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Best High-Yield Online Savings Accounts of 2019

Feb. 20, 2019
Banking, Savings Accounts
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The best online savings accounts earn top rates while giving you a safe place to park your money.

Because online banks don’t have the expense of maintaining branches, they can offer high interest savings paying upward of 2% APY — many times higher than the national average of 0.09%. That may not sound like much of a difference, but it adds up (especially with the magic of compound interest).

Our Nerds did extensive, independent research on dozens of banks to find the best high-yield savings accounts. We looked for the best savings interest rates plus great digital tools, free access to plenty of ATMs and more.

Best high-interest savings accounts
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs

4.0 NerdWallet rating
Barclays

at Barclays,

Member, FDIC

Barclays Online Savings

4.0 NerdWallet rating
American Express National Bank

at American Express National Bank,

Member, FDIC

American Express National Bank

4.0 NerdWallet rating
Discover

at Discover,

Member, FDIC

Discover Bank

4.5 NerdWallet rating
HSBC

at HSBC,

Member, FDIC

HSBC Direct Savings

3.5 NerdWallet rating
CIT Bank

at CIT Bank,

Member, FDIC

CIT Bank Savings Builder

4.0 NerdWallet rating
PurePoint Financial, a Division of MUFG Union Bank, NA

at PurePoint Financial, a Division of MUFG Union Bank, NA,

Member, FDIC

PurePoint Financial

3.5 NerdWallet rating

Ally Online Savings

4.5 NerdWallet rating
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony High Yield Savings

4.0 NerdWallet rating

Alliant Online Savings

4.5 NerdWallet rating

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

Keep in mind: When you have sufficient funds stored in your deposit accounts (see what’s recommended) and you’re willing to take on some risk, look to investing. The stock market’s average annual return is 8%. A good place to start is the top IRA accounts, once you have a cash cushion in a high-yield savings account.

Marcus by Goldman Sachs, 2.25% APY

4.0 NerdWallet rating
Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

Marcus by Goldman Sachs pays a highly competitive 2.25% APY on savings deposits (as well as strong CD rates for longer-term savings goals). This online bank charges no monthly fees, and the minimum balance required to earn interest is just $1. But the bank doesn’t offer a checking account or access to an ATM network. And its savings account requires another bank account to make deposits and withdrawals. (For CD rates and more, read our Marcus by Goldman Sachs review.)

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Barclays Online Savings, 2.20% APY

4.0 NerdWallet rating
Barclays

at Barclays,

Member, FDIC

Barclays, an online division 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. With a 2.20% APY, the interest rate is among the highest out there. Customer service is available by phone. Like Goldman Sachs, the bank has no checking account or ATM network. (For more about the bank, read our Barclays review.)

American Express National Bank, 2.10% APY

4.0 NerdWallet rating
American Express National Bank

at American Express National Bank,

Member, FDIC

The well-known credit card company offers a savings account with an impressive annual percentage yield of 2.10%. With American Express, there are no monthly fees or minimum balance requirements. But the company does not offer ATM cards or checks.

Discover Bank, 2.10% APY

4.5 NerdWallet rating
Discover

at Discover,

Member, FDIC

Discover Bank has a strong APY of 2.10%. The bank’s website is easy to navigate, and both its iOS and Android apps receive high ratings. There’s one branch in Delaware, but customer support is available by phone 24/7. Discover also has a $150 or $200 bonus for first-time savings customers. There is no monthly fee, but note that the deposit requirement to earn a bonus is fairly substantial at $15,000 or or $25,000, respectively. (Details below.)

For more about the bank, including its highly rated checking account, see our Discover review.


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HSBC, 2.22% APY

3.5 NerdWallet rating
HSBC

at HSBC,

Member, FDIC

HSBC’s Direct Savings account is an online option from the well-known international bank. It pays a competitive 2.22% APY and has no monthly fees. In addition, you need only $1 to open an account. Direct Savings also comes with HSBC’s set of online management tools. Customers can set custom savings goals, track income and create email alerts.

 

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CIT Bank Savings Builder, 2.45% APY

4.0 NerdWallet rating
CIT Bank

at CIT Bank,

Member, FDIC

Steady savers can earn 2.45% APY when they deposit at least $100 each month in CIT Bank’s Savings Builder account. If you don’t have $100 to deposit each month, you can open a CIT Bank Premier High Yield Savings account and still earn a competitive APY of 1.55%. There are no monthly fees or daily minimum balance requirements for either account, but the minimum opening deposit is $100. (Read our CIT review for details on its savings accounts.)

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PurePoint Financial, 2.35% APY

3.5 NerdWallet rating
PurePoint Financial, a Division of MUFG Union Bank, NA

at PurePoint Financial, a Division of MUFG Union Bank, NA,

Member, FDIC

This is a strong account for higher balances, paying out a 2.35% APY if you have at least $10,000 in the account, and 0.25% below that amount. There are no monthly fees, and mobile and online features are solid, as expected for this largely online bank.

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Ally Bank, 2.20% APY

4.5 NerdWallet rating

Ally Bank has one of the best savings accounts when it comes to overall digital experience. The website is easy to use, and the bank’s mobile apps are compatible with Apple, Android and Windows devices. It also offers real-time chat support, unlike many of its competitors. The 2.20% APY is among the best on the market, and there’s no monthly fee or minimum deposit requirement. (Read our Ally review.)

» See Ally’s checking and more on our list of best online checking accounts

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Synchrony High Yield Savings, 2.25% APY

4.0 NerdWallet rating
Synchrony Bank

at Synchrony Bank,

Member, FDIC

Synchrony offers an excellent savings account along with the convenience of an ATM card. It pays a 2.25% APY. There’s no monthly fee or minimum balance requirement, and you can earn a variety of perks, such as ATM fee reimbursements and travel discounts. (For more details, read our Synchrony review.)

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Alliant, 2.10% APY

4.5 NerdWallet rating

Many credit unions restrict their membership by area or employer, but Chicago-based Alliant Credit Union is different. You can apply for membership by indicating your support for the charity Foster Care to Success. (Alliant will make a $5 donation on your behalf.) Members can open an Alliant savings account that pays a 2.10% APY on balances of $100 or more. The credit union waives the $1 monthly fee if you choose e-statements. Phone support is available 24/7.

A $5 minimum deposit is required to open an account, but Alliant has you covered there: The credit union pays you a $5 bonus when you open an account. (See our Alliant review for more details.)

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More top choices for the best savings interest rates

Here are five more competitive choices for high-yield savings. These banks may have a higher minimum balance to earn interest, or a slightly lower APY. But when you’re shopping for the account that fits you best, they’re worth checking out.

  • Bank5 Connect, 2.05% savings APY with $100 minimum (read full review)
  • Citizens Access, 2.35% savings APY, $5,000 minimum (read full review)
  • Popular Direct, 2.36% savings APY, $5,000 minimum (read full review)
  • Axos Bank, 1.30% savings APY with no minimum (read full review)
  • FNBO Direct, 2.25% savings APY with no minimum (read full review)

» Interested in getting money from banks? See NerdWallet’s best bank account promotions and bonuses


Best High Yield Online Savings Account

METHODOLOGY

We took a close look at over 70 financial institutions, including 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. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVA CompassBoeing Employees Credit Union, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBank, MetaBank, M&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaroWells Fargo and Zions Bank.

How we rate banks and credit unions

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