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Standout online savings accounts

There are a lot of savings accounts out there. So many, in fact, it can be overwhelming to weed through all the options — good and bad — and then confidently choose one. Social scientists call this “information overload”. We call it inconvenient.

To make the search easier, we created this shortlist of standout picks from our partners. And with competitive APYs, rock-bottom fees and more, these savings accounts offer something for everyone. Check out the offers, from our partners, and start earning interest today.

BankAPYMonthly FeeDetails
American Express® High Yield Savings Account's logo

at American Express National Bank,

Member FDIC

0.60%

With $0 minimum balance

$0

Pros

  • Customer service available 24/7
  • $0 minimum balance
  • No monthly fees

Cons

  • No checking account, mobile app or ATM cards
  • No branches
One Finance Save's logo
NerdWallet rating 

at One Finance,

Deposits are FDIC Insured

1.00%

With $0 minimum balance

$0

Pros

  • Use your card as a debit card

  • No fees or minimums

  • Earn 1.00% APY on balances up to $5,000, and up to $25,000 for customers with qualifying direct deposits

  • Earn 3.00% APY by automatically contributing up to 10% of your direct deposit paycheck. Up to $1,000/month

Cons

  • $25,000 limit for earning the 1% APY

Chime High Yield Savings's logo

at Chime,

Deposits are FDIC Insured

1.00%

With $0.01 minimum balance

$0

Pros

  • Earns 1.00% APY

  • No fees

  • Early direct deposit

  • No minimum balance requirement

Cons

  • You need to have a Chime spending account before you can open Chime savings

Building an emergency fund

Emergency funds don’t get enough credit. They’re useful to literally everyone and protect you from falling into debt when “life happens”. Think: blown transmission, a surprise vet bill or even losing a job. Experts recommend having 3-6 months of living expenses in your fund. And because the money needs to be available at last notice — but might sit around for quite a while — a high-interest savings account is one of the best accounts you can use.

Why online banks dominate the list

The two most important factors for virtually every bank-shopper are APYs and maintenance fees (since they have the biggest impact on your bottom line). And, as it happens, online banks are offering massive APYs — as much as 12x the average APY* — plus, they also offer rock-bottom maintenance fees.

Looking for a hands-off way to invest? Try an online financial advisor.

Vanguard Personal Advisor Services is an excellent choice for investors who can meet the $50,000 account minimum and want to use the computer algorithms of a robo-advisor with access to a live financial advisor at a low cost.

Broker

Highlights

Commissions

Account Minimum

Current Offers

Start Investing

NerdWallet rating

Show Details

Customized portfolios; access to financial advisors

Commissions

0.30%

management fee

Current Offers

None

no promotion available at this time

on Vanguard Personal Advisor Services's website

Show Details

Want an Online Broker For Stock Trading?

With standout features like low commission rates, impressive investing tools, easy-to-access research and more, these brokers offer something for every investor — from beginners to seasoned traders. And to help you find the one that’s right for you, we’ve highlighted their pros, cons and current offers.

Broker

Highlights

Commissions

Account Minimum

Current Offers

Start Investing

NerdWallet rating

Show Details

Breadth of research; strong educational offerings

Commissions

$0

per trade

Current Offers

Up to $600

cash credit with qualifying deposit

on Merrill Edge's website

Show Details

NerdWallet rating

Show Details

Large selection; low fees

Commissions

$0

per trade

Current Offers

None

no promotion available at this time

on E*TRADE's website

Show Details

NerdWallet rating

Show Details

SoFi Active Investing: Cryptocurrency trading; fractional shares.

Commissions

$0

per trade

Current Offers

Free

career counseling plus loan discounts with qualifying deposit

on SoFi Active Investing's website

Show Details

*12x more interest based on the national average annual percentage yield ("APY") of 0.05% (as reported by the Federal Deposit Insurance Corporation as of September 17, 2020) as compared to online banks with interest-bearing savings account APYs of 0.60% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.

1 The national average annual percentage yield ("APY") is listed as 0.05% as reported by the Federal Deposit Insurance Corporation as of September 17, 2020.

EXAMPLE OF POTENTIAL SAVINGS

If your money is in an account that earns a high interest rate, your balance will grow faster without any additional effort on your part. After one year, a balance of $10,000 would earn about $10 in an account with a 0.10% APY. That same balance would earn about $150 in an account with a 1.50% APY.

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Advice you can bank on

We’ve spent countless hours reviewing accounts and ​analyzing strategies to help you build wealth.

All the info you need

Quickly find what you need with our easy-to-understand reviews – free of jargon and overly complex language.

Up-to-date reviews

We regularly update our list of savings accounts as they introduce new features and offers.