Savings Accounts

Updated 08-12-2015

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 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 a moderate starting balance; while not a bad choice, 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 somewhat 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

Why Can I Only Make 6 Withdrawals From My Savings Account?
Aug 21, 2015 - Whether you?re opening a new savings account or managing one you already have, you?ve likely noticed your account has a six withdrawal limit per month, with overages resulting in fees or even cancellation of the account. It turns out the Federal Reserve Board requires each bank to set and follow ...

Ally Bank vs. CIT Bank: Which High-Yield Savings Account is Right for Me?
Aug 14, 2015 - Do you want to earn more interest on your savings account, but aren?t sure how? Online savings accounts may be the solution for you, as these accounts earn much more interest than you?d get with a traditional bank. These online banks can provide more favorable rates because they don?t have to mai...

What Does the Future of Banking Look Like?
Aug 12, 2015 - Over the last 20 years, one of the biggest structural changes to banking has emerged. The rise of direct banking, or essentially branchless services, has revolutionized how banking is being done today. Some predict that this form of banking will completely erode all traditional means of banking, ...

6 Traps to Avoid When Talking to Kids About Finance
Jul 23, 2015 - Given the U.S. is a credit-driven society, a strong grasp of financial topics, especially credit and budgeting, are extremely important to have. But how do you talk to your children about finances? There are a number of surveys, such as those conducted by Spectrem Group and T.Rowe Price, that sug...

5 Ways to Teach Your Teen About Money
May 28, 2015 - Learning how to manage money is one of the most important lessons that a teenager can have imparted upon them while they are still living with their parents or guardians. The financial climate in America is not the greatest, what with student loan debt skyrocketing and credit card debt slated to ...

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.


Sign Up For Our Newsletter



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.