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Last updatedFebruary 2023

Best Online Savings Accounts of February 2023

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✓ Grow your savings with high-APY accounts
✓ 24/7, easy-to-use, secure banking tools
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BestMoney Total Score

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


Click Trend

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.

Products & Features

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

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). 

The best online savings accounts deliver APYs of up to 2.25%, more than 22 times the national average of 0.10%. Even basic online savings accounts with no minimum balance requirements usually offer market-beating rates that far exceed the national average.

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 AccountMoney Market Account (MMA)
Earns interest✓ (varies by bank)
ATM access✓ (varies by bank)
Debit card & check writing access✓ (with federal limits)
Higher yield potential✓ (varies by bank)
Our Top Choice:undefined LogoLogo

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 Accounts as of Feb 8th 2023

Chime® Chime® Visit Site 
Discover Discover Visit Site 
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Axos Axos 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 Accounts

1. Chime


Chime* is an award-winning financial app and debit card. With Chime, you can choose a spending and savings account and rest easy knowing your funds are FDIC-insured² through their banking partners The Bancorp Bank and Stride Bank, N.A.. With an easy-to-use online and mobile interface and access to fee-free ATMs˜, managing money without a physical location is easier than ever.

*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC.



  • 24/7 Live Support
  • 60,000+ fee-free ATMs˜   
  • No physical branches
  • No joint accounts or secondary cards

Chime® Chime® Visit Site

2. Discover


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.



  • High yields savings account
  • No monthly fees
  • Only one physical location
  • Outgoing wire transfer fees

Discover Discover Visit Site

3. Axos


Axos is one of America’s oldest digital-only banks, having been founded in 2000 under the name Bank of Internet USA. It offers a strong selection of financial products and services, including checking and savings accounts, CDs, and various types of loans.



  • High APYs for checking accounts
  • Dedicated accounts for seniors and teens
  • Lacks rewards
  • No interest on most basic checking account

Axos Axos Visit Site

Varo Bank Terms and Conditions:

1 Annual Percentage Yields (APY) are accurate as of December 1, 2022. Rates may change at any time without prior notice, before or after the account is opened. You can earn 5.00% on your first $5,000 if you meet these requirements: Make sure that you Varo account balances are above or equal to $0 at the close of the month. Receive total direct deposits of $1,000 or more each qualifying period. Additional balances over $5,000 will earn 3.00% APY. The requirements must be met within the Qualifying Period which begins on the first calendar day of the month and ends at the close of business (4:25 pm MST/ 3:25 pm MDT) on the last business day of the month. Meet the requirements in the current month to qualify to earn 5.00% APY for the following month. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo) and funds deposited using a Varo routing number are not considered a direct deposit. Be aware that interest is paid in whole cents only.

Empower Disclaimers

Eligibility requirements apply. Free instant delivery is available for eligible Empower Checking Account customers with an activated debit card. Empower is a financial technology company, not a bank. Banking services provided by nbkc bank, Member FDIC.

Chime Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Chime Checking Account is required to be eligible for a Savings Account. ˜ Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third party fees may apply. *Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See ^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. ⁺The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of October, 25th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. ¹ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account into your savings account. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more into your savings account. ² FDIC deposit insurance limit to $250,000 per depositor, per insured bank, per ownership category. For Stride Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. Please visit for more details on FDIC insurance. ³ Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. ⁴ The average national savings account interest rate of 0.17% is determined by FDIC as of September 19, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more. ⁵ Chime will be offering members a chance to get their federal tax refund up to 5 days early when they file directly with the IRS and direct deposit with Chime. Getting your federal tax refund early is simple, just sign up for a Chime Checking Account, file your return with the IRS, and set up your tax refund to direct deposit into your Chime Checking Account. After setting up direct deposit, members will also be eligible to get regular paychecks up to 2 days early^.

PenFed Disclosure

The Annual Percentage Yield (APY) PenFed offers on all its products are variable rate accounts and subject to change. The rates stated are current as of June 2021 unless otherwise noted are subject to change. The fees on your PenFed account can reduce earnings. This credit union is federally insured by the National Credit Union Administration (NCUA). Premium Online Savings account holders must agree to electronic delivery of account opening disclosures and monthly statements.