Updated 06-20-2017

Savings AccountsSavings Accounts

Putting your money in an Online Savings Account is one of the best ways to save, especially because these online banks do not incur the expenses of maintaining physical branch locations, thus offering you better rates. In our Online Savings Account reviews, we compare each service's APYs, fees, access options and other account features so you can choose the right online savings account for you and start saving.

Savings Accounts Reviews & Ratings

View Full Comparison Chart
Services: Our Ratings: Bottom Line:
Ally Bank Rating: stars
With a high APY, $0 minimum balance and no minimum deposit to open, Ally Bank sets the standard of online banking
CIT Bank Rating: stars
Offers more simplistic (if not limiting) features; extremely competitive APY that's perfect for someone planning to save any amount
Discover Online Savings Account Rating: stars
Less-than-perfect savings APY and accounts require no starting balance, which is great; while not a bad choice for savings accounts, its real strength lies in its CDs
Capital One 360 Rating: stars
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 Rating: stars
CD rates and sign-up bonus rates may appeal to some; less-than-great standard APYs and branches in Florida make it fairly similar to traditional banks
HSBC Rating: stars
APYs only outcompete those of traditional banks; however, the service excels at accessibility and is a strong contender among the brick-and-mortar banks

NextAdvisor Savings Accounts Blog Headlines

Fed Expected to Raise Interest Rates: How This Impacts You
This week, the Federal Open Market Committee (FOMC) is meeting to discuss the state of the economy, and decide whether or not to raise interest rates. Although the affairs of the Federal Reserve might come across as complex and perhaps even detached from the financial realities of the average American, the consequences of the Fed’s […]

Is It Safe to Link Your Bank Account to Third-Party Finance Apps?
Mint, PayPal, Venmo, Digit – in the growing world of personal finance apps, these are well-known services that provide a lot of utility to their users. While these apps allow users to save money, allocate their investments efficiently or simply not have to worry about splitting a check when dining out with friends, does this convenience […]

Is an Online Savings Account Right for Your Student’s Summer Job Earnings?
Having a job during the summer months between school years can be an incredibly rewarding experience for students, teaching them lots of valuable life lessons while allowing them to also earn some of their own money. Because it’s important to teach your kids about money early to help them develop smart financial habits before they […]

Online Banking Cybersecurity: How to Make Sure Your Accounts Remain Secure
While online banking is designed to provide convenience to manage and access your accounts whenever you please, in today’s world — full of data breaches and identity theft — the security of online banking is something you likely think about. Luckily, as scammers have gotten smarter, so too has the technology designed to block them […]

Did you know?

We all know how important it is to save money, but did you know that many banks offer a significantly higher return on money saved than others? If you are simply signing up for a savings account with your bank without shopping around for the best rates, you may be costing yourself lots of money over the lifetime of the account. There are many important factors to consider when selecting a savings account. You need to understand the fees associated with the account and whether or not there are minimum balances you must maintain in the account. We have reviewed a number of savings accounts from a mixture of offline and Internet only banks to help you discover the best savings account for your needs. All of the savings accounts we have reviewed are insured by the FDIC. This means that no matter which savings account that you choose, you can rest assured that the money in your savings account is protected by the United States government.
Learn more by visiting our savings account reviews and comparison.

What is an APY?

APY, or Annual Percentage Yield, is the rate at which you will earn on the balance in your savings account over the course of a year. Simply put, the higher your APY, the more money you will earn on the money you've set aside for savings. Generally, the higher your APY the better but some higher APY accounts may include maintenance minimums or minimum balances you must maintain in your savings account in order to receive the highest APY rates.
Compare savings account APY rates

Can I Access My Money?

Unlike your checking account, savings accounts are designed to earn you money over the long term. You will typically not have access to the funds in your savings account. For example, you won't always be given a debit card or check book to make payments using your savings balance. However, you can typically make transfers in and out of your savings account through electronic transfers, wire transfers or a check from another account. It is important to keep this in mind when deciding how much money to keep in your savings account.

Sign Up For Our Newsletter



About Us Blog Contact Us Forums Terms & Privacy Policy Affiliate Program Site Map
Copyright© 2006 - 2017 NextAdvisor.com - All rights reserved.

Advertiser Disclosure: NextAdvisor.com is a consumer information site that offers free, independent reviews and ratings of online services. We receive advertising revenue from most but not all of the companies whose products and services we review. For credit cards, we review cards from all of the top 10 US issuers by purchase volume (according to Issue 1035 of The Nilson Report, Feb 2014) excluding issuers that require additional accounts to be a cardholder and private label issuers. We may also review cards from other issuers in select cases. We do not review all products in a given category. We are independently owned and operated and all opinions expressed on this site are our own.