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Guide to the 5 Best Online Savings Accounts – August 2019

Written by Banks Editorial Team

Updated April 21, 2021​

3 min. read​

The best online savings accounts need to be effective at securing your money, but they can also bring other benefits to the table. When comparing potential online saving accounts, it helps to pay attention to that special something that each company has going for it. That way, you can ask yourself whether their features are what you value the most. Find that value, and you will find your perfect match among the best online savings accounts.

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5 Best Online Savings Accounts

1. Discover Online

If you already have a Discover card, it may be even easier to get a savings account since signing up for it will actually use the same login in many cases. Discover often gives you free bonuses like giving you $150 if you deposit at least $15,000 by a certain date. Sometimes they give you even more for depositing more.

The 2.05% rate and $0 minimum balance don’t hurt for those who don’t plan on adding a lot of money until later either. In both cases, you’ll end up on top.

Bottom Line: Internet-savvy users who already have Discover or who plan on adding a lot of money into their savings account right away will appreciate Discover accounts the most.

2. Ally Bank

Ally is one of the most touted online banks on the internet. They offer a solid rate of return (2.1% APR), and you can get it done with a 0$ minimum deposit. They also have some interesting features like giving you the ability to add a checking account at the same time that you add savings. Then, you can transfer money between the two freely. The app lets you scan your checks and upload them that way as well.

Ally does limit you to 6 transactions per payment cycle. However, the account compounds interest daily and you don’t have to pay a monthly fee for account maintenance. This is also one of the best rates you’re going to see on a savings account of this type.

Additionally, Ally is often touted for their exceptional customer service. You can contact Ally agents in many different ways, including through social media. It is worth noting that you may have trouble connecting this bank to PayPal since the company (PayPal) dislikes doing business with other Internet banks like Ally. You also can’t do cash deposits, but this is getting less common in today’s culture anyway.

Ally also has a network of 55,000 ATMs for withdrawing cash.

Bottom Line: If you’re all about using your phone for everything, then Ally has a top-notch user experience for you. You can even add investments and other services like Auto insurance to Ally apps.

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3. Synchrony

Synchrony is the same bank that backs PayPal and the Amazon Store Card. It also has a decent rate at 2.15% APR. To get the money out, you have to first it to a different bank and then take it out that way. So, this makes it so that you’ll be more likely to leave the funds in there, earning money for you.

Bottom Line: Synchrony will work well for those who want a hybrid between a flexible bank and one that is a bit more of a high-yield traditional savings account with a solid reputation.

4. TAB Bank

There are few banks out there with a higher APY than TAB. It has a rate of 2.4% APY. If your goal is just to get money into the account and make as much money as possible, then this is the one you want. The bank only has one location in Utah, so it’s definitely more of an Internet bank. You also have limits on how often you can use the account. Plus, you also don’t even get a debit card at all, so it’s just for transfers.

Bottom Line: Mobile customers who want the absolute highest APY possible will love TAB.

5. FNBO Direct

The First National Bank of Omaha has a bit more of a physical presence in that it’s in 7 states throughout the Midwest. Their savings account only takes $1 to open. They have a decent rate at 2.15 APY and they also have a checking account so you can do both here if you prefer. Additionally, you can send transfers for free to friends and family you have with accounts in the PopMoney network. A transfer within the network should be highly secure.

FNBO also has FDIC insurance, so together with some of their other features, it should make for a worry-free experience.

Bottom Line: The security-conscious will appreciate the FDIC insurance and other measures FBNO takes to keep your savings account safe.

Overall, there are savings accounts out there for every taste, all the way from security to convenience. Research to find the one among the best online savings accounts that fits your needs.

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