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Standout 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 0.08%*. 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.

Bank/institution	NerdWallet rating	APY	Bonus	Learn more
Marcus by Goldman Sachs Online Savings Account Learn more at Marcus by Goldman Sachs, Member FDIC	5.0 /5	1.00% With $0 min. balance for APY	N/A	Learn more at Marcus by Goldman Sachs, Member FDIC
American Express® High Yield Savings Account Learn more at American Express National Bank, Member FDIC	4.5 /5	0.90% With $1 min. balance for APY	N/A	Learn more at American Express National Bank, Member FDIC
Synchrony Bank High Yield Savings Learn more at Synchrony Bank, Member FDIC	4.5 /5	1.10% With $0 min. balance for APY	N/A	Learn more at Synchrony Bank, Member FDIC

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at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating

APY

1.00%

With $0 min. balance for APY

Bonus

N/A

Learn more

at Marcus by Goldman Sachs, Member FDIC

Why we like it

The Wall Street firm’s online bank has a strong savings option with the high rate of 1.00% 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.

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at American Express National Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating

APY

0.90%

With $1 min. balance for APY

Bonus

N/A

Learn more

at American Express National Bank, Member FDIC

Why we like it

Beyond credit cards, American Express offers a standout savings account with a rate of 0.90% APY (annual percentage yield) as of 6/21/2022. You don’t have to worry about any monthly fees or minimum balances, and phone support is available 24/7. You can link up to three accounts you have at other banks to make online transfers. The banking experience isn’t designed for frequent transactions, so no checks or ATM or debit cards come with the account. Check deposits can only be mailed, since the bank’s mobile app is currently only for credit card holders.

For more details about American Express accounts, read the full review.

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Learn more

at Synchrony Bank, Member FDIC

Synchrony Bank High Yield Savings

4.5

NerdWallet rating

APY

1.10%

With $0 min. balance for APY

Bonus

N/A

Learn more

at Synchrony Bank, Member FDIC

Why we like it

This online bank’s savings account has a top-of-the-line 1.10% APY along with an optional card for free ATM withdrawals nationwide. Synchrony also refunds up to $5 for charges from domestic ATM operators. The account has no minimum balance requirements, no monthly fee and no fee if you go over the standard bank limit of six withdrawals per month.

You may be eligible for perks such as travel discounts, depending on your balance and time as a customer. Although there’s no mobile app, check deposits are available using the bank’s web browser on a smartphone.

For more information, read our full review.

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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 6x the average APY** — plus, they also offer rock-bottom maintenance fees.

**6x more interest based on the national average annual percentage yield ("APY") of 0.08% (as reported by the Federal Deposit Insurance Corporation as of April 22, 2021) 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.

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*The national average annual percentage yield ("APY") is listed as 0.08% as reported by the Federal Deposit Insurance Corporation as of April 22, 2021.