Best Online Savings Accounts
Selected from 350+ savings accounts for April 2024
Best High Yield Online Savings
Best High Yield Online Savings
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 5.35% | None | None |
Why we like it: The My Banking Direct High Yield Savings Account account has one of the highest rates around, at 5.35%. Couple that with no monthly fees and you’ve got one of the best savings accounts out
there, online or otherwise.
What we don’t like: The $500 minimum deposit requirement is not the best around. Many savings accounts have a much lower requirement, with some having none at all.
Who should get it: If you’re looking to get the most bang for your buck, you can’t go wrong with the My Banking Direct High Yield Savings Account.
| Balance | APY |
|---|---|
| $0+ | 5.35% |
- 5.35% APY for balances over $1.
- No monthly maintenance fee.
- No minimum balance fee.
- If your daily balance is less than or equal to $0.99, the interest rate paid on the entire balance in your account will be 0.00% with an annual percentage yield of 0.00%.
Best for 100,000+ Balances
Best for 100,000+ Balances
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 0.00% - 5.35% | None | None |
Why we like it: With an exceptional APY of 5.35% for balances up to $1,000,000, the Brio Direct High Yield Savings Account account is perfect for people looking to make a large deposit.
What we don’t like: Currently, Brio Direct’s customer service can only be accessed over the phone. Considering most banks over multiple points of contact, we hope this one will add more in time.
Who should get it: If you’re looking to deposit a large amount without worrying about interest rate bracket, then the Brio Direct High Yield Savings Account account would be a good choice for you.
| Balance | APY |
|---|---|
| $0 - $25 | 0.00% |
| $25+ | 5.35% |
- Keep track of your savings with online and mobile banking.
- No monthly maintenance fee.
Best for Students
Best for Students
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 1.39% - 5.00% | None | None |
Why we like it: The Student Savings Account offered by BethPage Federal Credit Union has a great APY of 5.00%, no monthly fees and only $5 minimum deposit requirement.
What we don’t like: While it’s easy to join the BethPage Federal Credit Union to open this savings account, ultimately it is a step that must be considered.
Who should get it: Students looking to start saving early and get a great APY along with it should give the Bethpage Federal Credit Union Student Savings Account a try.
| Balance | APY |
|---|---|
| $0 - $1,000 | 5.00% |
| $1,001 - $10,000 | 1.39% |
- For ages 20 and under (parent/guardian must be a joint owner for members under 18).
- No monthly maintenance fees.
- No overdraft fees.
- 24/7 access to Bethpage Digital Banking for parent/guardian. Minor can have access at age 13.
- When the primary account holder reaches the age of 21, a Student Savings Account will automatically convert to a Savings Account.
Best for Students
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 4.60% | None | Up to $30 |
Why we like it: SoFi’s Student Checking and Savings account comes with an APY of 4.60%. That, plus the lack of monthly fees or minimum deposit requirements make it a great choice for any student. Plus, you get a free checking account.
What we don’t like: While a great offer for students, the APY is not the best you could have with a regular savings account.
Who should get it: Students looking for an online bank with a competitive savings account APY, no minimum balance requirements and no monthly fees and a free checking account alongside it should consider SoFi’s offer.
| Balance | APY |
|---|---|
| $0+ | 4.60% |
- SoFi student bank accounts come with both checking and savings - A hybrid savings/checking account "SoFi Student Checking and Savings".
- SoFi’s Student Savings account must be opened along with a SoFi Student checking account.
- SoFi Student Savings pays a competitive 4.60% APY on the savings balance when you set up direct deposit.
- Get up to $30 in rewards points when you sign up for a SoFi Checking and Savings account with your .edu email address and add at least $10 to your account within 5 days of registration.
- No ATM fees at 55,000+ ATMs worldwide.
Best for Businesses
Best for Businesses
| APY | Monthly Fee | Signup Bonus |
|---|---|---|
| 4.00% | None | None |
Why we like it: The Live Oak Bank Business Savings Account account offers 4.00% with no monthly fees or minimum deposit. Live Oak also offers Quickbooks integration, making it a great option for people who want to easily manage their finances.
What we don’t like: Because Live Oak is an online-only bank, there are no actual branches that you can visit. That also leads to the fact that you cannot deposit any actual cash into your Business Savings Account.
Who should get it: If your business only handles digital funds, the great APY that the Live Oak Business Savings account offers is a good enough reason to give them a chance.
| Balance | APY |
|---|---|
| $0+ | 4.00% |
- Earn 4.00% APY!
- FDIC insured up to $10 million with Insured Cash Sweep.
- No monthly maintenance fees.
- No minimum balance requirements.
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2024’s Best Credit Union Online Savings Accounts
| Best | Online Savings Account | APY | Minimum Deposit Required |
| High-Yield | Digital Federal Credit Union Primary Savings Account | 6.17% | $5 |
| $100,000+ Balances | KeyPoint Credit Union Ultra Savings | 4.85% | $1,000 |
| Students | Spectrum Credit Union MySavings Youth Account | 0.75% - 7.00% | $25 |
| Business | First Tech Federal Credit Union Business Instant Access Savings | 3.30% - 5.30% | $25 |
How to Find the Best Online Savings Account – 7 Tips
Unlike choosing a mortgage or even applying for a credit card, finding the best online savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.
But you still need a way to choose between 2024’s Best Online Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.
1. Prioritize a High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.
2. Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.
3. Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.
4. Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.
5. Take Advantage of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above or below a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.
6. Stick to the Plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.
7. Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.
Questions & Answers
Finding the best savings account can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
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Expert Opinions
To help you learn more about online savings accounts and find the best one for your situation, we posed the following questions to a panel of experts. You can check out their responses by clicking “Read More” below.
- What advice do you have for people who are looking for an online savings account?
- What would you say is the biggest mistake that people tend to make when it comes to online savings accounts?
- When do you recommend getting an online savings account instead of another type of bank account?
- What are the most important things to look for when comparing online savings accounts?
- What features do the best online savings accounts have in common?
Associate Professor of Finance and Economics, Joseph W. Luter, III School of Business and Associate Director, Public History Center – Christopher Newport University
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Ph.D. Assistant Professor of Practice, School of Business, University of Indianapolis
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Teaching Associate Professor, Reiman School of Finance of the Daniels College of Business, University of Denver
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Clinical Assistant Professor, Department of Economics, Darla Moore School of Business, University of South Carolina
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Finance Ph.D. Candidate, Olin Business School – Washington University in St. Louis
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Assistant Teaching Professor of Finance; Faculty Advisor - Intrieri Family Student Managed Fund, Penn State Behrend, Black School of Business
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