Updated November 1, 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 – 1.30% APY, No minimum balance (and ATM access)
on Synchrony Bank ’s secure website
2. High Rate: Goldman Sachs Bank USA – 1.30% APY, no minimum balance (but no ATM access)
Our advertiser Goldman Sachs Bank USA, the consumer bank of Wall Street giant Goldman Sachs, offers a 1.30% 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 1.30% 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.
on Goldman Sachs Bank USA’s secure website
3. High Rate: Barclays – 1.30% APY, no minimum balance
on Barclays’s secure website
4. Special Deal: Discover – up to $200 Bonus* + 1.20% APY
*To get your Bonus:
Apply for your first Discover Online Savings Account by 12/18/17. Enter Offer Code MM1117 when applying. Deposit a total of at least $15,000 into your account by 1/02/18 to earn a $150 Bonus or deposit a total of at least $25,000 into your account by 1/02/18 to earn a $200 Bonus. Maximum bonus eligibility is $200 per account.
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 1/16/18. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
5. Top Choice: Ally Bank – 1.25% 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 1.25% 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.
on Ally Financial’s secure website
6. High Rate From A Credit Union: Alliant – 1.16%, $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 – 1.50% APY, No minimum deposit
Dollar Savings Direct is a division of Emigrant Bank. At 1.50% 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 1.00% 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 1.50% 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: Salem Five Direct – 1.50% APY, $100 to open
Salem Five Direct is the online bank division of Salem Five Cents Savings Bank, a community bank based in Salem, Massachusetts. Salem has been around for more than 150 years and all deposits are insured by the FDIC up to the legal limit. You only need $100 to open this account, and there are no monthly maintenance fees. Unfortunately the web and mobile experience is not great. But, if you give them a call (which we have done), you will get friendly service from a community bank.
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!
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