The best high yield savings accounts for saving an emergency fund or other short term goals are through online banks. They pay the highest interest rates with the lowest fees. Here is a regularly updated list of the best high interest online savings accounts available today.
What follows is an extensive list of the online savings accounts that pay the best rates. I’ve included information on monthly fees and any signup bonuses these accounts offer.
September 2021 Online Savings Rates Update
Rates have remained consistent throughout the summer of 2021. At least rates aren’t going down!
The good news, if you can call it that, is some online banks maintained their rates. True, their rates are in the cellar, but it’s better than watching them go through the floor. Most online banks now pay at least 0.40% APY on savings. There are, however, a few exceptions.
- Axos Bank: 0.61% APY
- Ponce Bank MMA: 0.51% APY
- Aspiration: 1.00% APY + a $100 bonus.
- CIT Bank MMA: 0.45% APY
- Vio bank (see below): 0.51% APY as of April 1, 2021.
Comparison of the Best Online Savings Accounts
| Bank | APY | Monthly Fee | Min. Deposit | Learn More |
|---|---|---|---|---|
| Axos Bank High Yield Savings | 0.61% | $0 | $250 | https://www.allcards.com/go/axos-savings/best-savings-accts |
| Vio Bank High Yield Online Savings Account | 0.51% | $0 | $100 | https://www.allcards.com/go/vio-bank/best-savings-accts |
| Ponce Bank Money Market Account | 0.51% | $0 | $1 | https://www.allcards.com/go/ponce-savings/best-savings-accts |
| Chime Bank Savings Account | 0.50% | $0 | $0 | https://www.allcards.com/go/chime/best-savings-accts |
| Marcus Online Savings Accout | 0.50% | $0 | $0 | https://www.allcards.com/go/marcus-osa-bonus/best-savings-accts |
| CIT Bank Money Market Account | 0.45% | $0 | $100 | https://www.allcards.com/go/cit-mma/best-savings-accts |
| American Express High Yield Savings | 0.40% | $0 | $0 | https://www.allcards.com/go/amex-osa/best-savings-accts |
| Barclays Online Savings | 0.40% | $0 | $0 | https://www.banking.barclaysus.com/online-savings.html |
| Discover Online Savings Account | 0.40% | $0 | $0 | https://www.discover.com/online-banking/savings-account/ |
| Ally Bank Online Savings Account | 0.50% | $0 | $0 | https://www.ally.com/bank/online-savings-account/ |
| Capital One 360 Performance Savings | 0.40% | $0 | $0 | https://www.capitalone.com/bank/savings-accounts/online-performance-savings-account/ |
Axos Bank offers some of the highest rates available on deposit accounts, including high yield savings accounts. Formerly Bank of Internet, Axos Bank has more than $14 billion in assets.
Chime combines the best of online banks with the technology of a startup. It pairs an award-winning app and debit card with an FDIC-insured bank. It pays one of the highest APYs available on a savings account. And it does this with virtually no fees and free ATMs.
Ponce Bank Money Market Account
- Opening Deposit: $50
- Minimum Balance: $0
- Monthly Fee: $0
- Interest Rate: 0.51% APY
Ponce Bank’s money market account pays one of the highest available APYs on demand deposit accounts.
CIT Bank Money Market Account
- Opening Deposit: $100
- Minimum Balance: $0
- Monthly Fee: $0
- Interest Rate: 0.45% APY
CIT Bank’s money market account pays one of the highest available APYs. It’s also an online bank that charges very few fees.
Vio Bank High Yield Online Savings Account
- Opening Deposit: $100
- Minimum Balance: $
- Interest Rate: 0.51% APY
- APY: 0.51
- Minimum Deposit: $100
- Compounded: Daily
- Monthly Fee: $0
- Credit Check: Soft pull
- FDIC #: 4063
- About: Vio Bank is the online division of MidFirst Bank, established on February 28, 1911.
Marcus Online Savings Accout
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.50% APY
- APY: 0.50
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- FDIC #: 33124
- About: Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, which was established in 1990.
American Express High Yield Savings
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.40% APY
- APY: 0.40
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- FDIC #: 27471
- About: American Express National Bank was established in 1989.
Barclays Online Savings
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.40% APY
- APY: 0.40
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- FDIC #: 57203
- About: While Barclays traces its roots back to 1690, the U.S. bank was established in 2001.
Discover Online Savings Account
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.40% APY
- APY: 0.40
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- FDIC #: 5649
- About: Discover Bank traces its roots to 1911, then the Greenwood Trust Company. Discover acquired Greenwood in 1985 and changed the name to Discover Bank in 2000.
Ally Bank Online Savings Account
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.50% APY
- APY: 0.50
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- Support: 24/7 support via call, chat or email.
Capital One 360 Performance Savings
- Opening Deposit: $0
- Minimum Balance: $0
- Interest Rate: 0.40% APY
- APY: 0.40
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- FDIC #: 33954
- About: Capital One Bank was established in 1994.
Online Savings Account Alternatives
In this crazy world of low interest rates, some checking accounts have stepped up to offer yields as high or higher than many online savings accounts. Each of these savings account alternatives are FDIC insured.
| Institution | Account | APY | Monthly Fee | Min. Deposit | Learn More |
|---|---|---|---|---|---|
| , https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/OnJuno-1-e1616273887613.png, https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/OnJuno-1-e1616273887613.png, OnJuno | OnJuno Checking Account | Up to 1.20% | $0 | $0 | https://www.allcards.com/go/onjuno/best-savings-table |
| , https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Axos-Bank-2-e1616274652880.png, https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Axos-Bank-2-e1616274652880.png, Axos Bank | Axos Bank Rewards Checking | Up to 1.25% | $0 | $50 | https://www.allcards.com/go/axos-rewards-checking/best-savings-table |
| , https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Aspiration-e1616274573563.png, https://76b301zjz72bhdli2ods83p6-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Aspiration-e1616274573563.png, Aspiration | Aspiration Plus | Up to 1.00% | $12.50 | $10 | https://www.allcards.com/go/aspiration-100/best-savings-alt |
- Unlimited fee-free ATM withdrawals at Allpoint ATMs
- Up to 10% cash back on debit card purchases
- Deposits are fossil fuel-free
- Plant a tree with every roundup
- Up to 1.00% APY
- Earn a $100 bonus when you spend $1,000 (see details here).
Aspiration is best know for its efforts to save the planet. Among other things, you can plant a tree each time you round-up a purchase. In addition, it offers virtually no-fee banking and a very competitively APY on savings. It’s also offering a $100 bonus.
Resource: If you are looking for a savings account with a signup bonus, check out our list here.
FAQs
How many withdraws can I make each month?
Savings accounts are limited by federal regulation to 6 withdraws per month. If you exceed this amount, your bank could charge you a fee or close your account. Note that making a withdrawal through a teller does not count toward this limit.
Are online savings accounts FDIC insured?
Yes. The banks in our list are all FDIC insured.
Are online savings accounts safe?
Yes. As noted above, online savings accounts are FDIC insured. In addition, online banks use the same internet security protocols as brick and mortar banks use for their online access.
