Savings Accounts Savings Accounts Reviews & Prices

Given the current economic climate, saving money is more important than it has ever been. The easiest way to save money without risk is to put your savings in an online account with a high APY, or annual percentage yield. Since online banks do not have to maintain brick and mortar locations, they can afford to offer more favorable interest rates. We have reviewed the best high yield savings accounts, comparing the APY, fees, and account maintenance requirements. To learn more about online savings accounts, visit our FAQ.

Updated 05-20-2016

Savings Accounts Comparison Chart

Service NameAPYMonthly FeesMinimum
Balance
to
Maintain
Minimum to Open AccountMaximum Withdrawals Per MonthDeposit and Withdrawal MethodsBottom Line
Ally Bank 1.00%None$0$06Electronic transfer, wire, check With a high APY, $0 minimum balance and no minimum deposit to open, Ally Bank sets the standard of online banking
CIT Bank 0.95% for all tiersNone$0$1006Electronic transfer, wire, check Offers more simplistic (if not limiting) features; extremely competitive APY that's perfect for someone planning to save any amount
Discover Online Savings Account 0.95%None$0$5006Electronic transfer, wire, check Less-than-perfect savings APY and accounts require a moderate starting balance; while not a bad choice, its real strength lies in its CDs
Capital One 360 0.75%None$0$06Electronic transfer, wire, check An older direct bank with the resources of an established bank; while APYs aren't the highest, features like goal tracking and kid-friendly banking options make it more appealing
EverBank 1.60% for 6 mos;
0.62% thereafter
None$0$1,5006Electronic transfer, wire, check, ATMs CD rates and sign-up bonus rates may appeal to some; less-than-great standard APYs and branches in Florida make it somewhat similar to traditional banks
Service NameAPYMonthly FeesMinimum
Balance
to
Maintain
Minimum to Open AccountMaximum Withdrawals Per MonthDeposit and Withdrawal MethodsBottom Line
HSBC 0.01%; 0.05% on $10,0000+; 0.15% on $100,000+None$0$1 ($0 in branch or via phone)6Electronic transfer, wire, check, ATMs APYs only outcompete those of traditional banks; however, the service excels at accessibility and is a strong contender among the brick-and-mortar banks

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