I’ve kept my money in Share Builder’s money market account for quite some time, but after some quick looking, I soon realized that there were better places to put my money. Share Builder’s account currently only offers 4.46% annual percentage yield, does not have FDIC insurance, or any other advanced features. There are much better options out there, but which is the best option? I did some research, and this is what I came up with. (Rates updated as of January 07.)

Amboy Direct’s Premium Savings. This savings account is Amboy’s latest entry into the online savings account world. It features 5.25% APY, or 5.35% APY if you have at least $20,000 in the account. In addition, it seems that the signup process is simple, and you can get a $25 bonus if you leave $3,000 in the account for 90 days. Amboy receives a 4 star ranking by BankRate, making it a very desirable option.

ING Direct. ING is one of the longest established banks that have offered high yield savings accounts. Their accounts have fast ACH transfer times and excellent customer service. They used to be at the top of interest rates, but now only are providing 4.5% APY. You can however get a $25 sign-up bonus for creating an account with ING Direct

HSBC Direct. HSBC offers a competitive 5.05% APY and an ATM card to withdraw money. However they only have a 3 star ranking on Bankrate and there are numerous stories on the internet about poor customer service and other issues related to HSBC’s Online Accounts.

IGoBanking. IGOBanking tops the list for annual percentage yield coming in at 5.30%, however they only launched two months ago and that leaves the possibility in for some “growing pains” with the service. BankRate currently gives them a 3 star rating. All though the rate is very desirable, I’d prefer to go with a more established online bank.

Emigrant Direct – Their American Dream Savings Account currently offers 5.05% APY. Their account has no fees and no minimum balance. The company has very excellent customer service to go along with it.

Citi E-Savings. Citibank has recently entered the online savings market as well. You can get a 5% APY if you are already a have a Citibank checking account. Their account has FDIC insurance, no minimums and no fees, all very desirable features. This is a decent account, but most people don’t have Citibank accounts so they would not qualify.

So what’s the verdict? I ended up going with Amboy’s Premium Savings account. They have had a history of good interest rates; I’ve heard no major problems about them online. They are also FDIC insured, have no fees and no minimum balance. They might not be the absolute highest interest rate, but they are definitely up there have a good reputation.

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