Updated July 21, 2017
Are you a super saver? Sure, anyone can save money in a typical savings account. A typical savings account often comes packaged or suggested with your checking account from a local bank branch and only pays 0.01%. These savings accounts usually don’t offer the best terms or interest rates, which is why it’s best to keep shopping around.
The best accounts offer perks like no minimum balance, ATM access and much higher interest rates than the average savings account. Here are the best online savings accounts so you can super charge your savings.
1. High Rate: Synchrony Bank – 1.20% APY, No minimum balance (and ATM access)
Synchrony Bank pays a healthy 1.20% APY. There is no minimum balance requirement and no monthly fee. In addition to the great rate, you can get an ATM card. Most internet-only banks require you to transfer funds electronically, which can take a few days. If you ever need quick access to your funds, the ATM card makes access easy. You might not recognize the Synchrony brand, but it is a large, well-capitalized business. Synchrony used to be a part of General Electric (GE), and was spun out as a separate company. Unfortunately the digital experience is not the best, and there is no app.
2. High Rate: Goldman Sachs Bank USA – 1.20% APY, no minimum balance (but no ATM access)
Goldman Sachs Bank USA, the consumer bank of Wall Street giant Goldman Sachs, offers a 1.20% APY on deposits. There is no minimum balance and there are no transaction fees. Upon opening the account you can deposit funds via electronic transfer, wire transfer or deposit by check. You can get access to your funds via electronic transfer or wire transfer. Goldman has consistently been paying one of the highest rates in the market, and has a big appetite to keep growing the business. With a 1.20% APY, you can get one of the highest rates in the market from a well known brand.
The maximum deposit is $250,000 and deposits are FDIC insured.
3. Special Deal: Discover – $100 Bonus* + 1.10% APY
Discover Bank is famous for its credit cards. But it also has an online consumer bank. The savings account pays 1.10% APY. And now there is a special deal: if you deposit $15,000 into your first Discover online savings account, you will receive a $100 bonus. During the first year, you would earn $100 on top of the 1.10% APY, making this one of the most lucrative savings accounts on the market. The bonus offer is easy to get (no need to visit a branch), and you get all of the other benefits associated with Discover’s online bank on top.*
*To get your $100 Bonus:
What to do: Apply for your first Discover Online Savings Account (OSA) by 8/21/17. Enter Offer Code MM717 when applying. Deposit at least $15,000 by 9/5/17.
What to know: Offer not valid for existing or prior Discover savings customers. Account must be open when bonus is credited. Bonus will be credited to the account by 9/19/17. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
4. Top Choice: Ally Bank – 1.15% APY, no minimum balance and a free checking account
Ally is a bank without branches that has consistently been paying high interest rates on savings accounts. Ally has no minimum balance requirement and will pay 1.15% APY. Even better, you can open a free checking account (also with no minimum balance requirement). This makes access to your savings account incredibly easy – because you can transfer funds online (or via the app) and have immediate access via checks, debit cards and ATMs.
5. Top Rate: Barclays Bank – 1.15% APY, No minimum balance and no monthly fees
Barclays Bank is one of the largest banks in the world, and it is based in London. In the United States, Barclays operates a very large credit card business (Barclaycard). If you have an American Airlines credit card, you might have a Barclaycard. In order to fund its card business, Barclays raises deposits online. You can earn a 1.15% APY return, which is one of the best rates out there. You do not have to pay a monthly fee, there is no minimum deposit and Barclays has a great digital experience. Even though this is a British bank, your deposits are FDIC insured.
6. Highest Rate From A Credit Union: Alliant – 1.11%, $5 to open and ATM access.
People love credit unions. Because credit unions are owned by their members, you can get a higher interest rate on your savings (and lower interest rates when you borrow). Alliant is one of the best credit unions in the country, offering some of the best rates on your savings. In addition, Alliant has a great website and digital experience. Anyone can join the credit union and you only need $5 to open the account.
7. Highest Overall Rate: BankPurely – 1.30% APY, $1 to open
This account is a new entrant to our list and a newly launched bank. BankPurely is the online bank of Flushing Bank (a small bank in New York with 19 branches). The online bank is an attempt, in their words, to bring “banking back to its roots.” You only need $1 to open the account, and there is no minimum balance and no monthly fee. You do not need to be in New York to open the account. Clearly we like the rate (the highest rate we can find in the country). However – we have seen this trick before. A new bank launches. A very high interest rate is paid to attract customers, and then the rate drops. BankPurely makes it clear that the rate can change at any time. The banks at the top of our list (Synchrony, Ally, Goldman Sachs) have been consistently paying top-tier rates. If BankPurely consistently pays this rate beyond its launch, it will move up our list. But, for now – we are including it in the list with caution.
8. Good Rate And Bonus: CIT Bank – 1.15%, $100 minimum
CIT Bank has launched its “Spring Savings Account.” You need $100 to open the account, and will earn 1.15% APY. In addition, CIT is offering a bonus for people with big deposits. In order to get the deposit, you need to deposit (and maintain) at least $15,000. You can earn $100 (for a deposit of $15,000 – $99,999), $250 (for a deposit of $100,000 – $299,999) and $400 (for a deposit of $300,000 or more). Our only concern: by calling this the “Spring Savings Account” – we don’t know how long this rate will last. But for people with big balances, this is another good option to consider.
Runner-Up: Dollar Savings Direct – 1.40% APY, No minimum deposit
Dollar Savings Direct is a division of Emigrant Bank. At 1.40% APY with no minimum deposit, this is clearly a good deal. Just one warning: Emigrant has done this before. MySavingsDirect is also a division of Emigrant. For a few months, it paid the highest savings account rate in the market. It then reduced the rate (and is currently at 0.85% APY). Now, with a different name, Emigrant is paying the highest rate at Dollar Savings Direct to attract customers. Just remember: the rate can be lowered at any time, and there is no guarantee this rate will last. We add it to the list because 1.40% is hard to beat. But we have a suspicion (hopefully we are wrong) that once a lot of deposits are gathered, the rate could go down.
Runner-Up: PurePoint – 1.25% APY, $10,000 minimum deposit
This account has a steep $10,000 minimum initial deposit. However, if you have at least $10,000 the 1.25% APY is a great deal. The account, like all others in this article, are FDIC-insured. There is no monthly fee on the account. Just make sure you keep at least $10,000 in the account. If your balance drops below $10,000 you will only earn 0.25% APY.
How to Find the Right Account For You
Take a moment to calculate how much you could earn using our free saving account comparison tool. Enter your zip code and how much you have to save and you’ll see the best savings accounts for you and save more this year. If you have a large balance, the tool might find better options than the no minimum balance options we’ve listed here.
If you are willing to lock your money into a longer term, consider a certificate of deposit. You can find the best CD rates here.
Your money deserves more than 0.01%. At that rate you’re basically giving a free loan to the bank, not a favor they’d return to you!
* We’ll receive a referral fee if you click on the “Apply Now” buttons for Synchrony Bank. This does not impact our rankings or recommendations You can learn more about how our site is financed here.