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That is why you should do a search for top banks. Here are the top 5 banks savings accounts which will make your selection process a lot easier.
Top 5 Banks Savings Accounts:
1. ING Direct
For quite some time, ING Direct was known not to offer the best rates for savings accounts. While other banks were paying 5 percent, ING Direct was offering just 4 percent. However, now things are better as ING Direct is paying 3 percent interest on savings account which is the same as what other banks are offering.
Having an account with ING makes life very easy. You can add funds to a certificate of deposit in minutes and then manage everything from a single interface. The fact that your account is online, makes doing transaction fast and you can refer other people to take advantage of their $25 new account bonus and you will get a bonus of $10 for each referral. Now that is something!
2. E*Trade
E*Trade is more famous for being a discount broker rather than a bank. However, you can open a savings account with them and then link it to the broker account so that you can instantly transfer funds between the two.
E*Trade offers a 3.01 percent interest on savings account along with speed and convenience.
3. HSBC Direct
HSBC Direct offers one of the best terms of features and interest rates for savings accounts among all the banks in the US. The minimum amount to get you the best interest rate is $1 and that should not be a problem for most people.
4. Washington Mutual (WaMu)
Washington Mutual offers a 3.30 percent APY and if you want you can also open a free checking account with them which offers free checks for life, cash back on debit card purchases and no monthly fees.
5. Emigrant Direct
Although Emigrant Direct is not a well known brand, they still offer competitive interest rates. Their CD buying process is extremely easy and simple.
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The definition of savings account is quite simple. That is if we do not delve too deep. A savings account is defined as an account maintained with a depository institution with the purpose of accumulating funds over a period of time. 
