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Online High Yield Savings Account
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A savings account helps you grow your wealth safely while keeping your money close. It can be opened at most banks and credit unions, but the best online savings accounts are at online banks. Here’s a look at our most popular savings accounts, along with some guidance on what to look for when choosing a savings account. These banks have some great APYs (annual percentage rates) and are good options to consider.
Information Icon Circled with the letter I Our rating is based on a 5-star scale. 5 stars is the best. 4 stars are excellent. 3 stars is good. 2 stars is fair. 1 star poor. We want your money to work harder for you. Our evaluation is therefore biased toward proposals that offer multiple features while keeping costs down. = Best = Excellent = Good = Average = Poor 4.50/5
Information Icon Circled with the letter I Our rating is based on a 5-star scale. 5 stars is the best. 4 stars are excellent. 3 stars is good. 2 stars is fair. 1 star poor. We want your money to work harder for you. Our evaluation is therefore biased toward proposals that offer multiple features while keeping costs down. = Best = Excellent = Good = Average = Poor 4.25/5
Information Icon Circled with the letter I Our rating is based on a 5-star scale. 5 stars is the best. 4 stars are excellent. 3 stars is good. 2 stars is fair. 1 star poor. We want your money to work harder for you. Our evaluation is therefore biased toward proposals that offer multiple features while keeping costs down. = Best = Excellent = Good = Average = Poor 4.00/5
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A strong APY and no fees make this account stand out. The combination of no ATM fees and a great digital experience is key to making savings and earning easier.
Overall, it’s a great online savings account with a high APY, monthly maintenance fees, and a solid mobile banking app.
A great online savings account with a very competitive APY and no monthly fees, though a $100 initial deposit is required.
Discovery Online Savings Account APY is the best choice for customers looking for a high-quality online savings account. Discovery takes free billing to the next level with no monthly fees or hidden fees you’ll see at other banks. Discover offers a top-notch mobile app that allows customers to save almost anywhere.
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American Express Personal Savings Accounts are getting a lot of positive attention for their low fees and high APY. It also allows customers to make nine withdrawals or transfers from their savings account without paying a monthly fee, which is more than most of its competitors offer.
A Barclays Online Savings Account includes all the essentials we need, including a high APY, no monthly maintenance fee and no minimum balance to open an account.
The Marcus Online Savings Account from Goldman Sachs has proven to be a competitive online savings account with competitive annual percentage rates (APY), low fees, and no minimum balance requirements.
A great online savings account with one of the best APYs we’ve seen. The savings account also includes a debit card, which is a nice addition to an account that already fails many people.
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This account offers a competitive APY and a surprisingly high return on investment, making it a great choice for those who can afford a $1,000 minimum deposit.
A savings account is a type of bank account designed to hold funds that you do not plan to spend immediately. It has an annual percentage rate (APY) that tells you how much interest you’ll earn on your savings. You can open one at any bank or credit union, and you can usually make as many deposits as you like into the account.
Banks use savings accounts to encourage people to keep money in the bank. You add your funds through direct deposit, wire transfer, checking or other methods. In return, your bank pays you interest on your money, usually monthly.
How much you earn depends in part on your savings account’s APY and your balance. A higher APY means more money in your pocket, and a higher balance often does the same. Sometimes banks use a tiered APY system, where you can get a higher APY if you keep more money in the bank.
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You can withdraw money from your savings account at any time, but accessing your funds isn’t always easy. Most savings accounts don’t offer checking-writing capabilities or debit cards, so you’ll need to transfer funds to a checking account first before using them.
Some banks also prohibit free monthly withdrawals from savings accounts. This was previously required by a federal law known as Regulation D, but the government repealed it at the start of the Covid-19 pandemic and has not yet reinstated it. You can contact your bank to find out if your savings account has this limit.
When deciding on a savings account, it’s also a good idea to ask about monthly fees and balance requirements. Some savings accounts have monthly fees, which can negate the interest you earn if you don’t maintain a certain balance. Fortunately, many online banks today offer non-recourse savings accounts.
Banks use your savings to make loans to their customers. The borrower then pays interest on the loan, and your bank sends a portion of that interest to your savings account. Larger balances or higher savings account interest rates result in higher interest rates.
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Traditional savings accounts are typically offered by brick-and-mortar banks. They are usually relatively easy to open and most allow direct cash withdrawals through a nearby bank branch. You can manage your money online. But the APYs are relatively low, and most of these accounts charge maintenance fees if your account falls below a certain threshold.
High-yield savings accounts are common at online banks. They are similar to traditional savings accounts, but offer higher APYs and most have no monthly maintenance fees. It is the preferred choice for many people who prefer the convenience of handling their basic banking needs online.
A money market account offers the APY of a savings account with easy access to a checking account. Some have check writing capabilities, debit cards, or both. However, these accounts typically have higher minimum balance requirements than regular savings accounts.
Certificates of Deposit (CDs) typically offer higher APYs than the savings accounts discussed above. But you must agree to not withdraw your funds for the entire term of the CD. Depending on the type of CD you burn, it can take anywhere from a few days to five years or more. If you withdraw before the due date, you may be subject to a penalty.
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Cash management accounts are available at many online brokers. Your savings here will earn a certain interest, and later you can decide to invest if you want to earn more. Many people still have access to the online banking features you’re used to. Some, like the bank accounts mentioned above, are FDIC insured, meaning you can withdraw all or any of your money if the bank fails. But not all of them are. If you keep money in a non-FDIC insured account, you may lose that money if the company goes out of business.
A special savings account is a savings account designed for a specific group of people. A savings account for children is a great example. They are aimed at minors who cannot open a savings account immediately.
There are pros and cons with a savings account. Both should be considered before deciding whether a savings account is right for your needs.
High-yield savings accounts earn more interest than other savings accounts. This is called a higher APY or annual percentage rate of return. The best high-yield savings accounts have APYs as high as eight times the national average (and sometimes more).
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High-yield savings accounts are usually found at online banks. Without a large network of subsidiaries to maintain, these banks can transfer their deposits to you in one form or another
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