Best 10 High-Yield Online Savings Accounts Of The Year

Are you tired of earning little to no interest on your savings account? Look no further than these top 10 high-yield online savings accounts of the year. With interest rates on the rise, it’s time to make your money work harder for you. 

Whether you’re saving for a rainy day or a big purchase, these online savings accounts offer some of the highest interest rates available. Say goodbye to low-interest rates and hello to earning more of your hard-earned savings. Let’s dive into the top 10 high-yield online savings accounts of the year. 

Looking for the best high-yield online savings accounts of the year? Check out our top 10 picks:

1. Marcus by Goldman Sachs

Why We Like It: Marcus by Goldman Sachs provides excellent high-yield savings account with no minimum deposit requirement or monthly maintenance fees. Additionally, they offer a user-friendly online platform and 24/7 customer service support. 

Who Should Get It: This account is perfect for people who want a high yield on their savings without worrying about account fees or minimum deposit requirements. Additionally, customers who value online banking and 24/7 customer support will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly online platform 
• 24/7 customer support 

Cons:  

• No physical branches 
• limited account options 

2. Ally Bank

Why We Like It: Ally Bank offers one of the highest APYs on the market for their high-yield savings account, and there are no monthly maintenance fees. They also have a user-friendly mobile app and excellent customer service. 

Who Should Get It: People who want a high yield on their savings and value mobile banking will find this account beneficial. Customers who prioritize customer service will also appreciate Ally Bank’s excellent support. 

Pros: 

• No monthly maintenance fees 
• High APY 
• User-friendly mobile app 
• 24/7 customer support 

Cons:  

• No physical branches 
• limited account options 

3. Discover Bank

Why We Like It: Discover Bank offers high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide a cashback rewards program for spending on their debit card, and their online platform is easy to use. 

Who Should Get It: People who want to earn cashback on their debit card purchases while also earning a high yield on their savings will appreciate Discover Bank’s offerings. Additionally, customers who prioritize a user-friendly online platform will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• Cashback rewards program for debit card purchases 
• User-friendly online platform 

Cons:  

• No physical branches 
• limited account options 

4. Synchrony Bank

Why We Like It: Synchrony Bank offers high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide an ATM card for easy access to your funds and a user-friendly mobile app. 

Who Should Get It: People who want easy access to their funds through an ATM card while still earning a high yield on their savings will appreciate Synchrony Bank’s offerings. Additionally, customers who want a user-friendly mobile app will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• ATM card for easy access to funds 
• User-friendly mobile app 

Cons:  

• No physical branches 
• limited account options 

5. Capital One 360

Why We Like It: Capital One 360 offers a high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide an excellent mobile app and 24/7 customer support. 

Who Should Get It: People who want a high yield on their savings and value mobile banking will appreciate Capital One 360’s offerings. Additionally, customers who prioritize 24/7 customer support will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly mobile app 
• 24/7 customer support 

Cons:  

• No physical branches 
• limited account options 

6. American Express Personal Savings

Why We Like It: American Express Personal Savings offers a high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide a user-friendly online platform and excellent customer service. 

Who Should Get It: People who value customer service and a user-friendly online platform will appreciate American Express Personal Savings’ offerings. Additionally, customers who want no fees or minimum deposit requirements will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly online platform 
• Excellent customer service 

Cons:  

• No physical branches 
• limited account options 

7. Barclays Online Savings

Why We Like It: Barclays Online Savings offers a high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide a competitive APY and a user-friendly online platform. 

Who Should Get It: People who want a high yield on their savings and value a user-friendly online platform will appreciate Barclays Online Savings’ offerings. Additionally, customers who want no fees or minimum deposit requirements will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly online platform 
• FDIC-insured 

Cons: 

• No physical branches 
• limited account options 

8. CIT Bank Savings Builder

Why We Like It: CIT Bank Savings Builder offers a high-yield savings account with a unique savings structure that rewards customers who save more. They also provide a user-friendly mobile app and excellent customer service. 

Who Should Get It: People who want to earn a high yield on their savings and are committed to saving more overtime will appreciate CIT Bank Savings Builder’s offerings. Additionally, customers who prioritize mobile banking and customer service will find this account beneficial. 

Pros: 

• Competitive APY 
• Unique savings structure that rewards higher balances 
• User-friendly mobile app 
• Excellent customer service 

Cons:  

• Minimum deposit and balance requirements 
• limited account options 

9. FNBO Direct Online Savings

Why We Like It: FNBO Direct Online Savings offers a high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide a user-friendly online platform and excellent customer service. 

Who Should Get It: People who want no fees or minimum deposit requirements and prioritize a user-friendly online platform will appreciate FNBO Direct Online Savings’ offerings. Additionally, customers who value excellent customer service will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly online platform 
• Excellent customer service 

Cons:  

• No physical branches 
• limited account options 

10. HSBC Direct Savings

Why We Like It: HSBC Direct Savings offers a high-yield savings account with no minimum deposit or monthly maintenance fees. They also provide a competitive APY and 24/7 customer service support. 

Who Should Get It: People who want a high yield on their savings and 24/7 customer support will appreciate HSBC Direct Savings’ offerings. Additionally, customers who want no fees or minimum deposit requirements will find this account beneficial. 

Pros: 

• No minimum deposit or monthly maintenance fees 
• Competitive APY 
• User-friendly online platform 
• 24/7 customer service support 

Cons:  

• No physical branches 
• limited account options 

Overall, these are the top 10 high-yield online savings accounts of the year. Each account has its unique features and benefits, so it’s essential to consider which account fits your savings needs and priorities. 

Frequently Asked Questions 

Here are some commonly asked questions about the best 10 high-yield online savings accounts of the year. 

1. What is a high-yield online savings account?

A high-yield online savings account is a type of savings account that typically offers a higher interest rate than traditional savings accounts. These accounts can be accessed and managed online, making them convenient for those who prefer to handle their finances digitally. 

High-yield online savings accounts often have fewer fees and minimum balance requirements than traditional savings accounts, making them a popular choice for those looking to maximize their savings. 

2. How do I choose the best high-yield online savings account?

When choosing the best high-yield online savings account, it’s important to consider factors such as interest rates, fees, and minimum balance requirements. Look for an account with a high interest rate and low fees, as well as a manageable minimum balance requirement. 

You should also consider the reputation and financial stability of the bank offering the account. Look for a bank with a strong track record and positive customer reviews. 

3. What are some benefits of high-yield online savings accounts?

One major benefit of high-yield online savings accounts is the higher interest rates they offer, which can help you earn more money in your savings. These accounts also typically have fewer fees and more flexible terms than traditional savings accounts. 

Additionally, online savings accounts can be accessed and managed from anywhere, making them a convenient option for those who prefer to handle their finances digitally. 

4. Are high-yield online savings accounts FDIC insured?

Most high-yield online savings accounts are FDIC insured, which means that your deposits are protected upto $250,000 per account. However, it’s important to confirm that the bank offering the account is FDIC insured before opening an account. 

FDIC insurance provides added peace of mind and ensures that your money is protected in the event of a bank failure. 

In today’s fast-paced world, convenience is key. High-yield online savings accounts provide just that. With no need to visit a physical bank, you can manage your money at any time from anywhere in the world. Plus, with interest rates that are significantly higher than traditional savings accounts, you can watch your money grow faster than ever before. 

In conclusion, high-yield online savings accounts are an excellent option for those looking to grow their savings quickly and conveniently. With our list of the top 10 accounts of the year, you can easily find an account that meets your needs and helps you achieve your financial goals. So why wait? Start growing your savings today! If you don’t know how to find the right saving account for your specific needs, you can get help from here!