The best online saving accounts normally offer higher interest rates than traditional savings accounts and traditional banks. At many online banks there are high-yield savings account options,The lower maintence costs of not having actual bank location allows the higher interest rates to be offered.
The downside of an online bank is not being able to go into a location. There are many options available and when looking at reviews, find fits you best.
The advantage of online savings accounts is that they are accessible and create a better return than a traditional saving account and checking accounts. These are more liquid than certificate of deposits with lower interest rates, but can be competitive.
All apys listed below are for online high-yield savings accounts.
| Company | APY | Fees | Minimum Hold | Comment |
|---|---|---|---|---|
| Marcus | 4.40% | 0 | $0 | |
| Ally | 4.20% | 0 | $0 | |
| Sofi | 4.60% | 0 | $0 | Direct Deposit or deposits of $5,000 every 30 Day |
| Discover | 4.25% | 0 | $0 |
Review all banks terms and conditions which can change at any given notice. There can be delays of transfers or charges for same day transfers.
What is a high-yield savings account? read What is a High-Yield Savings Account?
Looking for a different option check out? What is a Certificate of Deposit (CD)?