Last Updated: July 2024
Earn rewards faster and maximize savings with a high-yield savings account.
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Get overdraft coverage and local cashback rewards
Earn Up to 4.60% APY
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Earn 5.24% APY on your entire account balance
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Earn a $200 Bonus with $25,000 Deposit*
Over 60K ATMs Nationwide
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Tiered savings accounts with competitive rates
Up to 5.05% APY–minimums required
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Get overdraft coverage and local cashback rewards
Earn Up to 4.60% APY
What are Online Savings Accounts?
Online savings accounts are secure digital accounts designed to help you save and grow your money. These accounts typically offer higher interest rates and fewer fees than traditional brick-and-mortar banks.
Should You Open an Online Savings Account? Opening an online savings account is a great option for anyone planning for the future, building an emergency fund, or saving up for a big purchase.
If you enjoy convenient access to your finances, online savings account allows you to manage your money from anywhere, making it easier than ever to contribute to savings goals, transfer money between acounts, and check your balance online. Do Online Savings Accounts Have Higher APYs? Online savings account interest rates typically fall far above average APYs, meaning your savings can often grow much faster in an online savings account. This is in-part due to online banks having few to no physical branches to maintain, saving them big on overhead expenses. They can pass these savings on to customers in the form of higher interest rates. What Is APY, and Why Does It Matter? APY (Annual Percentage Yield) measures the total amount of interest earned on an account over the course of a year. High interest rates are key for growing your savings efficiently – The higher the APY, the more money you can earn. What Makes a Top Online Savings Account? A top online savings account does more than just hold your money; it helps improve your financial health. The best banks for savings accounts should offer these key features: How to Compare Online Savings Accounts? Whether you're looking to find the best bank to open a savings account, or simply exploring your options, online platforms provide a wealth of options to meet your financial goals. By focusing on these key features, you can compare online savings accounts effectively and find an option that best suits your financial goals. Are Online Savings Accounts Safe? Online savings accounts offer a secure and rewarding way to manage savings. Online banks are FDIC-insured and utilize advanced security protocols, like multi-factor authentication and strong encryption, ensuring that your savings are not only growing but are also well-protected. Disclaimers Ratings Disclaimer: The star ratings of our teams are established by our editorial team, utilizing scoring formulas that consider various data points for each financial product and service. SoFi Disclaimer: Direct Deposit Promotion begins on 12/7/23 and will be available through 12/31/24. Discover Disclaimer: To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LI624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on DiscoverBank.com. Chime Disclaimers: Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A. ¹ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. ² SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. ³ You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
Competitive APYs – Finding the best online savings account interest rates can significantly boost your savings over time.
Convenience – A savings account with online access means convenient, 24/7 access to funds.
No Fees – The money saved from no monthly fees is key to finding a top online savings account.
Promotions – It is not uncommon to see online savings account promotions that offer sign-up bonuses featuring higher interest rates.
ATMs – Easy access to free or low-fee ATMs can be handy for withdrawals without steep fees.
Hybrid Accounts – The leading savings accounts may also offer hybrid checking and savings accounts for all-in-one money management.
CDs and Loans – Online banks often offer the option to invest in CDs and provide some of the best loan rates.
Credit Cards – Online savings accounts may come with credit card offers, including cashback on purchases, travel rewards, exclusive discounts, and more.
Security – Advanced encryption and fraud protection features protect the best online savings accounts.
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SoFi Checking & Savings
SoFi’s combination Checking and Savings Account is designed for easy money growth, featuring some of the best annual percentage yields around. Customers can take advantage of up to 4.60% APY, zero account fees, solid customer support, and access paychecks two days ahead of time.
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Discover® Online Savings Account
Discover stands out for its competitive Online Savings Accounts with interest rates over 5x the national average. With a full suite of financial products, mortgages, IRAs, student loans, credit cards, and personal loans, Discover is a top choice for secure, rewarding, and comprehensive banking solutions.
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