The top account on this list is Ally Bank, with its high 2.00 percent APY and same day transfers through Zelle, this account brings a combination of high-interest rates and easy access to your funds. Ally, formerly GMAC, offers both online checking and savings accounts. The savings has no monthly maintenance fees, offers remote check deposit and makes it easy to send funds to accounts at any other bank in the United States.
The bank has well-rated customer service, among the highest interest rates in the industry. Unless you want to squeeze out a few more fractions of a percent of interest, this account is a solid choice.
Capital One is a bank perhaps better known for its credit cards than its bank accounts, but that doesn’t mean the bank isn’t worth your attention. Capital One bought ING Direct in 2011 and rebranded it as Capital One 360, the banking arm of Capital One. It’s 360 Checking and 360 Savings are among the most popular for savvy online-only banking customers.
The fee-free savings account has no minimum to open and pays 1.0 percent APY. This is a much higher than the average interest rate, but not the top of the pack. One major benefit, however, is Capital One’s membership in Zelle, an instant payment network that allows you to send money from one bank account to another in the same day without any fees.
American Express is a longtime provider of financial products and is best known for its credit cards. But at 2.00 percent APY, its online savings account is in the top tier in terms of interest. The account has no minimum balance or monthly fees, and you can easily connect to accounts at any other bank to transfer funds.
One downside for existing Amex cardholders is that the credit card and bank use separate sites, statements and systems. However, the account is still from American Express, which generally has among the best-rated customer service of any financial institution. Looking at the average review online, it is clear that the same level of service extends to banking customers.
Yet another company known more for credit cards than banking, Discover offers an online checking and savings account through Discover Bank. Discover online savings has a 2.00 percent APY, which is a top-tier interest rate. The account has almost no fees, including for incoming wire transfers.
Discover Bank offers a money market savings account, which is unique in the online savings account industry. It pays slightly less, at 1.85 percent APY for balances under $100,000 and 1.90 percent for balances above $100,000. This account gives you the ability to access your cash via ATM, debit or check.
Among this list of banks, one stands out above the rest by just a fraction: .05 percent, to be exact. CIT Bank, not to be confused with Citi Bank, offers 1.55 percent APY as of this writing. The accounts require a $100 minimum balance. In addition to online savings, CIT allows customers in a limited number of states across the country through its physical branch locations.
Like other online savings accounts, it has no fees for typical account use and has easy online transfers to and from your accounts at other banks. This savings account is also available as a custodial account, so if your child has savings and you want to put it away at a high interest with no risk, this account may be a good fit.
Barclays is a UK-based financial institution. Here in the United States, the company offers credit cards and high yield online savings accounts. The Barclays Bank savings account offers among the top interest rates in the nation (2.05 percent APY as of this writing) and charges no monthly maintenance fees or other charges for normal account activity.
The account has no minimum balance and offers online banking with transfers to or from any other United States based bank account. While the account has few frills, they offer a safe, high-interest option to stash your cash. And, once your funds are deposited, your dollar bills might have a British accent in the future.
Most people think of Goldman Sachs for its exciting Wall Street history, but Goldman Sachs does more than investment banking. The company has recently spread its wings into multiple areas, including lending and banking. Marcus by Goldman Sachs offers personal loans and high yield savings.
The high yield savings account is near the top of the market at 2.05 percent APY. For high net worth savers looking to put a large sum away at this interest rate, be aware there is a limit of $1 million per account owner and $1 million per account. Most of us don’t have to worry about that, however, and would do better using this account for an emergency fund.
Synchrony Bank, formerly GE Capital, has one of the top interest rate savings accounts available today. It is tied for first place on this list with a current 2.05 percent APY. In our experience, online banking at Synchrony is not as well built or reliable as some others on this list, but it is a safe place to store your cash at a high-interest rate with FDIC insurance.
One major benefit that this account offers over other online savings accounts is an ATM card. While you can also transfer to any other bank in the United States online, this gives you an option to quickly get access to your savings without waiting for a transfer to go through. In a rarity for online banks, you can also make deposits at an ATM into a Synchrony savings account, as long as the ATM accepts deposits and shows the Plus or ACCEL logo.
After operating for 20 years as EverBank, retirement investment account provider TIAA acquired the company and renamed it TIAA Bank. The money market account offers a 1-year intro APY of 2.15% as of this writing with a guarantee that the account will always yield in the top 5% of competing accounts.
After the first year, the bank offers competitive rates ranging from 1.10% to 1.90% based on the account balance. This account is available as an IRA, requires a $5,000 opening deposit, and comes with online and mobile banking including remote check deposit.
Alliant Credit Union offers a compelling savings account with its High-Rate Savings. This account yields 1.95% APY with online banking, mobile check deposits, easy online transfers, and an option to open up to 19 individual savings accounts at once.
The ability to open multiple accounts — referred to as supplemental savings accounts — gives you savings superpowers. You can create automated recurring transfers to fund accounts for things like vacations, down payments, emergency funds, wedding savings, and any other savings goals. With great rates and very low fees, this is a top-notch account.
Membership at Alliant Credit Union is open to employees and retirees of some companies and organizations, relatives of existing members, or with a small donation to nonprofit Foster Care to Success.
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The 10 Best Savings Accounts to Get in October 2018
You don't need a brick-and-mortar bank to keep your funds secure and growing
Not long ago, your options for savings accounts were limited to local banks and you were at the mercy of whatever customer service and interest rates those local banks had to offer. These days, however, you have many more options. Thanks to online banking, you can find better savings rates and accounts than ever before and manage your entire banking relationship from your smartphone or computer. If you are interested in parking your savings in a high-interest online savings account, read on to learn which may be the best fit for you.