Best Online Savings Accounts

Online savings accounts bring banking perks to digital consumers.

You might already know that online banks offer perks that aren’t available at your local brick-and-mortar branch. In fact, an online savings account can help you earn more interest and make managing your savings easier. Perhaps that’s why virtual banking is on the rise.

A 2016 Accenture survey of North American consumers found that 11 percent had switched to an online bank in the past year. And over half of consumers use mobile banking, according to the Federal Reserve. Here’s a closer look at the best online savings accounts available now:

Best Online Savings Accounts
BankOnline Savings AccountInterest Rate (APY)Monthly FeeCustomer ServiceMobile App
CIT BankPremier High-Yield Savings Account1.55%$0Phone/Online form/EmailYes
Synchrony BankHigh-Yield Savings Account1.75%$0Phone/EmailYes
Barclays Bank DelawareOnline Savings Account$0PhoneYes
Ally BankOnline Savings Account1.65%$024/7 phone/Chat/EmailYes
American Express National BankPersonal Savings1.65%$0PhoneYes
Discover BankSavings Account1.65%$0Phone/EmailYes
FNBO DirectOnline Savings Account1.75%$0Phone/EmailYes
iGOBanking.comHigh-Interest Savings Account1.00%$0Phone/Online formYes
Bank5 ConnectHigh-Interest Savings Account0.90%$0Phone/Online form/ChatYes
Capital One 360360 Savings1.00%$0Phone/EmailYes
Ally Bank, American Express National Bank, Barclays Bank Delaware, CIT Bank,
Capital One, Discover, FNBO and Synchrony and rates accurate as of today.
All other rates accurate as of July 25, 2017.

CIT Bank Premier High Yield Savings Account

  • Interest rate: 1.55% APY
  • Fees: $0

Reach your savings goals faster by depositing your savings into a high-yield savings account. Boasting one of the best interest rates, CIT Bank might be the best high-interest savings account for you, and you can open one with a $100 minimum deposit. You’ll have access to free online banking services, and interest is compounded daily to maximize your return on your balance.

Synchrony Bank High Yield Savings Account

  • Interest rate: 1.75% APY
  • Fees: $0

The next highest interest rate in the bunch is from Synchrony Bank, which caters to customers who want easy, 24/7 access to online banking features. There’s no minimum balance requirement or service fee with this account, and you’ll build up your savings at rates higher than the national average.

Related: 10 Best Savings Accounts of 2017

Barclays Bank Delaware Online Savings Account

  • Interest rate: 1.65% APY
  • Fees: $0

With Barclays Bank Delaware’s Online Savings Account, you can make online transfers to and from other banks with digital banking services, and use the Savings Assistant tool to reach your savings goals. With no minimum balances to open the account or monthly maintenance fees to worry about, you can focus on making deposits to earn high interest rates on your balance.

Ally Bank Online Savings Account

  • Interest rate: 1.65% APY
  • Fees: $0

You’ll earn the same interest rate on your savings account no matter what tier you fall under with Ally Bank. Ally’s online banking services include Ally eCheck Deposit for remote check deposits and easy transfers between Ally Bank and accounts at other banks. Interest is compounded daily, and there are no monthly maintenance fees.

American Express National Bank Personal Savings

  • Interest rate: 1.65% APY
  • Fees: $0

American Express National Bank also offers a savings account option with competitive interest rates. You’ll earn daily interest on your balance and can set up recurring bank transfers to manage your money. You can also take advantage of 24/7 online banking services, with no monthly fees or minimum balances.

Related: 15 Best Mobile Banking Apps and Services

Discover Bank Savings Account

  • Interest rate: 1.65% APY
  • Fees: $0

You won’t be charged a monthly maintenance or minimum balance fee with your Discover Bank online savings account. Discover provides official bank checks with expedited delivery at no extra charge — something you won’t find at many competitor banks. Discover also boasts a higher-than-average interest rate on your savings balance, with interest compounded daily and paid out monthly. Plus, you’ll have access to your bank account 24/7 through the online banking platform.

FNBO Direct Online Savings Account

  • Interest rate: 1.75% APY
  • Fees: $0

With interest rates exceeding the national average, FNBO Direct provides a convenient option for managing your savings account online. You can access your account from anywhere and easily transfer money between accounts. Your account is linked to Popmoney for secure money transfers to and from to friends, colleagues or clients. In addition, you can open separate accounts for different goals, such as an emergency fund and a dream vacation.

Related: The 29 Best Banks of 2017

iGOBanking High Interest Savings Account

  • Interest rate: 1.00% APY
  • Fees: $0

If you’re looking for convenient online banking features and competitive interest rates, iGOBanking might be your best bet for a high-yield savings account. You can access your account at any time and get questions answered by calling a toll-free number. There are no monthly maintenance charges, banking fees or minimum-balance requirements with this account.

Bank5 Connect High-Interest Savings Account

  • Interest rate: 0.90% APY
  • Fees: $0

You’ll have access to free online banking services and receive free eStatements with the high-interest savings account from Bank5 Connect. The bank also offers free mobile banking services. If you have a checking account with Bank5 Connect, your savings account can cover overdrafts so you won’t have to pay any fees. As long as your balance is at least $100, you’ll earn the highest interest rate on your savings.

Capital One 360 Savings Account

  • Interest rate: 1.00% APY
  • Fees: $0

Get a competitive rate on this no-fee savings account from Capital One. You’ll have access to online banking services and can open multiple accounts to organize your savings goals. You also have the option of automating your savings by scheduling transfers to your account. There’s no minimum balance requirement, and you can deposit checks from a smartphone or tablet using a mobile app.

Up Next: 10 Best Savings Account Promotions Available Now

Ally Bank, American Express National Bank, Barclays Bank Delaware, CIT Bank, Capital One, Discover, FNBO and Synchrony rates accurate as of today. All other rates accurate as of July 25, 2017.

Methodology: GOBankingRates.com identified the best online savings accounts based on interest rates, monthly fees, customer service options, mobile banking and online banking offerings. All fees and rates are subject to change at the credit card issuers’ discretion. Some offers might no longer be available on the credit card issuers’ websites, depending on how you access the web page.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.

 

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.