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Best Online Savings Accounts – November 2018

The post Best Online Savings Accounts – November 2018 appeared first on Club Thrifty.

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


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 PicksLooking for the best online savings account and savings account rates? We've got your back! This piece details our favorite online savings accounts and their current rates.

best quicken alternativesSavings Builder at CIT Bank [Editor’s Choice] – Offering a massive top-tier rate of 2.15% 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 2.15% 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.

CIT Bank Savings Builder – 2.15% APY

CIT BankCIT Bank logo (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 2.15%…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.

Barclays U.S. Savings – 2.05% APY

Barclays BankBarclays logo (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 2.05% 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.

Synchrony Bank – 1.90% APY

Synchrony Bank logoSynchrony Bank (FDIC #27314) once again offers this month’s top savings account rate, offering a 1.90% 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.

Ally Bank – 1.90% APY

Ally Bank logoAlly 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 1.90% 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

Qapital logo

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.

The post Best Online Savings Accounts – November 2018 appeared first on Club Thrifty.

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