accounts I’ve ever applied for, and their rates have consistently been among the top savings rates.

Now, with so many banks in trouble and interest rates plummeting across the board, FNBO Direct continues to offer one of the top savings rates, at 1.90%. This is higher than E*Trade (1.20%) HSBC Direct (1.65%), and WT Direct (1.76%).

Opening an account is straightforward and simple. You just need $1 to open the online savings account. You can make the first deposit by check, wire transfer, or electronic deposit. While most banks require a few days to coneect your funding account by depositing two trial amounts, their online interface allows you to link your account instantly (with certain banks) by entering your banking username and password.

Like all other FDIC insured accounts, it is insured up to $250,000. There s a $1,000,000 max limit.