CD rates have constantly been dropping over the last several months but online savings accounts have somewhat stabilized. Some banks have even seen their savings rates increase from all time lows. Etrade, had a yield of 0.60% APY for the last few months but since has seen its interest rate increase to 0.95% APY, not a huge increase but still an improvement.

An online savings account functions the same way as a money market account but the main notable benefits of the online savings account are their flexibility, lucrative returns and FDIC protection. Most of these online savings accounts can be managed from anywhere nationwide, which makes them even more noticeable. Many people, who have large balances in their checking account, tend to opt for these high interest savings account or checking account in order to earn some extra interest on their idle cash.

Here are the Best 3 Online Savings Accounts For November 2009:

• EverBank – Has a promotional 2.51% APY interest rate for all balances for the first 3 months. After the first 3 months the rate drops to 1.77% APY and will be paid on balances up to $50,000. There is a monthly fee of $8.95 if your account balance falls below the $5,000 mark. A minimum opening balance of $1,500 is required.
• WTDirect – Online savings account yields 1.51% APY on balances above $10,000. WTDirect is out of Baltimore, Maryland and is a subsidiary of Wilmington Trust Bank, which has been in business for 100 year. The yield from WTDirect has been consistently higher when compared to competing banks.
• ING Direct – One of the first online banks around and knows the business better than most other banks. Not only did they not need a brick and mortar business, but by saving money from not having one, they are able to pass the savings to their customers. Their online savings account yields 1.30% APY. ING Direct is known to have one of the best online interfaces around.

If you know of a bank that has better online savings account rates, then please let us know.