Looking for a safe, no-hassle way to earn more from your cash? Online savings accounts consistently offer rates well above what traditional banks pay. Below are five top picks you can open in minutes—each backed by FDIC insurance, zero hidden fees, and user-friendly tools to help you grow your balance.
1. Ally Online Savings
APY: 3.75%
Ally’s online savings account is a crowd favorite for its blend of simplicity and flexibility. You pay no monthly fees, and there’s no minimum balance requirement. Deposits and withdrawals are unlimited, and you can schedule recurring transfers in just a few clicks. Ally also offers 24/7 customer support via phone or chat, in case you ever need help. Their mobile app features savings buckets—virtual sub-accounts you name yourself—to help you set and reach multiple goals at once.
2. Marcus by Goldman Sachs
APY: 3.80%
Marcus stands out with one of the highest rates available and a super-simple signup process. You can link an external checking account for instant transfers, and set up automatic monthly deposits so you never have to think about moving money. There are no transaction fees, and no minimum deposit to open an account. Marcus’ online dashboard shows your balance and interest earned in clear charts, making it easy to track progress toward your goals.
3. Discover Online Savings
APY: 3.70%
Discover packs robust features into its online savings account. You get no minimum balance, and all balances are FDIC-insured up to $250,000. Their mobile app includes built-in budgeting tools, helping you see spending and saving trends in one place. Discover also offers round-up transfers: link a debit card, and the app will round up each purchase to the next dollar, moving the difference into savings. For users who like automation, this feature delivers steady growth without lifting a finger.
4. Synchrony High Yield Savings
APY: 3.65%
If you value easy access to your money, Synchrony’s free ATM debit card is a plus—it lets you withdraw from any ATM with no fees. Interest compounds daily, so even small balances earn faster growth. Synchrony has no monthly fees and a low minimum opening deposit (typically $0–$100). Their web portal and mobile app deliver a straightforward interface: check your balance, view transaction history, and set up external transfers in seconds.
5. CIT Bank Savings Connect
APY: 3.60%
CIT Bank’s Savings Connect account requires a modest $100 opening deposit but rewards you with a competitive rate and tiered APY—balances above certain levels earn slightly higher rates. You can schedule weekly or monthly auto-transfers from any linked account, and there are no hidden service fees. CIT’s online platform includes email alerts for when your balance hits certain thresholds, helping you stay on top of your savings plan.
How to Choose the Right Account
- Interest Rate vs. Convenience: If you rarely need to move money, prioritize the highest APY. If you plan frequent withdrawals, look for free ATM access or unlimited transfers.
- Minimum Deposit Requirements: Some accounts start at $0, others at $100. Pick one you can fund immediately.
- Automation Features: Recurring transfers, round-up options, and goal buckets keep you saving without extra effort.
- Mobile App Quality: Read user reviews for ease of use—simple dashboards encourage regular check-ins.
- Customer Support: 24/7 chat or phone access can be a lifesaver if you ever have an urgent question.
Simple Action Plan
- Choose one account that matches your habits and balance needs.
- Open it online—most applications take under 5 minutes.
- Link your checking account and set up an automatic transfer (e.g., $50–$200 per payday).
- Track your progress monthly—watch your balance and interest climb.
By moving just a small portion of each paycheck into a high-yield account, you’ll earn hundreds of dollars more in interest over a year compared to a regular savings account. Start today, and let your money work harder for you!