Savings Accounts

Updated 07-09-2014

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 Account Reviews & Ratings


Services: Our Ratings: Bottom Line:
Ally Rating:stars
Good, high-yield option with $0 minimum balance and $0 start up deposit
Discover Online Savings Account Rating:stars
Good choice with high APY; has opening deposit requirement but $0 minimum balance
CIT Savings Rating:stars
Solid account with comparable APY; requires $100 to open and maintain
EverBank Rating:stars
Good for those who will maintain a balance above $5,000, more time consuming to open
Capital One 360 Rating:stars
Feature-rich, reliable, and fast
HSBC Rating:stars
Low APY but good choice for those who want branch and ATM access

NextAdvisor Savings Accounts Blog Headlines

Ally vs. Discover: Which Online Savings Account Is Best?
Jun 23, 2014 - If you?re looking to invest some of your money in an online savings account, you should consider looking into either Ally Bank or Discover online banking, both of which are FDIC insured and trusted in the online banking world. Which one is best? Well, it depends on what kind of initial investment...

Secure Online Savings Accounts
Apr 30, 2014 - It's no secret that you can get the highest interest rates with an online savings account. Because these online banks do not require all the costs of maintaining physical branches and all the employees that come with these locations, they can pass their savings on to their customers via higher in...

Get Comfortable With Your Finances
Feb 27, 2014 - According to a new health study from Wells Fargo, nearly half of Americans say the most challenging topic to discuss with others is personal finances, rather than other touchy subjects such as death, politics and religion. The survey also pointed out that one-third of Americans say they are more ...

Win Big in NextAdvisor's $500 Cash Giveaway
Feb 11, 2014 - Want some extra cash? How about $500? How to enter NextAdvisor's $500 Cash Giveaway We are giving away $500 cash to one of our lucky readers! To enter, hop over to NextAdvisor's Facebook page and fill out the $500 cash giveaway survey ? be sure to "like" us first! In order to be eligible for [...]

Study Shows 51% of U.S. Adults Bank Online
Aug 12, 2013 - The Pew Research Center has released a study that shows 51% of U.S. adults, or 61% of Internet users, bank online. According to the data, it is apparent that younger Internet users, those that are 18 to 29, report the most significant increases for online banking. These findings, that are based o...

Savings
Account
Overview

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.


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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 or private label issuers. We may also review cards from other issuers in select cases. We are independently owned and operated and all opinions expressed on this site are our own.