FirstFedDirect, the online banking arm of OneWest Bank, is offering a high yield Internet savings account with a current savings account rate of 1.04 percent. The annual percentage yield (APY) on the savings account is 1.05 percent.

FirstFedDirect calls the online savings account an “Internet Advantage Savings Account”.  The online savings account yield is available in all states accept the state of California.

Savings account balances are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. Savings account interest is compounded daily giving the account a higher annual percentage yield than interest compounded monthly or quarterly.

FirstFed Direct Savings Account Information. FirstFedDirect.com