Updated January 7, 2019 – Even with interest rates rising, most savings accounts still aren’t throwing off gobs of interest payments. But if you’re willing to look — and we are — you can find online savings accounts giving you more than the paltry rate your local bank is probably giving.
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.
- The CIT Savings Builder Account gives you a 2.45% APY, but only if you meet one of the following two requirements: maintain at least a $25,000 balance or deposit a minimum of $100 each month. If you can’t do that, you might still consider a CIT High Yield Savings Account that gives a 1.55% APY without having to do anything more than an initial $100 deposit. (But if you can’t hit the minimums for the 2.45% rate, you’ll find higher rates on savings from the banks listed below.)
- CIBC US – Earn a 2.39% Annual Percentage Yield (APY) on your savings. Requires $1000 minimum deposit to begin, but any positive balance after that will continue to earn you the 2.39% rate.
- Marcus by Goldman Sachs — 2.25% APY, no minimum balance, no monthly fee.
- Barclays — 2.20% APY, no minimum balance, no monthly fee.
- Synchrony Bank — 2.20% APY, no minimum balance, no monthly fee.
- FNBO Direct (First National Bank Omaha) — 2.15% APY, no monthly fee.
- American Express Bank — 2.10% APY, no monthly fee, no minimum deposit
- Live Oak Bank – 2.10% APY, no minimum balance, no monthly fee in most cases.
- SFGI Direct — 2.07% APY, $500 minimum opening deposit, no monthly fee.
- Salem Five Direct — 2.05% APY, no minimum, rate applies up to $1 million in deposits.
- Ally Bank — 2.00% APY, no minimum deposit, no monthly fee.
- Discover Bank — 2.00% APY, minimum $500 opening deposit, no monthly fee
- Bank Purely — 1.90% APY, no minimum balance required.
- Dollar Savings Direct – 1.80% APY, no minimum balance, no monthly fee.
- SmartyPig (Sallie Mae Bank) — 1.75% APY on balances of any size.