Best Online Savings Accounts

When it comes to choosing an online savings account, there are countless options.

Different banks and different accounts offer different features, so there won’t be one best online savings account’ for everyone – though there are definitely some that stand out and are worth your attention.

The best account is going to be the one that best fits your requirements and can perhaps offer something a little extra.

In this article, we will be looking at many different accounts, each having its own pros and cons and special features that can help you achieve your savings goals. Understanding what each account offers can help you choose the best account for you.

In This Article

17 Best Online Savings Accounts and Rates

Here are the 17 best online savings accounts you can open today:

  1. Ally Bank: Online Savings Account
  2. Aspiration: Plus Spend & Save
  3. Axos Bank: High Yield Savings
  4. Barclays: Online Savings
  5. BBVA: Online Savings Account
  6. Capital One: 360 Performance Savings
  7. Chase: Savings
  8. Chime: High Yield Chime Savings Account
  9. CIT Bank: Savings Builder
  10. Citizens Bank: One Deposit Savings
  11. American Express: High Yield Savings
  12. Discover: Online Savings Account
  13. HSBC: Everyday Savings
  14. Marcus by Goldman Sachs: High-Yield Online Savings
  15. Sallie Mae: SmartyPig Account
  16. Synchrony Bank: High Yield Savings
  17. Vio Bank: High Yield Savings Account

1. Ally Bank: Online Savings Account Ally Bank Logo

  • APY: 0.50%
  • Maintenance Fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Ally Bank’s Online Savings Account is essentially a free online savings account because it does not charge monthly fees.

There is also no minimum balance to keep, making it ideal for first-time savers looking to grow their savings nest.

Thanks to the 0.50% APY rate, your savings will also grow as they sit in your account. This rate is applicable whatever your balance.

To help you save money, the account uses what are called buckets. Think of buckets as mini-accounts within your savings account that allow you to save for specific things. This could be anything from your emergency fund to the down payment of a mortgage.

If you also have an Ally Checking account, you can make use of round-ups with the extra money from your spending transferred to your savings account without any intervention from your end. One other interesting feature you can get access to when linking your checking account is Surprise Savings.

The account will analyze your spending habits and automatically transfer what is safe-to-save. This feature can be handy for those who tend to spend whatever is lying in their checking account.

2. Aspiration: Plus Spend & Save Aspiration Logo

  • APY: 1.00%
  • Maintenance Fee: $12.50 (when paid yearly)
  • Minimum balance: $0.00
  • Minimum opening deposit: $10.00
  • FDIC insurance: $250,000 per depositor

Aspiration’s Plus Spend & Save account is a savings account and a checking account rolled into one, giving you the best of both worlds with a high APY of 1.00%.

Aspiration is not a traditional bank, so there are no physical branches that you can visit. This means that absolutely everything is done online. Aspiration has two other big differences when compared to traditional banks.

First, let’s look at the fees. Aspiration charges everything at cost, meaning you can expect very low fees. There is an option to increase what you pay at your own discretion, but this is purely optional. The second difference is that Aspiration is very environmentally friendly.

None of your deposits will be used to fund any projects that have to do with fuel exploration or production. You also get a 10% cash back when making Conscience Coalition purchases. You can also purchase carbon output offsets against all your gas, helping you clear your conscience and counter any impact on the climate through your driving habits.

To help you stay even more environmentally friendly, the account keeps a personal impact score to help you make purchases aligned with your values.

3. Axos Bank: High Yield Savings Axos Bank Logo

  • APY: 0.61%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $250.00
  • FDIC insurance: $250,000 per depositor

Axos Bank’s High Yield Savings account is very low on fees while still having quite a few features.

The APY is set at 0.61%, regardless of how much money you have in the account. This makes it one of the most competitive rates available. Of course, there needs to be a balance in the account to earn the APY. There are no monthly fees to be paid and no minimum monthly balance requirements.

If you invite a friend and they join, you will both get a $20 bonus deposited straight into your account, helping you grow your savings by that much. Axos also places a lot of importance on security.

You can secure your account with biometric authentication and 2-step identity verification. The bank monitors all accounts for fraud frequently, uses SSL encryption, and regularly updates its systems against viruses and malware.

You can also use the online banking app to update beneficiaries, offering peace of mind that your money is safe should something go wrong. Speaking of safety, you can easily enable account alerts to get real-time updates on account activity and manage your debit card directly through the app.

4. Barclays: Online Savings “Barclays

  • APY: 0.40%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Barclays Online Savings account is designed to help account holders reach their savings goal. It has an APY of 0.40% and no maintenance fees that need to be paid every month.

There are also no deposit requirements to open the account, making it a viable option for looking to open an online savings account on a budget.

If you are looking to save for something specific, you can use the Barclays savings assistant. This tidy app can tell you how much time you need to reach your goal, taking into account the APY being offered by the bank.

Of course, you will need to commit to the goal, as any withdrawals can push the date further back. Interest on the account is compounded daily and paid out to the account once a month.

The account comes with a number of features, including secure online access, direct deposits, and the ability to transfer from and to other bank accounts, even if they’re held at other banks. You also get access to many tools that can help you save money.

5. BBVA: Online Savings Account BBVA Logo

  • APY: 0.01%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $25.00
  • FDIC insurance: $250,000 per depositor

BBVA’s Online Savings Account has a low initial deposit requirement of just $25.00. At 0.01%, the APY is quite low compared to what the competition is offering, but you do get some other perks when signing up for this account.

If you opt-out of paper statements, you can save the $3.00 paper statement fee. You will then be able to view your account statements through online banking. You can also use BBVA’s ATMs available nationwide at any time for full-service banking or use the mobile app or online banking.

For $4.00 a month, you can also enroll in the BBVA ClearBenefits Program. This program offers many benefits and perks, including roadside assistance and identity theft restoration.

Included in the program, there’s also a $10,000 policy for accidental death and dismemberment, a $200 cell phone protection plan, and up to $1,000,000 in identity theft insurance.

6. Capital One: 360 Performance Savings Capital One Logo

  • APY: 0.40%
  • Maintenance fee: $:0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Capital One’s 360 Performance Savings is a very competitive account offering an APY rate of 0.40% on any balance. This means there is no tiered scheme, and you get the full rate regardless of the amount you have in your account.

The account features many digital tools to help you save more money. One such tool is the automatic transfers feature that lets you choose the amount you want to save and the frequency. My Savings Goals is another such tool that allows you to set up and track a savings goal to help you stay motivated.

It is important to note that while there is no minimum deposit amount to open the account, you will need to fund it within 60 days of opening. Accounts can be opened online or through the mobile app.

You can also add up to 10 beneficiaries as Payable on Death. Doing so can also increase your FDIC coverage. To add PoD beneficiaries to your account, simply log on to your account and select the corresponding options or download and fill in a form from the bank’s website.

7. Chase: Savings Chase Logo

  • APY: 0.01%
  • Maintenance fee: $5.00
  • Minimum balance: $300
  • Minimum opening deposit: $25.00
  • FDIC insurance: $250,000 per depositor

Chase Savings℠ account has a conservative APY of 0.01% and a maintenance fee of $5.00 per month. The fee can be avoided by meeting any one of the criteria set by the bank. These are set as follows:

  • Have a balance of at least $300 at the start of every day
  • Set up repeating automatic transfers from your Chase checking account (personal)
  • Save $25 or more using Autosave
  • Be under 18 years of age or link a Chase College Checking account
  • Link an eligible Chase account

The account also has a limit of 6 withdrawals per monthly bill cycle as per Regulation D, but this is quite common. Any withdrawals over and above this limit will incur a $5.00 fee.

The savings account includes many useful features, such as account alerts, online banking, and mobile banking. Both online and mobile banking applications provide you with access to paperless statements of the past 7 years and many payment features, including Bill Pay and Zelle.

The mobile app also includes access to the Automatic Savings Program, making it easier to reach your savings goals. All you have to do is log in on your phone, choose the Autosave option from the home screen, and follow the instructions.

It uses rule-based savings meaning that you get the decide how you want to save. What’s more, if you save $25 or more each statement period, the maintenance fee will be waived.

8. Chime: High Yield Chime Savings Account Chime Logo

  • APY: 0.50%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000

Chime’s High Yield Chime Savings account offers an APY of 0.50% without any fees to eat away at your savings. The account also offers many features and perks to help you save even more money. Do keep in mind that you’ll need a Chime Checking account to open the savings account.

You can make use of ‘Round-Ups’ to round up whatever you spend and save the change. To help you save even more money, there’s the ‘Save When I Get Paid’ feature to save a percentage of your pay as soon as it hits the account.

On the first day of the month, you’ll also get the interest accrued in the previous month deposited directly into your account. It is worth noting that the interest rate is worked out each day – all will depend on your account balance at the time.

If you already have a checking account with Chime, you can open the savings account directly from the app. If you’re completely new to Chime, you can open a checking account by visiting the website and opening one first, since this is a requirement for opening the savings account.

9. CIT Bank: Savings Builder CIT Bank Logo

  • APY: 0.40%
  • Maintenance fee: $0.00
  • Minimum balance: $25,000 (or $100 monthly deposit)
  • Minimum opening deposit: $100
  • FDIC insurance: $250,000 per depositor

CIT Bank’s Savings Builder account works on a tiered system to determine your APY rate.

For balances under $25,000, you’ll get an APY of 0.28%, going up to 0.40% for balances over the $25,000 mark. There is an important caveat to note here – if your balance is less than $25,000, but you make a monthly deposit of $100 or more, you will get the full 0.40% APY rate anyway.

The interest is compounded daily, helping you earn the potential maximum amount of money. Of course, the bigger the balance in your account, the more money you stand to make. CIT also includes a calculator on their website to help you understand how much time and money you’ll need to reach your savings goals.

Opening a Savings Builder account is easy and can be completed in just 3 steps. The account can be opened directly from their website without having to visit a branch. You’ll need to supply some personal information, including your address of residence, phone number, email address, and SSN (Social Security Number).

Once the application is completed, you can proceed to fund your account. Remember that a minimum deposit of $100 is required.

You can either mail in a physical paper check, do a wire transfer, or an electronic transfer to fund the account. Complete these steps, and you’re done.

10. Citizens Bank: One Deposit Savings Citizens Bank Logo

  • APY: 0.01%
  • Maintenance Fee: $4.99
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Citizens Bank is a regional bank and doesn’t operate throughout the entire USA. This means that the bank is only available in some 11 states, including Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhodes Island, and Vermont.

The bank has over 1,100 branches spread throughout these locations and over 2,900 ATMs.

Citizen Bank’s One Deposit Savings account has a low APY of 0.01% and a maintenance fee of $4.99. You can waive the monthly fee by making one deposit each month of any value. It is also well worth noting that the first 4 months automatically have the fee waived.

While the account does come with online and mobile banking, you can also schedule an appointment to make use of Citizen Bank’s personalized guidance service.

Appointments are held in branch or over the phone and can help you with many things, including assessing and developing your approach to savings, retirement tracking, and help with your financial journey. The service is offered free of charge and is available to all Citizen Bank account holders.

11. American Express National Bank: High Yield Savings “American

  • APY: 0.40%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

American Express’s High Yield Savings account offers a competitive rate of 0.40% APY. While most people will know American Express for its credit cards, there’s certainly more to this bank.

You can link bank accounts with American Express, which is great if you’d like the ability to manage multiple accounts on one platform.

Just like other online banks, American Express doesn’t have any branch locations.

12. Discover: Online Savings Account Discover Logo

  • APY: 0.40%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000

Discover’s Online Savings Account offers an APY of 0.40% with no maintenance fee and no minimum opening deposit.

The bank also does not charge many of the other fees other banks charge for including:

  • Official checks
  • Bank checks expedited delivery
  • Returns of deposited items
  • Excessive withdrawals
  • Stop payment order
  • NSF (Insufficient Funds)
  • Closing the account

As this is an online account, it also comes with a mobile app for Android and iOS devices. The app can be used to deposit checks, transfer funds, and see your balance using Quick View. You can also enable Touch or Face ID to log in easily and securely.

Opening a Discover Online Savings Account is easy and can be done directly through the bank’s website. You’ll need to provide some basic information about yourself, such as your residential address and SSN.

You can choose to make a deposit during the sign-up process or at a later date – it’s totally up to you to decide when. Once completed, Discover will send you a confirmation email informing you that the account is now fully set up.

13. HSBC: Everyday Savings HSBC Logo

  • APY: 0.01%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $1.00
  • FDIC insurance: $250,000 per depositor

HSBC’s Everyday Savings account offers an APY of 0.01%, compounded daily, and paid monthly. There is no maintenance fee or minimum balance to keep, making this account very accessible. The minimum deposit to open this account online is $1.00.

Tha account includes a handful of useful features such as internet banking, mobile banking, and automatic savings. If your balance falls under $1,000, you get 3 free withdrawals per month.

Anything above that will set you back $0.75 per transaction. HSBC will also charge you $2.50 for using an out of network ATM. Other ATM fees from the operator may also apply.

Applying for an HSBC Everyday Savings online is easy. You need to be at least 18 years old and have an SSN. The bank will also ask you for your residential history in the US for the past 2 years and your phone number. You should also have your existing account and routing number ready to fund your account.

14. Marcus by Goldman Sachs: High-Yield Online Savings “Goldman

  • APY: 0.50%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Marcus by Goldman Sachs was set up to help people with their finances with their High-Yield online Savings Account offering an APY of 0.50%. There are no maintenance fees and no minimum opening deposit so that you can open the account at any time.

The account is updated according to the latest federal law, meaning you can make more than 6 withdrawals per month. In fact, Marcus by Goldman Sachs does not impose any limits on the number of withdrawals you can make.

This is not the case at most banks. Having said that, there is a limit of $125,000 on a single ACH transfer. Should you wish to transfer more, you will need to give the bank a call. The account also has a maximum deposit amount of $1,000,000.

If you’re looking to save towards a particular goal, the bank’s website has a handy Savings Interest Calculator that can help you work out how much you need to save to reach your target.

While the account does not have a minimum balance requirement, should the account not have a positive balance for 60 days, the bank may close your account.

15. Sallie Mae: SmartyPig Account “Sallie

  • APY: 0.70%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening balance: $0.00
  • FDIC insurance: $250,000 per depositor

Sallie Mae’s Smarty Pig savings account offers an APY rate of 0.70% on balances up to $10,000. Amounts over $10,000 get a lower APY of 0.45%, which is still higher than most banks offer. The account is also free, with no fees to pay. This can help you grow your savings even faster.

Sallie Mae also has a referral rewards program that can see you get $10 for every successful referral you make. Some requirements need to be met, and each account holder is limited to 100 referrals for a potential maximum bonus of $1,000.

You can use SmartyPig to set up and track savings goals with automatic biweekly or monthly deposits to reach those targets by the desired date.

Transfers and withdrawals are limited to 6 a month, with those exceeding this limit encouraged to call the bank. Support is usually available from 8 AM till 8 PM ET.

16. Synchrony Bank: High Yield Savings

  • APY: 0.40%
  • Maintenance fee: $0.00
  • Minimum balance: $0.00
  • Minimum opening deposit: $0.00
  • FDIC insurance: $250,000 per depositor

Synchrony Bank’s High Yield Savings account offers an APY of 0.40%, regardless of your balance. There are no maintenance fees or minimum balances that you need to keep in your account, but your account may be closed if it’s left with a $0.00 balance for more than 60 days.

You can access your money via online banking, mobile banking, or an ATM. You cash request the optional High Yield Savings ATM card with the bank refunding up to $5.00 per statement cycle when using an out-of-network ATM.

Opening a savings account with Synchrony is easy and can be done fully online. The bank’s website includes an earnings calculator to help you better plan your savings journey using the APY rate provided by the bank so that you’ll know exactly how much you need to save and for how long.

17. Vio Bank: High Yield Online Savings Account “Vio

  • APY: 0.57%
  • Maintenance fee: $0.00
  • Minimum balance:
  • Minimum opening deposit: $100.00
  • FDIC insurance: $250,000 per depositor

Vio Bank’s High Yield Online Savings Account offers one of the highest APYs around, which currently stands at 0.57%. The rate is offered on all balances meaning that there is not tiered interest system in place.

The bank says that it regularly monitors the APY rates offered by its competition to make sure it offers a rate that’s one of the highest in the market.

There is no maintenance fee, but you need an initial deposit of at least $100 to open the account. There’s no charge for domestic and international wire transfers – but if you want to transfer money, it’ll cost you $30.

Withdrawals are limited to 6 a month, with any withdrawals over this amount incurring a $10 fee. If you opt for paper statements, you’ll need to pay a monthly fee of $5.00. This fee can be avoided by opting for paperless statements and using online banking instead. The statements also show the applicable APY rate, so make sure you keep an eye open for it if you what to know your interest rate.

If you’re looking to add a POD (Payable on Death) beneficiary, you’ll need to fill in a form, sign it, and notarize it before sending it to the bank. This differs from the procedure employed by some of the other banks reviewed, which let you add beneficiaries using online or mobile banking.

What Makes An Online Savings Account The Best?

There are quite a few things that are considered desirable when it comes to an online savings account. In this section, we’ll be looking at some of the things that make online savings account great and why they’re important.

It’s important to understand that most banks and credit unions will excel at one or more but rarely at all of them. This means that you need to understand which features are the most important for you to then decide which account best fits your requirements.

APY Rate

Savings accounts are meant to hold money for a long time, depending on your financial goals. Because the money is held there for a long period of time, the bank pays you for it. This payment is made in the form of an APY interest rate.

APY, which stands for Annual Percentage Yield, is the percentage of your money the bank will pay you for keeping your money with them. The higher the APY rate, the more money you’ll make. The national average right now is 0.05% – but you’ll easily find much higher APY rates than this.

Generally, banks offering high-interest rates compound interest daily and pay it out monthly. To explain how different rates impact you, we will use the example below:

Let’s say that you want to save $10,000 for five years while depositing a further $100 every month. You are considering three banks. Bank A has an APY rate of 0.01%, Bank B has an APY rate of 0.50%, and Bank C has an APY rate of 1.0%. After five years, you’ll have the following amounts:

  • Bank A – $16,006.50
  • Bank B – $16,328.74
  • Bank C – $16,665.15

As this example showed us, the APY rate can make a big difference. This is why high-yield online savings accounts tend to attract a lot of interest since they have higher than usual APY rates.

Fees

While the APY rate is very important, so are fees, as these can eat away at the interest that you’re being paid. For example, monthly maintenance fees of $4.99 per month will cost you just shy of $300.00 over a five-year period. Depending on the APY rate on offer, this can make a serious dent at best or eat away at your savings at worst.

Some banks offer ways to have this fee waived. Generally speaking, this can be done by either setting up a direct deposit or keeping a minimum balance in your account.

When choosing an account that has such fees, it’s important to understand if you’ll be able to meet the waiving requirements consistently and, if not, how much it’s going to cost you.

Online and Mobile Banking

When it comes to personal finance, convenience is key. This is where online and mobile banking come in, allowing you to do most of your banking from the comfort of your home or phone.

A good banking app makes it that much easier and safer to take care of your banking needs while giving you a greater degree of control.

It is one of the financial products that can have the most impact on your experience and, as such, should be given its due consideration.

FDIC Insurance

Most bank accounts are insured by the FDIC (Federal Deposit Insurance Corporation), in most cases up to $250,000. Credit unions, on the other hand, insure their accounts with the NCUA (National Credit Union Administration).

This insurance is important as should something happen to the financial institution holding your money, you are insured. This means that even if the bank fails, you will still get your money back, provided that you made sure that your account is insured.

Frequently Asked Questions

What is the best online savings account?

There is no one best savings account online that’s the best for everyone. This is because we all have different financial requirements, needs, and goals. The key to getting the best online savings account for you is understanding what those needs and goals are and then finding the account that best accommodates them.

Of course, looking for an account that offers higher interest rates is a good idea, so naturally, accounts with the highest rates deserve your attention. Some banks may charge fees, so be mindful that if there are any fees, they should be worth paying.

Are online savings accounts a good idea?

Yes, online savings accounts are an excellent place for your money! High-interest savings accounts offer all of the perks and features of traditional savings accounts at brick and mortar banks with the added benefit of being entirely manageable online.

This means that you do not need to visit the bank’s branch for most, if not all, things. This is certainly the case for savings accounts with online banks.

Online banks have no branches you can visit but tend to offer better deals than traditional banks. This is partly because online banks do not have the branch overheads that other banks do.

How much interest will I get on $1000 a year in a savings account?

The interest you get will largely depend on your savings account rate and how it’s worked out. Most banks compound the interest daily and pay it out monthly. The APY differs from one bank to another, with the median rate being that of 0.50%.

If your account has an APY of 0.50% with interest compounded daily, you would have earned $5.00 in interest at the end of one year.

Can you lose money in a high-yield savings account?

Generally, high-yield savings accounts are very secure. The money in the account is not invested in the market, and as such, you can’t lose it.

It is also important to choose an account that FDIC insured (Federal Deposit Insurance Corporation) if it’s with a bank or the NCUA (National Credit Union Administration) if with a credit union. This will help you make sure that you can still withdraw your money up to the insured amount should something happen to the financial institution holding your account.

Can I make purchases and payments from my savings account?

Generally, you can make payments from a savings account, though some banks may restrict it. If payments and purchases are allowed, they may be subject to regulation D (restricted to a maximum of six transfers or withdrawals per calendar month or statement cycle). However, best to check with your bank because of the 2020 Fed ruling, some banks have relaxed these regulations.

Alternatives to online savings accounts

There are many other high-yield account options, such as:

  • Money Market Accounts. These deposit accounts allow things like check-writing and give you access to a debit card.
  • CDsThey’re fixed-APY accounts that’ll give you the same yield for a specific term. They’re a great option if you’re planning to leave your money untouched for quite a while because there’s usually an early withdrawal penalty.
  • Checking Accounts. There are also some high-yield checking accounts – but they will require you to meet some sort of criteria, like having a direct deposit or making a specific number of debit card transactions.

Which Online Savings Account Is Best For You?

Opening an online savings account is a great idea. It’ll help keep your money in a safe and secure place and allow it to grow over time.

However, make sure you don’t just transfer all the money you have into a savings account so that you don’t accidentally overdraft your checking account.

One of the best things about savings accounts is that you can earn a decent interest rate that’ll, of course, depend on the type of savings account you go for.

The higher the rate, the better, so make sure you carefully look at your options before committing to one account – and choose the highest rate you can get.