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• Bankrate reviewed thousands of data points to determine the nation’s best banks. We gave the most weight to savings interest rates and low-cost or free checking accounts. Here are our picks for.
• If you value high rates on savings accounts, First Foundation bank paid 0.60% APY in its Online Savings account at the time of publication. This is one of the higher rates currently available, and you can get that rate with a $1,000 initial deposit.

Goldman has been investing heavily in Marcus, its online consumer bank. Marcus is already offering some of the best savings accounts and personal loans in the market, and further expansion is expected. The savings account has consistently been paying one of the highest rates in the market.

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No matter how old you are or what stage of your life you’re in, if you want to be in a stable financial position, having savings is non-negotiable.

Knowing that you have some money set aside for an emergency, or that you have some savings should you need to pay for a major purchase or life event, will provide the feeling of financial security and stability.

Not having any savings, on the other hand, can be quite scary. And yet, statistics show, that a $1,000 emergency would easily push the majority of Americans into debt!

I often get asked about the best ways to save money – and my answer is high yield savings accounts. They offer much higher interest rates than traditional savings accounts – and it’d be a shame not to make use of that.

In this post, you’ll find out what the best high yield savings accounts are – and their most attractive features. Not all are equally impressive – so it’s important to know exactly what each provider offers. That’ll help you decide which online can take your savings to the next level.

Best High-Yield Savings Accounts

Some of these high-yield savings accounts are offered by online-only banks (those tend to have highest interest rates), while others are offered by traditional brick-and-mortar banks, but can be managed online.

Here are the top 10 best high yield online savings accounts:

• 🏆 Axos Bank: Best Overall

1. Axos Bank High Yield Savings

Axos Bank is celebrating its 20th Anniversary this year and bills itself as one of the pioneers in digital banking. They offer a complete line of personal and business checking and savings accounts as well as mortgages and cds.

Axos Bank’s High Yield Savings Account offers one of the highest APYs currently on all balances.

You only need $250 to open an account. There are no monthly fees and no minimum balance requirements.

Learn more about Axos and their products in my full Axos Bank review.

• Interest rate: 0.61% APY
• Minimum balance requirement: $0
• Monthly fees: $0

2. CIT Bank Savings Builder

CIT Bank – an online bank owned by CIT Group (a financial holding company established in 1908) has two high-yield savings options: CIT Savings Builder and Premier High Yield Savings.

CIT Savings Builder offers the highest rates and is the latest and most exciting product from CIT Bank.

To get the best rates, you will need to commit to growing your savings by setting up at least $100 in monthly deposits or maintain a minimum balance of $25,000.

Otherwise, your APY will be lower and the Premier High-Yield Savings account may be a better route.

Learn more in my full CIT Savings Builder review.

• Interest rate: up to 0.45% APY
• Minimum balance requirement: $100
• Monthly fees: $0

3. Chime Savings

Chime presents itself as “Banking made awesome”. They pride themselves on their lack of fees and innovative features.

For example: no overdraft fees, no minimum balance, no monthly fees, no foreign transaction fees and 38,000+ fee-free MoneyPass® and Visa Plus Alliance ATMs.

With their Early Deposit feature, you can receive your paycheck up to 2 days early. Their Automatic Savings feature will roundup Chime debit card purchases and place the roundup in your savings account, for free.

• Interest rate: 0.50% APY
• Minimum balance requirement: $0
• Monthly fees: $0

4. Discover Online Savings Account

Discover Bank is one of my favorite online banks because it offers simplicity and great rates at no cost. It’s the definition of hassle-free banking!

With the Discover Online Savings Account, you can earn a solid APY on all balances. There are no minimum balance requirements – and you can easily bank on-the-go with Discover Bank’s top-rated mobile banking app, Discover Mobile.

Learn more in my full Discover Bank review.

• Interest rate: 0.50% APY
• Minimum balance requirement: $0
• Monthly fees: $0

5. Vio Bank High Yield Savings Account

If you’re just starting to think about building your savings, Vio Bank is a good place to start.

Vio Bank High Yield Online Savings Account offers stellar interest rates on all balances – and you only need $100 to open an account.

This high-interest savings account offered by Vio Bank – an online division of MidFirst Bank – is a great way to grow your savings with the flexibility of being able to access your money whenever you need to.

There’s a minimum opening balance of $100, but that’s fairly reasonable (when some banks require a $1,000 to get started).

Learn more in my full Vio Bank review.

• Interest rate: 0.57% APY
• Minimum balance requirement: $100
• Monthly fees: $0

6. Betterment Cash Reserve

Cash Reserve is the high-interest saving account offered by Betterment, one of the most respected goal-based robo-advisors who currently have over $16 billion under management.

Betterment’s Cash Reserve is one of the best high yield online savings accounts. There also aren’t any fees at all with this savings account. All ATM fees worldwide are reimbursed and there are no overdraft or account fees. Making this account completely free.

Another benefit of the Betterment Cash Reserve is that it’s easy to move your money between a Betterment investing and Betterment savings account, so you can ensure that you’re getting the best return on your money while you pursue your investing goals.

Learn more in my full Betterment review.

• Interest rate: 0.40% APY (variable)
• Minimum balance requirement: $0
• Monthly fees: $0

7. Bank5 Connect High-Interest Savings Account

Bank5 Connect is an online bank that offers an online savings account with a competitive interest rate on balances of $100 or more. You only need $10 to get started, which is pretty great if you’re just embarking on your wealth-building journey.

You can manage your Bank5 Connect High-Interest Savings Account online (e.g., review your balances, use your savings to cover overdrafts of checking account, etc.) on the bank’s mobile app.

• Interest rate: 0.40% APY
• Minimum balance requirement: $10; $100 to earn interest
• Monthly fees: $0 (if you choose paperless statements)

8. CIBC Bank USA Agility Savings

Offering attractive interest rates at no monthly cost, CIBC Bank USA Agility Savings is another excellent high-yield savings account option.

Its APY is one of the highest on the market – especially because you earn it on all balances.

You will need a $1,000 to open a savings account with CIBC Bank USA, but the APR won’t change –even if your balance dips below $1,000.

• Interest rate: 0.52% APY
• Minimum balance requirement: $1,000
• Monthly fees: none

9. Barclays Online Savings Account

Barclays is a London-based bank with an online banking operation in the U.S.

With Barclays Online Savings Account, you can earn a moderate APY on your savings – but still among some of the highest rates on the market.

One of the things worth pointing out about Barclays is that you won’t find many physical bank branches in the US, so it’s ideal for those who don’t mind mainly managing their account online.

Also, the bank doesn’t offer a checking account, so you will need to use another provider for that.

• Interest rate: up to 0.40% APY
• Minimum balance requirement: $0
• Monthly fees: $0

10. Marcus by Goldman Sachs High-Yield Online Savings Account

This account frequently gets a mention here – but that’s because Marcus by Goldman Sachs High Yield Savings Account is an account with a first-class rate.

Best Internet Banks For Savings

There are no fees, no minimum balances – and you can earn high APY on all balances. This account is somewhere between a savings account and a money market account because it has features of both.

Where Marcus by Goldman Sachs falls short is the lack of a mobile app – so you can only access your accounts online or over the phone.

• Interest rate: 0.50% APY
• Minimum balance requirement: $0
• Monthly fees: $0

Other High Yield Savings Accounts

While these HYSA options did not make our best list for 2021, they are still worth your time to look into if you are new to savings accounts:

What Are High-Yield Savings Accounts?

High-yield savings accounts are just as it sounds – deposit accounts that offer high-interest savings rates.

These accounts often pay much higher interest rates than traditional savings accounts, making them an ideal place to park your money for a longer time – whether it’s for an emergency fund or money you wish to set aside for a major purchase or life event.

How Do Online Savings Accounts Work?

They are similar to certificates of deposit (CDs), but your money isn’t necessarily locked up for a set period. That said, CDs may offer a higher rate because you agree to let your bank use your money for a set period, without access to it.

High-yield online savings accounts have many advantages over more traditional accounts – often because these accounts are offered by online banks. Since online banks have lower overhead, they are able to offer more attractive interest rates at a lower cost.

That said, several traditional banks also have high-yield online savings accounts worth taking a closer look at.

Are Online Savings Accounts Worth It?

Having a growing savings account is one of the stepping stones to achieving financial freedom.

A substantial savings account provides a financial cushion – and once you have that, you can begin thinking about creating passive income through investing.

Remember that the higher the earning potential, the higher the risk – so you must have some savings to fall back on before you begin your investment journey.

Because your money is FDIC-insured, but you’re still earning a high yield rate, opening a high-yield.

Best Online Banks For Savings Forums

• Great article! Many people don’t realize just how little their cash is earning in interest rates.
  Would be nice to have a bank that offered interest rates like these, along with a debit card, ATM rebates and no foreign transaction fees when using the debit card for overseas purchasing. But then, a debit card attached to a savings account isn’t really a savings account, is it? So-Fi sounds pretty good for the services it provides, despite not offering the highest rates of the accounts on your list.
  Thanks!

• You should add First Foundation Bank to this list. They have been offering a 2.40% online savings since August. They also provide ATM fee reimbursements up to $20 for any ATM in the country.