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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 donu2019t 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

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Wealthfront Cash Account

4.5

NerdWallet rating 
Wealthfront Cash Account

Monthly fee

$0

APY

4.55%

With $1 min. balance for APY

Bonus

$30

Requirements to qualify

at Wealthfront

Merrill Edge® Self-Directed

4.7

NerdWallet rating 
Merrill Edge® Self-Directed

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $600

when you invest in a new Merrill Edge® Self-Directed account.

on Merrill Edge's website

Interactive Brokers IBKR Lite

5.0

NerdWallet rating 
Interactive Brokers IBKR Lite

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

on Interactive Brokers' website

NerdWallet rating 

5.0

/5
SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

APY

4.20%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

NerdWallet rating 

4.5

/5
Citizens Online Savings Account
Learn more

at Citizens, Member FDIC

APY

4.50%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
CIT Bank Platinum Savings
Learn more

at CIT Bank, Member FDIC

APY

4.85%

With $5,000 min. balance for APY

Bonus

N/A

BMO Alto Online Savings Account
Learn more

at BMO Alto, Deposits are FDIC Insured

BMO Alto Online Savings Account

4.5

NerdWallet rating 
Learn more

at BMO Alto, Deposits are FDIC Insured

APY

4.50%

With $0 min. balance for APY

NerdWallet rating 

4.5

/5
Barclays Online Savings Account
Learn more

at Barclays, Member FDIC

APY

4.00%

With $0 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.

**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.

*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.

To recap our selections...

NerdWallet's Standout Online Savings Accounts