Advertiser Disclosure

Best High-Yield Online Savings Accounts

Banking, Savings Accounts
You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money.

  • Synchrony, 1.20% APY
  • Goldman Sachs Bank, 1.20% APY
  • Barclays, 1.15% APY
  • Ally, 1.15% APY
  • Alliant Credit Union, 1.11% APY
  • Discover Bank, 1.10% APY
  • Bank5 Connect, 0.90% APY
  • Capital One, 0.75% APY

 

Best interest rate
Synchrony+Bank
Learn more
at Synchrony
Synchrony High Yield Savings

GS Bank
Learn more
at Goldman Sachs Bank USA
Goldman Sachs Bank USA

Best if you overdraw
Barclays
Learn more
at Barclays
Barclays Online Savings

Best for bonus
Discover
Learn more
at Discover
Discover Bank

Best digital experience
Ally+Bank
Learn more
at Ally Bank
Ally Online Savings

Best if you prefer a credit union
Alliant+Credit+Union
Learn more
at Alliant Credit Union
Alliant Credit Union

Best for ATM use
Bank5+Connect
Read full review
on NerdWallet
Bank5 Connect

Best for tracking savings goals
Capital+One
Read full review
on NerdWallet
360 Savings® by Capital One®

 

One advantage of online banks is that they don’t have to maintain expensive branches like traditional brick-and-mortar operations do. With lower costs, online banks often offer better interest rates and lower fees. Many online savings accounts pay annual percentage yields of 1% or more — that’s about 17 times higher than the current national average.

Here are NerdWallet’s top high-yield online savings accounts.

Goldman Sachs Bank: Best interest rate

GS Bank
Learn more
at Goldman Sachs Bank USA
If you want to simply park some cash and earn interest, Goldman Sachs Bank USA pays a highly competitive 1.20% APY on savings deposits. This newbie online bank, an offshoot of Goldman Sachs, charges no fees, and the minimum balance required to earn interest is just $1. The drawbacks: GS Bank has no checking account, ATM network or mobile app. You’ll need an outside bank account for transferring money into and out of the GS Bank savings account.
[Back to top]

Synchrony High Yield Savings: Best interest rate

Synchrony+Bank
Learn more
at Synchrony
Synchrony offers an excellent savings account along with the convenience of an ATM card. It pays a 1.20% APY. There’s no monthly fee or minimum balance requirement, and you earn a variety of perks, such as discounts on car rentals and hotels and ATM fee reimbursements, for saving more money. The bank maintains a branch in Bridgewater, New Jersey, but otherwise you should expect to conduct your business and get customer support by phone, online or via mobile. For a strong interest rate, easy-to-avoid fees and a rewards program, Synchrony is a good choice.
[Back to top]

Barclays Online Savings: Best if you overdraw

Barclays
Learn more
at Barclays
Barclays, an online offshoot of the global financial services company, offers U.S. customers a high-yield savings account accessible through a streamlined website. There’s no monthly fee or minimum balance requirement, and the nonsufficient-funds fee is a low $5. With a 1.15% APY, the interest rate is among the highest out there. Customer service is available by phone.
[Back to top]

» MORE: NerdWallet’s best online checking accounts

Discover Bank: Best for bonus

Discover
Learn more
at Discover
Discover Bank has a competitive APY of 1.10%. Additional pluses: no monthly fee, no balance requirement, no minimum opening deposit — and you can earn a $100 bonus when you meet certain requirements, including a $15,000 deposit.

The company says:

“To get your $100 Bonus:

“What to do: Apply for your first Discover Online Savings Account (OSA) by 8/21/17. Enter Offer Code NW717when applying. Deposit at least $15,000 by 9/5/17.

“What to know: Offer not valid for existing or prior Discover savings customers. Account must be open when bonus is credited.

“Bonus will be credited to the account by 9/19/17. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.”

[Back to top]

Ally Bank: Best digital experience

Ally+Bank
Learn more
at Ally Bank
Ally Bank has one of the best savings accounts when it comes to the overall digital experience. The website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows phones. It also offers real-time chat support, unlike most of its competitors. The 1.15% APY (as of 6/30/2017) is among the best on the market, and there’s no monthly fee or minimum deposit requirement.

Ally is a good choice for people who want a top-tier online experience along with a strong interest rate.
[Back to top]

Alliant: Best if you prefer a credit union

Alliant+Credit+Union
Learn more
at Alliant Credit Union
Although many credit unions limit their membership pretty strictly, Chicago-area Alliant Credit Union is different. People can join with just a $10 charitable donation if they don’t meet any of the other membership criteria. Members can open an Alliant savings account that pays a 1.11% APY on balances of $100 or more. It waives the $1 monthly fee if you choose e-statements. Phone support is available 24/7. There’s a $5 minimum deposit, but Alliant has you covered there: The credit union pays you a $5 bonus when you open an account. If you like the idea of banking with a not-for-profit credit union, Alliant offers exceptionally easy membership terms and a good interest rate.
[Back to top]

Bank5 Connect: Best for ATM use

Bank5+Connect
Read full review
on NerdWallet
This no-frills internet bank pays a competitive 0.90% APY with a minimum balance of $100. A $10 deposit is enough to open the account, and there is no monthly fee. The bank’s mobile app for Android gets high marks from app store users, though it’s less popular with iOS users. There are no branches, but you can reach customer service by phone, chat and Twitter. If you link your account with a Bank5 Connect checking account, you’ll get a debit card that you can use at thousands of free ATMs and get out-of-network ATM fee reimbursements of up to $15 a month.
[Back to top]

360 Savings by Capital One®: Best for tracking savings goals

Capital+One
Read full review
on NerdWallet
Capital One’s well-regarded apps and digital tools can help you track your financial goals. A feature called My Savings Goal lets you set a target, like $500 for “holiday gifts.” Plug in the amount you want to set aside each week or each month, and the tool calculates when you’ll reach your goal. Alternatively, set a target date and the tool will calculate the necessary contribution amounts. There’s no monthly fee or minimum balance requirement. Your deposits earn a variable APY of 0.75%. For balances of $10,000 or higher, Capital One’s money market account pays more — 1.10% APY. If organizing your savings into separate goals sounds like a strategy that would work well for you, Capital One could be a wise choice.
[Back to top]

» MORE: NerdWallet’s best bank account promotions and bonuses

A previous version of this article said that Barclays’ mobile apps were highly rated. Barclays doesn’t have a mobile app for U.S. customers. The story has been corrected.

Jeanne Lee is a staff writer at NerdWallet, a personal finance website. Email: jlee@nerdwallet.com. Twitter: @jlee_jeanne. NerdWallet writers Virginia C. McGuire and Devan Goldstein contributed to this report.

Updated May 15, 2017.


METHODOLOGY

To determine the best accounts, we took a close look at over 60 financial institutions: the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry.

Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, Andrews Federal Credit Union, Aspiration, Associated Bank, Bank5 Connect, BankDirect, Bank of America, Bank of Internet, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Citibank, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, EverBank, Fidelity, Fifth Third Bank, First Tech Federal Credit Union, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MemoryBank, MetaBank, M&T Bank, Navy Federal Credit Union, Pentagon Federal Credit Union, People’s United Bank, PNC, Radius Bank, Regions Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Simple, Star One Credit Union, State Employees’ Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Wells Fargo, Woodforest National Bank, Zero Financial and Zions Bank.

How we rate banks and credit unions