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High-yield online savings accounts

The best online savings accounts offer high interest rates while being 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 many times higher than the national average of 0.09%. To make the search easier, we created this shortlist of standout picks from our partners. Check out the offers, from our partners, and start earning interest today.

2020’s high-yield online savings accounts

BankAPYMonthly FeeDetails

Featured bank

Marcus by Goldman Sachs Online Savings Account's logo

at Marcus by Goldman Sachs,

Member, FDIC

1.70%

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

1.60%

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 access
  • No physical branches
Barclays Online Savings Account's logo

at Barclays,

Member, FDIC

1.60%

With $0 minimum balance

$0

Pros

  • Customer service available 7 days/week
  • Minimal non-sufficient funds fee
  • No monthly fees

Cons

  • No checking account, mobile app or ATM access
  • No physical branches

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 20x the average APY* — plus, they also offer rock-bottom maintenance fees.

*20x 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 2.20% 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

To earn $321 in interest, we assumed a $5,000 balance maintained for three years and a 2.20% APY compounding annually. This is a massive increase from the average savings account APY which is only 0.09% APY.

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