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Last updatedMay 2024

Best Online Savings Accounts of May 2024

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BestMoney Total Score

Our product scores consist of a combination of the following 3 components:


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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, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.

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.

Which Account Is Right For You?

Savings AccountChecking AccountBusiness Checking Account  
Earns interest✓ (varies by bank)
ATM access✓ 
Debit card access
Check writing access✓ 
Our Top Choice:

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. Chime® *, an award-winning financial app and debit card, offers overdraft protection up to $200 without fees on top of zero monthly, transaction, and foreign fees. Varo has no-fee ATM withdraws from over 55,000 Allpoint® ATMs, which are conveniently placed in stores like Walgreens, CVS, Target, and more. *Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. 
  • 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 May 19th 2024

undefined4.25% Discover® High Yield Online Savings Account Discover® High Yield Online Savings Account 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



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.



  • 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


SoFi Checking and Savings:

* SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% 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. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Valley Bank:

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


Annual Percentage Yields (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:

* 5.36% annual percentage yield (APY) is accurate as of 1/17/2024 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.


*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 NI324 at application, deposit into your Account a total of at least $15,000 to earn a $200 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 06/13/2024, 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.