The yield on FirstFedDirect’s Internet Advantage Savings Account is currently at 5.17% APY. Minimum deposit is $1000 There are no monthly fees for low balances. The savings account is like a typical online savings account. Accounts can be opened online or by mail. You must live outside of California to apply.

First Federal Bank of California first launched this online bank last December. The rates have remained competitive since then.

First Federal Bank of California is FDIC insured. Bankrate.com’s review gives the bank a 4 out of 5 star rating.