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10 Best High-Yield Online Savings Accounts of October 2019
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Summary of Best High-Yield Online Savings Accounts of October 2019
| Bank | APY | Learn More |
|---|---|---|
 American Express National Bank High Yield Savings Account at American Express National Bank, Member, FDIC | 1.90% With $0 minimum balance | at American Express National Bank, Member, FDIC |
 Citizens Access Online Savings Account at Citizens Access, Member, FDIC | 2.00% With $5000 minimum balance | at Citizens Access, Member, FDIC |
 Barclays Online Savings Account at Barclays, Member, FDIC | 1.90% With $0 minimum balance | at Barclays, Member, FDIC |
 Goldman Sachs Bank USA Online Savings at Goldman Sachs Bank USA, Member, FDIC | 1.90% With $0 minimum balance | at Goldman Sachs Bank USA, Member, FDIC |
 Discover Online Savings at Discover, Member, FDIC | 1.85% With $0 minimum balance | at Discover, Member, FDIC |
 Bank5 Connect High Interest Savings Account | 1.90% With $100 minimum balance | |
 Axos Bank? High Yield Savings | 1.30% With $1 minimum balance | |
 Ally Bank Online Savings Account | 1.80% With $0 minimum balance | |
 CIBC Bank USA Agility? Savings at CIBC Bank USA, Member, FDIC | 2.05% With $0.01 minimum balance | at CIBC Bank USA, Member, FDIC |
 Synchrony Bank High Yield Savings Account | 1.90% With $0 minimum balance |
| Bank | APY | Learn More |
|---|---|---|
American Express National Bank High Yield Savings Account at American Express National Bank, Member, FDIC | 1.90% With $0 minimum balance | at American Express National Bank, Member, FDIC |
Citizens Access Online Savings Account at Citizens Access, Member, FDIC | 2.00% With $5000 minimum balance | at Citizens Access, Member, FDIC |
Barclays Online Savings Account at Barclays, Member, FDIC | 1.90% With $0 minimum balance | at Barclays, Member, FDIC |
Goldman Sachs Bank USA Online Savings at Goldman Sachs Bank USA, Member, FDIC | 1.90% With $0 minimum balance | at Goldman Sachs Bank USA, Member, FDIC |
Discover Online Savings at Discover, Member, FDIC | 1.85% With $0 minimum balance | at Discover, Member, FDIC |
Bank5 Connect High Interest Savings Account | 1.90% With $100 minimum balance | |
Axos Bank? High Yield Savings | 1.30% With $1 minimum balance | |
Ally Bank Online Savings Account | 1.80% With $0 minimum balance | |
CIBC Bank USA Agility? Savings at CIBC Bank USA, Member, FDIC | 2.05% With $0.01 minimum balance | at CIBC Bank USA, Member, FDIC |
Synchrony Bank High Yield Savings Account | 1.90% With $0 minimum balance |
at American Express National Bank,
Member, FDIC
at American Express National Bank,
Member, FDIC
APY
1.90%
With $0 minimum balance
at Citizens Access,
Member, FDIC
at Citizens Access,
Member, FDIC
APY
2.00%
With $5000 minimum balance
Citizens Bank has an online-only division with a savings account that offers a top-of-the-line rate. You need $5,000 to open an account, which is high compared to some other banks, but there are no monthly fees. If your balance drops below $5,000, the APY drops to a less impressive rate.
Read full reviewat Barclays,
Member, FDIC
at Barclays,
Member, FDIC
APY
1.90%
With $0 minimum balance
at Goldman Sachs Bank USA,
Member, FDIC
at Goldman Sachs Bank USA,
Member, FDIC
APY
1.90%
With $0 minimum balance
at Discover,
Member, FDIC
at Discover,
Member, FDIC
APY
1.85%
With $0 minimum balance
Bonus
$200
Requirements to qualify
Discover Bank has a strong APY of 1.85%. The bank’s website is easy to navigate, and both its iOS and Android apps receive high ratings. There’s one branch in Delaware, but customer support is available by phone 24/7. Discover also has a $150 or $200 bonus for first-time savings customers. There are no fees, including no monthly fee, but note that the deposit requirement to earn a bonus is fairly substantial at $15,000 or $25,000, respectively. (Details below.)
?Discover says: “To get your $150 or $200 bonus offer: What to do: Apply for your first Discover Online Savings Account by 11/4/19, 11:59 p.m. ET, online or by phone. Enter Offer Code NW1019 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 11/18/19, 11:59 p.m. ET. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 12/2/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice."
?See Discover's website for more details.
Read full reviewAPY
1.90%
With $100 minimum balance
Bank5 Connect's savings account comes with a strong APY on balances of at least $100. And if you opt for electronic statements, there is no monthly fee.
?You'll need to put down just $10 to open this account, which you can access through Bank5 Connect's website and mobile app.
Read full reviewAPY
1.30%
With $1 minimum balance
APY
1.80%
With $0 minimum balance
at CIBC Bank USA,
Member, FDIC
at CIBC Bank USA,
Member, FDIC
APY
2.05%
With $0.01 minimum balance
APY
1.90%
With $0 minimum balance
High-yield savings advantages
A high-yield savings account can earn well over 2% APY, which is much higher than the national savings average of 0.09% APY. If your money is in an account that earns a high interest rate, your balance will grow faster without any additional effort on your part. A balance of $10,000 would earn about $10 in an account with a 0.10% APY. That same balance would earn about $230 in an account with a 2.30% APY.
How to choose the best high-interest savings account
Look for accounts that have high interest rates and low service charges. You want to make sure you don’t have to pay a fee to the bank each month. Some institutions don’t charge monthly fees, while others do but will waive them if you meet a balance minimum.
Be willing to look beyond the larger, well-known banks. Many smaller institutions — including online banks — have savings accounts with attractive rates and low deposit requirements.
Accessing your funds
With online banking, you can access your account securely day or night. Online banks offer the highest savings rates on the market while charging fewer fees than traditional banks. Online banks often offer good websites and mobile apps that typically let customers deposit checks and pay bills.
How to open an account
Depending on the type of bank, you can open a high-rate account either online or in person. You’ll need to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and ID.) The bank will often require you to deposit money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer.
What to do if you can’t open a high-interest savings account
Occasionally, a bank may not approve an application to open an account. This is likely because of issues with a customer’s previous banking history.
Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history.
There are options for customers who have a ChexSystems file, including opportunities to open alternative accounts. For more information, read our primer on what to do if you have a ChexSystems record.
High-yield savings account terminology
Here’s a look at some important savings terms to know.
Savings account: A deposit account from a bank or credit union that typically earns interest.
Money market account: A type of savings account that often offers higher interest rates in return for a steep minimum deposit. (Think $5,000 or more.)
Interest: Money a bank pays into an account over time.
Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.
Annual percentage yield: The APY, or annual percentage yield, is the amount of compound interest an account earns in a year. The calculation is based on the account's interest rate and the number of times interest is paid during the year.
? Read more about 10 essential banking terms you need to know
More top choices for the best savings interest rates
Here are seven more competitive choices for high-yield savings. These banks may have a higher minimum balance to earn interest, or a slightly lower APY. But when you're shopping for the account that fits you best, they're worth checking out.
- Popular Direct, 2.30% savings APY, $5,000 minimum to open account (read full review).
- FNBO Direct, 2.00% savings APY, $1 minimum to open account (read full review).
- HSBC, 2.05% savings APY, $1 minimum to open account (read?full review).
- PurePoint Financial, 2.00% savings APY, $10,000 minimum to open account (read full review).
- Vio Bank,?2.27% savings APY, $100 minimum to open account (read full review).
- Alliant, 1.80% savings APY, $5 minimum to open account (read full review).
- CIT Bank, 2.10% savings APY with $100 minimum to open account (read?full review).
? Interested in getting money from banks??See?NerdWallet's best bank account promotions and bonuses
Last updated on October 1, 2019
Methodology
We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions surveyed include:?Alaska USA Federal Credit Union,?Alliant Credit Union,?Ally Bank,?America First Credit Union,?American Express,?Aspiration,?Associated Bank,?Axos Bank,?Bank5 Connect, Bank7,?Bank of America,?Bank of the West,?Barclays, BB&T,?BBVA,?Boeing Employees Credit Union, BMO Harris,?Capital One 360,?Charles Schwab Bank,?Chase,?Chime, CIBC U.S.,?CIT,?Citibank,?Citizens Access,?Citizens Bank, Comerica Bank,?Commerce Bank,?Connexus Credit Union,?Consumers Credit Union,?Discover Bank, E-Trade,?Fidelity,?Fifth Third Bank,?First National Bank,?First Tech Federal Credit Union,?GoBank,?Golden 1 Credit Union,?GS Bank,?HSBC Bank USA,?Huntington Bank,?KeyBank, MetaBank,?M&T Bank,?Moven,?Navy Federal Credit Union,?Pentagon Federal Credit Union,?PNC, Popular Direct, PurePoint Financial,?Radius Bank, Redneck Bank,?Regions Bank,?Sallie Mae Bank,?Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union,?Simple,?State Employees’ Credit Union of North Carolina,?State Farm Bank,?Suncoast Credit Union, SunTrust Bank,?Synchrony Bank,?TCF Bank,?TD Bank,?TIAA Bank,?Union Bank,?UFB Direct,?USAA,?U.S. Bank,?Varo, Vio Bank,?Wells Fargo?and Zions Bank.
To recap our selections...
NerdWallet's Best High-Yield Online Savings Accounts of October 2019
- American Express National Bank High Yield Savings Account: 1.90% APY
- Citizens Access Online Savings Account: 2.00% APY
- Barclays Online Savings Account: 1.90% APY
- Goldman Sachs Bank USA Online Savings: 1.90% APY
- Discover Online Savings: 1.85% APY
- Bank5 Connect High Interest Savings Account: 1.90% APY
- Axos Bank? High Yield Savings: 1.30% APY
- Ally Bank Online Savings Account: 1.80% APY
- CIBC Bank USA Agility? Savings: 2.05% APY
- Synchrony Bank High Yield Savings Account: 1.90% APY
Frequently asked questions
In short, yes. Most online banks are federally insured by the Federal Deposit Insurance Corp., up to $250,000 per depositor. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000 per depositor. This means that if a bank or credit union were to fail and go out of business, you would not lose the money you have in the account, up to the insured amount.
No, rates are variable and can change over time. The accounts featured in this article are among those with the consistently highest rates.
Institutions typically don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see some rates remain unchanged for several months.
It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many banks will change their rates based on what their competitors are doing. You will often see groups of banks increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates.
To get the best yield for your money, check out the best rates on a regular basis — at least once a month.
Savings accounts are subject to a federal rule called Regulation D, which limits the number of convenience withdrawals to a maximum of six per month. Affected withdrawals include online withdrawals, overdraft protection transfers and transfers initiated by telephone. If you have more than six of these transactions each statement cycle, your bank may levy an excess withdrawal fee each time you go over the limit.
Withdrawing cash from an ATM or from a branch teller does not count toward this limit.
? Want to learn more about savings withdrawal limits? Read our primer on Regulation D.
Money market accounts are a type of savings account. They generally come with high APYs, high minimum deposit requirements and some check-writing privileges. NerdWallet’s guide on money market accounts can help you learn more about these products and help you decide if a money market account is a good place to stash your funds.
A high-interest savings account, on the other hand, typically does not come with checks, though it will still offer a strong APY.
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