When choosing a savings account, you need to determine if you need "bricks" (a local bank building) or are comfortable with "clicks" (internet banking). The trade-off between Bricks and Clicks is the return on your account. It makes sense that if a bank is paying for Bricks, there are fewer funds available to pay the interest on your savings account.
The current top contenders for "Click" online savings are ING Orange savings account at 4.20% APY and Countrywide Bank Savings Link at 4.00% APY or 5.30% if you deposit more than $10k. (Savings Rates are per the company websites as of the date of this post).
The great thing about both accounts is that you can attach them to your personal checking account - even if it is at a different institution - and transfer funds between them with the click of your mouse.
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