SAN FRANCISCO, Feb. 28, 2013 /PRNewswire/ -- NextAdvisor.com, a leading consumer information website, has released their new online savings account calculator. This interactive new tool shows users how much money users can expect to make from various online savings accounts. NextAdvisor reviews accounts from Ally, American Express, CIT Bank, ING Direct, Discover, HSBC and EverBank, comparing them based on APY, fees, security, access options and other important features that consumers are interested in when shopping for an online savings account.
To use the calculator, users simply input the amount of money they plan to deposit and the number of months they plan to keep the money in the account. After calculating, the highest yielding savings accounts are displayed, showing the total returns the user can expect from their investment. A couple of the banks in NextAdvisor's online savings account rankings, including CIT Bank and EverBank, require a minimum balance or charge monthly fees. The online savings calculator considers these requirements when calculating user returns.
"With many banks offering online savings accounts, we feel that it's important for consumers to know exactly what they can expect from each service," said NextAdvisor president, Erik Larson. "In addition to our online savings account reviews, the new calculator is another way that our readers can decide which account is right for them."
Ally Bank holds the No.1 spot in NextAdvisor's online savings account rankings with their current rate of .95% APY. However, users who plan to deposit over $5,000 will want to consider EverBank's six-month introductory APY of 1.25%, and 1.05% after the introductory period. The results of the online savings calculator are displayed in order of highest payout to lowest payout.
Check out NextAdvisor's online savings account calculator here:
NextAdvisor.com provides independent reviews of online services for consumers and small businesses. The company's mission is to help its visitors save money and make optimal buying decisions by presenting them with useful comparisons and reviews of service providers and a clear explanation of each service and how it works. The company currently reviews, compares and explains many different types of services including credit cards, credit report monitoring, identity theft protection, diet plans, VoIP (Voice over IP) services, online dating, online backup, Internet security software, internet fax and web hosting.