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Best Online Savings Accounts 2024 (NYT Bestseller’s Picks)


We’re going to do a deep dive into what to look for, which accounts are best, how to get the highest APY, and tricks for optimizing your savings accounts.

Here’s a breakdown of what we’ll cover:

What Matters When Picking an Online Savings Account:

  • User Experience and Company Reputation
  • Fees
  • Convenience
  • FDIC Insurance
  • APY Rates

Online Savings Account Reviews:

The 4-Step Process to Picking an Online Savings Account

If you want to skip all of that and open an account right now, these high-interest online savings accounts are my top-rated:

I believe you’ll be happy with any of them, but my personal favorite is Ally.

Online Savings Account Reviews

Here’s the lowdown on the most popular online savings accounts.

Axos Savings Account 

Axos Savings Account 

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY:  Up to 0.61%

The APY is much lower than other high-yield savings accounts—it’s average at best. There’s no reason to open an Axos account unless you’ve already maxed out the FDIC limits on every other high-yield savings account and have to get a lower APY to horde all your cash.

I recommend picking one of the other accounts from this list.

Discover Online Savings Account

Discover Online Savings Account

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.60%

Discover’s APY is pretty strong. Not quite the top, but it’s close.

And if you happen to have a Discover card or checking account, keeping your accounts in one place makes everything a lot simpler.

If you have another Discover account, definitely get a Discover savings account.

HSBC

HSBC

HSBC has a few different savings accounts.

HSBC Premier Savings

  • FDIC insured: Yes
  • Minimum balance: $100,000 across your deposit accounts and investment balances. If you go below this balance, there’s a $50 monthly fee.
  • Maintenance fees: None
  • APY: 0.15%

The HSBC Premier accounts are for clients who have large deposits at HSBC. Unfortunately, the APY is awful. An APY that low with a minimum balance of $100,000 is kind of insulting.

This is a good example of a classic big bank savings account. A bunch of constraints with a terrible APY. Skip these accounts entirely.

HSBC Everyday Savings

  • FDIC insured: Yes
  • Minimum balance: $1
  • Maintenance fees: None
  • APY: 0.01%

HSBC does have a high-yield savings account with a competitive APY. Normally, I’d recommend this account as a main contender.

But HSBC is just a terrible bank. Every interaction with them is more difficult than it has to be. The only reason I’d ever consider opening an HSBC account is if I needed a giant, international bank for some reason.

Ally Savings Account

Ally Savings Account

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.75%

We’re huge fans of Ally. They’ve become one of the leading high-yield savings accounts.

Yes, Ally doesn’t technically have the highest APY, but it’s darn close. And they update their APY often. So if interest rates continue to rise, you’ll get a higher APY without having to do anything.

Their account UI is pretty slick too, and it’s always improving.

I have an Ally account myself.

Feel free to stop reading here and open an Ally account right now. You won’t regret it.

Capital One 360 Savings

Capital One 360 Savings

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.4%

Capital One used to have an APY that lagged the rest of the market, making it a substandard choice. Now it has an  APY that’s just as good as most banks. It’s one of the top contenders.

Especially if you have Capital One credit cards, it’s nice to keep everything at one bank.

Marcus by Goldman Sachs

Marcus by Goldman Sachs

  • FDIC insured: Yes
  • Minimum balance: None. However, , it does have a maximum limit of $1 million per account, not to exceed $3 million per account owner.
  • Maintenance fees: None
  • APY: 3.75%

Goldman Sachs jumped into the high-yield savings account space with one of the highest APYs.

They do limit deposits to a total of $1,000,000, but that’s not a major concern. You’ll want to split up your cash balances across multiple banks to get it all FDIC-insured anyway.

If you’re looking for your first high-yield savings account, this is a fantastic option.

American Express Savings Account

American Express Savings Account

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.75%

American Express was one of the first to introduce a high-yield savings account, and it’s been around for a while now.

You can set up and start using your American Express High Yield Savings in minutes. You can also have multiple linked accounts and move money between them. 

Barclays Savings Account

Barclays Savings Account

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.60%

Another great option. Great APY, no maintenance fees, or minimum balances—you can’t go wrong with a Barclays online savings account.

Synchrony High Yield Savings

Synchrony High Yield Savings

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 4.0%

Synchrony is also a great option. The APY is one of the highest and has no minimums or maintenance fees. Plus, you can earn a variety of perks, such as ATM fee reimbursements.

Vio Bank

Vio Bank

  • FDIC Insured: Yes
  • Minimum Deposit: $100
  • Maintenance Fees: None
  • APY: 1.10%

Because Vio Bank has no ATMs, cash cannot be deposited into a savings account. To transfer money into a savings account, link it with your current (external) bank checking account. Direct deposits can be made into your savings account.

Bread Savings High-Yield Savings Account (formerly Comenity Direct)

Bread Savings High-Yield Savings Account

  • FDIC Insured: Yes
  • Minimum Deposit: $100
    Maintenance Fees: None
  • APY: 4.50%.

With this account, there is no monthly maintenance fee. You also won’t get charged for ACH transfers, online statements, or incoming wire transfers. However, you’ll pay $25 per outgoing wire transfer, $15 per official check request, and $5 each time you request a paper statement.

To take cash out, you must transfer money to a linked account. Bread Savings doesn’t offer ATM cards, debit cards, or checks with this account.

Citizens Access

Citizens Access

  • FDIC Insured: Yes
  • Minimum Deposit: $1
  • Maintenance Fees: None
  • APY: 4.25%

Citizen’s Access APY is very competitive, and they rank high for their CDs as well. Citizen’s Access doesn’t have a mobile app, and they don’t offer any checking accounts, so you’ll have to split your funds between two financial institutions.





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