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Compare Online Savings Accounts

Savings in Jar

Online savings accounts typically yield more interest; however, not every online account might be for you. Therefore, comparing several online banks can be advantageous when you are looking to save your money for that new car or home.

Savings Account Comparison Chart

Use this chart to compare accounts at a glance. Perhaps you need access to ATM withdrawals or are more interested in the best bang for your buck.

Institution

APY

Minimum Balance

Opening Minimum

Monthly Fees

Mobile & Online Banking

ATM Withdrawal and Deposit

Marcus By Goldman Sachs

1.80%

$0

$0

None

Yes

No

Ally Bank

1.75%

$0

$0

None

Yes

No

CitBank

1.55% for Premier

$0

$100

None

Yes

No

Capital One

1.00%

$0

$0

None

Yes

Yes

HSBC

0.01-0.015%

$5

$0

None

Yes

Yes

Synchrony

1.85%

$0

$0

None

Yes

Yes

Marcus Allows Large Withdrawals

As a high yield savings account for online users, Marcus by Goldman Sachs offers a flexible savings account that allows you to withdrawal $125,000 in one transaction. Deposits can be made through money transfers from banks or domestic money transfers. Additionally, interest is compounded daily and starts the moment you make your initial deposit.

Downside

If you like instant access to your money with an ATM, this might not be the account for you, but mobile banking is available 24/7.

Ally Bank Offers eCheck Deposits

If you are looking to save your money for retirement or have a long-term plan, Ally might be the account for you. Not only does it feature a high-yield interest rate, but you can set up eCheck deposits through Ally to get your money in the account easier. The company also prides themselves in a convenient online and mobile banking that allows you to talk to a real person any time of day. This is convenient for users that prefer mobile chat. The website has a nice feature that tells you what your wait time will be if you choose to call.

Drawbacks

However, like most savings accounts, you are limited to 6 transactions in a cycle and ATM services are not available.

CitBank Is Good for Traditional Savers

CitBank offers a tiered interest rate for its users, but the interest for the premier account is 1.55% for those with under and over $250,000 in the account. The interest is compounded daily and free online banking is available. This is a great account for those that are just looking to save money and don't need access to it immediately. Additionally, the bank offers several other savings options for those that like variety. The minimum balance works to ensure that your money stays within the account.

Potential Issues

Without ATM deposits or withdrawals, you will need to rely on electronic and wire transfers or checks to move your money around, but touching your coveted funds is limited to 6 transactions per cycle.

Capital One Is Established

If you are looking for an online savings accounts with more features, like goal tracking, and ATM withdrawals and deposits, Capital One savings might be more your style. This is an older established institution that offers lots of different features for not only parents but kids as well. In addition to a top-rated mobile app, you have access to phone banking and Capital One Cafes are available. This is great for a person that would like to talk to a live person via the phone or in-person to work out account problems.

Disadvantage

Unfortunately, the yield isn't as high as other online savings accounts.

HSBC Works for Online Banking Beginners

The Premier Savings offered through HSBC banking has the benefit of having several brick and mortar locations available for those new to online banking. Additionally, it offers ATM deposit and withdrawal, and the option to link your account with a checking at the same institution. This might be a better option for those just getting into the online savings game that would like access to their money faster and the opportunity to go to a location to work out any kinks.

Potential Issue

This account offers a significantly lower interest rate when compared to other online savings.

Synchrony Has High Yields

Synchrony offers a high-yield savings account that doesn't offer a require a minimum balance or deposit. Unlike a lot of online savings accounts, it does feature ATM deposits and withdrawals in addition to direct deposit and money transfers. 24/7 online and mobile banking along with phone banking are available. Synchrony is also an FDIC member.

Possible Concerns

However, you are limited to six withdrawals in a statement cycle. Going over occasionally isn't a big deal, but if it is a continuous thing, you might lose your account.

Saving Money Online

Whether you are looking for a top ranked, high-yield account that can build your money faster or a brick and mortar institution with online savings, there are several options available for saving your money online. It is always best to compare your options to ensure you find the right fit for you and your money. Whether you need features to help you save or want to teach your kid savings, check into some of the accounts available to help you save money.

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Compare Online Savings Accounts