Best Online Savings Accounts for 2024

Axos Bank opened its doors on July 4, 2000. This day was chosen for three reasons. Firstly, it was meant to show that the online bank can be accessed by customers even during bank holidays. It was also the birthday of the founder’s daughter, and finally, the date symbolized a celebration of the bank’s independence from traditional forms of banking.

APY

Axos’s high-yield savings account comes with an interest rate of up to 0.61% for balances up to $24,999. It drops to 0.25% for balances between $25,000 and $49,999, and then again to 0.15% for those over $100,000.

Minimum deposit/balance

To open an account, you need a deposit of at least $250. This may seem like a hefty amount, but you should look at it as an investment. Considering that there’s no minimum balance, this can be seen as a one-time payment.

Service fees

There are no service fees. Another upside to entrusting Axos with your funds is that you can get your ATM card for free, and any card replacements won’t cost you a penny. Aside from the slightly more expensive wire transfer fees, Axos’s services are reasonably priced.

User experience & support

Axos offers an efficient mobile app that enables you to customize your dashboard. SSL encryption, two-factor authentication, automatic logout, and other safety measures have been implemented to keep your information secure on this app. 

Axos also has an excellent online banking site for those who want to avoid any hassle when opening an account. The entire process takes less than 15 minutes, and all you need is a valid ID and your Social Security number.

If you’re unable to find what you’re looking for in the FAQ or the How To Videos section, you can turn to Evo. You’ll find the icon for this virtual financial assistant at the bottom right corner of your screen. 

Of course, if you prefer to talk to an actual representative, Axos’s customer support agents are available 24/7. We value quality customer support, and that’s exactly what Axos delivers.

Founded in 2018 by Michael Nelskyla and his team of fellow financial professionals, Save pursues a mission of bringing high-profile banking and investment to everyday people.

What sets them apart from other savings accounts is the fact that they combine the safety of banking deposits and the upside of investment returns, meaning your principal is always safe from collateral, while allowing you to reap high yields.

APY

Save offers a variable APY - 8.96% for a 1-year term and 9.06% for a 5-year term. Such a high APY is based on hypothetical back-tested performance in the Save Moderate Portfolio from 2006 to the present. However, there is a reason why it's called a variable.

There is a risk that you may get no returns, but such a scenario isn't likely to happen, since Save has a broad portfolio of investments aimed to maximize returns. 

Minimum Deposit/Balance

The minimum deposit for a 1-year term is $1,000, while the minimum deposit for a 5-year term is $5,000. Don't forget that the maximum amount that is FDIC-insured is $250,000. If you refer a friend, you are eligible to receive a $5,000 bonus in equivalent investments††.

Service Fees

The only fee that you will be paying at Save is the 0.35% management fee. However, if you decide to withdraw your funds before your plan matures, your funds will be subject to early cancellation fees. 

User Experience And Support

After signing up for their service, Save will ask you to choose your plan and the amount of funds you would like to transfer. You can then download their dedicated phone app and track your investments in real-time. Note that Save doesn't allow partial withdrawals.

If you encounter any issues or would just like to ask a question you can reach their customer support by submitting a request, sending an email, or calling their phone support team at 1-844-940-Save (7283). The phone support team's working hours are Monday to Friday 9 a.m. - 5 p.m. CST, excluding holidays. Alternatively, you can visit their detailed FAQ and blog sections.

Save employs several layers of advanced protection such as SSL encryption, and 2048-bit RSA for certificates, and follows NIST (National Institute of Standards and Technology) guidelines for keeping your info intact.

For details regarding disclosure visit our Save review.

First Citizens Bank is one of the biggest family-owned banks in the United States. It operates in 22 states and has more than 600 brick-and-mortar locations. Although it is known as a business bank, First Citizens’ offer is aimed at individual investors as well. 

APY

First Citizens online savings account comes with an APY of 0.03%. Your interest is compounded daily and will be credited monthly to your account. When it comes to savings rates, the APY offered by First Citizens isn't among the highest, but the fact that you may start saving with as little as $50 is a plus. 

Minimum deposit/balance

First Citizens is a big family-owned business that still manages to compete with smaller businesses that are looking to draw in clients with low-fee deals. 

Its minimum deposit is just $50, and there’s no minimum balance required, so with this provider, you don’t run the risk of racking up unwanted fees.

Service fees

There are no fees associated with the First Citizens online savings account. However, there are some standard fees that apply and that you should be aware of when using its services. You have two free ATM withdrawals at the beginning of each month, after which a fee of $3 will apply. 

User experience & support

You can access the account online, but First Citizens also has more than 600 branches in the US.

First Citizens customers highlight its prompt and helpful customer service, something that we had the opportunity to confirm. You can reach the First Citizens’ agents Monday through Friday from 8 a.m. to 9 p.m., as well as on the weekends from 8 a.m. to 8 p.m. 

The mobile app has a high rating on both the App Store and the Play Store. It’s easy to use and offers a great feature called Manage My Money, which allows you to overview all of your First Citizens and non-First Citizens accounts from a single platform.

You can link your online savings account with the First Citizens checking account and get overdraft protection.

The company was formed in 2000 as a Utah-based subsidiary of CIT Group, a major financial services company.

APY

The annual percentage yield that you receive on your CIT savings account varies according to the type of account. 

The Savings Builder account is split into two tiers, with different APY and balance requirements. Namely, the base tier offers 0.40% APY for balances up to $25,000. Meanwhile, the upper tier comes with 1.00% APY for balances over $25,000 or with a minimum monthly $100 deposit.

Minimum deposit/balance

To open a Savings Builder account, there is a minimum $100 deposit requirement. There are no minimum balance or monthly deposit requirements apart from those required to stay in the upper account tier.

Service fees

There are no account opening or maintenance fees. However, outgoing wire transfers cost $10 if you have less than $25,000 in your savings account.

User experience & support 

CIT is a branchless bank with no person-to-person customer service and no ATMs. You can open an account with ease online. As an internet-based bank, it has a highly functional website that’s as easy to use. There’s also a CIT Bank app for mobile users. 

If you need to talk to a person, you can speak to a customer representative Monday to Friday from 9 a.m. to 9 p.m. or Saturday from 10 a.m. to 6 p.m. ET. Unfortunately, there’s no live chat option.

Established in 2018, Vio Bank is one of the fastest-growing online banks in the country. Founded as the national online division of MidFirst Bank, it was automatically insured by FDIC, which has covered MidFirst since 1934. Thanks to the FDIC, your Vio Bank savings account is insured to up to $250,000. 

APY

Vio Bank’s online savings account offers an average annual percentage yield of 1.10%, which applies to all balances, regardless of the amount. With Vio, your interest is set to compound daily, which is the fastest option to make your money grow. 

Minimum deposit/balance

To open a Vio Bank savings account, you’ll need at least $100. Considering the APY, that makes Vio one of the best-balanced savings accounts with low minimum requirements on this list.   

Service fees

Vio Bank doesn’t charge a monthly maintenance fee. However, if you leave your account unattended for more than 12 months, be prepared for a $5 dormant account fee. To avoid your account being labeled “dormant,” be sure to deposit or withdraw funds at least once a year. 

User experience & support

Vio’s website is easy to navigate, and the mobile app lets you check, transfer, and deposit funds. Opening an account is a fairly simple task. Vio supports ACH electronic payments system, which is used for transferring funds to your regular bank account.

Since the Vio Bank savings account doesn’t include a debit card, be prepared to use ACH extensively.

Customer service can be reached from 7 a.m. to 9 p.m. CT on work days, from 8 a.m. to 6 p.m. CT on Saturdays, and from 12 p.m. to 4 p.m. CT on Sundays.

Popular Direct is the online-only division of Popular Bank, which has been around for 122 years and is vouched for by the FDIC.

The company has two products at the moment: a high-yield online savings account and certificates of deposit.

APY

Popular Direct offers a 4.01% APY, providing some of the highest online savings rates out there. However, the minimum deposit is quite high as well: $5,000. 

Like most of the competition, Popular Direct compounds interest daily, which can be lucrative as long as you’re ready to meet the minimum deposit requirement. 

Minimum deposit/balance

Popular Direct requires a $5,000 minimum deposit for opening an account. Once you’ve opened the account, your minimum balance must be above $500 to remain within the charge-free limit.

Service fees

The bank doesn’t charge a monthly account maintenance fee. If you close your account within the first 180 days, you will be charged a $25 penalty. If you leave the account inactive for over 12 months, there’s a $5 monthly dormancy fee.

User experience & support

Popular Direct lets customers deposit money online or via a mobile app. The app lets you deposit a check as late as 8 p.m. ET, which can come in handy if you’re too busy to do it during working hours. Once deposited, the funds usually become available within one to two business days. 

This account doesn’t include an ATM card, nor will you be able to deposit cash directly. You can establish automatic transfers with your brick-and-mortar bank if you wish to keep cash flowing into your account.

Founded as a division of Emigrant Bank, MySavingsDirect is backed by one of the oldest banks in the country with more than $6 billion in assets. MySavingsDirect accounts are insured by the FDIC, which means that the first $250,000 is covered by the Federal Reserve. 

APY 

MySavingsDirect High-Interest Savings Account’s APY is 3.90%. If you’re looking for to have a minimal amount of hassle regarding account maintenance, you should certainly check it out. Interest is compounded daily and credited to your account monthly.     

Minimum deposit/balance 

MySavingsDirect allows you to open a savings account without a deposit and charges no fees in case your account is empty. 

Service fees 

The bank doesn’t charge monthly maintenance fees. If you’re looking for a “no strings attached” option, this may be an account for you. 

User experience & support 

While the website design is quite old-fashioned, the site is clear and easy to navigate. The account lacks a mobile banking app, however, which definitely hurts the service’s accessibility in this day and age. 

Once you create your account and make your first deposit, funds won’t be available for transfer or withdrawal for five business days. All further transfers to an associated account are conducted via ACH, and may take two to four business days.

HSBC Bank is one of the largest financial institutions in the world, but the eligibility requirements are stringent.

However, if you do qualify for its Premier Relationship Savings account, it just might be the best offer from our list. 

HSBC also provides great options when it comes to checking accounts and CDs. The bank is also FDIC-insured up to $250,000 per account.  

APY 

The current annual percentage yield on the HSBC Premier Relationship savings account ranks fairly high at 3.30%, compounding at a monthly rate.

However, in order to qualify for this APY, a client needs to meet one of the several monthly requirements: spend at least $500 using their debit card, receive at least $5000 in direct deposits, have an HSBC mortgage originally worth at least $500,000, or maintain HSBC Jade customer status.

If a customer doesn't meet at least one of these requirements, they’ll only receive a standard 0.05% interest rate for that month.

Minimum deposit/balance

To open the account you need to deposit at least $1. There is no minimum balance that needs to be maintained, apart from the aforementioned monthly requirements that must be met in order to qualify for the 3.30% APY.

Service fees

Although there are no monthly service fees with the HSBC Premier Relationship Savings account, some standard service fees apply. 

User experience & support

HSBC has close to 150 branches in the US alone. That means that you can open this high-yield savings account in a physical branch, and you can also handle all your transactions online.

HSBC operates a large network of ATMs across the country, and there are no withdrawal fees. However, there can always be charges from third-party ATM operators.

Also, the mobile app lets you move cash between your HSBC savings and HSBC checking account, which makes it easy to manage your funds.

Founded in 1812, CitiBank is one of New York’s oldest financial institutions. The bank's online-only savings account is, therefore, backed by more than two centuries’ worth of experience as well as an FDIC insurance certificate. 

APY 

CitiBank offers an annual percentage yield between 0.05% and 1.01% (depending on the account package), with interest compounded daily.

Minimum deposit/balance 

You don’t have to make a deposit when opening a savings account at CitiBank. However, once you start saving, you’ll need to maintain a balance of at least $500 in order to avoid a monthly $4.5 service fee. 

Service fees

Like most banks that require the customer to maintain a minimum balance, CitiBank charges a fee: $4.50 if you drop below $500. 

This fee is charged monthly until the above balance is met. If you’re already a CitiBank user, you can avoid fees by maintaining an average monthly balance of $1,500 in eligible linked accounts. 

User experience 

CitiBank’s physical branches are tightly linked to the online division.

The main advantage of CitiBank, apart from the option to visit a brick-and-mortar location, is that you’ll be granted fee-free access to more than 60,000 fee-free ATMs if you connect your savings account to a checking account through one of the bank’s packages.

Originally an offshoot of General Motors auto financing, Ally Bank has established itself as one of America’s most trustworthy banks. 

With competitive interest rates and robust online services, Ally Bank is an FDIC-insured bank that is part of a financial empire that holds $179 billion in assets.

APY 

Ally Bank offers a 3.00% APY with interest compounded daily, which is among the highest savings rates on this list. On top of that, it has other traits that make it a worthy consideration.

Minimum deposit/balance

The Ally Bank savings account doesn’t have a balance minimum, nor does it require a minimum deposit. You can open an account without any pressure and start depositing funds when you’re ready. 

Service fees 

Ally Bank has no monthly fees, and since there are no minimum balance requirements, you’re also safe from hidden fees. However, the bank charges $20 for outgoing wire transfers. If you want to avoid the hefty fee, you can always use ACH.

User experience 

Ally Bank is one of the most customer-friendly online banks. Its savings account has a mobile app that lets you access funds online and conduct transfers. Also, Ally Bank offers interest even on its checking accounts.

The savings account doesn’t include a debit card, however. You can make remote check deposits with Ally eCheck Deposit from your mobile device as well as through online transfers, direct deposits, wire transfers, and checks by mail. Since Ally Bank has no physical branches, you won't be able to deposit cash directly into your account.

Barclays is an established company with roots stretching all the way back to 1690. When John Freame and Thomas Gould started their goldsmith banking business, they had no idea it would evolve into the multinational financial services giant that it is today. 

The high savings rates and low fees make up for the fact that US-based customers are restricted to online-only banking operations. 

APY

Looking at  the APYs on our list, it’s evident that Barclays offers one of the highest, and it’s significantly better than what you’d get at most brick-and-mortar banks.

Indeed, its 3.00% APY is significantly higher than the national average. Also, your interest is compounded daily and credited to your account monthly.

Minimum deposit/balance

There are no minimum balance or deposit requirements, which is especially convenient for those who are just starting to build their savings. However, you’ll need some funds on your account to earn interest.

Service fees

Barclays offers services at a low cost or entirely free of charge. For starters, there’s no monthly maintenance or stop payment fee, and you won’t be billed for legal document processing or account research. 

User experience & support

The bank offers a great savings account for those who need a little more help putting money aside. Barclays’s saving assistant can help you set goals for yourself and calculate how long it’ll take you to reach them. The lack of an ATM card might actually be a good thing in this case, as it can prevent you from making unnecessary withdrawals. 

In case you do need to transfer or deposit money, Barclays has a mobile app that can also help you keep track of your funds. Both the Android and iOS versions are highly rated on Google Play and the Apple App Store. 

Unfortunately, in-person assistance is unavailable, but Barclays’s customer support can be reached seven days a week between 8 a.m. and 8 p.m. ET.

Over the years, the Discover Bank has been rebranded several times. It wasn’t until August 2000 that it got its current name, and only four years after its acquisition by Discover Financial Services, the bank registered its one-millionth merchant.

APY

Discover’s 3.00% APY qualifies as one of the market’s more generous rates. There’s no need to worry about your interest either - it’s compounded daily and paid out monthly.

Minimum deposit/balance

This is the main advantage of the Discover savings account. You don’t need to make any deposits or pay any maintenance fees. In other words, there’s no minimum balance required for you to be able to enjoy the many benefits of a newly opened account.

Service fees

Discover is known for providing an almost fee-free experience. This extends to monthly fees, overdraft fees, along with a lack of a minimum deposit. Additionally, in case you wish to close your account, the bank won’t charge you a penny.

User experience & support

Available on both the App Store and the Play Store, Discover’s mobile app offers plenty of features. The one that caught our attention right away was the ability to deposit a check into your account by simply taking a photo with your device. 

Another positive aspect is the bank’s customer support. The agents are friendly, helpful, and available to answer your questions 24/7, every day of the year, via phone and email.

Marcus by Goldman Sachs is a subsidiary of The Goldman Sachs Group, Inc.

The Goldman Sachs Group has been in business since 1869, but it wasn’t until 2016 that it ventured into the world of virtual banking. The name Marcus honors one of the founders of Goldman Sachs, Marcus Goldman. 

APY

A savings account with a 3.00% APY like Marcus is definitely noteworthy, especially when the interest you earn on your deposit is compounded daily.

Minimum deposit/balance

Marcus doesn't impose minimum deposit requirements. You’ll also appreciate that Marcus doesn’t require you to maintain any minimum balance either.

Service fees

The logic at Marcus is that you shouldn’t have to pay someone to save your own money. With that in mind, Marcus’s savings account was created. You can forget about service charges or transaction fees for transfers after becoming this bank’s client. But although Marcus won’t charge you for these services, your external bank or a third party might.

User experience & support

When we first visited the website, we noticed that the same-day transfers feature was included in the Marcus savings account. The only drawback is the $100,000 limit, which most customers won’t have a problem with.

The superb website is matched by an equally efficient mobile app, downloadable on both iOS and Android devices. Many positive reviews on Google Play and the App Store praise its intuitive design.

Additionally, Marcus’s customer support team consists of savings specialists. They can be contacted by phone from Monday to Friday between 8 a.m. and 10 p.m. ET and on weekends from 9 a.m. to 7 p.m. ET.