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Last updatedDecember 2024

Our Best Online Savings Accounts of December 2024

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✓ Grow your savings with high-APY accounts
✓ 24/7, easy-to-use, secure banking tools
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217,672 users

chose an account with BestMoney this month

BestMoney Total Score

Our product scores consist of a combination of the following 2 components:

Popularity

BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.

Brand Reputation

Semrush is a trusted and comprehensive tool that offers insights about online visibility and performance. The BestMoney Total Score will consist of the brand's reputation from Semrush. The brand reputation is based on Semrush's analysis of clickstream data, which includes user behavior, search patterns, and engagement, to accurately measure each brand's prominence, credibility, and trustworthiness. If a brand does not have a Semrush score, the BestMoney Total Score will be based solely on the Click Trend Score and Products & Features Score (read below).

Features & Benefits

BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page.

Our Top Choice

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Why Open an Online Savings Account?

An online savings account is like a regular savings account, but with higher rates, lower fees, and greater convenience. 

Banks that operate online spend less on overhead than banks with brick-and-mortar branches. These savings get passed on to customers in the form of higher rates (also known as annual percentage yield, or APY). 

APY, or annual percentage yield, is the yearly return on a bank or investment account.

Online savings accounts have become more popular in recent years as internet-only banks have emerged as competition for traditional banks. These days, most online banks offer mobile apps that let users track savings, deposit checks, and transfer money between accounts—all from the comfort of their smartphone.

How to Compare Online Savings Accounts

Each online savings account is unique, so it’s important to go comparison shopping before deciding where to park your money. The following is a list of the top things to focus on when comparing online savings accounts.

  • APY: This is the most important thing to look for when comparing online savings accounts, given that the entire point of a savings account is to save as much as possible. Today’s APYs for online savings accounts range from as low as 0.01% to as high as 2.25%. The higher the rate, the greater the likelihood that there are minimum requirements (such as a minimum balance) attached.

  • Fees: Online banks typically charge lower fees than traditional banks, but that doesn’t mean their services come completely free of charge. Some banks charge a small monthly fee for maintaining an account (or for going below a pre-determined minimum balance). There may also be fees for taking certain actions such as withdrawals from third-party ATMs or international transfers.
  • Minimum requirements: As mentioned, savings accounts often come with minimum requirements that the customer must commit to in order to receive the promised APR. The requirement usually takes the form of a minimum monthly balance or minimum opening deposit. 

  • CDs: An online certificate of deposit, or online CD, is an alternative type of online savings account. With a CD, the customer must lock in their money for a certain period of time, e.g. 3 months, 12 months, or 6 years. Generally speaking, the longer the customer locks their money in for, the better the rate. At the time of writing, online banks were offering 5-year CDs with as high as 3.10% APY, more than double the national average of around 1.30%.

  • Checking services: Increasingly, online banks are offering hybrid checking-savings accounts that give the customer a combination of everyday banking services and a competitive savings rate. The best online savings accounts permit withdrawals (usually 4-6 per month), unlimited transfers between personal checking and savings accounts, and check deposits straight from a mobile app.

  • Customer service: Just because something is online doesn’t mean having to forego customer service. Most online banks offer service by live chat or phone. Some online banks even maintain a few physical branches, giving customers the option of face-to-face contact from time to time.

Our Top Online Savings Account as of Dec 11th 2024

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BankAPYExplore
undefined4.20%SoFi Checking and Savings SoFi Checking and Savings Visit Site   

What Services do Online Savings Accounts Offer?

Here are some of the services users can expect to be offered with the best online savings accounts: 

  • Transfer money between accounts – Unlimited transfers between your personal savings and checking accounts.

  • User-friendly dashboard  Track all bank accounts and download statements from the one online or mobile dashboard.

  • Digital check deposit - Instantly scan and deposit a check with your smartphone and see the funds land in your savings account right away. 

  • Savings and budgeting tools – Set savings goals, track your progress, and get useful tips on how to make the most of your savings account or CD.

  • Mobile banking app - Manage your savings account from your mobile device.

  • Sophisticated security and encryption - Keeps your data safe with multi-factor authentication and high standards of encryption.

  • FDIC Insurance – Deposits insured up to at least $250,000 (and sometimes as high as $1.5 million, depending on the bank).

  • SMS / email alerts – Notifications whenever any unusual or suspicious activity occurs in relation to your bank account.

  • ATMs – Withdraw money from ATMs in the US and around the world, and get reimbursements from third-party ATM withdrawals.

  • Add-ons - In an effort to entice customers, many online banks offer add-ons to savings accounts. These include rewards programs, ID theft resolution services, roadside assistance, reduced loan rates, third-party partner discounts, and free wire transfers.

Explore Leading Online Savings Account

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Discover

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Discover online banking offers customers several products including convenient checking accounts with 1% cashback on monthly debit card purchases, high-yield savings accounts, money market accounts, CDs, and IRAs with equally impressive interest rates.

Pros

Cons

  • No minimum deposit requirement
  • No monthly fees
  • Only one physical location
  • Outgoing wire transfer fees

Discover® High Yield Online Savings Account Discover® High Yield Online Savings Account Visit Site

Disclaimers

SoFi Checking and Savings:

*Terms Apply
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances(including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See theSoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/

Additional FDIC Insurance - SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks

Valley Bank:

*FDIC insured up to $250K, per depositor, per account ownership category.

Synchrony:

Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC.

Western Alliance Bank:

*The annual percentage yield (APY) is accurate as of November 7th, 2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 11/18/2024. See the FDIC website for more information.

Raisin:

*APY is accurate as of March 1, 2024. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.

Discover High-Yield Savings Account:

*To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code NI924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on DiscoverBank.com.

Public.com High-Yield Cash Account:

*As of 5/15/24. Rate variable and subject to change. A High-Yield Cash Account is a brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. Learn more.

Customers Bank Savings Account:

*Deposits must be made by December 6th, and maintained through March 6th, 2025. See raisin.com/en-us for important details

**APY is accurate as of November 25, 2024. This is a variable rate account, Interest rate and APY may change after initial deposit. Minimum initial deposit to open account and earn interest is $1.00.