Online high-yield savings accounts are your best choice in a low-rate environment.

Don’t expect the savings accounts at your brick-and-mortar bank to notice that the Federal Reserve raised interest rates. Rates have been at historic lows for years and will stay that way for awhile. There are still plenty of high-interest savings accounts available online and I’ll go through the best options with you. While the interest earned from your savings account isn’t going to fund your retirement, it can still add up, particularly on higher balances…!


The Best High-Yield Savings Accounts.

High-profile online bank Ally offers 1% APY on its Online Savings Account with no account minimum and no monthly maintenance fees. Ally also boasts some of the most transparent account disclosures in online banking as well as 24/7 customer service, a rarity.

Make deposits via electronic transfer, mobile check deposit, direct deposit, or mail. You can also link up to 20 external accounts to your savings account, should the need arise.

If you want to keep your funds more readily available, Ally’s Money Market Account earns 0.85% APY and allows unlimited no-fee ATM withdrawals…!

Synchrony Bank

Synchrony Bank’s High Yield Savings Account offers an impressive 1.05% APY. There is no minimum balance required to open an account, though you will have to keep at least a $30 balance to avoid a $5 monthly maintenance fee.

You can make deposits and withdrawals via electronic transfers, over the phone, or with an optional ATM card. There’s also a convenient mobile check deposit feature.

Depending on your balance and the length of time you’ve had your account, you may also qualify for Synchrony’s OptimizerPlus perks, which include travel discounts, ATM fee reimbursements, and free identity theft resolution services…!

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Discover Bank

You’ll need at least $500 to open an Online Savings Account with Discover Bank, but you’ll get a healthy 0.95% APY. There is no ongoing minimum balance or monthly maintenance fee.

Like Ally, Discover has 24/7 customer service and a convenient mobile-banking app that allows mobile check deposit. You can also make deposits via electronic transfer, direct deposit, and mail.

For easy ATM access, Discover’s Money Market Account features free withdrawals at 60,000 ATMs nationwide. That account earns 0.80% APY on balances under $100,000, or 0.85% over that amount…!


If you’re looking for an online bank that’s a little better-known, British megabank Barclays might fit the bill. Its U.S. division offers an Online Savings Account with 1.00% APY, no minimum balance, and no monthly maintenance fees. You can make deposits via mobile check deposit, direct deposit, electronic transfer, or mail.

If you’re willing to keep your hands off your money for awhile, Barclays also offers a Dream Account with 1.05% APY. Make deposits of up to $1,000 for six months, and earn a 2.5% bonus on your interest; make no withdrawals for six months and earn another 2.5% bonus…!


You won’t get a flashy website or lots of other banking options with MySavingsDirect, an online division of Emigrant Bank, a large bank based in New York City. But if you’re just looking for a basic savings account with a high interest rate, you’ll get 1% APY on its High Interest Savings Account.

Even better? You won’t pay any monthly maintenance fees or any other hidden fees, and you don’t need a hefty balance to open the account. You’ll access your money by making electronic transfers from up to two linked external checking accounts…!

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Salem Five Direct

The online division of Massachusetts-based Salem Five Cents Savings Bank, Salem Five Direct is offering a juicy 1.10% APY on its eOne Savings Account. There are no account minimums or monthly maintenance fees, but it does require a $100 minimum deposit, and is only available to new customers.

The bank offers free mobile banking and deposits though its app, and you can pair the savings account with a free, interest-earning (0.25% APY) eOne Checking Account, which offers no-fee ATM withdrawals and reimburses ATM fees charged by other banks up to $15 per month…!

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