Tired of earning next to nothing in your savings accounts? Me too.
Still, we have to save our money somewhere.
The best online savings accounts typically provide exceptionally higher rates and much lower fees compared to those at traditional banks. Just take a look at these measly savings account rates from some of the most popular traditional banks:
- Bank of America – 0.03% APY
- Citi – 0.04% APY
- Chase – 0.01% APY
- PNC – 0.01% APY
- U.S. Bank – 0.01% APY
- Wells Fargo – 0.01% APY
All of our top online savings accounts offer rates higher than these, and it’s not even close. Even better, just like traditional banks, they’re all FDIC Insured. That means up to $250,000 of your money is insured at each bank through the full faith and credit of the U.S. government.
So, what are the best online savings account offers this month? Let’s take a look.
Our Top Picks
CIT Bank Money Market [Editor’s Choice] – Offering a massive 1.85% APY rate, CIT Bank’s Money Market Account is our top pick for online savings vehicles. The account is free to open, and there are no monthly service fees to worry about. You can also open an account with as little as a $100. Learn more here.
CIT Bank – 1.85%/1.55% APY (Money Market/Savings)
CIT Bank (FDIC #58978) provides online banking services throughout the U.S. and also have brick and mortar branches located in Southern California that operate under the umbrella of OneWest Bank.
Their money market account offers a whopping 1.85% APY rate, making it our overall favorite online savings product. They also offer a nice online savings account which deserves consideration.
Unlike the past, their 1.55% APY now extends to all deposit levels. They do have a minimum balance requirement of $100 to open either type of account.
Additionally, CIT Bank offers competitive CD rates, IRAs, and custodial accounts.
Synchrony Bank – 1.85% APY
Synchrony Bank (FDIC #27314) once again offers this month’s top savings account rate, offering a 1.85% APY across all deposit levels. There is no minimum balance or monthly service fee.
This bank is part of Synchrony Financial, a Fortune 500 company. They are consistently found at or near the top of our list for their competitive rates and excellent customer service.
In addition to their high yield savings account, they also offer money market accounts, CDs, and IRA options.
Barclays U.S. Savings – 1.85% APY
Barclays Bank (FDIC #57203) is probably the most widely known bank on this list. A giant in the British banking scene, most Americans probably recognize Barclays for their credit card offerings.
With rates that are 20x the national average, Barclays offers one of the best online savings account rates around – coming in right now at 1.85% APY. There is no minimum balance requirement and no hidden fees.
Like the other banks listed, Barclays also offers online CDs with competitive rates and terms.
Ally Bank – 1.75% APY
Ally Bank (FDIC #57803) was one of the pioneers of online banking, which also makes them one of the most recognizable names on the list.
They are known for their competitive rates and no monthly maintenance fees. With their savings account rate currently sitting at 1.75% APY across all tiers, this month is no different.
In addition to their online savings account, Ally Bank also offers online interest checking accounts, CDs, money market accounts, and more.
Save More Automatically
If you’re struggling to save, here’s an option that might help.
Qapital offers an online account that helps you automatically save your spare change. Using their “round up” rule, just use your debit card to make a purchase. They’ll round it up to the next whole dollar and stick the extra change in a savings account for you.
You can also take advantage of their other rules – like the “set it and forget it” rule, the “spend less” rule, the “guilty pleasure” rule, and more.
Qapital is not a bank itself, but your funds are held in one of their partner banks so your money is also FDIC insured. It is completely free to use, and you get unlimited transfers between your Qapital accounts – which includes instant access to your money.