GE Capital Online Savings requires no minimum balance and no transaction fees. After opening your account, then, you can deposit money via wire transfer, check deposits, or electronic transfers. Also, the account offers 1.05% interest rate a year. This means that you will earn about $52 at the end of the year if you make a $5,000 deposit. However, their interest rates can be variable and are expected to change over time. CIT Bank High Yield Savings Account Unlike GE capital, CIT Bank High Yield Savings Account has a minimum deposit amount of $100 but this account too offers 1.05% interest rate per year. However, it does not require any account opening charges, maintenance fees and after your account is funded, it does not require any minimum deposit. The accounts are categorised as tier 1 and tier 2: tier 1 does not require any daily minimum balance but tier 2 requires a daily minimum balance of $25,000. Ally Bank Savings Account Ally Bank offers a good savings account with 0.99% yearly yield and it requires no minimum account balance to earn this interest rate. Moreover, their savings account does not require maintenance charges and their savings products include IRAs and high-yield CDs. Their online platform, furthermore, is user-friendly and provides live customer care support. Discover Bank Online Savings Account Discover Bank offers online savings accounts that are easy and fast to open. Their interest rate is currently at 0.95% a year. However, this rate is bound to change as the economic factors affecting lending and market rates adjust. My Savings Direct Account My Savings Direct takes the first position because it offers daily compounding interest rates. Moreover, there is no minimum fee or balance: you simply open the online account, link it to your checking account and start saving. If you make a $5,000 deposit, you earn around $62 within one year. This is a good offer as compared to other financial institutions that offer 0.01% interest rate a year.