Best Online Savings Accounts – Reviews and Comparisons

Opening an online savings account is a great way to earn some extra money on your cash balances. Most of these accounts are designed to “piggy-back” onto your existing checking accounts through quick and easy online funds transfers. Chances are your current checking account pays next to zero interest. Here are some current top rates.

These high interest savings rates are current as of July 2nd, 2018.

Best No-Hassle Savings Accounts

CIT Bank LogoCIT Savings

  • Summary: The bank with the biggest APY on the board, CIT Bank is offering 1.85% APY on all accounts with a $100 minimum opening deposit.
  • CIT Bank is not a one trick pony.  They also have a variety of other deposit products include Jumbo CD’s, RampUp CD’s and Term CD’s which provide the highest rates I can find anywhere online.  As usual, everything is FDIC insured for up to $250,000.

Ally Bank LogoAlly Bank

  • Summary: Ally Bank continues to re-brand themselves away from GMAC and in doing so has created one of the best online savings accounts per consumer opinion.  The Ally Bank Online Savings Account currently yields an above average 1.75% APY, and there are no monthly maintenance fees or deposit minimums to speak of.
  • In addition to their online savings account, Ally Bank also offers a wide variety of CD’s, including a raise your rate and no penalty CD’s.  These give customers a little more flexibility when emergencies come along and/or the interest rate changes for the better.

GS BankMarcus Bank (Goldman Sachs)

  • Summary: The best savings rate you’ll find anywhere these days, GS Bank sports a 1.80% APY. No minimum deposit to maintain this savings rate and you can open the account with as little as $1.
  • Before you begin your application, be sure to have the following Primary and Joint Ownership information on hand: Social Security Number, date of birth (Account Owners must be at least 18 years old), email address (required for online applications only), and valid US street address (no PO Box). If you plan to fund your Account electronically, you’ll also need your existing bank account and routing number.

Capital One Money Market

  • Summary: 1.60% APY, $1 to open, no fees.  High APY applicable for accounts with balances of $10,000 or more, otherwise balances of less than $10,000 will earn 0.60% APY.
  • One of the very first high-yield online savings accounts. Although their rates aren’t the highest anymore, lots of people still like them due to their good customer service, easy application, and being around successfully for so long (for an internet bank).

Discover Bank Savings

  • Summary: 1.65% APY, $500 minimum balance to earn interest. No minimum balance fees.
  • You may know Discover for their line of credit cards, but their bank actually has an excellent list of IRA CD’s available.  Depending on how long you’d like to tuck your money away; you can have up to a 10 year IRA CD.

AMEX BankAmerican Express Bank

  • Summary: A savings account APY of 1.75%, American Express Bank is the online savings account I’ve been using for the last two years.  The interface is simple and easy to use and as American Express becomes more familiar with your account, account transfer time for deposits and withdrawals can be as little as one business day.
  • American Express may have been around since 1850, but their online savings account has only been around a few years.  Still … all accounts are FDIC ensured (as are all accounts with every other bank on this list).