Our Best Money Market and Savings Accounts 2025

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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 Jun 14th 2025

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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

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.

Discover® High Yield Online Savings Account Visit Site

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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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634. 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 who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% 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 1/24/25. There is no minimum balance requirement. If you have satisfied the Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

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 the SoFi Checking & Savings Fee Sheet for details at http://www.sofi.com/legal/banking-fees/

Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 6/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 6/24/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

Additional FDIC Insurance - SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

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:

¹The annual percentage yield (APY) is accurate as of May 2, 2025 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.

²Accurate 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 4/21/2025. See the FDIC website for more information.

Raisin:

*APY is accurate as of January 16, 2025. 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.

The customer must deposit a cumulative amount of $5,000 within 14 days of their first deposit date, and maintain at least $5,000 in the account for 90 days following. The bonus will be paid out within 30 days of completing the qualifying actions. The code NEWYEAR must be used at sign up. See site for important details.

Discover High-Yield Savings Account:

*To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code NI325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 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, see FAQs on Discover.com/bank.

CIT Bank Platinum Savings Account:

*CIT Bank's eChecking account offers 0.25% APY with $25,000 minimum balance

0.10% APY on balances under $25,000

The Annual Percentage Yields (APY) and interest rates are effective as of February 3, 2025. Fees may reduce earnings. Checking APYs and interest rates are variable and may change at any time without prior notice, including after account opening. The minimum opening deposit for eChecking is $100. See Fee Schedule and Agreement for Personal Accounts for details.

To obtain the interest rate and APY disclosed, the minimum balance for the applicable balance tier must be maintained.

*Bonus offer is available to new customers only. To qualify, transfer a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225 or transfer a one-time deposit of $50,000+ for a Bonus of $300.

Account must be opened with code PS2025 within the Promotion Period. Qualifying deposit must be made within 30 days from the account open date. Bonus amount will be credited to Platinum Savings Account that fulfills the funding requirement within 60 days from funding date.

There are is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. Promotion is available per account and Primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited in one-deposit or incrementally.

E*TRADE Premium Savings:

*To be eligible for this offer, you must apply promo code SAVE25 at the time of account opening. This promotional code is intended for single use only and is non-transferable. This offer is only valid for a new Premium Savings Account. This offer is not valid for Checking, Max- Rate Checking or line of credit, or other accounts that we or our affiliates offer. IRA and non-IRA accounts are ineligible. This offer is only eligible to one new opened and funded Premium Savings Account (PSA) within 30 days. Excludes non-U.S. residents, and residents of any jurisdiction where this offer is not valid. Customers may only be enrolled in one offer at a time. Cannot be combined with any other offers. Each customer is limited to a lifetime maximum of two new Premium Savings Account offers.

Other restrictions may apply. Offer may be removed at any time.

1. As of 2/23/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 4.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for information regarding this account's current interest rate and corresponding APY.

2. Transfer Money transactions made between existing accounts will be processed immediately. Funds deposited to accounts via Transfer Money from external accounts will be available for investment or withdrawal on the third business day after the date of deposit if transferred by 4 p.m. ET.

3. The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation (“FDIC”) member banks with the purpose of affording you additional FDIC insurance coverage. It is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. Learn more.