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11 Best Online Savings Accounts In 2020

When it comes to choosing among the best online savings accounts, you go to look into not just the credibility of the company, but more importantly, it has to be meet your personal needs and preferences as a user or customer. There are so many choices to choose from, thus, it is important to really make a wise decision.

Best Online Savings Accounts list

There are plenty of online savings accounts out there, and since they’re many some people find it challenging to choose the best among them all.

While you can base the “best” based on certain criteria like high-yield rates, customer service, security, etc., at the end of the day, like what we mentioned earlier, your decision has to also be based on your needs and preferences. Also, your financial goals.


Now, apart from those we mentioned, there’s one important question that you also need to answer. Why are you choosing online savings accounts instead of traditional savings accounts?

Some of you will say because of convenience, while others will base it on high-yield that some online banks offer. You see, we all have different answers to this question. But if you come to think about it, your answer to these questions will greatly affect your choices.

Don’t worry though because today we are going to share with you some of the best online savings accounts. Since they are all part of “the best” club, this means, all of these online banks offer you the best deals and services. It’s probably safe to say that you will never go wrong choosing any of the online banks on our list.

But before that, here’s a very interesting fact about how widely used mobile banking is in the country.

Did you know that according to a study conducted by the Pew Research Center, they found that 51% percent of U.S. adults, or 61% of internet users, bank online? Furthermore, 32% of U.S. adults, or 35% of cell phone owners, a bank using their mobile phones.

You see, these numbers only show how electronic or digital banking has changed the way people do banking. Thus, it is not surprising why you, yes, you, are looking for the best online savings account out there.

Before we move on to our list of best online savings accounts, you may want to check below video first by Graham Stephan:

With that, let’s start with our list of best online savings accounts to date.


Marcus is an online bank that offers excellent savings account products. The company, which is owned by the well-known investment firm, Goldman Sachs, has built its reputation for offering a very competitive APY (around 1.70%).

Apart from that, Marcus has also gained popularity because of providing a platform that is easy to use. Also, it created a very simple process when it comes to transferring money to accounts from other banks.

Marcus’s savings account option requires no minimum deposit to be able to open an account. Apart from savings accounts, the bank also has other products for consumers to take advantage of. One example is the company’s personal loan options, which you can use from debt consolidation to home improvement.


  • Has high-interest rate
  • Savings account comes with easy-to-meet requirements
  • Take advantage of other benefits you get from a typical online bank
  • Your account is accessible anytime, anywhere
  • Does not charge fees for any transactions made
  • A contact center is open seven days a week


  • No ATM access
  • No checking account option, which limits your liquidity options
  • No branches available, which means face-to-face transactions is not possible
  • No mobile application yet


Based in Sandy, Utah, Ally Bank, which was established back in 2004, is another very popular name in online/mobile banking. Ally Bank, which was formerly known as GMAC Bank, exceeded 1 million customer accounts in the year 2012. As of today, Ally Bank boasts having 1.5 million customers.

Ally Bank is a well-trusted online company. Apart from the fact that it offers a high-interest rate at 1.50% annual percentage yield (APY), the bank also does not require a minimum balance to gain APY. Furthermore, it offers a free checking account and does have excellent customer service support.


  • High-interest rate
  • Deposit checks remotely through Ally eCheck Deposit
  • Now monthly maintenance fees for Online Savings Accounts
  • Provides 24/7 live customer care
  • Free checking account, which makes your money more liquid


  • No ATM or debit card access (unless you open another account)
  • Cash deposits are not feasible
  • Allows up to $50,000 deposit per day only or up to $250,000 every 30 calendar days via eCheck Deposit


Capital One Financial Corporation or more popularly known as Capital One is an American bank holding company. It specialized in credit cards, banking, auto loans, as well as savings accounts. Capital One, which is based in McLean, Virginia, is ranked as the 11th largest bank in the United States based on its assets.

As mentioned, the company provides a variety of products. Apart from credit cards, Capital One also provides a range of lending as well as banking products. In 2019, Capital One’s 360 Performance Savings account debuted. This has eventually become one of the most popular products of the company.

In addition to the company’s list of products, they also offer certificates of deposit, a savings IRA as well as a checking account.


  • High-interest rate at 1.50% APY
  • 360 Performance Savings account requires no minimum balance to open an account
  • 360 Performance Savings account does not charge monthly fees
  • No maintaining minimum balance required
  • All balances earn the same APY


  • There are some online banks that offer higher yield on savings accounts


Vio Bank is an online-only financial institution that serves savers from all over the country.

Established back in 2018, Vio Bank has been tagged as the national online division of MidFirst Bank. MidFirst Bank, which was established in 1911, is an FDIC-insured bank since 1934.

Vio Bank offers both a High Yield Online Savings account and Certificates of Deposit. Vio Bank earned popularity for having one of the top yields online savings accounts out there.


  • Vio Bank’s High Yield Online Savings account offers one of the top yields in the industry (1.75% APY)
  • All balances receive the same APY
  • Low minimum requirement of $100 to open the account
  • Vio Bank’s High Yield Online Savings account does not have a monthly fee
  • Does not charge for incoming domestic or international wire transfers
  • No fees charged for the outgoing or incoming external transfers


  • Domestic wire transfer is charged at $30
  • No ATM access
  • Charges  $5 dormant account fee per month if you go 12 months without initiating a transaction
  • Requires initiating a transaction at least once during the preceding 12-month period to avoid having a dormant account


HSBC Direct Savings is an online-only savings account offered by the popular international bank, HSBC. The rates and terms it offers make it one of the best online savings accounts out there.

As you know, HSBC is a really popular bank not just in the United States but all over the world. No wonder as it serves 38 million customers worldwide.

Meanwhile, the HSBC Direct Savings account is offered through HSBC Bank, USA, N.A. This savings account is available online across all 48 states.


  • HSBC Direct Savings account has a competitive APY at 1.70%
  • Requires at least $1 minimum balance only for APY
  • Requires $1 at account opening
  • APY is currently available on all balance tiers
  • No monthly maintenance fee charges
  • You can make a deposit or withdrawal at one of the HSBC retail locations in the country


  • No ATM access
  • Charges $25 if you close your HSBC Direct Savings account within 180 days
  • Money deposited in your HSBC Direct Savings account has to be new money from outside HSBC


CIT Bank, N.A. is the banking subsidiary of financial services company CIT Group. The bank, which is headquartered in Pasadena, California is consists of an online bank, as well as its OneWest Bank division, a Southern California branch bank that is located in 60 different sites.

By the way, CIT Bank, N.A. is a subsidiary of CIT Group Inc., which is a financial holding company that was founded in 1908.


  • Offers competitive yields on its accounts (1.70% APY to be exact)
  • Provides a couple of options for savers


  • Requires at least $100 to open a Savings Builder
  • Requires you to keep making at least $100 in monthly deposits to be able to earn a competitive APY
  • To earn the top APY, you may also opt to maintain a $25,000 balance
  • You will earn much lower variable rate if your balance goes below $25,000 or if you are unable to make monthly deposits of at least $100
  • Actual APY will vary depending on the day of the month that you open your account


Headquartered in Salt Lake City, Utah, WebBank is an FDIC-insured and state-chartered bank. The bank was organized under the laws of the State of Utah in the year 1997. At the same time, WebBank operates under federal banking law.

WebBank offers a wide range of products. They do have savings accounts and time deposits, as well as financing solutions intended for businesses and consumers through the company’s Strategic Partnerships.


  • High APY at 1.66%
  • Requires at least $0.01 minimum balance for APY, but balances are required to stay above $1,000
  • Does not charge fees like monthly fees and maintenance fees
  • Do have one of the highest APYs available in the industry
  • WebBank savings account interest is paid on the last business day of the month


  • Outgoing wire transfer is charged at $25
  • Should your savings account falls below $1,000, the account will be closed; money will be returned depending on the WebBank Terms and Conditions for your account
  • No ATM card available
  • No mobile application
  • Does not allow you to deposit a check into any of its accounts
  • Deposits can only be made through ACH or wire transfer
  • Withdrawal from your WebBank account is not possible


We all know American Express, it’s one of the most popular and well-trusted banks in the country particularly known for its credit cards. However, the company also offers a competitive savings account called American Express Personal Savings.

How the American Express National Bank operates is pretty simple. Just like other online savings accounts, American Express National Bank does not offer to check account option, which means you should not use the American Express Personal Savings for any regular transactions outside a recurring withdrawal or deposit.

American Express’s savings account does not charge fees. Also, it allows you to link your external bank account.

By the way, apart from the savings account, the company also offers a wide range of certificates of deposit.


  • High APY at 1.60%
  • Requires a minimum balance of $1 to earn APY
  • Does not charge any monthly fees
  • Does not require a minimum balance
  • Allows you to link current outside bank accounts


  • Does not offer a checking account
  • Does not have any branch locations
  • No mobile check deposit option


Discover Bank is an FDIC-insured online bank. It offers a wide range of options like a debit card that comes with cashback rewards. While it does have one branch located in Greenwood, Delaware, most of its users/customers manage their accounts online or through the bank’s mobile app.

Discover Bank has offered deposit products online since 2007. Just like American Express, Discover is popularly known for its credit card products. However, it does also offer a savings account, checking account, money market, as well as a certificate of deposit.

As with its savings account, although the Discover Online Savings Account isn’t the highest-yielding account, it does offer a very competitive APY. It also does not require a minimum opening deposit and does not charge a monthly fee.


  • Competitive APY at 1.50% on savings account
  • Does not require a minimum balance
  • Offers the most popular types of deposit products
  • Offers checking, money market accounts, savings and CDs


  • APY is not as high as its competitors
  • No ATM access


Barclays Bank is a British multinational investment bank and financial services company. The bank is headquartered in London. Apart from offering investment banking, Barclays is divided into four core businesses, which are personal banking, corporate banking, wealth management, and investment management.

Of all its products, Barclay is usually known for its credit cards. However, it has also gained popularity in its savings products because of the high-interest rate.

All the products offered by Barclay in the United States are only available online.


  • Competitive, high-yield savings account (1.50% APY)
  • No minimum balance required for APY
  • Provides 24/7 access to funds
  • Allows online transfers to and from other banks and direct deposit
  • A mobile app is available and allows both deposit and transfer of funds
  • Ideal for those who like to bank online and want an outside institution for its savings options


  • No ATM access
  • Not a full-service banking institution
  • Does not offer a checking account option
  • Does not have branch locations


Citibank, which is the retail banking arm of Citigroup has recently launched a high-yield savings account called Citi Accelerate. It was only in 2019 when the popular company launched the said online savings account.

The said savings account pays 1.60% APY, which is very competitive. Needless to say, it is above the national average. Citi Accelerate does not require a minimum balance required to be able to earn the APY. It also does not require any minimum amount to open an account. However, the APY is only made available for certain markets.


  • High APY at 1.60%, making it one of the top yields to be found in big banks
  • No minimum balance required for APY
  • $0 minimum balance required to earn the APY
  • Does have ATM access


  • Charges a monthly service fee amounting to $4.50 (This applies if you open the Citi Accelerate Savings account in a Basic or Access Account package. Otherwise, the fee is waived provided you keep at least $500 average balance per month.)


So, we’re done with our list of 11 best online savings accounts out there. But before we end, we just want to share a few very important reminders regarding online savings accounts.

  • Online savings accounts are ideal for people who want to take advantage of higher interest rates and lower fees, which is evident among online banks given the fact that they do not carry the same overhead costs as other walk-in branches.
  • When choosing a bank that offers online savings account, take into account not just the APY but also the charges and fees, and other perks that come with it. It also considers if they do have ATM access or not (although most online savings account does not offer such). Also, take into consideration the minimum balances or opening balance required.
  • Make sure to only deal with online savings accounts that are safe. In order to ensure safety, see to it that the bank is an FDIC bank or at an NCUA credit union.
  • An online savings account is an ideal place for growing an emergency fund or for saving up for any financial goal.


You see, there are so many options available when it comes to opening up online savings accounts. Needless to say, like the ones on our list, they offer really competitive interest rates.

Choosing one among the so many options out there could be really challenging. Thus, it is best to set certain personal criteria so you get to pick the best out of the bests.

Having said that, have you picked your choice yet?

We got to say that if you were to choose from our list of best online savings accounts, you will surely not go wrong as they all have already established their names in this industry. It will really just go back to what it is that you are specifically looking for in an online savings account.

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