Last Updated: April 2024

The Best Online High-Yield Savings Accounts of 2024

Earn rewards faster and maximize savings with a high-yield savings account.


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:

  • 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.

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.

  • 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.

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.

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.


Our Top Rated

01

SoFi
9.9

SoFi Checking & Savings

Convenient, high-yield banking

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.

    Pros

  • High APY
  • No monthly or overdraft fees
  • Earn $300 with direct deposit
  • 24/7 customer support

    Cons

  • Cash deposit charge
  • Varying min. balance requirements

02

Discover - Savings
9.7

Discover® High Yield Online Savings

Save and grow your money fast

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.

    Pros

  • High-yield savings
  • 24/7 support
  • No account fees
  • 4%+ APY

    Cons

  • Limited branch locations
  • Limited ATM access

How We Rank?

Learn more about how findbanks.com rankings are determined.

Frequently Asked Questions (FAQ)

To find the best savings account, evaluate your financial goals, compare account features like interest rates and fees, and read reviews to understand the benefits and drawbacks of each account. The best online savings accounts stand out by offering higher interest rates, lower fees, and user-friendly platforms that make managing finances and achieving goals more accessible than ever.
Yes, many best banks for savings accounts allow you to open savings account online with low or no initial deposit, making it easier for everyone to start saving. Choosing to open a savings account online can lead to significant financial advantages, including competitive APYs and the convenience of 24/7 access to your funds and account management tools.
Absolutely, savings account online management is user-friendly, with intuitive platforms that allow you to check balances, transfer funds, and even apply for loans or credit cards associated with your savings. Start by defining your financial goals, then compare online savings accounts based on factors like interest rates, fees, and accessibility. This proactive approach will help you identify the best savings account that aligns with your objectives.
When looking to apply savings account online for joint use, consider accounts that offer flexible management options, allowing both parties easy access and control over their shared financial goals. When comparing online joint savings accounts, consider factors such as interest rates, fees, ease of fund access, customer service quality, and any additional features that align with your financial lifestyle and goals.