Best Online Banks For Savings Account

Best Online Banks For Savings Account

Online banking has become increasingly popular due to its convenience, higher interest rates, and fewer fees compared to traditional brick-and-mortar banks. If you’re looking to grow your savings, online savings accounts can offer higher interest rates and better terms. In this article, we’ll explore the best online banks for savings accounts to help you choose the best option for your financial goals.

Best Online Banks For Savings Account
Best Online Banks For Savings Account

1. Ally Bank

Ally Bank is one of the most well-known online banks, and for good reason. Their online savings account offers a competitive interest rate with no monthly maintenance fees. Ally also provides easy access to your savings, as well as tools to help you manage and grow your money, such as automatic savings plans and goal setting. With 24/7 customer service and a user-friendly website and app, Ally is an excellent option for anyone looking to open an online savings account.

2. Marcus by Goldman Sachs

Marcus by Goldman Sachs is another top choice for those looking for a high-yield savings account. Their online savings account offers one of the best interest rates on the market, with no fees and no minimum deposit requirement. The account is easy to use, and Marcus also offers tools to help you track your savings goals. They also have a simple, easy-to-understand website, and customer service is available via phone or email.

3. Discover Bank

Discover is known for its credit cards, but it also offers an excellent online savings account with a competitive interest rate. Discover’s savings account has no minimum deposit requirement and no monthly maintenance fees. In addition to a high interest rate, Discover offers tools like automatic transfers and mobile banking to help you manage your money on the go. If you already use Discover for other services, their online savings account is a convenient option to consider.

4. Synchrony Bank

Synchrony Bank offers one of the best online savings accounts available with a high yield. The bank has no monthly fees and no minimum balance requirement. Synchrony also provides free ATM access through the Plus Alliance ATM network, making it easy to access your funds when needed. One unique feature of Synchrony is its ability to offer competitive rates on both savings accounts and CDs (Certificates of Deposit), so you can easily diversify your savings.

5. CIT Bank

CIT Bank’s Savings Connect account offers one of the highest interest rates for online savings accounts. However, to qualify for the best rate, you must deposit a minimum amount of $100. CIT also offers a variety of other savings products, including CDs and money market accounts, which might interest those looking for more options. The bank’s website is simple to navigate, and they provide tools like automatic transfers and account alerts to help you stay on top of your savings goals.

6. Capital One 360 Performance Savings

Capital One 360 offers a performance savings account that is easy to use and offers a competitive interest rate. There are no monthly fees or minimum balance requirements, and you can easily access your funds through Capital One’s extensive network of ATMs. The bank also provides a mobile app to help you manage your account, and it’s known for its excellent customer service. Capital One 360 is a great option for anyone looking for a no-hassle online savings account.

7. Barclays Online Savings

Barclays is a well-established bank offering a solid online savings account with no monthly fees and a competitive interest rate. It’s a good option for people who want to start saving without having to meet high minimum deposit requirements. Barclays’ online savings account is straightforward to manage, and the bank offers strong customer support through its website and phone support. With a user-friendly app and great customer service, Barclays is a great choice for an online savings account.

8. American Express National Bank

American Express offers a highly competitive online savings account with no monthly fees and no minimum balance requirement. While the bank is better known for its credit cards, its online savings account offers a great interest rate that will help your money grow. The American Express app is user-friendly and allows you to access your account easily. Plus, their customer service is available 24/7 to assist with any questions you might have.

Conclusion

In conclusion, choosing the best online bank for your savings account depends on what you’re looking for in terms of interest rates, fees, and features. Ally Bank, Marcus by Goldman Sachs, and Discover Bank are some of the top contenders for high-yield savings accounts. Each offers competitive interest rates, no monthly fees, and easy-to-use features to help you manage your savings. If you’re looking for the highest rates or specific features like ATM access or savings tools, Synchrony Bank and CIT Bank are worth considering.

With the right online savings account, you can make your money work harder for you and reach your financial goals faster. Make sure to compare rates and terms to find the best account for your needs, and start saving today!