Not all banks are created equal. In the world of high-yield savings accounts, online banks outshine traditional brick-and-mortar banks on both rates and fees. It’s not even a close call.
The ideal savings account has a higher than average interest rate (the national average is 0.06% as of May 2020, according to the FDIC), reliable customer service and low or no fees. Some accounts can even let you skip a minimum balance requirement or minimum deposit amount.
Our survey of the best online savings accounts found that online banks—that is, banks with no physical branches—offer the best deals. The banks below all have higher interest rates than the national average. Our survey focused on banks available nationally, not local or community banks.
More importantly, each bank below is FDIC insured. If your bank fails, the government will typically reimburse you for up to $250,000.
When shopping for the best savings account, make sure you pay close attention to the minimum deposit requirement, monthly maintenance fees, minimum balance requirement and the annual percentage yield, to find the best option for your financial goals.
Below are some of the best savings accounts at online and national banks, with a quick review of each bank.
In This Post
- CIT Bank
- SFGI Direct
- American Express National Bank
- Marcus by Goldman Sachs
- Barclays US
- Ally Bank
- Discover Bank
- Synchrony Bank
- PurePoint Financial
- PPP Loan Volume Chart
- CIT Bank
- SFGI Direct
- American Express National Bank
- Marcus by Goldman Sachs
- Barclays US
- Ally Bank
- Discover Bank
- Synchrony Bank
- PurePoint Financial
CIT Bank
- Minimum deposit requirement: See below
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: Up to 1.15%
The CIT Savings Builder Account does come with some requirements. You must maintain a $25,000 balance or deposit $100 per month. The rewards, however, may just be worth it. The CIT Savings Builder Account pays one of the highest rates available today.
SFGI Direct
- Minimum deposit requirement: $500
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.36%
SFGI Direct is a division of Summit Community Bank, and it offers one of the highest rates for online savings accounts.
American Express National Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.30%
The American Express personal savings account offers a competitive interest rate with 24/7 online access, requires no minimum deposit or ongoing balance and charges no monthly maintenance fees.
Marcus by Goldman Sachs
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $1
- Annual percentage yield: 1.30%
The Marcus by Goldman Sachs online savings account has one of the highest savings account APYs, while requiring no minimum deposit to open an account and no transaction fees. On the other hand, Marcus by Goldman Sachs does not offer an ATM network or checking account (although one is planned for 2021). Therefore, you will need an outside bank to transfer money in and out. The Marcus mobile app is currently available only for iOS.
Barclays US
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.15%
The high interest rate of Barclays Online Savings account is also accompanied with online transfers, direct deposit and 24/7 access to your money. Opening an account requires no minimum deposit and no monthly maintenance fees. Customer service is available by phone and mail.
Ally Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.25%
Ally Bank’s online savings account offers one of the best savings rates, charges no monthly maintenance fees and requires no minimum balance in the account. The app also offers real-time chat support. For this reason, Ally has long been a favorite among online savings account options.
Discover Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.05%
Discover online savings requires no minimum balance to start earning interest and has no monthly maintenance charges. Plus, customers benefit from Discover’s 100% U.S.-based customer service, which is available 24/7.
Synchrony Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.30%
Synchrony Bank‘s high-yield savings account offers a good interest rate, easy access to your money, easy ways to deposit funds, no minimum balance requirements and no fees. The bank does not have any branches, so customer service is conducted over the phone, email or chat. Still, you can withdraw money online or with an ATM card (although fees may apply).
PurePoint Financial
- Minimum deposit requirement: $10,000
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.25%
There is a $10,000 minimum deposit required to open an account. PurePoint Financial, however, offers one of the more competitive APYs available today.
Most frequently asked questions
How credit cards work ?
The idea behind credit cards is simple: When you use a credit card, you are borrowing money to pay for something. Later on, you must repay what your borrowed. If you take time to pay it back (rather than pay it in full when your credit card statement comes), you’ll be charged interest. The whole credit cards industry rests on this basic premise.
A basic credit card transaction works like this:
What's the difference between Visa and Mastercard?
This is one of the most common questions about credit card companies. Just about every place that takes credit cards takes both Visa and Mastercard, with only a couple of exceptions (such as Visa-only Costco), so consumers are left wondering whether there’s a difference at all.
The most important thing to remember is that neither Visa nor Mastercard issues credit cards. These companies are just payment networks that process transactions. Most of the benefits that come with a card are provided by the card issuer, not the network. And since their acceptance rates are nearly identical, you’re better off focusing on the features of individual cards rather than which network they operate on. Read more about Visa vs. Mastercard.
What's the lowest interest rate on any credit card?
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
How many credit cards should you have?
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
What's the best credit card company?
HTML Table
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
| Company | Contact | Country | Country | Country | Country | Country | Country |
|---|---|---|---|---|---|---|---|
| Alfreds Futterkiste | Maria Anders | Germany | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Centro comercial Moctezuma | Francisco Chang | Mexico | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Ernst Handel | Roland Mendel | Austria | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Island Trading | Maria Anders | Germany | Helen Bennett | UK | Alfreds Futterkiste | Maria Anders | Germany |
| Laughing Bacchus Winecellars | Yoshi Tannamuri | Canada | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Magazzini Alimentari Riuniti | Giovanni Rovelli | Italy | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
Which is the best Credit card?
Sapphire Chase is one of the best credit card with good apr and good credit.
PPP Loan Volume Chart
CIT Bank
- Minimum deposit requirement: See below
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: Up to 1.15%
The CIT Savings Builder Account does come with some requirements. You must maintain a $25,000 balance or deposit $100 per month. The rewards, however, may just be worth it. The CIT Savings Builder Account pays one of the highest rates available today.
SFGI Direct
- Minimum deposit requirement: $500
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.36%
SFGI Direct is a division of Summit Community Bank, and it offers one of the highest rates for online savings accounts.
American Express National Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.30%
The American Express personal savings account offers a competitive interest rate with 24/7 online access, requires no minimum deposit or ongoing balance and charges no monthly maintenance fees.
Marcus by Goldman Sachs
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $1
- Annual percentage yield: 1.30%
The Marcus by Goldman Sachs online savings account has one of the highest savings account APYs, while requiring no minimum deposit to open an account and no transaction fees. On the other hand, Marcus by Goldman Sachs does not offer an ATM network or checking account (although one is planned for 2021). Therefore, you will need an outside bank to transfer money in and out. The Marcus mobile app is currently available only for iOS.
Barclays US
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.15%
The high interest rate of Barclays Online Savings account is also accompanied with online transfers, direct deposit and 24/7 access to your money. Opening an account requires no minimum deposit and no monthly maintenance fees. Customer service is available by phone and mail.
Ally Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.25%
Ally Bank’s online savings account offers one of the best savings rates, charges no monthly maintenance fees and requires no minimum balance in the account. The app also offers real-time chat support. For this reason, Ally has long been a favorite among online savings account options.
Discover Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.05%
Discover online savings requires no minimum balance to start earning interest and has no monthly maintenance charges. Plus, customers benefit from Discover’s 100% U.S.-based customer service, which is available 24/7.
Synchrony Bank
- Minimum deposit requirement: $0
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.30%
Synchrony Bank‘s high-yield savings account offers a good interest rate, easy access to your money, easy ways to deposit funds, no minimum balance requirements and no fees. The bank does not have any branches, so customer service is conducted over the phone, email or chat. Still, you can withdraw money online or with an ATM card (although fees may apply).
PurePoint Financial
- Minimum deposit requirement: $10,000
- Monthly maintenance fee: $0
- Minimum balance required to avoid fee: $0
- Annual percentage yield: 1.25%
There is a $10,000 minimum deposit required to open an account. PurePoint Financial, however, offers one of the more competitive APYs available today.
Most frequently asked questions
How credit cards work ?
The idea behind credit cards is simple: When you use a credit card, you are borrowing money to pay for something. Later on, you must repay what your borrowed. If you take time to pay it back (rather than pay it in full when your credit card statement comes), you’ll be charged interest. The whole credit cards industry rests on this basic premise.
A basic credit card transaction works like this:
What's the difference between Visa and Mastercard?
This is one of the most common questions about credit card companies. Just about every place that takes credit cards takes both Visa and Mastercard, with only a couple of exceptions (such as Visa-only Costco), so consumers are left wondering whether there’s a difference at all.
The most important thing to remember is that neither Visa nor Mastercard issues credit cards. These companies are just payment networks that process transactions. Most of the benefits that come with a card are provided by the card issuer, not the network. And since their acceptance rates are nearly identical, you’re better off focusing on the features of individual cards rather than which network they operate on. Read more about Visa vs. Mastercard.
What's the lowest interest rate on any credit card?
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
How many credit cards should you have?
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
What's the best credit card company?
HTML Table
If the goal is realistic, the final step is establishing a time frame for achieving it. Using this process to set money goals for yourself can act as an incentive to break away from the paycheck to paycheck mold and improve your financial situation.
| Company | Contact | Country | Country | Country | Country | Country | Country |
|---|---|---|---|---|---|---|---|
| Alfreds Futterkiste | Maria Anders | Germany | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Centro comercial Moctezuma | Francisco Chang | Mexico | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Ernst Handel | Roland Mendel | Austria | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Island Trading | Maria Anders | Germany | Helen Bennett | UK | Alfreds Futterkiste | Maria Anders | Germany |
| Laughing Bacchus Winecellars | Yoshi Tannamuri | Canada | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
| Magazzini Alimentari Riuniti | Giovanni Rovelli | Italy | Alfreds Futterkiste | Maria Anders | Germany | Maria Anders | Germany |
Which is the best Credit card?
Sapphire Chase is one of the best credit card with good apr and good credit.
