The best online savings accounts give you a safe place to park your money while providing high-yield savings rates.
Because online banks don’t have the expense of maintaining branches, they can offer high-interest savings paying upward of 2% APY — many times higher than the national average of 0.10%. That may not sound like much of a difference, but it adds up.
Our Nerds did extensive, independent research on dozens of banks to find the best high-yield savings accounts. We looked for the best savings interest rates great digital tools, free access to plenty of ATMs and more.
|Best high-yield savings accounts|
Marcus by Goldman Sachs Online Savings
HSBC Direct Savings
Barclays Online Savings
American Express National Bank High-Yield Savings
Discover Bank Online Savings
PurePoint Financial Online Savings
Alliant Online Savings
Bank5 Connect High-Interest Savings
FNBO Direct Online Savings Account
Popular Direct Plus Savings
cheatgame.info’s best high-yield savings accounts
Read on for more details about cheatgame.info’s top high-yield online savings accounts.
And keep in mind: When you have sufficient funds stored in your deposit accounts (see what’s recommended) and you’re willing to take on some risk, look to investing. The stock market’s average annual return is 8%. A good place to start is the top IRA accounts, once you have a cash cushion in a high-yield savings account.
Marcus by Goldman Sachs, 2.25% APY
Marcus by Goldman Sachs pays a highly competitive 2.25% APY on savings deposits (as well as strong CD rates for longer-term savings goals). This online bank charges no monthly fees, and the minimum balance required to earn interest is just $1. But the bank doesn’t offer a checking account or access to an ATM network. And its savings account requires another bank account to make deposits and withdrawals. (For CD rates and more, read our Marcus by Goldman Sachs review.)
HSBC, 2.25% APY
Barclays Online Savings, 2.20% APY
American Express National Bank, 2.10% APY
Discover Bank, 2.10% APY
Discover Bank has a strong APY of 2.10%. The bank’s website is easy to navigate, and both its iOS and Android apps receive high ratings. There’s one branch in Delaware, but customer support is available by phone 24/7. Discover also has a $150 or $200 bonus for first-time savings customers. There is no monthly fee, but note that the deposit requirement to earn a bonus is fairly substantial at $15,000 or or $25,000, respectively. (Details below.)
For more about the bank, including its highly rated checking account, see our Discover review.
PurePoint Financial, 2.35% APY
This is a strong account for higher balances, paying out a 2.35% APY if you have at least $10,000 in the account, and 0.25% below that amount.
There are no monthly fees, and mobile and online features are solid, as expected for this largely online bank.
Alliant, 2.10% APY
Many credit unions restrict their membership by area or employer, but Chicago-based Alliant Credit Union is different. You can apply for membership by indicating your support for the charity Foster Care to Success. (Alliant will make a $5 donation on your behalf.) Members can open an Alliant savings account that pays a 2.10% APY on balances of $100 or more. The credit union waives the $1 monthly fee if you choose e-statements. Phone support is available 24/7.
A $5 minimum deposit is required to open an account, but Alliant has you covered there: The credit union pays you a $5 bonus when you open an account. (See our Alliant review for more details.)
Bank5 Connect High-Interest Savings Account, 2.05% APY
A Bank5 Connect High-Interest Savings Account comes with an APY of 2.05%. There are no monthly service fees if you enroll in electronic statements.
You’ll need to keep at least $100 in your account to earn the high APY.
FNBO Direct Online Savings Account, 2.25% APY
An FNBO Direct online savings account can help your money grow with an APY of 2.25% and no monthly service fees. There are also no steep minimums — you need just $1 to open an account.
You can access your account with the bank’s mobile app. The online bank is a division of First National Bank of Omaha.
Popular Direct Plus Savings Account, 2.36% APY
If you are looking for an account to park your cash where you can earn high rates, Popular Direct’s Plus Savings Account offers 2.36% APY. Note that the bank, an online division of Popular Bank, requires a steep $5,000 minimum to open the savings account. You’ll also need to keep a balance of at least $500 on a daily basis, or there will be a $4 monthly service fee. You can access the account by using the bank’s mobile app, although so far, app store ratings are low, with some complaints about a difficult sign-in process. Customer service representatives are available 24/7 by phone.
More top choices for the best savings interest rates
Here are five more competitive choices for high-yield savings. These banks may have a higher minimum balance to earn interest, or a slightly lower APY. But when you’re shopping for the account that fits you best, they’re worth checking out.
- Axos Bank, 1.30% savings APY with no minimum (read full review)
- Citizens Access, 2.35% savings APY, $5,000 minimum (read full review)
- Ally Bank, 2.20% savings APY with no minimum (read full review)
- Synchrony, 2.25% savings APY with no minimum (read full review)
- CIT Bank, 2.45% savings APY with monthly deposits of at least $100 in the Savings Builder account (read full review)
» Interested in getting money from banks? See cheatgame.info’s best bank account promotions and bonuses
We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.