Last updatedJune 2026
Explore Our Best Online Savings Accounts - June 2026
See today's top picks in minutes
✓ Earn competitive, high APY rates
✓ Low fees & no-hassle digital banking
1
Best for Large Deposits
SoFi® Checking and Savings
Earn up to 3.10% APY. Terms Apply.¹The savings account to help you reach your financial goals
- Limited time: +0.70% boost to 3.80% for up to 6 months on new accounts. Terms apply.²
- Earn $50 or $400 with direct deposit, terms apply³
- No monthly service fees⁴
- No minimum balances
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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.
Editorial Reviews
Is Online Banking Safe? Know the Risks and How To Protect Yourself
Jan 05, 2026
What Is a High Yield Savings Account and How They Work?
Apr 15, 2026
Enjoy the Best of Both Worlds with a Money Market Account
Feb 05, 2026
Our Top Choice
Most Popular On BestMoney
SoFi® Checking and Savings
Earn up to 3.10% APY. Terms Apply.¹The savings account to help you reach your financial goals
- Limited time: +0.70% boost to 3.80% for up to 6 months on new accounts. Terms apply.²
- Earn $50 or $400 with direct deposit, terms apply³
- No monthly service fees⁴
- No minimum balances
Some of the listings are powered by Bankrate
Bankrate Advertiser Disclosure:
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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 15th 2026
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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
Sponsored offer
Western Alliance High Yield Savings
Western Alliance Bank’s High-Yield Savings Premier account offers 3.80% APY with no account activity or maintenance fees. The account is highly secure and FDIC-insured. You can open a Western Alliance Bank account online in minutes with a $1 minimum deposit.
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Disclaimers
SoFi Checking and Savings:
1. Up to $400 Bonus Tiered Disclosure
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at www.sofi.com/banking/checking-offer
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26.. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. 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.
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other nondebit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. 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.
Western Alliance Bank:
¹APY means Annual Percentage Yield. APY is accurate as of March 30, 2026. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.
² New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive $70 for depositing between $10,000 and $24,499, $175 for depositing between $25,000 and $49,999, $350 for depositing between $50,000 and $99,999, and $750 for depositing between $100,000 and $199,999, and $1,200 for depositing $200,000 or more. To qualify for the bonus, your first deposit must be initiated between June 1, 2026, and June 30, 2026, by 11:59 PM ET, and the promo SUMMER26 must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.
The Raisin name and logo are trademarks of Raisin SE. All other trademarks, logos, marks, and brand names are the property of their respective owners.
Select Savings from Barclays:
Bonus Offer Qualifying Activities:
a. Open a new Savings account
b. Deposit $40,000 or more within 30 days
c. Maintain at least $40,000 for the next 120 days
d. After the $40,000 balance is maintained for 120 consecutive days, the $400 bonus will be added directly to the account
APYs are variable and subject to change.
1. Select Savings from Barclays Annual Percentage Yield (APY) is valid as of 4/14/2026. Fees could reduce earnings on the account. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01.
2. $400 Bonus Offer: To qualify for this offer, you must be a new Select Savings from Barclays customer, open an account through 07/31/2026, fund your new savings account with at least $40,000 within the first 30 days of opening the account, and maintain the balance of at least $40,000 for 120 consecutive days. After you maintain the $40,000 balance for 120 consecutive days, the $400 bonus will be added to your account in approximately 60 days. The bonus will be treated as interest for tax purposes and could require Barclays to send you a Form 1099-INT (Interest Income) and file it with the IRS for the year in which you earn the bonus. Offer expires 7/31/2026. Offer may be modified or withdrawn without notice.
You'll need your current AARP membership number to open a Select Savings from Barclays account.
AARP member benefits are provided by third parties, not by AARP or its affiliates. Barclays Bank Delaware (Barclays) pays royalty fees to AARP for the use of its intellectual property. These fees are used for the general purposes of AARP. Some Barclays offers are subject to change and may have restrictions. Please contact Barclays directly for details.
AARP Digital Banking from Barclays is provided by Barclays Bank Delaware, Member FDIC. AARP is not an FDIC insured institution.
Chime® High-Yield Savings:
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
¹ Chime® Checking Account is required to be eligible for a Savings Account.
² The 3.75% Annual Percentage Yield (APY) is only available to members with Chime Prime status, otherwise, either the 3.00% APY for members with Chime Plus status or the standard rate of 0.75% APY will apply. The APYs are effective as of 02/26/2026, are variable and may change at any time. No minimum balance required. Must have $0.01 in savings to earn interest. See Chime Membership Tiers Terms and Conditions for more details.
³ Chime is not FDIC-insured. The Bancorp Bank, N.A. and Stride Bank, N.A. are the FDIC-insured members. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. FDIC deposit insurance limit is $250,000 per depositor, per insured bank, per ownership category.
For Savings Account depositors, funds are eligible for FDIC insurance when it arrives at the bank. See details at Changes to Chime Savings Annual Percentage Yield (APY) and the Introduction of Program Banks.
CIT Bank Platinum Savings:
For complete list of account details and fees, see our Personal Account disclosures.
1. Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends June 30, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.
Varo Savings:
1. To open a Varo Savings Account all you need is a Varo Bank Account. Applying won’t impact your credit score, plus there are no monthly fees, and no minimum balance required. Annual Percentage Yield (APY) is accurate as of June 16, 2025. Start earning 2.50% APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 next month by 1) Receiving direct deposit(s) totaling $1,000 or more; and 2) End the month with a positive balance in all your Varo Accounts. Rates subject to change at any time.
2. As of January 23, 2026 as found on fdic.gov/resources/bankers/national-rates/