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Advertiser Disclosure Updated: Jun 23, 2020, 9:57am

The Best Online Savings Accounts Of 2020

Updated: Jun 23, 2020, 9:57am
Alexandra Talty
Alexandra Talty contributor
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The Best Online Savings Accounts Of 2020

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 the week of June 15, 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 per depositor, for each account ownership category.

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.

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Alexandra Talty
Alexandra Talty
contributor

Based in Lebanon, I cover travel and personal finance topics for millennials. I'm committed to a life of adventure and have lived in four countries before turning 30. My work appears regularly in Playboy Magazine, Outside Magazine and AFAR Magazine, among others. Before becoming a full-time writer, I was the founding Editor-in-Chief of StepFeed in the Middle East.

First Published: Jun 23, 2020, 7:53am
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