10 Best Online Banks for Savings Accounts in 2024

If you’re looking to open a savings account or switch from your current bank, you might be overwhelmed by online banking options. Online banks tend to offer higher interest rates and lower fees for savings accounts than traditional banks. But sifting through the best online banks for savings accounts can be tedious.
To help, I’ll run you through some of the top online banks for savings accounts, which are some of the best high-yield savings accounts.

Overview of the 10 best banks for savings accounts

Bank
Best for
Marcus by Goldman Sachs
No-fees
American Express National Bank
Existing AMEX members
Capital One
Replacing traditional bank
CIT Bank
High-yield savings for frequent depositors
Synchrony Bank
ATM access
VIO Bank
High-yield, no-frills
Ally Bank
High-interest CDs
Barclays
Sign up bonuses
Discover Online Savings
Checking + savings combo
Varo
High-interest rates

Best banks for savings accounts

Marcus by Goldman Sachs

Named after Goldman Sachs founder Marcus Sachs, this online suite of savings products is designed to help consumers make smarter decisions with their money. Marcus by Goldman Sachs offers three competitive savings products to help you protect and grow your money, but one primary, high-yield savings account worth checking out.

Marcus Online Savings Account

This high-yield online savings account features a high APY (annual percentage yield) of 4.50%, no fees or minimum deposit requirements, same-day transfers of $100,000 or less, and 24/7 account access. What I love about the Marcus online savings account is that there are no hidden transaction fees — the terms of this account are straightforward, unlike some banks.
On the downside, Marcus by Goldman Sachs does not provide a checking account option or ATM access, which means you’ll need an external account to wire transfer your funds.

Ally Bank

Ally Bank has been one of the marketplace's top competitive savings account banks since 2009. This online bank offers a variety of savings products, including a high-rate savings account, a money market account, and multiple CD options.

Ally Online Savings

Ally’s online savings account offers a competitive 4.35% APY for all balance tiers, no minimum deposit or daily balance requirement, no monthly fees, and 24/7 support. While you can’t access Ally’s savings account from an ATM, Ally also offers an interest checking account you can link to your savings to transfer money with just a few clicks.
I love Ally’s mobile app, which offers fast and secure login features and easy access to all your financial accounts and tools. Ally does limit withdrawals from your savings to 10 times per billing cycle, which is better than many of its online competitors.

American Express National Bank

American Express may be well known as a credit card provider, but this financial institution is no stranger to the online banking world. American Express National Bank offers savings accounts and CDs to help your money go further.

American Express National Bank High-Yield Savings

American Express’s online high-yield savings account is on par with most competitive online banks at 4.35% APY. Like Goldman Sachs and Ally, American Express has no minimum deposit requirements, monthly service fees, and 24/7 account access.
One standout about this particular account is that it offers up to nine monthly withdrawals, which is higher than most competitors. On the downside, American Express National Bank does not have a checking account or ATM card option, so you’ll need an outside bank account to transfer money.

Capital One

You might also know Capital One as a credit card company and auto loan provider, but its services extend beyond these niches. Capital One also offers savings account options with online banking features.

Capital One 360 Performance Savings

Capital One’s online savings account — 360 Performance Savings — offers a 4.35% APY for all balance tiers, no monthly fees, no account balance requirements, and 24/7 account access.
Also, although Capital One does not offer ATM access for its 360 Performance Savings, it does have brick-and-mortar locations. It also offers a 360 Checking account, which you can access via an ATM and easily transfer money between accounts.

CIT Bank

Not to be confused with Citibank, CIT Bank is a top 50 U.S. financial institution offering various online banking solutions for nationwide customers. CIT Bank offers a variety of savings account options, but its main savings account is its Savings Builder.

CIT Savings Builder

The CIT Savings Builder savings account offers up to 1.00% APY options. To obtain the higher 4.65% APY, you must maintain a $25,000 balance or deposit $100 or more each month. You must also make an initial deposit of at least $100 to open an account.
CIT also has no monthly fees and allows up to six monthly withdrawals. You cannot access funds through an ATM, but it does offer a CIT checking account you could use to transfer balances. I don’t particularly love the criteria for maintaining a higher APY through CIT Bank, but I find the $100 deposit balance per month reasonable.
CIT also offers a robust portfolio of savings options, including a money market account and various CD options.

Synchrony Bank

Synchrony Bank is an online-only bank that opened its "doors" in 2003. Synchrony Bank’s mission is to cut out unnecessary fees most banks charge so you can do more with your money and reach your savings goals faster. This bank offers many savings account options, but its primary online account is high-yield.

Synchrony Bank High-Yield Savings Account

This high-yield savings account offers a top APY at 4.75%, higher than most competitors. This rate is good for all balance tiers, and this account requires no minimum deposit or monthly balances, does not have a monthly charge, and allows you to withdraw from your savings account using your debit card at ATMs.
Although Synchrony doesn’t charge a fee to use an ATM, you may be charged by the ATM owner. To help, Synchrony offers a $5 ATM refund per month. Synchrony Bank offers an excellent online savings plan with one of the market’s highest rates and no fees to worry about.

VIO Bank

VIO Bank is another top online financial institution that makes setting up an online savings account easy. VIO Bank specializes in savings accounts and currently offers no additional products. I’ll walk you through its high-yield savings account below.

VIO Bank High-Yield Savings Account

VIO Bank’s online high-yield savings account has a 1.10% APY on all balances, no monthly fee (if you opt into paperless billing), and up to six withdrawals per month. However, it has a high-rate money market account at 5.30% APY. VIO does require a $100 opening deposit for this account, but the requirements end there.
I love VIO Bank’s simple online signup process. While VIO Bank does require a deposit, I’m glad it’s a relatively low amount.

Barclays

Barclays is a global financial institution founded in 1896 in London, England. This UK-based bank offers online financial solutions to U.S. citizens, including several different savings accounts.

Barclays Online Savings

Barclays Online Savings account offers a 4.35% APY, no minimum deposit requirements, no monthly balance to maintain, and no monthly maintenance fees. It also offers 24/7 access to your online savings account.
Barclays’ savings account does not offer ATM access, so you’ll need another bank account to transfer money to and from your account. No opening bonuses are available, but Barclays frequently updates its site with bonuses and incentives for opening savings accounts.

Discover Online Savings

Discover might be well-known as a top credit card provider, but this lending giant also offers online banking tools. Discover provides many savings account options, but I’ll be specifically reviewing the Discover Online Savings Account below.

Discover Online Savings Account

Discover Bank offers one of the best online savings plans with a competitive 4.30% APY, 24/7 access to your account, no monthly fees, no minimum deposits, and no minimum balance requirements.
While you won’t get ATM access to your account, if you open a Discover online checking account, you can easily transfer funds back and forth.

Varo

Last but certainly not least is Varo, an online banking solution targeting millennials looking to safely grow their savings. Varo is well-known for its high-interest savings account, which is worth looking into.

Varo Savings

The Varo Savings account offers an APY of 5.00% when certain conditions are met each billing period.
Varo also has no monthly fees, no minimum deposits, and provides 24/7 account access. Varo also supplies you with an arsenal of online tools to maximize your savings, such as automatically rounding up purchases from your Varo checking to move to your Varo savings.

Online savings accounts summary

Bank
Minimum Deposit
Monthly Fee
APY%
Marcus by Goldman Sachs
$0
$0
4.50%
Ally Bank
$0
$0
4.35%
American Express National Bank
$0
$0
4.35%
Capital One
$15
$0
4.35%
CIT Bank
$100
$0
4.65%
Synchrony Bank
$0
$0
4.75%
VIO Bank
$100
$0 ($5 if you opt to receive statements by mail)
5.30%
Barclays
$0
$0
4.35%
Discover Online Savings
$0
$0
4.30%
Varo
$0
$0
5.00%

Pros and cons of online savings accounts

Pros
  • Better interest rates. Online banks don’t have the same overhead as brick-and-mortar banks, which means they’re able to channel these savings directly into your wallet. Without the high costs of running a traditional bank, online banks can offer some of the most competitive savings account interest rates on the market.
  • Fewer account fees. Traditional banks often charge a monthly fee to maintain your account and may even charge fees or suspend benefits if you do not meet balance requirements. I’m a big fan of using online banks, particularly for savings accounts, because you can find options with absolutely no fees and minimum balance requirements.
  • Easy signup process. Another plus for opening an online savings account is how quickly you can sign up for a new account. Most online banks have very quick online applications and sign-up processes, allowing you to take advantage of your new account within minutes. VIO Bank is a great example of a bank with fast savings account sign-up options.
  • Top-of-the-line mobile apps. Opening an online savings account gains you access to online banking mobile apps, which often have great features you can use to boost your savings. You might find some of these features require an online checking account to gain full access. Varo, for instance, allows you to round up when spending from your checking account and automatically moves the difference into your savings account for you.
Cons
  • Customer support. I love that online banks often offer phone, email, and live chat support, but sometimes these forms of communication are not quite as effective as visiting a physical branch to explore your options.
  • Additional bank accounts may be needed. On the downside, some online banks still make it difficult to get your money into your account. Many require you to transfer your money from an existing bank account, which can be difficult if the online bank does not allow ATM deposits and does not offer a checking account. If you’re looking to switch to an online banking model, opt for an account with checking services like Ally Bank, CIT Bank, or Axos Bank, or opt for a savings account that offers ATM services like Synchrony Bank.
  • Withdrawal limits. One limitation most online savings accounts have is a set number of times you can withdraw funds from your savings account (typically 6 to 9 times per month). While this can be frustrating, if you’re using your savings account to grow your money, I don’t think these limits will hinder you very often.

Online savings account FAQs

What is the best online savings account?
There are many excellent online savings accounts, but the best account for you will vary. If you don’t want a minimum deposit, Marcus, Ally Bank, American Express, and Discover are great options. If you want the highest APYs available, Synchrony Bank, Barclays and Capital One are top choices.
How do online savings accounts work?
Online savings accounts work similarly to traditional accounts — it secures your money in an account and allows you to earn interest while it sits. Online savings accounts tend to earn you more interest and charge fewer fees than traditional, brick-and-mortar banks.
Is my money stuck in an online savings account?
If you deposit your money into an online savings account, you can typically withdraw your funds a set number of times per month. If you deposit your money into an online CD, however, you might be limited as to when you can withdraw your funds (i.e. one year, two years, etc).
How do I put money into my online savings account?
Some online savings accounts allow ATM access, so you can deposit cash at its ATM network with no ATM fees. Others might offer deposit accounts and checking accounts, in which you can make a mobile check deposit and then transfer money to your savings accounts. Some online savings account providers might also have branch locations where account holders can make deposits. Depositing checks electronically via your camera, receiving direct deposits, and transferring from other savings accounts are all additional ways to move money into online savings accounts.
Can you write checks directly from an online savings account?
Most online savings accounts do not allow check writing from your savings account. However, you could transfer money from your savings account to a checking account and write a check once your transfer clears.
Are online banks FDIC-insured?
FDIC insurance is deposit insurance backed by the Federal Reserve, meaning depositor money is protected by the government should anything happen to the bank. All of the banks on this list are member FDIC and protect you up to $250,000.

The bottom line

Opening an online savings account can help you protect and grow your money. Online savings accounts have some of the best rates on the market, making it easy to access your funds around the clock. Many online banks offer several savings options, including high-yield savings, money market accounts, IRA accounts, and CDs.
I highly recommend taking advantage of the great perks of an online savings account, whether you’re looking to switch your bank accounts to an online model or just maximize your savings.

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