Updated May 12, 2020 – Most savings accounts 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.

  • SFGI Direct — 1.56% APY, $500 minimum opening deposit, no monthly fee.
  • Live Oak Bank – 1.55% APY, no minimum balance, no monthly fee.
  • American Express Bank — 1.50% APY, no monthly fee, no minimum deposit
  • Dollar Savings Direct – 1.50% APY, no minimum balance, no monthly fee.
  • Citizens Access – Offers a 1.50% APY, but note the $5000 minimum to get and keep that rate.
  • CIBC US – Earn a 1.45% 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 1.45% rate.
  • The CIT Savings Builder Account gives you a 1.45% 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 1.25% APY without having to do anything more than an initial $100 deposit.