Savings Accounts

Updated 11-25-2014

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

Americans Failing to Save for Retirement: How Can You Start?
Nov 20, 2014 - Would you rather die early in retirement if you couldn?t afford to live comfortably? A surprising number of middle-class Americans said yes ? 22% to be exact ? according to Wells Fargo survey published last month. Although other questions posed in the survey didn?t come with as many dire response...

3 Reasons to Move Your Savings Account Online
Oct 23, 2014 - An online savings account might not be one of the first things that comes to mind when thinking about growing your money, but it should. Unlike certificate of deposits, known as CDs, which are somewhat inflexible and can take years to mature for low returns, many online savings accounts offer hig...

3 Ways Millennials Can Successfully Save Money
Sep 10, 2014 - How much do young adults actually know about their credit score and saving money? The results of a recent study conducted by the Consumer Federation of America show that Millennials know less about their credit score than older adults, but that doesn?t mean young Americans can?t take steps to imp...

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...

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 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.