Nowadays it is very hard to find savings instruments with decent interest rate and attractive conditions, since FED interest rates decreased almost to 0%. Funds became easily accessible and at very low interest rate, so banks and other financial institutions are quite unwilling to provide high interest rates for accepting savings. For normal savings accounts rates are usually around 0.1%. Only high interest savings account that is provided by online banks can offer attractive interest rates.
High interest savings accounts are provided by online banks. Online banks are those banking institutions that do not have physical office and conducts its operations online through its website. This allows an online bank to cut costs that are associated with keeping the staff, renting premises, maintenance and many other. Additional funds that are freed up are used for offering considerably higher interest rate than traditional banking institutions can offer. This makes high interest savings account particularly attractive for money savers.
High interest savings account has many other advantages. For instance, online banks provide very convenient website for their clients. Such websites allow bank clients to interact with the bank without physical interaction with the bank employees. Clients can open new accounts, close existing ones, transfer funds to and from high interest savings accounts. Also check balance, verify transfers and many other operations.
People are often unsure whether it is a good idea or not to trust money to 
“some website that even does not have an office”. This impression about high interest savings account is quite ungrounded. Such savings accounts are insured by Federal Deposit Insurance Commission (FDIC) meaning that if an online bank fails, savers money won’t be lost, Federal government will reimburse all the loses that accounts holder may bear. Just remember that high interest savings accounts are insured by FDIC up to $250,000.
As we already mentioned above nowadays decent interest rate became quite rare, due to expansionary policy of the Federal Reserve, however still there are some online banks that provide relatively high interest rates:
Hudson City Bank
APY: 2.8%
Deposit Size: $1,000 and up
SmartyPig Savings Account
APY: 2.05%
Deposit Size: $0 and up
Discover Bank
APY: 3.7%
Deposit Size: $2,500 and up
BankOn Savings Account
APY: 2.05%
Deposit Size: $0 and up
PenFed Credit Union
APY: 3.75%
Deposit Size: $1,000
Alliant Credit Union Savings Account
APY: 2%
Deposit Size: $5 and up
Melrose Credit Union
APY: 3.65%
Deposit Size: $5,000 and up
First Bank & Trust Checking Account
APY: 4.01%
Deposit Size: $0 and up
Sierra Bank Checking Account
APY: 4.09%
Deposit Size: $50 and up
Coulee Bank Checking Account
APY: 4.04%
Deposit Size: $0 and up
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