Standout Online Savings Accounts
The best online savings accounts offer high interest rates while being a great 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 0.37%*. 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.
The best online savings accounts offer high interest rates while being a great 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 0.37%*. 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.
The Federal Reserve raised interest rates multiple times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Standout Online Savings Accounts From Our Partners
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi, Member FDIC | 4.00% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi, Member FDIC | |
 Marcus by Goldman Sachs Online Savings Account Learn more at Marcus by Goldman Sachs, Member FDIC | 3.75% With $0 min. balance for APY | N/A | Learn more at Marcus by Goldman Sachs, Member FDIC | |
 CIT Bank Platinum Savings Learn more at CIT Bank, Member FDIC | 4.40% With $5,000 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC |
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Wealthfront Cash Account
Monthly fee
APY
With $1 min. balance for APY
Bonus
Requirements to qualify
at Wealthfront
Merrill Edge
Fees
per trade
Account minimum
Promotion
when you invest in a new Merrill Edge® Self-Directed account.
on Merrill Edge's website
Marcus by Goldman Sachs Online Savings Account
APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
APY
4.00%
With $0 min. balance for APY
Bonus
$250
Earn up to $250 with direct deposit. Terms apply.
APY
3.75%
With $0 min. balance for APY
Bonus
N/A
Why We Like It
The Wall Street firm’s online bank has a strong savings option with the high rate of 3.75% APY and no minimum balance requirement to start earning interest. There are no transaction fees. Its online CDs also have top yields (see our list of best CD rates).
For more about Marcus, see our full review.
APY
4.40%
With $5,000 min. balance for APY
Bonus
N/A
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 13x the average APY** — plus, they also offer rock-bottom maintenance fees.
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*The national average annual percentage yield ("APY") is listed as 0.37% as reported by the Federal Deposit Insurance Corporation as of March 20, 2023.
**13x more interest based on the national average annual percentage yield ("APY") of 0.37% (as reported by the Federal Deposit Insurance Corporation as of March 20, 2023) as compared to online banks with interest-bearing savings account APYs of 0.40% 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.
To recap our selections...
NerdWallet's Standout Online Savings Accounts
- SoFi Checking and Savings: 4.00% APY
- Marcus by Goldman Sachs Online Savings Account: 3.75% APY
- CIT Bank Platinum Savings: 4.40% APY
