Last updatedApril 2026
Explore Our Best Online Savings Accounts - April 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 4.00% APY. Terms Apply.¹The savings account to help you reach your financial goals
- Limited time: +0.70% boost to 4.00% 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.
Our Top Choice
Most Popular On BestMoney
SoFi® Checking and Savings
Earn up to 4.00% APY. Terms Apply.¹The savings account to help you reach your financial goals
- Limited time: +0.70% boost to 4.00% 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 Apr 21st 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
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. Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/2025. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3. 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. 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 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
4. 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/
5. 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.
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 $1,500 for depositing $200,000 or more. To qualify for the bonus, your first deposit must be initiated between April 1, 2026, and April 30, 2026, by 11:59 PM ET, and the promo FRESHSTART 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.
Barclays Tiered Savings:
* Qualifying activities to earn the $200 bonus offer:
1. Open a new Tiered Savings account
2. Deposit $30,000 or more within 30 days
3. Maintain at least $30,000 for the next 30 days
4. After the $30,000 balance is maintained for 120 consecutive days, the $200 bonus will be added directly to the account in approximately 60 days
Credit to the account within 60 days after the requirements have been completed. Offer valid until 3/31/2026.
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 May 31, 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/