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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 — and confidently choose one. Social scientists call this “information overload”. We call it unnecessary. 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.

2020’s standout online savings accounts

BankAPYMonthly FeeDetails

Featured

Marcus by Goldman Sachs Online Savings Account's logo

at Marcus by Goldman Sachs,

Member, FDIC

1.30%

With $0 minimum balance

$0

Pros

  • Access to customer service 6 days/week
  • No monthly fees
  • Mobile app for iOS available

Cons

  • No checking account or ATM access
  • No physical branches
American Express National Bank Personal Savings's logo

at American Express National Bank,

Member, FDIC

1.30%

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 access
  • No physical branches

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 16x the average APY* — plus, they also offer rock-bottom maintenance fees.

*16x more interest based on the national average annual percentage yield ("APY") of 0.09% (as reported by the Federal Deposit Insurance Corporation as of January 21, 2019) as compared to online banks with interest-bearing savings account APYs of 1.50% 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 0.09% as reported by the Federal Deposit Insurance Corporation as of February 4, 2019.

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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Up-to-date reviews

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