Updated 08-02-2017

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

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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
Decent APY for low balance savings accounts and competitive CD rates makes Discover a well-rounded service
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

Can My Bank Account Application Be Denied?
Banks are one of the most important foundations of personal finance, as they allow people to save money, plan expenses and set financial goals. While most Americans are familiar with the benefits of banking, few might know that their banking habits are being evaluated by reporting agencies — think of them as the credit bureaus of […]

Online Banks vs. Traditional Banks: Which is Best for Your Wallet?
Despite currently offering rock-bottom interest rates, the products and services banking institutions offer remain the cornerstone of good financial planning. As such, deciding where to bank is a fairly important decision for anyone trying to advance their financial goals. In this post, we’ll go into detail about two types of banks out there – online […]

CIT Bank vs. Discover Bank: Which is Best for My Online Savings Account?
Despite the current bedrock interest rate environment among brick-and-mortar banks, there remains a handful of banks where you can get a competitive Annual Percentage Yield (APY) and great service. Most of these banks are online and branchless, but while they might lack in-person support, they tend to make up for it with the other features […]

Should You Take on Debt to Fund a Financial Emergency?
While we never hope to experience emergencies, life can surprise us and leave us in a less-than-ideal situation, sometimes requiring us to spend money on unplanned expenses. This is why it can literally pay off to financially prepare for emergencies by creating an emergency fund. But what can you do if you don’t have an […]

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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