The best online savings accounts enable you to personalize the account to your particular set of financial needs and goals. To accomplish this, you must select a savings account that provides competitive interest rates, minimal fees, and low minimum balance requirements. A further advantage of having an account with us is the ability to withdraw cash from any automated teller machine (ATM) in the United States. For these reasons, Finxpd gives information on the top five suggested savings accounts, allowing you to make an informed choice.
List of Contents
Best Saving Account: Discover Bank Online Savings

APY: 1.10%
MIN. TO EARN APY: $0
Why We Selected It
Cashback Debit is a bank account that allows you to earn 1 percent cash back on up to $3,000 in monthly debit card transactions. Additionally, there are no monthly service fees and no minimum monthly balance requirements. Discover Cashback Debit provides access to over 60,000 fee-free ATMs and direct deposit makes paychecks accessible up to two days early.
There are many options for account users to fill their accounts: online transfer from another bank, mobile check deposit, and sending a check to the bank. Currently, cash deposits are not accepted.
Discover’s Cashback Debit details are as follows: “The following debit card transactions are not eligible for cash back rewards: ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, peer-to-peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding. In addition, transactions purchased using third-party payment accounts (such as Venmo® and PayPalTM, which also facilitate P2P payments) may not qualify for cash back benefits. Apple, the Apple logo, and Apple Pay are registered trademarks of Apple Inc. in the United States and other countries.”
Pros
✔ Minimal account fees
✔ Competitive APYs with a solid savings rate
✔ Excellent client service
✔ Checking account with cash rebates
✔ Large ATM network
✔ With direct deposit, you may get your pay up to two days early
Cons
✘ Minimum deposit for CDs is rather expensive
✘ Lack of an interest-bearing checking account
✘ A single branch office site
✘ Doesn’t take cash deposits
Recommended for: Customers that prefer attractive interest rates, checking amenities, and ATM access above branch locations, and who sometimes overdraw their accounts.
Best Saving Account: CIT Bank Savings Connect

APY: 1.35%
MIN. TO EARN APY: $100
Why We Selected It
CIT Bank became a part of First Citizens Bank in January 2022. As a result, customers may continue to utilize existing CIT Bank accounts. However, CIT Bank will begin transitioning to First Citizens Bank’s systems and operations over the next several months.
CIT Bank is a major online bank offering money market savings accounts, checking accounts, certificates of deposit, and high-yield savings alternatives. CIT does not charge monthly maintenance costs, and many of its interest rates are fair. Nonetheless, it does not provide a free ATM network, which is uncommon among online banks that offer checking accounts.
This account stands out because of its high APY and lack of fees. In conjunction with creating this savings account, an eChecking account is also created. As long as you’re okay with that, it’s an excellent choice for savings, and the checking account also offers little interest.
Pros
✔ Easy online banking
✔ Debit card access
✔ FDIC coverage of at least $250,000
✔ There are no monthly fees associated with checking and savings accounts
✔ Great rates on CIT’s money market and high-yield savings accounts; checking accounts also pay a little amount of interest
✔ Minimum deposit for the money market account that is reasonable
Cons
✘ No branch reach
✘ Automatically opening an eChecking account might be detrimental for some
✘ Both eChecking and savings accounts have a $100 requirement to start
✘ No free ATM network, although CIT will repay up to $30 per month in costs charged by other banks
✘ High minimum deposit requirements for checking accounts
Recommended for: Customers who choose a digital bank with fee-free online account opening for checking and savings.
Best Saving Account: Marcus by Goldman Sachs Online Savings Account

APY: 1.00%
MIN. TO EARN APY: $0
Why We Selected It
The fee-free and high APY of the Marcus by Goldman Sachs Online Savings Account attract clients. For others, though, the inability to remotely deposit checks might be a deal-breaker. Continue reading for comprehensive information on what this savings account offers.
This bank is a great decision if your only objective is to enhance your funds. It lacks services offered by the majority of online banks, such as mobile check deposits and a free ATM network.
If these qualities are essential for you, you should consider other solutions. In fact, it is usually a good idea to comparison shops. In fact, the annual percentage yields (APYs) given by high-yield savings accounts fluctuate often, and online banks regularly introduce new features and incentives.
Pros
✔ Several CD terms
✔ No monthly service costs
✔ Same-day money transfers between banks
✔ up to $100,000 in same-day transactions
✔ APYs, savings, and CD interest rates are competitive
Cons
✘ Neither a checking account nor an ATM network are available
✘ There are no cash deposits accepted
Recommended for: Customers who want competitive savings rates are comfortable with internet banking and maintain a separate checking account.
Best Saving Account: Synchrony Bank High Yield Savings

APY: 1.10%
MIN. TO EARN APY: $0
Why We Selected It
The fee-free and high APY of the Synchrony Bank High Yield Savings account are merely the beginning of everything it has to offer. It also provides an ATM card with monthly refunds for out-of-network ATM fees and excellent mobile features.
Synchrony provides online savings accounts and CDs with excellent interest rates, but it lacks further features including a checking account.
The high-yield savings account offered by Synchrony is fee-free and offers one of the best returns on the market, at 1.10% APY. There is no minimum balance requirement for account opening or interest rate qualification. The use of Synchrony’s debit card at Plus or Accel-logoed ATMs is fee-free. However, ATM owners may levy a fee. Synchrony Bank provides a $5 monthly reimbursement for fees incurred at domestic ATMs.
Synchrony has some of the most competitive CD rates available, with an annual percentage return of 2.90% for a five-year CD. No minimum initial investment is necessary.
Pros
✔ No minimum savings account balance
✔ Zero monthly costs
✔ ATM fee refunds
✔ Excellent rate on savings
✔ Monthly reimbursement of $5 for use of non-network ATMs
Cons
✘ No checking account alternatives
✘ No actual branch offices
Recommended for: Customers that prefer internet banking, do not need a checking account or in-person services, and earn excellent interest rates.
Best Saving Account: Barclays Online Savings Account

APY: 1.10%
MIN. TO EARN APY: $0
Why We Selected It
The best savings accounts provide excellent returns, minimal fees, and effective account management features. All of these requirements are met by the Barclays Online Savings account, making it an excellent choice for people who want a competitive APY and are comfortable banking online. In this study, we will examine all the benefits that the Barclays Online Savings account provides, such as its robust mobile applications and branch locations.
Barclays, headquartered in London, offers services to 48 million people globally. Its online-only U.S. banking business provides competitive yearly percentage returns on its savings account and certificates of deposit, but no checking accounts.
Barclays lacks a branch network in the United States, therefore it is best suited for customers who do not need in-person help. However, if you place a premium on high savings returns, you may be able to disregard these restrictions.
Pros
✔ Competitive interest rates are available on savings accounts and certificates of deposit
✔ There is no starting deposit requirement for savings accounts or certificates of deposit
✔ High APY
✔ Zero maintenance fees
Cons
✘ No ATMs and no branches for American consumers
✘ There is no checking account
✘ Poor ratings for mobile applications
Recommended for: Customers who do not need a checking account or in-person services but want high returns on savings or CDs with no minimum deposit.
Conclusion
In conclusion, Weigh the benefits and drawbacks of several types of savings accounts before deciding which one is best suited for your financial situation. Finxpd only collects useful data that you can use to make better decisions.
FAQs
When choosing the best savings account, there are several factors to consider. These include the interest rate, fees, minimum balance requirements, accessibility, and additional features such as ATM access, online banking, and mobile apps. It’s important to compare savings accounts from different banks and financial institutions to find the one that best fits your financial needs.
The interest rate is an important factor when choosing a savings account because it determines how much money you will earn on your savings over time. A higher interest rate means you’ll earn more money on your savings, while a lower interest rate means you’ll earn less. Look for savings accounts with competitive interest rates that will help you grow your savings faster.
Some additional features to consider when choosing a savings account include overdraft protection, direct deposit, and automatic savings plans. These features can help you save more money and avoid fees or penalties. Consider your financial goals and needs when choosing a savings account with additional features.
Yes, you can have multiple savings accounts with different banks or financial institutions. Having multiple savings accounts can help you reach your financial goals faster and diversify your savings. However, be sure to consider the fees and minimum balance requirements associated with each savings account before opening multiple accounts.
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Read more: Popular Savings Accounts
Source: Fool, Nerdwallet