Fortunly's Guide
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Best Online Savings Accounts for 2024

Written By
I. Mitic
Updated
June 14,2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Maybe you’re new to the workforce, struggling to pay rent, and wondering where your paycheck went. Maybe you’re responsible for building the rainy-day fund for your family. Whatever the case may be, a savings account is more than a useful investment - it’s essential.

Let’s take a look at the rates and find the one that is perfect for your needs.

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Best Online Savings Account Rates of June 2024

Axos Bank High-Yield Savings Account

Axos Bank High-Yield Savings Account Logo
OVERVIEW

Axos Bank is owned by Axos Financial and was launched as a digital bank in 2000. Over the last two decades, it’s only improved its operations. Its full-service banking and excellent customer support are just some of the reasons why it’s considered one of the top online banks in the industry. Read more

  • No maintenance fees
  • Free ATM card upon request
  • 24/7 customer support
Learn More
On Official Website
APY
0.61%
MONTHLY FEES
None
MINIMUM DEPOSIT
$250
ATM FEES
None

Save Market Savings

Save Market Savings Logo
OVERVIEW

Founded in 2006 by Michael Nelskyla and a team of financial professionals, Save aims to bring banking and investments to everyday people. It offers a unique perspective to online banking - it merges the safety of a traditional banking deposit with the high return of investments. Read more

  • High yield
  • FDIC-insured³
  • Large referral bonus
Learn More
On Official Website
APY
8.96% (Variable)*
FEES
0.35% annual management fee
MINIMUM DEPOSIT
$1,000
ATM FEES
None

First Citizens Online Savings Account

First Citizens Online Savings Account Logo
OVERVIEW

First Citizens is a reputable bank with more than 120 years of experience in providing financial services. It's a top business bank that also provides stellar service to smaller clients. Its online savings account comes with no fees and allows for overdraft protection. Read more

  • Low initial deposit
  • Interest is compounded daily
  • No fees and no minimum balance
Learn More
On Official Website
APY
0.03%
MONTHLY FEES
None
MINIMUM DEPOSIT
$50
ATM FEES
2 free/month, after that $3

CIT Bank Savings Builder Account

CIT Bank Savings Builder Account Logo
OVERVIEW

CIT Bank is a Utah-based subsidiary of CIT Group, first started as a business loan company and then shifted into online banking in 2011. Today, CIT Bank is one of the premier online saving accounts providers in the US. Read more

  • Two account tiers
  • No monthly fees
  • Low minimum requirements
Learn More
On Official Website
APY
0.40%-1.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$100
ATM FEES
None

Vio Bank Online Savings Account

Vio Bank Online Savings Account Logo
OVERVIEW

Vio Bank is an online-only division of MidFirst Bank. It has been at the forefront of online banking since its inception in 2018, offering one of the top-rated high-interest savings account options. Read more

  • Competitive savings account rates
  • Interest is compounded daily
  • User-friendly website and app
Learn More
On Official Website
APY
1.10%
MONTHLY FEES
None
MINIMUM DEPOSIT
$100
ATM FEES
None

Popular Direct High-Rise Savings Account

Popular Direct High-Rise Savings Account Logo
OVERVIEW

The online-only division of the Popular Bank, Popular Direct has established accounts that are perfect for larger savings. Providing some of the best savings account rates on the market, as well as daily compound interest, Popular Direct guarantees a healthy environment for your life savings. Read more

  • Interest compounded daily
  • Quality website and mobile app
  • 24/7 customer service
Learn More
On Official Website
APY
4.01%
MONTHLY FEES
None
MINIMUM DEPOSIT
$5,000
ATM FEES
None

MySavings Account

MySavings Account Logo
OVERVIEW

MySavingsDirect is an online-only savings bank backed by Emigrant Bank, which holds more than $6 billion in assets. The company offers one of the highest annual percentage yields online, combined with some of the most lenient requirements. Read more

  • Competitive interest rates
  • $0 minimum balance
  • Interest is compounded daily
Learn More
On Official Website
APY
3.90%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None

HSBC Premier Relationship Savings Account

HSBC Premier Relationship Savings Account Logo
OVERVIEW

HSBC Bank USA is the US division of HSBC Holdings plc, one of the largest financial institutions in the world, worth close to $3 trillion in assets. The bank offers some of the best rates on online savings accounts and certificates of deposit while keeping requirements at a minimum. Read more

  • Lowest possible minimum deposit
  • A huge network of fee-free ATMs
  • Highly functional mobile app
Learn More
On Official Website
APY
0.05%-3.30%
MONTHLY FEES
None
MINIMUM DEPOSIT
$1
ATM FEES
None

Citi Savings Account

Citi Savings Account Logo
OVERVIEW

Citibank is one of New York’s oldest financial institutions. Founded in 1812, it has ventured into many successful enterprises since then. The bank's online savings account is, therefore, backed by more than two centuries’ worth of experience in addition to the mandatory FDIC insurance certificate. Read more

  • ATM card lets you withdraw funds through your Citibank checking account
  • Interest compounded daily
  • 60,000+ fee-free ATMs
Learn More
On Official Website
APY
0.05%-1.01%
MONTHLY FEES
Up to $4.5
MINIMUM DEPOSIT
$0
ATM FEES
$2.50

Ally Bank Online Savings Account

Ally Bank Online Savings Account Logo
OVERVIEW

Originally part of General Motors auto financing, Ally Bank has established itself as one of the most trustworthy online banks. It offers competitive online savings account rates and a solid history in providing online services. Read more

  • No minimum deposit or balance required
  • Fee-free transactions with Ally eCheck Deposit
  • Great mobile app
Learn More
On Official Website
APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None at Allpoint ATMs

Barclays Online Savings Account

Barclays Online Savings Account Logo
OVERVIEW

Headquartered in the United Kingdom, Barclays services are available exclusively online in the United States. Over three centuries of successful banking offer ample proof of its reliability. Due to a very competitive APY and low fees, it can be a good savings account option for those who don’t require access to physical branches. Read more

  • No minimum balance required
  • Quality mobile app
  • No maintenance fees
Learn More
On Official Website
APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None

Discover Bank Online Savings Account

Discover Bank Online Savings Account Logo
OVERVIEW

Discover Bank is owned and operated by Discover Financial Services and is currently headquartered in Delaware. Before the bank started operating independently from its parent company Sears, Roebuck and Co., its card was first used all the way back in 1985. Today, it’s widely considered a top online bank that offers excellent savings account interest rates. Read more

  • 24/7 phone and email support
  • Check depositing via mobile app
  • Interest is compounded daily
Learn More
On Official Website
APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None

Marcus by Goldman Sachs High-Yield Online Savings Account

Marcus by Goldman Sachs High-Yield Online Savings Account Logo
OVERVIEW

Goldman Sachs is a well-known company with 150 years of experience in the banking business. Its services tend to be on the costly side, but luckily, individuals with a more modest budget can benefit from its subsidiary, Marcus by Goldman Sachs. This is another affordable entry on our best online savings account list thanks to its no-fees policy. Read more

  • User-friendly mobile app
  • Same-day transfers up to a $100,000
  • No fees and no minimum balance
Learn More
On Official Website
APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None
Quick Breakdown

14 Best Online Savings Accounts in 2024 - Our Picks:

  • Axos Bank - Consider if you want a free ATM card
  • Save - Consider it if you want a high APY.

  • CIT Bank - Consider if you want to make a $100 deposit each month
  • Vio Bank - Consider if you want to access your account via a mobile app
  • Popular Direct - Consider if you have a large savings amount to deposit
  • MySavings Direct - Consider if you want to avoid minimum balance requirements
  • HSBC - Consider if you want fee-free access to a large ATM network
  • Citi - Consider if you want to withdraw funds through a checking account
  • Ally - Consider if you need help optimizing your savings
  • Barclays - Consider if you want access to advanced saving tools
  • Discover Bank - Consider if you want to avoid hidden fees
  • Marcus by Goldman Sachs - Consider if you value a high limit on same-day transfers
  • First Citizens Bank - Consider if you’re looking for a low initial deposit

Detailed Reviews of Online Savings Accounts

Axos Bank High-Yield Savings Account

Axos Bank High-Yield Savings Account Logo Learn More

On Official Website

Read Expert Review
APY
0.61%
MONTHLY FEES
None
MINIMUM DEPOSIT
$250
ATM FEES
None
BBB RATING
A+

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. 

This California-based company’s high-rate savings account options are a perfect choice for customers who wish to do most of their banking online.

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

Axos Bank provides an online savings account with top high-yield rates, and 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. 

In addition to offering one of the best online savings account options, 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: impressive savings account interest rates and the best online banking experience on the market.

Reasons to open an account:

  • ATM card
  • High APY
  • Easy sign-up
  • 24/7 customer support
  • Secure mobile app
+ Show more

Save Market Savings

Save Market Savings Logo Learn More

On Official Website

APY
8.96% (Variable)*
FEES
0.35% annual management fee
MINIMUM DEPOSIT
$1,000
ATM FEES
None
BBB RATING
None

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 best online bank 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

Another aspect that makes Save Market Savings one of the best online savings products is the small fee. 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, making it one of the best banks for savings when it comes to security.

Reasons to open an account:

  • High variable APY
  • Referal reward program
  • Several layers of security
  • Fast customer support
  • Early withdrawals 

For details regarding disclosure visit our Save review.

+ Show more

First Citizens Online Savings Account

First Citizens Online Savings Account Logo Learn More

On Official Website

APY
0.03%
MONTHLY FEES
None
MINIMUM DEPOSIT
$50
ATM FEES
2 free withdrawals/month, $3 after that
BBB RATING
A

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 top business bank, First Citizens’ offer is aimed at individual investors as well. 

Its fee-free online savings account is just one of the many services available from this reputable provider.

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 online 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

Most banks that offer online savings accounts require a deposit. 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 reviews always 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.

Reasons to open an account:

  • Low initial deposit
  • Fee-free account
  • Reputable company
  • Interest is compounded daily
+ Show more

CIT Bank Savings Builder Account

CIT Bank Savings Builder Account Logo Learn More

On Official Website

APY
0.40%-1.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$100
ATM FEES
None
BBB RATING
A-

Some of the best online bank savings account options can be found at CIT Bank. The company was formed in 2000 as a Utah-based subsidiary of CIT Group, a major financial services company. 

It started as a business loan company before diverting into online banking in 2011 and launching online savings accounts the following year. Since then, it has grown into one of the premier online saving account providers. 

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. 

The lack of monthly fees, accompanied by some of the best online bank rates for savings accounts, makes CIT Bank look better and better.

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 as any of the best online bank savings accounts. 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. 

Reasons to open an account:

  • Multiple savings account options
  • Easily accessible website
  • Low minimum deposits
  • No service or maintenance fees
  • Interest is compounded daily
+ Show more

Vio Bank Online Savings Account

Vio Bank Online Savings Account Logo Learn More

On Official Website

APY
1.10%
MONTHLY FEES
None
MINIMUM DEPOSIT
$100
ATM FEES
None
BBB RATING
A+

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. In terms of APY, Vio Bank is one of the best savings account offerings on this list. 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. While this might be an issue when it comes to withdrawing cash, remember that the best online savings accounts are made to save your money while it grows and helps you reach your savings goals. 

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.

Reasons to open an account:

  • High online savings rates
  • Interest compounded daily
  • Low minimum balance requirements
  • User-friendly website and app
  • No monthly service fee
  • FDIC-insured
+ Show more

MySavings Account

MySavings Account Logo Learn More

On Official Website

APY
3.90%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None
BBB RATING
A+

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 the best interest rates for savings and minimal 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 one of the best free online savings accounts for you. 

User experience & support 

While this online bank’s 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. 

Although it may not be fully keeping up with the times, MySavingsDirect still offers one of the best high-interest online savings account options.  

Reasons to open an account:

  • Competitive interest rates
  • Interest compounded daily
  • $0 minimum balance
  • FDIC-insured
+ Show more

HSBC Premier Relationship Savings Account

HSBC Premier Relationship Savings Account Logo Learn More

On Official Website

APY
0.05%-3.30%
MONTHLY FEES
None
MINIMUM DEPOSIT
$1
ATM FEES
None
BBB RATING
B

HSBC Bank is one of the largest financial institutions in the world. It offers some of the best online savings account rates, 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 online, which makes it easy to manage your funds. So if you’re looking to combine a great checking account with one of the best online savings rates, HSBC has got you covered.

Reasons to open an account:

  • Lowest possible minimum deposit 
  • High interest rate
  • Highly functional mobile app
  • A huge network of fee-free ATMs
  • FDIC insured
+ Show more

Citi Savings Account

Citi Savings Account Logo Learn More

On Official Website

APY
0.05%-1.01%
MONTHLY FEES
Up to $4.5
MINIMUM DEPOSIT
$0
ATM FEES
$2.50
BBB RATING
N/A

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. In addition to individual savings, CitiBank offers one of the best online savings accounts for small businesses and startups, so be sure to check the CitiBusiness line of accounts if you own a small business.

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

The best online savings account with no fees is hard to find. 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. This gives the bank an extra edge it needs to qualify among the best online savings account options listed here. 

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.  

Reasons to open an account:

  • Interest compounded daily
  • ATM card lets you withdraw funds from your CitiBank checking account
  • 60,000 fee-free ATMs
  • Good customer support
  • FDIC insured
+ Show more

Ally Bank Online Savings Account

Ally Bank Online Savings Account Logo Learn More

On Official Website

APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None at Allpoint ATMs
BBB RATING
N/A

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

With such strong backing, it comes as no surprise that Ally has some of the best interest rates for online savings accounts. 

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. This makes it very attractive for clients, many of whom concur that the online bank has the best online savings and checking accounts to match.

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.

Reasons to open an account:

  • No minimum deposit or balance
  • Great mobile app
  • Dedicated customer service
  • Fee-free transactions with Ally eCheck Deposit
  • FDIC-insured
+ Show more

Barclays Online Savings Account

Barclays Online Savings Account Logo Learn More

On Official Website

APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None
BBB RATING
A+

When it comes to the best online savings account interest rates, this provider is another top competitor. Barclays is an old 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 best online savings account 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 top online banking 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 option 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. If you’re looking for the best online savings account with a mobile app that’s easy to use and has plenty of features, then Barclays is the way to go. 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. Overall, this is one of the top online savings accounts when it comes to customer experience. 

Reasons to open an account:

  • Saving tools
  • High-rated mobile app
  • Low fees
  • No minimum balance or deposit requirements
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Discover Bank Online Savings Account

Discover Bank Online Savings Account Logo Learn More

On Official Website

APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None
BBB RATING
A+

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. With a long-standing reputation, Discover is a reliable bank that offers potential customers a first-rate online savings account.

APY

Amid the global economic downturn, Discover’s 3.00% APY qualifies as one of the market’s more generous online savings account 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 online 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 might just have the best online savings accounts with no fees. Its great benefits are obvious as soon as you open an account on the Discover website, including a lack of fees. 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

A good online savings account goes hand-in-hand with an exceptional, well-oiled mobile app, and we expected nothing less. 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 related to opening a Discover savings account 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.

Reasons to open an account:

  • 24/7 phone and email support
  • No fees
  • Check depositing via mobile app
  • Interest is compounded daily
  • No minimum balance or deposit
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Marcus by Goldman Sachs Online Savings Account Review

Marcus by Goldman Sachs Online Savings Account Review Logo Learn More

On Official Website

APY
3.00%
MONTHLY FEES
None
MINIMUM DEPOSIT
$0
ATM FEES
None
BBB RATING
A+

Marcus by Goldman Sachs is a subsidiary of The Goldman Sachs Group, Inc - a company ranked 57th on the Fortune 500 list in 2022 and considered by some to be the one of the best banks for savings and other financial products in the USA. 

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

Even the best online savings account providers will usually require a minimum deposit, but not Marcus. Along with its non-existent minimum deposit, 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 best no-fee 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.

Reasons to open an account:

  • Reputable parent company
  • Same-day transfers
  • No unexpected fees
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A Guide To Online Savings and Deposit Accounts 

Online banks are becoming more attractive than their traditional brick-and-mortar counterparts, as they can afford to offer high-interest online savings account options while charging lower (and fewer) service fees. Also, every respectable online bank is FDIC-insured, which covers $250,000 per account.

Banking has long been associated with safety. Since the advent of internet banking, however, physical branches are becoming less lucrative. 

In order to stay competitive, the most powerful players in the traditional banking market already have their online-only spin-offs that provide some of the best online savings account rates available. In fact, some of the online savings accounts on this list are offered by banks that have been operational for over a century.

Most traditional banks simply can’t afford to give clients high rates, leaving their money vulnerable to inflation, which decreases purchasing power over time. Meanwhile, some of the best banks that offer high-yield savings accounts are online only.

In addition, high service fees can diminish savings as time goes by. When combined, these two factors can actually cause the client to lose money instead of saving it. 

By transferring banking into the virtual realm, online banks have managed to bypass a number of expenses, attracting more and more users with never-before-seen benefits.  

If you’re looking for the best online bank for a savings account, you should focus on those that let your money grow at a faster rate compared to a traditional savings account, that much is clear. However, bear in mind that the interest rates that online banks offer are not fixed; they vary over time.

What Exactly Is a High-Yield Savings Account, and How Does It Work? 

An online savings account is an interest-bearing bank account held at an online-based financial institution. Much like their physical counterparts, online banks find savings accounts useful in conducting day-to-day operations, such as lending. 

Online banks have fewer expenses, as their business is conducted on the internet. So, when it comes to repaying clients for the money that was put at their disposal, they can afford to be more generous. However, even the savings accounts with the highest interest rates usually come with some fine print.

For example, you can’t withdraw cash directly from your online savings account like you could with a brick-and-mortar bank. In order to withdraw cash, you’ll have to transfer an amount from your savings to your checking account first. The transfer may take several days to clear. 

If you wish to deposit money to your online savings account, you’ll have to mail a check to the bank’s office or transfer funds electronically from another account, which can take several days.

Some online banks also offer certificates of deposit and money market savings accounts, along with regular and high-yield checking accounts.

Let’s take a look at those options.

Money Market Account

Money market accounts are essentially a hybrid between a checking and a savings account. While it usually comes with a debit card and the option to write checks, it still falls in the category of deposit accounts. 

MMAs offer great interest rates, with some of the best money market savings accounts fetching over 2% APY. 

Minimum deposits and balances are standard with MMAs, which can be a drawback. On the other hand, you generally get a debit card so you can get immediate access to your savings in case of an emergency.

Certificate of Deposit

With a CD, you deposit a fixed amount and leave it in the account for a defined period. The CD is a type of federally insured savings account with a fixed interest rate and a fixed date of withdrawal. 

Whether you set the term to three months or three years, the deposit remains locked until the contract matures. If you wish to withdraw the funds before that, you’ll have to pay penalty fees. 

Online banks that offer certificates of deposit usually have higher interest rates than their brick-and-mortar competitors. 

High-Yield Dhecking Account

A high-yield checking account is just what it sounds like: a checking account that earns interest. Most checking accounts offer no interest at all, but online banks sometimes offer accounts that still earn some.

High-yield online checking accounts typically require a minimum balance to start accruing interest, but some have no such requirement.

Evaluation Criteria

How We Evaluate Savings Accounts

Our researchers have analyzed the market to identify which online savings accounts deserve your attention. Before we present our findings, let’s go through the fundamentals of our ranking system. 

Here are the criteria you should keep in mind when choosing an online savings account.

Annual Percentage Yield

The annual percentage yield - APY - is the amount of money you earn through interest over the course of a year. APY is based on the interest rate and how often the interest compounds. This makes it a crucial factor in determining how quickly a savings account will allow your funds to accumulate.   

While America’s current average APY is about 0.21%, some of the best online savings accounts pay 2% or more, allowing your money to grow faster. 

The rates of high-interest saving accounts are typically not fixed, but variable. That may not make much difference if your balance is low. However, if you plan to deposit a larger amount and see it grow, then it becomes an important factor.

You can always calculate APY and how much you’ll save over a period of time using an APY calculator, and most banks have APY calculators of their own.

Compound Interest

Compound interest is best explained as “interest on interest.” It allows your balance to grow faster, as interest accumulates on top of existing interest, instead of on the principal amount. 

Depending on the bank, the type of account, and the amount you deposit, your interest can be compounded monthly, quarterly, yearly, or daily. Our motto: The best savings accounts are the ones that compound interest as often as possible.

Minimum Balance

Your minimum balance is the smallest amount you need to deposit in order to open and maintain your savings account. It can also refer to the minimum amount that needs to be in the account at all times in order for it to earn interest. In some cases, going below the minimum balance can lead to additional service fees. 

To receive any sort of real benefits from a savings account, you need to deposit a certain minimum amount. Some banks allow you to open an account with a $0 balance, and others might require you to deposit a certain amount when opening the account.

While it's clear that the more you deposit, the higher your earnings will be, our criteria for finding the top online choices for savings is based on a balance between a reasonable minimum balance and attractive benefits.

Service Fee

It’s time to discuss the fees you’ll commonly encounter with online savings accounts. Traditional brick-and-mortar banks have high maintenance expenses, many of which they cover through a complex system of fees.

Online-only banks generally pay fewer employees and certainly spend less on rent. This gives them the freedom to charge lower fees and offer better interest rates.

Therefore, online banks can afford to spare you the service fees for monthly maintenance and similar expenses that come with traditional savings accounts.

Not all online banks are completely free of service fees, but they often exclude monthly maintenance from their basic plans and generally charge less than their brick-and-mortar counterparts.

User Experience & Support

Before you decide which of the options listed is the best high-interest online savings account for you, we advise you to get familiar with what online savings accounts have in common.

For example, most accounts don’t include an ATM card, as the unwritten rule among online banks is to keep you away from your savings as much as legally possible. While this might be an inconvenience, you’ll most likely be glad you kept your savings safe from impulsive spending sprees.

This applies to checks as well. If you wish to have more access to your savings account, you might want to consider a money market account, which allows you to write checks from your account.

Online savings accounts usually rely on ACH as a preferred method of transferring funds, as it’s a highly trusted electronic payment system commonly used to transfer funds from one bank account to another. 

Transferring your money to a checking account is the simplest and most common method of withdrawing funds from a savings account. Keep in mind, this transaction can sometimes take up to five business days.   

Online-only banks often provide online-only customer service, so be prepared to chat your way out of an issue instead of resolving problems face-to-face. That is why the quality of the website or the mobile app is a significant factor in rating online savings accounts.

If a website is intuitive and easy to navigate, it’ll certainly influence the way you manage your funds. So, be sure to check the virtual experience a bank has to offer before you deposit your money.  

Finally, check for bonuses too. Sometimes an online bank can provide you with a new account bonus or a premium-tier interest rate. These benefits are usually earned by making regular deposits, opening other types of accounts at the same bank, or keeping your funds above a defined threshold.

FAQ

Are online savings accounts insured?

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Yes. All the best online savings accounts are insured by the Federal Deposit Insurance Corporation, an independent federal agency insuring deposits in US banks in the event of bank failures. FDIC insurance covers amounts up to $250,000.

Where can I earn the most interest on my money?

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It depends mainly on how much money you are willing to put down right away. Many online savings accounts with high interest rates also have the highest minimum deposits, which can be thousands of dollars. 

Therefore, it’s best to look for a bank with a high APY that fits your budget, start with as much money as you can, and let compound interest do its part.

Which bank is the best for a savings account?

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Generally, the best bank will have the highest APY and daily interest compounding, but it’s difficult to pinpoint a single bank, as APY and interest rates can vary.

What is a good interest rate on a savings account?

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Around 2% annual percentage yield. Rates on the best online savings account options usually revolve around this percentage. However, since the national average APY is 0.21%, every savings account with 1% or more is worth a look.