Tired of earning next to nothing in your savings accounts? Me too. Still, we have to save our money somewhere. If you’re looking for the best spot to stash your savings, emergency fund, or vacation fund, consider using an online savings account. 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
Yuck! 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.
Savings Builder at CIT Bank [Editor’s Choice] – Offering a massive top-tier rate of 2.45% APY, CIT Bank’s Savings Builder is our favorite savings account on the market. The account is free to open, there are no monthly service fees, and the 2.45% APY rate is easy to earn and encourages savings. Simply make a $100 deposit each month, and you’re good to go! Learn more here.
Best Savings Accounts This Month
CIT Bank Savings Builder – 2.45% APY
CIT Bank (FDIC #58978) provides online banking services throughout the U.S. The have a sister bank (operating under the umbrella of OneWest Bank) that also has brick and mortar branches located in Southern California. CIT recently released their new Savings Builder account, and we think it’s awesome. In fact, it instantly became our favorite savings account on the market because it actually encourages savings. The two-tiered account currently offers a top rate of 2.45%…and it’s super simple to earn. Simply make a $100 deposit each month, and you’ll keep the rate. The money market account also offers a nice 1.85% APY rate, making it another one of our favorite online savings products. Additionally, CIT Bank offers competitive CD rates, IRAs, and custodial accounts.
Synchrony Bank – 2.20% APY
Synchrony Bank (FDIC #27314) once again offers this month’s top savings account rate, offering a 2.20% 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 – 2.20% 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 2.20% 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 – 2.00% 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 2.00% 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. Digit offers an online service that helps you automatically save every day. After connecting your accounts, the program will analyze your spending and saving habits. Then, Digit transfers small amounts of money each day to a savings account for you. You’ll start saving more without lifting a finger. Digit is free for the first 30 days, then just $2.99/month after that – which is well worth it if it helps you save! Read our complete Digit review to learn more, or get started for free using the button below.