Updated 11-06-2018

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:
Discover Online Savings Account Rating: stars
Solid APY for low balance savings accounts and competitive CD rates makes Discover a well-rounded service
CIT Bank Rating: stars
Offers more simplistic (if not limiting) features; extremely competitive APY that's perfect for someone planning to save any amount
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
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
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

4 Financial Mistakes to Avoid Next Year
With 2018 coming to a close, now is the time to review New Year’s resolutions and prepare to implement them. For many individuals, financial goals are likely to be at the top of their resolutions list, but whether or not you already have financial plans in place for 2019, coming changes to the economy mean […]

Discover Bank vs. CIT Bank: Which High-Yield Savings Account Has the Best Value?
Interest rates are now rising, and all signs point to them continuing to rise for at least the next year. This makes it the perfect time to board the savings train and ride it as rates go up. But which banks provide the best savings accounts? As we mentioned before, online banks give the best […]

Are Presents You Give Subject to the Gift Tax?
This holiday season, you may be planning to give a large gift to a family member or loved one. Maybe you’re going to make a hefty contribution to a relative’s college fund, or you want to offer your friend a sizable loan with no interest. Before you start spreading holiday cheer, though, you’ll want to […]

How to Financially Prepare for Rising Interest Rates
Recently, the Federal Reserve raised its benchmark interest rate, the federal funds rate, by 25 basis points to a range of 2 percent to 2.25 percent. This puts the rate back to where it was in April 2008, taking us out of the unique low interest rate environment we’ve been in for a decade. With […]

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 is a consumer information site that offers free reviews and ratings of online services. Many of the companies whose services we review provide us compensation when someone who clicks from our site becomes their customer. This is how we make money to support our site. The results of our analyses, calculators, reviews and ratings are based on objective quantitative and qualitative evaluation of all the cards on our site and are not affected by any compensation NextAdvisor may receive. Compensation may impact which products we review and write about and where those products appear. We do not review all products in a given category. All opinions expressed on this site are our own.