Updated 11-03-2016

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

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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

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Are Personal Checks a Safe Way to Pay?
Personal checks are a form of payment that’s at least as old as the 11th century, with the modern version tracing its name and origins to English bankers in the 18th century. While the check has gone through many updates throughout history, in a lot of respects, it remains the same, making it an insecure […]

CD or Savings Account: Which Option is Right for You?
If you’re looking for ways to save or invest your money, you might be wondering what’s the best way to go about doing so. While opening a savings account is probably the most well-known and popular way to start saving, there are also other options to consider, such as a certificate of deposits (also known […]

Millennials and Money: 4 Habits to Start Practicing Now
How financially savvy are millennials? Our recent study on millennials and finance revealed that while 69% of millennials know how to check their credit reports and scores, 34% said they’ve never checked them and 39% said they don’t even know where their credit scores fall. Between student loans, increasing rent costs and all the other […]

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.