Investment Apps and Websites

Twine App Review: An Online Savings and Investment Tool For Couples

With this Twine app review, you will see how this online savings and investing tool can help couples work towards their joint financial goals.

Twine App Review: An Online Savings and Investment Tool For Couples

While there are a lot of factors that affect couples and other relationships in general, money matters definitely play a huge part.

In fact, according to the 2014 American Psychological Association (APA) Stress in America survey, “almost a third of adults with partners (31 percent) reported that money is a major source of conflict in their relationship.”

More so, another study by APA entitled, “For Richer, for Poorer: Money as a Topic of Marital Conflict in the Home. Family Relations” backed those survey findings. In this study, they found that “couples’ arguments about money tend to be more intense, more problematic and more likely to remain unresolved.

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However, no matter what, still, there are lots of couples who try to manage their finances together.

In fact, a 2019 survey conducted by Policygenius, an online insurance marketplace, found that the majority (78%) of American adults in relationships keep and manage their finances with their partner.

It’s probably safe to say that at least the majority of American couples still believe in teamwork among them. Better yet, at least they are still willing to try and see for themselves if they can work on reaching their joint financial goals.

Sure, the ride won’t be easy, but at least the will to try is there, right?

Anyway, if you are one of those couples, then, we’ve got good news for you!

There are tools out there that are specifically designed to help couples work towards their financial goals (which could be a dream vacation with the family, a wedding, your child’s first birthday, a house, a new car, etc) — and one of them is the Twine app.

It’s a savings and investing app that was created by life insurance giant, John Hancock. The app allows couples to set up automated savings in a high-yield account, or to invest in different portfolios.

In the next sections, we are going to know more about the Twine app, and hopefully, in the end, be able to gauge if this tool is perfect for you and your partner.

In particular, this Twine app review will focus on providing answers to the following questions:

  • What is Twine App?
  • Who is Twine App best for?
  • What does Twine App offer?
  • How does Twine App work?
  • Are there fees involved?
  • Is Twine App safe?
  • What to like about Twine App?
  • What not to like about Twine App?


Twine is a mobile application that was established in 2014 and is specially designed for couples who want to work on reaching a joint financial goal.

Designed and created by life insurance giant, John Hancock, Twine gives users access to both a savings account and an investment account.

By using the Twine app, couples can set up specific savings and investment goals and turn on automated transfers to make them real.

To know more about Twine based on user experience, here’s an insightful report from CGTN America:

Unlike a typical joint account, this app allows couples to keep separate accounts. What happens is by automating Twine, the app gets to pool funds together to help reach the couple’s financial goals.

It’s actually a unique feature in the current automated savings app landscape since most apps support only one user.

Twine app offers a cash savings account that allows account holders to earn a fairly competitive variable interest rate. Currently, the rate is about 100 times what consumers get at big traditional banks. However, the rate is about half of what you can get from top online savings accounts out there. Nevertheless, still a good rate.

Furthermore, on the investment part, Twine uses low-cost exchange-traded funds (ETFs) to helps customers grow their money at low costs.

Once you’ve set up your account, you will see a recommended portfolio, which is based on your personal goals and risk tolerance as a couple.

Twine is powered by John Hancock, one of the top financial institutions for insurance and investment. It is a big, trustworthy, and reliable company that offers insured accounts, including the ones offered via Twine.

All cash accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000, while invested accounts are insured by the Securities Investor Protection Corporation (SIPC) for up to $500,000.


Obviously, the Twine app is best for couples who want to work on a joint financial goal, at the same time, be able to keep separate accounts.

The app offers savings and investment products, which makes it easier to save money to be able to fund future activities or purchases.

Since everything is automated, the app should appeal to couples who want to keep a joint savings and investment account sans the hassle of having to do everything manually.

Twine app is all-digital, which means it’s a good option for couples who want to manage finances online and does not want to be bothered going to physical branch locations like what traditional banks require.

In addition, Twine is also best for people who want to start with a small amount to save since the app’s savings feature is free and has no minimum charge for investing.


As mentioned, Twine offers both savings and investment accounts.

The Twine savings account pays a fairly competitive rate, which currently is at 1.05% annually. This is a variable rate, which means it can change anytime with market interest rates.

If you think about it, the majority of savings apps do not offer interest. Meanwhile, the largest banks in the country offer very low interest. So, if compared, sure there are other online savings accounts that offer higher rates, but Twine savings account is definitely something worth having as well, and the rate still helps make it more appealing.

The Twine app savings account is FDIC-insured under John Hancock, which means all deposits are insured for up to $250,000 per depositor in the event of a bank failure.

To get started with a Twine savings account, you need at least a $5 initial deposit.

Meanwhile, the Twine app also offers an investment account. The account is available as soon as your balance hits $5.

Basically, this account puts your money into one of three portfolios that are made up of low-cost ETFs.

The portfolio, which could be aggressive, moderate, or conservative will be based on several factors like your age, current savings, as well as your willingness to take risks.

Similar to the Twine savings account, the app’s investment offering is also insured. Twine investment accounts are insured by the SIPC for up to $500,000.

Additionally, it is important to know that, unlike other traditional advisory firms, Twine does not require any minimum account balance or even make minimum deposit amounts. It’s all up to you and your partner how much you want to save and invest.


Now that you already know what Twine is all about and what it has to offer, in this part of our Twine app review, we are going to talk about how to actually get started with it.

To begin with, setting up an account with Twine is quick and easy. You basically just have to go to the Twine website, and then click the Get Started button.

You will then be asked to provide your email address and your preferred password. Then, you will get to access the account pages.

You will need to connect your bank account to your Twine account to be able to set up a recurring savings deposit. It does not matter how much you want to deposit and how often. It’s all up to you and your partner, of course.

For instance, if you are saving up for a house or for your wedding, you and your partner can opt to set up a deposit of $100 every week or $500 monthly. Again, it’s all up to you.

The rule applies if you opt to start an investment account. You can pick investment goals from a laundry of list or you can opt to choose custom goals.

Remember that each goal generates a conservative, moderate, or aggressive portfolio based on your answers to questions on risk tolerance, asset level, holding periods, as well as other personal information.

By the way, once you are done setting up your Twine account, you can simply “Invite” your partner to join the account with you. All your partner needs to do is download the app, connect their bank account, and similarly, set up a recurring payment of their own as well.

What’s nice about using the Twine app is that it allows the users to change, pause, or cancel savings at any time. You and your partner can also make one-time transfers, as well as set up one or multiple goals.

More so, you get to decide what specifically you want to invest or save money for.

Also, since the app lets you set up your recurring transfers, it makes things so much easier. Needless to say, you don’t have to worry about inconsistencies and missing a week or a month when you’re supposed to deposit your preferred amount.

Withdrawals from your Twine account can be requested with just a few clicks on the account interface. However, the funds may be available within seven to ten business days.

The process is quite slow as compared to the industry average.

It is important to know that individual account holders cannot use margin or borrow from their Twine account. Also, the platform does not offer banking services.

Mobile Access

Unfortunately, the Twine app is currently available for iOS devices only. Yes, you read it right. So sorry for Android users, this app is not available to you. But, who knows, maybe Twine is already working on that. Let’s hope for the best.

Meanwhile, Android (and even iOS) users may opt to use Twine on the web through a browser for now.

Customer Support

Twine website has an FAQ page wherein customers get to find answers to some of the most commonly asked questions about the app and what it has to offer.

However, in case you need assistance, Twine has a support link that leads customers to a Twine Support Center applet. Additionally, there are also available live chat links.

On the FAQ page, you will also find a phone number as well as an email address. There is also a Contact Us page that is linked to the form entry page.

For phone customer support, you may reach them between 9 a.m. and 5 p.m., Monday through Friday.

Again, Twine does not have a physical branch location like traditional banks so if you have concerns about your account, you only have the above-mentioned options to choose from to get to reach help from Twine.


Unfortunately, using the Twine app is not for free. However, the cost is low as compared to other financial apps out there.

For the Twine savings account, there are no monthly costs or fees. The savings account is actually managed by a well-known third-party processor called Apex. Apex may charge fees for less-common activities like paper statements, wire transfers, as well as overdrafts.

Meanwhile, Twine’s investment feature costs $0.25 per month for every $500 invested or 0.60% without minimums.

While others may find the 0.60% higher as compared to fees charged by other investment apps out there, the lack of a minimum makes the app more competitive and appealing for users especially the ones with low balances.


Twine app offers an easy-to-read, mobile-ready website as well as an iOS mobile application that features enhances account management features.

As mentioned, currently, the app is not available for Android devices.

Twine understands the importance of data and account safety and security. Thus, the app in particular provides biometric as well as two-factor authentication to avoid a data breach.

Just so you know, the same amount of security is in place on Twine’s website.

As mentioned, both savings accounts and investment accounts are insured by the FDIC and the SIPC, respectively. So, in case of a bank failure, you either get as much as $250,000 for the savings account or $500,000 for investment accounts.


In this section, you will find a summary of the things that stand out for us about the Twine app, which includes the following:

  • Easy Account Set-up Process – To set up a Twine account, you may either opt to do it online or mobile. Nevertheless, whichever you choose, the overall account setup process is quick and easy.
  • Savings Account Earns Interest – Although not the best of all, it is nice knowing that Twine savings account lets customers earn a little more from their money.
  • Owned by John Hancock – John Hancock is the maker of Twine, which is one of the top financial institutions for insurance and investment, and has been in the business for over a hundred years.
  • No Fees for Savings – The Twine savings account does not charge monthly fees.
  • Automated Joint Savings – With Twine, couples can work on achieving their financial goals without having to worry about keeping up because everything is automated.
  • FDIC-Insured – Through John Hancock, all savings deposits are insured for up to $250,000 per depositor in case the bank fails.
  • SIPC-Insured – Apart from savings, investment accounts are also insured via SIPC. All investments are insured for up to $500,000.


To complete our review on the Twine app, listed below are some of the things to not like about it or something that the company could work on in the future:

  • Interest Rate at Online Banks is Higher – Although what Twine savings offer is quite reasonable and fairly competitive, some online banks still offer higher rates.
  • Not Available for Android Devices – Unfortunately, the Twine app is only available for iOS devices at the moment. If you are an Android user but want to take advantage of what it has to offer, you may open an account via its website instead.
  • Lower Fees Elsewhere – Twine charges a 0.60% investment account fee. While it is competitive, you can still find lower rates offered by other online financial platforms out there.


Twine is a mobile application that focuses on helping couples work towards their joint financial goals. It offers both savings and investing tools that offer reasonable, fairly competitive rates.

The financial app is powered by one of the leading insurance and investment companies, John Hancock, which makes it more trustworthy and reliable.

While the app has its share of highs and lows, what we like the most is the fact that it helps couples achieve certain goals, at the same time, be able to keep individual bank accounts. Don’t you just love that, too?

With this Twine app review, we hope you are able to see and gauge for yourself if this tool will be beneficial for you and your partner especially in achieving joint financial goals.

Mobile Banking

Barclays Online Savings Review: A High-Interest Rates Online Bank For You

While there are a lot of online savings accounts out there, only a few offer high-interest rates. If you are looking for such, though, then this Barclays Online Savings review is perfect for you.

Barclays Online Savings Review: A High Interest Rates Digital Bank For You

Obviously, the recent pandemic has brought a lot of changes in people’s day-to-day lives. For a time, most of us were restricted to go out unless necessary, and it was during that time when people relied so much on anything digital — including banking.

In fact, an article published by Reuters says that digital banks “have won over more U.S. customers during the coronavirus pandemic” most particularly because of the fact that it has helped process stimulus payments faster. Thanks to digital banking, people survived.

But then, pre-pandemic era, digital banks have already captured a lot of consumers/customers in the country, especially young people. It was just that during the pandemic, even older customers have seen how valuable online banks are.

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In a study conducted by Statista, it was found that in 2018, roughly 61 percent of Americans are using digital banking and that experts project it to increase to 65.3 percent by 2022.

We would not be surprised, though, if the number rises higher than projected given the turn of events in recent years.

Moving on, as the number of digital bank users is increasing, the same goes for the number of existing digital banks. Customers have so many options that sometimes it can really get overwhelming to choose one.

However, at the end of the day, it all boils down to what your needs and preferences are as a digital bank user. One example is – are you looking for an online savings account that provides one of the best – if not the best — rates out there?

If your answer to this question is a yes, then you got to keep reading this Barclays Online Savings review.

In this review, we are going to provide you with thorough information about Barclays Online Savings, and the bank itself, which is very important especially if you are a first-time customer or a first-time digital bank user.

In particular, this Barclays Online Savings review will touch on the following:

  • What is Barclays Bank?
  • Who is Barclays Bank best for?
  • What are the products offered by Barclays Bank?
  • What is Barclays Online Savings?
  • What are the advantages and disadvantages of Barclays Online Savings?
  • How to do banking with Barclays Bank?
  • Is Barclays Bank safe?
  • What to like about Barclays Bank?
  • What not to like about Radius Bank?


Before we even go into a detailed review of Barclays online savings, it is important that we get to know the bank itself first.

Knowing about the bank will greatly help us be confident with the institution that will help keep our money.

So, with that said, here are a few important things you need to know about Barclays Bank —

Barclays Bank is a London-based bank that services 48 million people from all over the world since 1690. The bank’s operation in the United States, however, is online-only, which means, it does not provide traditional or conventional banking products and services.

However, the online-only bank is known for providing customers one of the best annual percentage yields on savings accounts as well as certificates of deposit (in this review, though, we are just going to particularly focus on the savings account).

Since it is an online-only bank, at least in the country, similar to other all-digital banks out there, it lacks a branch network, making it suitable for customers who prefer online banking or those who do not require in-person assistance.

If you are interested to know more about Barclays, we recommend you check this video out:


As mentioned in the previous section, Barclays Bank in the United States is an online-only bank, thus, making it ideal for people who prefer online banking, and does not need in-person assistance.

Apart from that, Barclays also appeals to customers who are looking for an online-only bank with savings account that provides competitive rates. In this case, though, Barclays Bank’s savings account, as well as its CDs are known to be one of those that provide the highest annual percentage rate in the market.

Furthermore, the online-only bank is also suitable for customers who are looking for a digital bank that does not require a minimum balance, as well as does not charge monthly fees.

Ultimately, Barclays is best for those who want to have the ability to set and achieve savings goals.


When looking for an all-digital bank such as Barclays, it is important to look into the products and services available. This helps a lot in deciding which bank to put your money into.

As a customer, you would want your bank to serve you the best way possible. Needless to say, be able to easily access different banking products and services.

With Barclays, though, the online-only bank is limited to providing customers with only two products. These are:

  • Barclays Savings Account, and
  • Barclays Certificates of Deposit.

Later on, we are going to tell you more about the savings account. For now, let’s talk about the Barclays Certificates of Deposit.

Barclays Certificates of Deposit

Barclays Certificates of Deposit also provides one of the highest annual percentage yields (APY) in the industry. It is particularly slightly better for customers who are interested in 3-month CD terms. At the moment, for a 3-month CD term, the APY is 0.35%, while a 60-month CD term has 3.10% APY.

The online-only bank’s CD terms range from 3 months up to 60 months.

To open a CD account, the bank does not require a minimum opening deposit, which means you can save any amount you can afford. This is actually what we find really convincing to opt for Barclays CDs.


As mentioned earlier, while we are providing you relevant information about the bank, ultimately this is a Barclays Online Savings review. Thus, we provided a separate section just to tackle this product.

Barclays Bank offers one of the highest annual percentage yields nationwide, which is absolutely great, to begin with. As of January 2021, the APY for Barclays online savings account is 0.45%. The rates vary every now and then, so, it’s best to always check.

Because of the savings account’s competitive interest rate, the effects of compound interest are more obvious.

Unlike other online savings accounts, Barclays does not charge monthly maintenance fees, withdrawal fees for online withdrawals as well as fund transfers to other banks. More so, the online-only bank does not require a minimum balance, however, Barclays has the right to close the account if you have a balance of less than $1.00 for 180 days.

Additionally, the bank does not have a minimum initial deposit requirement as well, which means, you can open an account in as little as $1.

However, it does charge the following:

  • $5 each for Excessive Transaction (after the allowed six withdrawals or external transfers per month),
  • $5 for Official Check,
  • $5 for Returned Deposit Items,
  • $5 for Non-Sufficient Funds (NSF),
  • $0.50 for Statement Copy, and
  • $25 for Express Mail/Rush Delivery Charge.

Since Barclays does not come with an ATM card, it means customers need not worry about ATM fees.

Since Barclays is an online-only bank, to open an account, all you need is to access the website or download the mobile app. You may contact the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

Barclays is an FDIC member, which means all accounts are insured up to $250,000 in case of bank failure.


Since this is a Barclays online savings review, we are going to provide you with a list of the advantages and disadvantages of the account. Hopefully, this insight will give you a clearer picture of what and what not to expect in this online savings account.


  • Very Competitive Rates – As stated, Barclays Bank’s online savings account provides one of the most competitive interest rates among its contemporaries. Currently, it’s at 0.45%, but in the past, it has been as high as over 4% APY.
  • No Monthly Maintenance Fee – Unlike other online-only banks, Barclays does not charge a monthly maintenance fee.
  • No Minimum Balance Required – Another perk that we like about Barclays online savings account is that it does not require a minimum balance, which means, you can leave as low as $1 in your account and you won’t be charged for anything.
  • No Minimum Initial Deposit Requirement – Another great advantage of Barclays online savings is that you can open an account for as little as $1. It’s definitely one of the most flexible accounts out there.
  • Low Insufficient Funds Fee – While the bank does not have a minimum balance requirement, it, however, charges accounts with a $0 balance. The charge, though, is relatively low at $5 as compared to $30 charged by many other banks.
  • 24/7 Online Access – Since Barclays is an online-only bank, at least in the United States, you can easily access your account anytime as long as there is an internet connection.
  • Easy Online Transfers – With Barclays online savings account, you can easily transfer as well as receive funds.
  • Allows Linking Your Savings To Your External Checking Account – Last, but not least in our list is that you can link your online savings account to your external checking account without any fuss.
  • Remote Deposits – Barclays online savings account provides an option for remote deposits through the website. The process is simple and fast. However, deposits made after 3 PM Eastern Time will not be available until the next working day. It is important to note, though, that there are limits when using this feature such as $5,000 maximum individual check amount, $10,000 maximum daily amount, 10 maximum daily number of checks permitted, 50,000 maximum 10-day amount, and 20 maximum 10-day number of checks permitted.


  • No ATM Access – Unfortunately, Barclays online savings account does not come with an ATM card, which means, have no access to ATM transactions. If you are someone who prefers having the ability to withdraw cash from your savings account, then, you might have to look for another bank.
  • Excessive Transaction Fee – While other online-only banks offer unlimited transactions, Barclays does not. The online-only bank charges a $5 excessive transaction fee per month after the allowed six online withdrawals and external transfers.


Barclays is an online-only bank. Thus, opening an account and all the other banking transactions are done using either your smartphone or computer.

Similar to any other banks, you are required to provide personal information like your Social Security number, mobile number, and email address. Make sure to prepare a government-issued identification like a driver’s license and passport to complete the account application process.

Since everything is done online, expect to finish the account application process in just a few minutes.

Furthermore, if you have questions, you may reach the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).


When people talk about digital banks or digital banking, one of the major concerns is safety and security. This is valid, though, given the fact that there have been a lot of fraud and identity theft cases that happened in the past.

So, we would not be surprised if you, too, are concerned about this. That is why in this section of our Barclays online savings review, we are going to talk about the safety and security measures that the bank has.

As mentioned earlier, Barclays has been around as a bank since 1690. With that kind of longevity in the industry, it is safe to say that the bank already knows what to do to ensure their customers’ money and personal information are safely kept.

Following all standard safety and security measures in online banking, Barclays Bank assures that all their customers’ money and personal information are safe and secured.

Additionally, the bank is a proud member of the Federal Deposit Insurance Corporation (FDIC), which means every account is insured for up to $250,000 in case of bank failure.


While this is specifically a Barclays online savings review, we thought it is also beneficial that we provide you with an overall summary of the things we like about Barclays Bank. Yes, as a whole. Anyway, we already provided you with a list of the highs and lows of the online savings account earlier.

To help you decipher if Barclays is indeed the right one for you, here are a few things that we particularly like about this online-only bank:

  • Competitive Rates – We honestly like the fact that Barclays offer very competitive rates and is one of the highest interest rates in both online savings accounts and certificates of deposit. It definitely is one that makes this online bank very appealing to customers.
  • 24/7 Online Access – As mentioned earlier, since Barclays Bank is an online-only bank, obviously, customers get to access their account and make bank transactions anytime, anywhere for as long as there is an internet connection.
  • No Minimum Opening Deposits – For both online savings and certificates of deposit accounts, Barclays does not require a minimum opening deposit, which means, anyone can open an account in as little as $1 only. This feature also means anyone, regardless of status in life is able to open an account.
  • No Monthly Maintenance Fees – Another amazing perk that Barclays Bank offers is that it does not charge a monthly maintenance fee, which is contrary to its competitors. Again, this applies to both savings and CD accounts.
  • FDIC-Insured – Of course, we also love the fact that Barclays Bank is a member of the FDIC, which gives an extra layer of assurance to its customers that whatever happens especially in the event of a bank failure, they will get something and that their savings will not be put to waste.


In the last section, we provided you with a summary of the things we like about Barclays Bank. This time, to complete our review, we are going to share with you some of the things that we do not particularly like about this online-only bank.

This includes:

  • No Physical Branches – Although Barclays Bank is a conventional bank that is based in London, unfortunately, its U.S. operations do not have access to physical branch locations. Thus, it is tagged as an online-only bank in the American market. But, who knows? Maybe in the future, Barclays will eventually have bank branches here as well?
  • No ATM Card – Barclays in the U.S. is an online-only bank. This means that everything is done entirely online and without ATM access. So, if you are an ATM-reliant kind of customer, then, this one’s not fit for you.
  • No ATM Cash Deposits and Withdrawals – Since the bank does not issue an ATM card, it obviously is not surprising that it does not offer cash deposits and withdrawals as well.
  • Limited Account Options – Barclays Bank in the United States only offers two products — the online savings account and the certificate of deposit account. Unfortunately, the bank does not offer checking accounts. Although, it allows you to link your savings account to an external checking account.
  • Excessive Transaction Fee -Barclays Bank only allows up to six transactions per month. Anything over the allowed number will be charged $5 per transaction. This includes online cash deposits and transfers.


Barclays Bank is a banking institution that has been around for so long, and while it only offers online accounts in the United States, it does offer one of the highest savings and CD accounts in the market.

Similar to any other online-only bank, it sure has its advantages and disadvantages. But we would like to say that the advantages that the bank offers are still overpowering the disadvantages.

Particularly on its online savings account, we got to say that it definitely has the best offerings in terms of rates among other online savings accounts out there.

So, have you decided about opening online savings account on Barclays yet?

To end, we hope that this Barclays online savings review has indeed served its purpose. May this brings light to your apprehensions in terms of opening an online savings account with Barclays Bank.

Investment Apps and Websites

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.