When it comes to saving money, finding the right savings account can make a big difference. While traditional brick-and-mortar banks have long been the go-to option for saving, many consumers are now turning to online savings accounts for their higher interest rates and added convenience. In this article, we will take a look at some of the top online savings accounts available in the United States, and explore the features that make them stand out from the crowd.
Top Online Savings Accounts with High-Interest Rates
Marcus by Goldman Sachs
Marcus by Goldman Sachs is a popular choice among online savings accounts, thanks in part to its consistently high APY (Annual Percentage Yield). With no monthly fees and a minimum deposit of just $1, Marcus is a great option for those looking to get started with online savings. In addition to its high APY, Marcus also offers a variety of features designed to make saving easy and convenient. These include automatic transfers, mobile banking, and 24/7 customer support.
Ally Bank
Ally Bank is another top pick for online savings accounts, offering an APY that consistently ranks among the highest in the industry. With no monthly fees, no minimum balance requirements, and a user-friendly mobile app, Ally makes saving easy and accessible. Additionally, Ally offers a variety of other financial products and services, including checking accounts, investment accounts, and auto loans.
Discover Bank
Discover Bank offers a competitive APY on its online savings accounts, along with no monthly fees and a user-friendly online platform. In addition to its savings account, Discover also offers a variety of other financial products and services, including cashback credit cards, personal loans, and home equity loans.
Synchrony Bank
Synchrony Bank offers a high APY on its online savings accounts, along with no monthly fees and a user-friendly online platform. Additionally, Synchrony offers a variety of other financial products and services, including credit cards, personal loans, and home loans. One of the standout features of Synchrony is its ATM network, which offers fee-free withdrawals at over 2 million ATMs worldwide.
CIT Bank
CIT Bank is a popular choice for online savings accounts, offering a high APY along with no monthly fees and a low minimum deposit requirement. CIT also offers a variety of other financial products and services, including checking accounts, money market accounts, and CDs. One of the standout features of CIT is its mobile app, which offers a variety of tools and features designed to make saving easy and convenient.
Capital One 360
Capital One 360 is a well-known name in the world of online banking, and its online savings account is no exception. With a competitive APY, no monthly fees, and a user-friendly mobile app, Capital One 360 makes saving simple and accessible. Additionally, Capital One offers a variety of other financial products and services, including checking accounts, credit cards, and auto loans.
American Express Personal Savings
American Express Personal Savings offers a high APY on its online savings accounts, along with no monthly fees and a user-friendly online platform. In addition to its savings account, American Express also offers a variety of other financial products and services, including credit cards, personal loans, and home loans. One of the standout features of American Express is its customer service, which is available 24/7 and is known for being highly responsive and helpful.
Why Choose an Online Savings Account?
There are many reasons why consumers choose online savings accounts over traditional brick-and-mortar banks. Here are some of the main advantages of online savings accounts:
Higher Interest Rates
Online savings accounts typically offer higher interest rates than traditional savings accounts. This is because online banks have lower overhead costs and can pass those savings on to their customers in the form of higher interest rates.
Lower Fees
Online savings accounts often have lower fees than traditional banks. Many online banks have no monthly maintenance fees and no minimum balance requirements.
Convenience
Online savings accounts are convenient because they can be accessed from anywhere at any time. Customers can manage their accounts online or through a mobile app, which makes it easy to transfer money, pay bills, and much more.