Best High Yield Online Savings Accounts of 2019

No matter how old you are or what stage of your life you’re in, if you want to be in a stable financial position, having savings is non-negotiable.

best high yield online savings accountsKnowing that you have some money set aside for an emergency, or that you have some savings should you need to pay for major purchase or life event, will provide the feeling of financial security and stability.

Not having any savings, on the other hand, can be quite scary. And yet, statistics show, that a $1,000 emergency would easily push the majority of Americans into debt!

I often get asked about the best ways to save money – and my answer is high-yield online savings accounts. They offer much higher interest rates than traditional savings accounts – and it’d be a shame not to make use of that.

In this post, you’ll find out what the best high yield online savings accounts are – and their most attractive features. Not all high yield savings accounts are equally impressive – so it’s important to know exactly what each provider offers. That’ll help you decide which online can take your savings to the next level.

Best High Yield Online Savings Accounts

Here’s a list of my top 11 high-yield online savings accounts. Some of these are offered by online-only banks (those tend to have higher interest rates), while others are offered by traditional brick-and-mortar banks, but can be managed online.

CIT Bank Savings Builder

CIT bankCIT Savings Builder is the latest and most exciting product from CIT Bank – an online bank owned by CIT Group (a financial holding company established in 1908).

CIT Savings Builder offers a stellar 2.10% APY on your balances – but only if you make a commitment to growing your savings by setting up a $100 monthly deposit (or if you maintain a minimum balance of $25,000).

Otherwise, your APY will be 1.22%, which isn’t great. Your money will grow – but you won’t make the most of CIT Bank’s excellent rates.

  • Interest rates: 2.10% APY (balances of $25,000 or if you make a regular $100 monthly deposit); 1.22% APY on balances under $25,000
  • Minimum balance requirement: $100
  • Monthly fees: $0
  • Mobile app: 4.6 stars on the App Store, 4.3 on Google Play
  • FDIC insured: yes, up to $250,000

 

CIT Bank CIT Bank is an online-only bank that offers accounts with no monthly fees. Offering competitive rates on high-yield savings accounts, MMA's and CDs, you can't go wrong! Start Saving Today! CIT Bank

 

Betterment Everyday™ Savings Account

bettermentBetterment Everyday™ is the high interest saving account offered by Betterment, one of the most respected goal based robo-advisors who currently have over $16 billion under management.

Founded in New York City in 2008, this goal based investing platform now offers the Betterment Everyday™ Savings Account, which is one of the best high yield online savings accounts with a 2.04% APY. There also aren’t any fees at all with this savings account. All ATM fees worldwide are reimbursed and there’s no overdraft or account fees. Making this account completely free.

Another benefit of the Betterment Everyday™ Savings Account  is that it’s easy to move your money between a Betterment investing and Betterment savings account, so you can ensure that you’re getting the best return on your money while you pursue your investing goals.

  • Interest rates: 2.04% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: 4.8 stars on the App Store, 4.0 on Google Play
  • FDIC insured: yes, up to $1,000,000 with the savings account and $250,000 on checking account

 

Betterment Everyday The Betterment Everyday™ Savings Account offers a best in class interest rate without any fees, making it a great option for your savings. Start Saving Today! Betterment Everyday

Discover Online Savings Account

discover bank logoDiscover Bank is one of my favorite online banks because it offers simplicity and great rates at no cost. It’s the definition of hassle-free banking!

With the Discover Online Savings Account, you can earn a solid 1.90% APY on all balances. There are no minimum balance requirements – and you can easily bank on-the-go with Discover Bank’s top-rated mobile banking app, Discover Mobile.

  • Interest rates: 1.90% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: 4.7 stars on the App Store, 4.7 on Google Play
  • FDIC insured: yes, up to $250,000

Discover Online Savings With the Discover Online Savings Account you will earn 5X as much interest than the national average APY for interest earning savings accounts. Start Saving Today! Discover Online Savings

Vio Bank High Yield Savings Account

vio bank high yield savings account logoIf you’re just starting to think about building your savings, Vio Bank is a good place to start.

Vio Bank High Yield Online Savings Account offers stellar interest rates on all balances (the 2.52% APY is one of the most competitive rates on the market) – and you only need $100 to open an account.

This high-interest savings account offered by Vio Bank – an online division of MidFirst Bank – is a great way to grow your savings with the flexibility of being able to access your money whenever you need to.

There’s a minimum opening balance of $100, but that’s fairly reasonable (when some banks require a $1,000 to get started).

  • Interest rates: 2.52% APY
  • Minimum balance requirement: $100
  • Monthly fees: $0
  • Mobile app: 4.4 stars on the App Store, 2.9 on Google Play
  • FDIC insured: Yes, up to $250,000

 

Bank5 Connect High-Interest Savings Account

bank5 connect logoBank5 Connect is an online bank that offers an online savings account with competitive interest on balances of $100 or more. You only need $10 to get started, which is pretty great if you’re just embarking on your wealth-building journey.

You can manage your Bank5 Connect High-Interest Savings Account online (e.g., review your balances, use your savings to cover overdrafts of checking account, etc.) on the bank’s mobile app.

  • Interest rates: 1.90% APY
  • Minimum balance requirement: $10
  • Monthly fees: $0 (if you choose paperless statements)
  • Mobile app: 5 stars on the App Store (only 11 reviews), 4.7 on Google Play
  • FDIC insured: yes – up to $250,000

SoFi Money

SoFi Money logoSoFi Money is a high-interest cash management account that combines both spending and high-interest saving. It is one of the best free checking accounts – but it also has excellent money-saving features.

With SoFi Money, you can earn a stellar 1.80% APY on all your cash – without paying any monthly fees. Plus, you get your ATM fees reimbursed – and can manage account easily via the high-rated SoFi mobile app.

We’re talking mobile transfers, check deposits – and even customer service – everything is within reach for SoFi customers at the click of a button.

  • Interest rates: 2.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: 4.8 stars on the App Store, 4.2 on Google Play
  • FDIC insured: yes, up to $1.5 million

CIBC Bank USA Agility Savings

cibc online high yield savings account logoOffering attractive interest rates at no monthly cost, CIBC Bank USA Agility Savings is another excellent high-yield savings account option.

Its 2.20% APY is one of the highest on the market – especially because you earn it on all balances.

You will need a $1,000 to open a savings account with CIBC Bank USA, but the APR won’t change –even if your balance dips below $1,000.

  • Interest rates: 2.20% APY
  • Minimum balance requirement: $1,000
  • Monthly fees: none
  • Mobile app: 3.8 stars on the App Store, 4.2 on Google Play
  • FDIC insured: yes

Barclays Online Savings Account

barclays high yield online savings account logoBarclays is a London-based bank with an online banking operation in the U.S.

With Barclays Online Savings Account, you can earn an excellent 2.00% APY on your savings – which is among the highest rates on the market.

One of the things worth pointing out about Barclays is that you won’t find many physical bank branches in the US, so it’s ideal for those who don’t mind mainly managing their account online.

Also, the bank doesn’t offer a checking account, so you will need to use another provider for that.

  • Interest rates: 2.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: 2.3 stars on the App Store,  4 on Google Play
  • FDIC insured: yes

Marcus by Goldman Sachs High-Yield Online Savings Account

marcus by goldman sachs high yield savings accounts logoThis account frequently gets a mention here – but that’s because Marcus by Goldman Sachs High Yield Savings Account is an account with a first-class rate.

There are no fees, no minimum balances – and you can earn as much as 2.00% APY on all balances. This account is somewhere between a savings account and a money market account because it has features of both.

Where Marcus by Goldman Sachs falls short is the lack of a mobile app – so you can only access your accounts online or over the phone.

  • Interest rates: 2.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: none
  • FDIC insured: yes 

HSBC Direct Savings Account

hsbc online savings account logoWidely known as a multinational banking giant, HSBC needs no introduction. The HSBC Direct Savings account offers one of the highest savings APYs on the market – 2.20%! There are no fees, and you don’t have to worry about account minimums either.

HSBC also has some useful money management tools which you can use to organize your finances, track your spending, and set future goals.

You can manage your account online or on the HSBC mobile app, but be warned that the app doesn’t get the highest ratings.

  • Interest rates: 2.20% APY
  • Minimum balance requirement: $1
  • Monthly fees: $0
  • Mobile app: 1.4 stars on the App Store, 2.7 on Google Play
  • FDIC insured: yes

UFB High Yield Savings

ufbdirect savings account logoUFB Direct High Yield Savings Account offers a very competitive 2.15% APY – but only on balances of $10,000 or more. You won’t earn an APY on balances of $0-$9,999.99, which is a bit of a shame.

UFB Direct – a division of BofI Federal Bank – won’t charge you any maintenance fees, nor impose any minimum deposit requirements.

It’s a solid high-yield saving account for those who have at least $10,000 set aside in savings, but not the customers who want to start small.

  • Interest rates: 2.15% APY (balances of $10,000 or more)
  • Minimum balance requirement: $0
  • Monthly fees: $0
  • Mobile app: 3.3 stars on the App Store, 3.4 on Google Play
  • FDIC insured: yes

What Are High-Yield Savings Accounts?

High-yield savings accounts are just as it sounds – deposit accounts that offer high-interest savings rates.

These accounts often pay much higher interest rates than traditional savings accounts, making them an ideal place to park your money for a longer time – whether it’s for an emergency fund or money you wish to set aside for a major purchase or life event.

How Do Online Savings Accounts Work?

They are similar to certificates of deposit (CDs), but your money isn’t necessarily locked up for a set period. That said, CDs may offer a higher rate because you agree to let your bank use your money for a set period, without access to it.

High-yield online savings accounts have many advantages over more traditional accounts – often because these accounts are offered by online banks. Since online banks have lower overhead, they are able to offer more attractive interest rates at a lower cost.

That said, several traditional banks also have high-yield online savings accounts worth taking a closer look at.

Are Online Savings Accounts Worth It?

Having a growing savings account is one of the stepping stones to achieving financial freedom.

A substantial savings account provides a financial cushion – and once you have that, you can begin thinking about creating passive income through investing.

Remember that the higher the earning potential, the higher the risk – so you must have some savings to fall back on before you begin your investment journey.

Because your money is FDIC-insured, but you’re still earning a high yield rate, opening a high-yield

Grant Sabatier

Creator of Millennial Money and Author of Financial Freedom (Penguin Random House). Dubbed "The Millennial Millionaire" by CNBC, Grant went from $2.26 to over $1 million in 5 years, reaching financial independence at age 30. Grant has been featured in The New York Times, Wall Street Journal, BBC, NPR, Money Magazine and many others. He uses Personal Capital to manage his money in 10 minutes a month.

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