The Best Online Savings Accounts in 2018

Online savings accounts typically come with better rates and fewer fees than traditional savings accounts. Ideally, a savings account should earn high interest and provide access to your money wherever and whenever you need it. Taking your savings digital can help you achieve both those goals. See our picks for the best online savings accounts below.

Best Online Savings Account Rate: Marcus Online Savings

Consider this if you want to maximize your savings interest rate.

APY 2.05%
Minimum Balance to Earn APY $1.00
Monthly Fee $0.00

The Marcus Online Savings Account at Goldman Sachs Bank USA guarantees 2.05% APY with free wire transfers in and out of the account, making it one of the highest-earning options available today. This account also comes with zero monthly fees, making it even more competitive as a savings option. Having free wire transfers means that you'll be able to transfer money between this account and other banks with little to no delay.

As of this writing, Goldman Sachs Bank USA hasn't introduced a debit card or connected the Marcus Online Savings Account to an ATM network, which means that all withdrawals and transfers must be arranged online or via the 24/7 phone service. However, Goldman Sachs' recent acquisition of the Clarity Money app means that you can also manage your savings account from your smartphone.

Best Savings Rate With Mobile Banking: CIT Savings Builder

Consider this if you need a savings option that comes with mobile and online account access.

APY 2.15%
Minimum Balance to Earn APY $0.00
Monthly Fee $0.00

If you're willing to earn a slightly lower rate in order to get a better mobile banking experience, then you may prefer the CIT Savings Builder Account. While its 2.15% APY isn't the highest offer we found, it's only a few points behind the top savings rate.

More importantly, CIT Bank offers account management through its mobile banking app as well as its website, enabling you to view your balance and schedule transfers with ease. This is a rare feature among online savings accounts, which mostly focus on maximizing interest rates at the expense of convenient features. CIT Savings Builder provides a balance between high yields and on-demand banking.

Best Savings Rate With ATM Access: Synchrony High Yield Savings

Consider this if you prefer having free and convenient ATM access to the cash in your savings account.

APY 2.05%
Minimum Balance to Earn APY $1.00
Monthly Fee $0.00

The Synchrony High Yield Savings Account is one of the very few online savings accounts that enable you to withdraw cash via the bank's ATM network. This makes Synchrony Bank an ideal choice for people who want a better interest rate without sacrificing their ability to access their savings in cash.

All of Synchrony Bank's deposit accounts allow customers to make withdrawals directly from any of the ATMs in the Plus or Accel networks, which you can locate by searching online. The bank's reliance on these third-party ATM partners makes it less convenient than brick-and-mortar competitors like Chase, whose massive network of ATMs is ubiquitous and clearly labeled. Still, it's the combination of the Synchrony High Yield Savings Account's high rate and ATM features in one package that make it a strong option.

Best Savings Rate with Checking: Discover Online Savings

Consider this if you want to keep your checking and savings account together at one bank.

APY 1.90%
Minimum Balance to Earn APY $1.00
Monthly Fee $0.00

Discover offers both a competitive savings APY and a useful checking account option, making it one of the few online banks where you can access both checking and savings products. Many online banks stay competitive by focusing exclusively on a high-interest savings account product, but Discover provides a wider range of deposit products. This includes not only a checking account with cashback rewards, but also money market accounts and certificates of deposit (CDs).

The 0.019 you earn for any balance in the Discover Online Savings Account isn't quite as high as the best we've found, but it makes up for the small difference with convenient access to the Discover Cashback Checking Account. Since the highest online savings rates are typically found at the smallest, most streamlined online-only banks, consumers rarely get the chance to keep both their daily checking balance and their high-yield savings at one online institution. Discover makes it a simple matter to manage all your deposits with the same app while also earning a strong rate.

Best Online Savings Account for Kids: Capital One 360 Savings

Consider this if you need a high-rate savings account that can also help you teach your child good financial habits.

APY 1.00%
Minimum Balance to Earn APY $0.00
Monthly Fee $0.00

Out of the many online savings accounts specifically offered for children, the Capital One 360 Savings Account carries the highest interest rate at 1.00%, compounded monthly. While this isn't the highest rate among all the accounts we reviewed, Capital One is unique because it also provides a way for children to sign into the account, letting parents use the account as a financial teaching tool. Nevertheless, deposits and withdrawals can only be made by the adult who acts as the joint account-holder.

Summary of Best Online Savings Accounts

We provided a quick summary of the accounts above in case you're having a little trouble deciding among them.

Best For...Account NameAPYOpening Minimum
Earning Highest APYMarcus Online Savings2.05%$0.00
Mobile BankingCIT Savings Builder2.15%$100.00
Access to ATMsSynchrony High Yield Savings2.05%$0.00
Checking and SavingsDiscover Online Savings1.90%$0.00
Saving for KidsCapital One 360 Savings1.00%$0.00

How to Find the Best Online Savings Accounts

When you go looking for online savings accounts, you should begin by estimating how much money you want to deposit and how often you plan to deposit or withdraw from the account. Finding the best interest rate will be somewhat easier once you eliminate savings options that do not match your criteria. Some accounts require that your balance meet a minimum level each day in order to secure the maximum interest rate. A few others drop your rate for making withdrawals too early or too often.

Comparing account fees should also take high priority. While online savings accounts are typically light on fees, you may find that especially high interest rates are sometimes counterbalanced by high monthly fees, which can cancel out your earnings. You can check the fees and rates on different accounts through our savings account tool for a comparison of the best offers.

Chris Moon

Chris is a Senior Research Analyst at ValuePenguin who has covered deposit accounts and home loans since 2016. He has contributed insights and opinions to the New York Times and many other publications.

Comments and Questions