Savings Accounts

Updated 04-07-2014

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

NextAdvisor Savings Accounts Blog Headlines

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...

Save More With Online Savings Accounts
Jul 2, 2013 - These days, people aren't saving as much as they should be. In fact, 25% of US families had no savings in 2012. With all of life's needs, saving money can be tough, but with higher interest rates and zero fees, online savings accounts can help. Online banks like Ally and Everbank do not have all ...

Save More Money: Get The Highest Interest Rate
May 31, 2013 - It's not news that online savings accounts offer highest interest rates than traditional, brick-and-mortar banks. This is because online banks don't have the same branch upkeep and employee expenses, thus passing their savings to their customers via higher interest rates. Currently, Everbank is 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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Disclosure: NextAdvisor.com is a consumer information site that offers free, independent reviews and ratings of online services. We receive advertising revenue from most of the services we review. Our editors thoroughly research and whenever possible test each service we review and offer their honest opinions about each one. We are independently owned and operated and all opinions expressed on this site are our own.