The best online savings accounts earn top rates while giving you a safe place to park your money.
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 0.09%. That may not sound like much of a difference, but it adds up (especially with the magic of compound interest).
Our Nerds did extensive, independent research on dozens of banks to find the best high-yield savings accounts. We looked for top rates plus great digital tools, free access to plenty of ATMs and more.
|Top interest rates|
Marcus by Goldman Sachs
American Express National Bank
HSBC Direct Savings
Barclays Online Savings
Synchrony High Yield Savings
|Best for steady savers|
CIT Bank Savings Builder
|Great interest rate, digital experience|
Ally Online Savings
|Top credit union|
Alliant Credit Union
Here are more details about NerdWallet’s top high-yield online savings accounts.
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, 2.05% APY: Top interest rate
Marcus by Goldman Sachs pays a highly competitive 2.05% 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.)
American Express National Bank, 1.90% APY: Top interest rate
The well-known credit card company offers a savings account with an impressive annual percentage yield of 1.90%.
With American Express, there are no monthly fees or minimum balance requirements. But the company does not offer ATM cards or checks.
HSBC, 2.01% APY: Top interest rate
HSBC’s Direct Savings account is an online option from the well-known international bank. It pays a competitive 2.01% APY and has no monthly fees. In addition, you need only $1 to open an account. Direct Savings also comes with HSBC’s set of online management tools. Customers can set custom savings goals, track income and create email alerts.
Barclays Online Savings, 2.05% APY: Top interest rate
Barclays, an online division of the global financial services company, offers U.S. customers a high-yield savings account accessible through a streamlined website. There’s no monthly fee or minimum balance requirement. With a 2.05% APY, the interest rate is among the highest out there. Customer service is available by phone. Like Goldman Sachs, the bank has no checking account or ATM network. (For more about the bank, read our Barclays review.)
Synchrony High Yield Savings, 2.05% APY: Top interest rate
Synchrony offers an excellent savings account along with the convenience of an ATM card. It pays a 2.05% APY. There’s no monthly fee or minimum balance requirement, and you can earn a variety of perks, such as ATM fee reimbursements and travel discounts. (For more details, read our Synchrony review.)
Bank5 Connect, 2.05% APY: Top interest rate
It takes just $10 to open a Bank5 Connect High-Interest Savings account, though you will need at least $100 to earn interest. The account, offered by the online division of Massachusetts-based BankFive bank, has no monthly fee and earns an attractive 2.05% APY. You can access your account via bank website or mobile app. Customer service representatives are available by phone seven days a week, and by chat on weekdays.
CIT Bank Savings Builder, 2.15% APY: Best for steady savers
Steady savers can earn 2.15% APY when they deposit at least $100 each month in CIT Bank’s Savings Builder account. If you don’t have $100 to deposit each month, you can open a CIT Bank Premier High Yield Savings account and still earn a competitive APY of 1.55%. There are no monthly fees or daily minimum balance requirements for either account, but the minimum opening deposit is $100. (Read our CIT review for details on its savings accounts.)
Discover Bank, 2.00% APY: Best bonus
Discover Bank has a strong APY of 2.00%. 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.
Ally Bank, 1.90% APY: Great interest rate, digital experience
Ally Bank has one of the best savings accounts when it comes to overall digital experience. The website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows devices. It also offers real-time chat support, unlike many of its competitors. The 1.90% APY is among the best on the market, and there’s no monthly fee or minimum deposit requirement. (Read our Ally review.)
Alliant, 1.95% APY: Top credit union
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 1.95% 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.)
» Interested in getting money from banks? See NerdWallet’s best bank account promotions and bonuses
To determine the best accounts, we took a close look at 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.
Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Bank5 Connect, BankDirect, Bank of America, Bank of Internet, 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 Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, TIAA Bank, Fidelity, Fifth Third Bank, First Citizens Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, M&T Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, PurePoint Financial, Qapital, Radius Bank, Regions Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Simple, Star One Credit Union, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo, Woodforest National Bank, and Zions Bank.