Opening a highest yield savings account online is a great way to let your money work a little bit harder for you. Many of these savings accounts are designed to be linked to your other existing accounts, and allow easy and convenient money transfers. Because these accounts are online and require little overhead, banks can offer extremely competitive interest rates, often better than you can find at your local bank. Plus, they provide FDIC security.

Not sure what to look for when considering the highest yield savings account online? You want to compare an online bank’s services, performance (interest rates), fees, access to accounts, customer service, and security.

Make sure to read all of the terms and conditions, including whether minimum balances, an opening value, and monthly fees are required for the type of account you’re interested in. Many high yield savings accounts offer extremely competitive interest rates with as little as $500 to open an account. Other accounts require no minimum opening amount or balance, but the interest tends to be lower than for the highest yield savings account.