- Earn 4.00% APY on balances of $5,000 or more
- No monthly fees to worry about
- Open an account with just $100
- Make unlimited transfers and withdrawals
Online banks offer higher interest rates than brick-and-mortar banks. This means that stashing cash in an online savings account now pays off because they have fewer overhead costs. Since online banks are vying to be your new online bank, they tend to offer higher yields.
Banking online is safe, FDIC insured and is a great way to earn interest on your money as it is protected. But which online banks offer the best savings accounts?
Best Online Savings Account Overview
If you’re looking into savings accounts, we’ve got a list of the top earning accounts from various financial institutions. These savings accounts make it so it actually pays to stash your cash. We rated these based on whether they have any monthly service fees, minimum balance requirements, and whether they offer high yield online savings.
| Savings account | Best for |
|---|---|
| Current | No hidden fees |
| CIT Bank | Best for high APY |
| Axos | ATM access |
| SoFi | Learning to save |
Current is a neobank that works differently than traditional savings accounts, far from it actually since it offers a hybrid checking/savings account. What separates Current from other banks is that it offers 4% interest on its savings “pods” for balances up to $6,000.
Savings Pods are a way to save for whatever you want, whether that’s a rainy day fund, a vacation, or even monthly expenses like groceries. Current has different savings pods where you can deposit $2,000 in each earn to earn up to $240 in interest over the year.
This is a significant increase from the traditional 0.07% offered by most traditional banks. In addition, there are no fees associated with Current’s savings account. This makes it an ideal option for those looking to save money.
Current also has a slew of other features, such as a debit card that offers cash back, overdraft protection, a debit card for kids, getting paid 2 days early, and a cash advance feature of up to $750.
CIT Bank: Best for high APY
CIT Bank, a division of First Citizens Bank, is a solid choice for high-yield online savings without the usual banking headaches. They don’t charge monthly maintenance fees, and their Platinum Savings account offers an impressive 4.00% APY—but only if you keep at least $5,000 in the account. If your balance is lower, you’ll earn a much lower rate, so it’s best for those who can maintain that threshold.
The big perks? Your money is FDIC-insured up to $250,000, so it's safe even if the bank fails. Plus, you get unlimited transfers and withdrawals, giving you full control over your funds. Unlike some online banks that can feel clunky, CIT Bank has a straightforward, easy-to-use platform that makes managing your savings hassle-free. Many customers also praise their responsive customer service.
To get started, you’ll need a minimum deposit of $100, and from there, you can access your savings 24/7. If you’re looking for a high-interest savings account that actually helps grow your money without nickel-and-diming you with fees, CIT Platinum Savings is a strong contender.
- Earn 4.00% APY on balances of $5,000 or more
- No monthly fees to worry about
- Open an account with just $100
- Make unlimited transfers and withdrawals
Axos: Best for ATM access
Most experts recommend Axos Bank’s High Yield Savings, where you can earn a very impressive .61% annual percentage yield which is an APY that’s 6X the national average. Comes with zero monthly maintenance fees and zero minimum balance requirements.
On a $10,000 balance, you’ll earn $61 annually compared to just $10 (national average).
For 20 years, Axos has been a leader in digital banking. And as an FDIC-insured, publicly traded company with offices and employees across the US, they have the foundation to support you and stay ahead of your evolving financial needs.
SoFi: Best for learning to save
The SoFi account is one of the best online checking and savings accounts out there. You can be among the first to get a 1.25% annual percentage yield on checking and savings.
Only when you sign up for SoFi Bank today will you get advanced access to 4.50% APY. Plus, pay no account or overdraft fees, get a 2-day-early-paycheck, and more.
If the higher APY isn’t enough, there are also no monthly fees or account opening fees. This account has it all: you can deposit checks, get real-time alerts, freeze or unfreeze your card, change your pin, and more.
Plus, being a SoFi member gives you access to a team of financial experts that can assist with a wide range of needs. You're also eligible for up to a $325 bonus when you sign up for a SoFi Checking & Savings account and set up direct deposit.
Key Factors to Consider When Choosing a Savings Account
- Interest Rate & APY – Higher APY means more growth. A 4% APY might not seem huge, but it beats earning nothing on idle cash.
- Initial Deposit – Most accounts require a minimum deposit, often as low as $10-$25.
- Minimum Balance – Some banks require you to maintain a certain balance or risk penalties—check the fine print.
- Account Fees – Look for accounts with no monthly fees and low transfer costs to keep more of your money.
- Rate Tiers – Some banks offer higher APYs for larger deposits, so check if your balance qualifies for better returns.
- Accessibility – Online savings accounts can be easier to manage and transfer funds from compared to traditional banks.
- FDIC Insurance – Always choose an FDIC-insured bank, which protects deposits up to $250,000 in case of bank failure.
Choosing the right savings account isn’t just about the interest rate—consider fees, accessibility, and security to get the best deal.
The Benefits of The Best Online Savings Accounts
Savings accounts might not be the most thrilling financial tool, but choosing the right one can make a big difference. Here are key features to look for in a high-interest savings account:
- Automatic Deposits – Set it and forget it. A good savings account lets you automate transfers from your paycheck or checking account, helping you save consistently.
- Low Monthly Fees – Avoid banks that nickel-and-dime you. Choose an account with fees under $2 per month and no minimum balance requirements.
- Easy Access to Cash – While federal law limits savings withdrawals to six per month, the best accounts allow online transfers and ATM withdrawals without excessive fees.
- Deposit Insurance – Always check that your bank is FDIC-insured, protecting up to $250,000 of your savings.
A great savings account should work for you, not against you—offering convenience, security, and high-interest returns.
