Click More Towards Better Bank Rates Online

Take Capital One (Stock Quote: COF). Its online banking arm is offering a 1.0% annual percentage yield (APY) for new savings account customers who deposit funds into the online bank, with no minimum deposit. If you deposit more than $10,000, the rate goes up to 2.0%. Plus, Capital One will kick in $50 to your new account.

Or how about GMAC Bank, the financial arm of General Motors (Stock Quote: GM). GMAC has rolled out a high interest online savings account with an APY of 2.5% -- that’s about 200-basis points above the average national savings account interest rate at traditional banks. There is no minimum balance requirement, and no monthly charges with the online GMAC deal.

However, there are some downsides with online bank accounts. In many cases, you can’t access the money from an ATM (check with your specific online bank for guidelines on ATM withdrawals). In addition, transfers from savings to checking may take a few days.

Also, make sure you choose a reputable online bank with a good track record of competitive yet stable rates and whose assets are FDIC-insured.

That said, online bank savings accounts beat brick-and-mortar rates hands down. If you appreciate a bigger bang for your savings account buck, don’t just sit there, get clicking!

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.