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 0.40%*. 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 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 0.40%*. 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.
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 | 4.20% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | Learn more at SoFi, Member FDIC | |
 Citizens Online Savings Account Learn more at Citizens, Member FDIC | 4.50% With $0.01 min. balance for APY | N/A | Learn more at Citizens, Member FDIC | |
 CIT Bank Platinum Savings Learn more at CIT Bank, Member FDIC | 4.85% With $5,000 min. balance for APY | N/A | Learn more at CIT Bank, Member FDIC | |
 Upgrade Premier Savings Learn more at Upgrade, Deposits are FDIC Insured | 4.81% With $1,000 min. balance for APY | N/A | Learn more at Upgrade, Deposits are FDIC Insured | |
 Barclays Online Savings Account Learn more at Barclays, Member FDIC | 4.00% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC |
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Monthly fee
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Requirements to qualify
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Merrill Edge® Self-Directed
Fees
per trade
Account minimum
Promotion
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on Merrill Edge's website
Interactive Brokers IBKR Lite
Fees
per trade
Account minimum
Promotion
no promotion available at this time
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4.20%
With $0 min. balance for APY
$250
Earn up to $250 with direct deposit. Terms apply.
4.50%
With $0.01 min. balance for APY
N/A
4.85%
With $5,000 min. balance for APY
N/A
4.81%
With $1,000 min. balance for APY
N/A
4.00%
With $0 min. balance for APY
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 0.40% as reported by the Federal Deposit Insurance Corporation as of May 15, 2023.
**13x more interest based on the national average annual percentage yield ("APY") of 0.40% (as reported by the Federal Deposit Insurance Corporation as of May 15, 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: 4.20% APY
- Citizens Online Savings Account: 4.50% APY
- CIT Bank Platinum Savings: 4.85% APY
- Upgrade Premier Savings: 4.81% APY
- Barclays Online Savings Account: 4.00% APY
