You can earn over 4% on savings from many banks.
Below is our list of the best online savings accounts based on annual percentage yields (APY). Most have no monthly fee, but may limit the number of monthly withdrawals or have minimums to open or maintain an account. Information checked for accuracy on August 3, 2024.
SoFi Savings & Checking Account – BONUS WITH THIS LINK: Get a $25 – $325 bonus when you open a SoFi Checking/Savings Account! Earn a $25 bonus when you open a SoFi Checking & Savings account AND up to another $300 if you set up direct deposit.
This combined Savings and Checking account offers you a 4.6% APY on your savings IF you have a direct deposit coming into your account (as well as a 0.50% APY on money in your SoFi checking account). No minimum balance required, no monthly fee. (Affiliate link)
No Bonus, But Best Rates:
- Forbright Bank – Offers a 5.30% APY, with no minimum deposit or monthly fees.
- UFB Direct – Offers a 5.15% APY, no minimum deposit or monthly fee.
- TAB Bank – Offers a 5.02% APY, no minimum deposit or monthly fee.
- Citizens High Yield Savings Account – Offers a 4.50% APY, no minimum deposit.
- Marcus by Goldman Sachs — 4.40% APY, no minimum balance, no monthly fee.
- Live Oak Bank – 4.40% APY, no minimum balance, no monthly fee.
- Barclays — 4.35% APY, no minimum balance, no monthly fee.
- SFGI Direct — 4.26% APY, $500 minimum opening deposit, no monthly fee.
- American Express Bank — 4.25% APY, no monthly fee, no minimum deposit.
- Capital One – 4.25% APY, no monthly fee, no minimum deposit.
- Discover Bank — 4.25% APY, no minimum deposit, no monthly fee
- SmartyPig (Sallie Mae Bank) — 4.25% APY, no minimum balance, no monthly fee.
- Ally Bank — 4.20% APY, no minimum deposit, no monthly fee.