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Best Banks for Online Savings Accounts
The best online savings accounts offer high interest rates, far surpassing the national average. We've partnered with top online banks to bring you a shortlist of the best options. Start earning more interest today!
CIT Bank Platinum Savings
Minimum Deposit
$100
Rates
4.70% APY on balances of $5,000 or more. Balances less than $5,000 earn 0.25% APY.
Features
Zero monthly fees and daily compounding interest to maximize your earning potential
Quontic Bank Money Market Account
Minimum Deposit
$100
Rates
5.00% APY
Features
Earn a high yield on any account balance along with checking account benefits that includes a debit card and no monthly fees.
Upgrade Banking
Minimum Deposit
$0
Rates
4.69% APY on balances of $1,000 or more
Features
No monthly or annual account fees and real-time alerts and account management via mobile app.
Quontic Bank Savings
Minimum Deposit
$100
Rates
4.25% APY
Features
Interest compounded daily with zero monthly fees and 100% US-based phone support.
Live Oak Bank Savings
Minimum Deposit
$0
Rates
4.30% APY
Features
There are no monthly maintenance fees or minimum balance requirements for the Live Oak Bank Savings account.
SoFi Checking and Savings
Minimum Deposit
$50
Rates
4.30% APY
Features
Earn up to a $325 welcome bonus with direct deposit. Terms apply. Combined checking and savings account with no account fees and no overdraft fees.
10 ways to save more money
It's a good idea to save more money now that savings interest rates are higher.
Create a budget and track your spending. This is the first step to identifying where your money is going and where you can cut back. There are many different budgeting methods and apps available, so find one that works for you and stick to it.
Cut back on unnecessary expenses. Take a close look at your budget and see where you can cut back. This could mean eating out less, canceling unused subscriptions, or shopping around for cheaper insurance rates.
Automate your savings. Set up a recurring transfer from your checking account to your savings account each month. This is a great way to save money without even having to think about it.
Pay off high-interest debt. High-interest debt can eat away at your savings, so it's important to focus on paying it off as quickly as possible. Consider making extra payments on your credit cards or consolidating your debt into a lower-interest loan.
Set financial goals. What are you saving for? A down payment on a house? Retirement? Once you know what you're saving for, you can create a plan to reach your goal. This could mean increasing your monthly savings contribution or investing your money.
Cook at home more often. Eating out can be expensive, so cooking at home is a great way to save money. There are many easy and affordable recipes available online and in cookbooks.
Shop around for the best deals. When making a big purchase, take the time to compare prices from different retailers. You can also use coupons and promo codes to save money.
Take advantage of free activities. There are many free activities available in most communities, such as hiking, biking, and visiting museums.
Use public transportation. Public transportation is often a cheaper way to get around than driving.
Negotiate your bills. Many companies are willing to negotiate your bills, especially if you've been a loyal customer. Don't be afraid to ask for a discount.
10 ways to save more money
It's a good idea to save more money now that savings interest rates are higher.
Create a budget and track your spending. This is the first step to identifying where your money is going and where you can cut back. There are many different budgeting methods and apps available, so find one that works for you and stick to it.
Cut back on unnecessary expenses. Take a close look at your budget and see where you can cut back. This could mean eating out less, canceling unused subscriptions, or shopping around for cheaper insurance rates.
Automate your savings. Set up a recurring transfer from your checking account to your savings account each month. This is a great way to save money without even having to think about it.
Pay off high-interest debt. High-interest debt can eat away at your savings, so it's important to focus on paying it off as quickly as possible. Consider making extra payments on your credit cards or consolidating your debt into a lower-interest loan.
Set financial goals. What are you saving for? A down payment on a house? Retirement? Once you know what you're saving for, you can create a plan to reach your goal. This could mean increasing your monthly savings contribution or investing your money.
Cook at home more often. Eating out can be expensive, so cooking at home is a great way to save money. There are many easy and affordable recipes available online and in cookbooks.
Shop around for the best deals. When making a big purchase, take the time to compare prices from different retailers. You can also use coupons and promo codes to save money.
Take advantage of free activities. There are many free activities available in most communities, such as hiking, biking, and visiting museums.
Use public transportation. Public transportation is often a cheaper way to get around than driving.
Negotiate your bills. Many companies are willing to negotiate your bills, especially if you've been a loyal customer. Don't be afraid to ask for a discount.
Best online savings rates
The national savings rate is 0.45% APY. This online bank pays way more.
CIT Bank
Platinum Savings
Upgrade
PREMIER SAVINGS
