Highest Online Bank Rates for Savings And Money Market Accounts - March 31, 2023
Savings Account National Average Rate: 0.10% ?
The Federal Reserve acted today to increase the Fed Funds rate to a target of 4.75% to 5.00%, and said that additional policy firming may be appropriate. Many observers wanted the Fed to suspend raising rates, in light of the collapse two weeks ago of Silicon Valley Bank and Signature Bank and resulting banking turmoil. Chairman Powell and the committee decided that (...read more in the Recent Articles section below the rate table).
ONLINE BANKS | APY? | MIN? | ||
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Sponsored | Advertiser Disclosure | |||
|
3.60% | $0 |
Learn More on the Discover Bank website |
|
Grow your money with a high yielding savings account. Member FDIC. |
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|
5.02% |
$1 |
Learn More | |
Last change: ↑0.47% on March 13. |
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ba_khlo | Mar 24, 2023 I haven't had any issues setting up a link to existing bank account like previous reviewer. Initiated transfer on Tue, money has not been credited yet on Fri, and now I am told Tue. That's way slower than ... Read More |
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|
5.02% |
$1,000 |
Learn More | |
Last change: ↑0.22% on March 23. |
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YTR | Mar 27, 2023 CFG is an outstanding bank, and now rate is over 5%! Read More |
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|
4.75% |
$1 |
Learn More | |
Last change: ↑0.40% on March 28. |
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Leder | Feb 8, 2023 Here is your 1 star Read More |
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|
4.75% |
$2,500 |
Learn More | |
Indexed Savings Account. Ivy Bank's Online Savings Account offers 4.50% APY. |
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Hijo de Manuela | Mar 9, 2023 I am a big fan of this one. The rate is now 4.25% on the online savings product, but 4.75% on the indexed product. While they don't allow a product switch, you can open the indexed with 4.75% then move al... Read More |
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|
4.65% |
$2,000 |
Learn More | |
Last change: ↑0.35% on March 11. |
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Sharon C | Mar 11, 2023 Dreadful beyond words. Stay away! Read More |
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|
4.50% |
$50 |
Learn More | |
Last change: ↑0.16% on March 24. |
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65JimmyJay | Dec 12, 2022 Developed buyers remorse after they stopped raising the rate and switched to Brilliant. |
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|
4.50% |
$100 |
Learn More | |
Last change: ↑0.10% on March 21. |
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Aussie10024 | Mar 7, 2023 This bank is a waste of time. Tried to set up account. Denied. Called the bank as it states in the denial. Waited on hold for 25 minutes. Rep told me they could not any reason why it was denied but I shoul... Read More |
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|
4.50% |
$100 |
Learn More | |
Last change: ↑0.25% on March 22. |
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RogW57 | Mar 27, 2023 Rate may look competitive but you'll fall into the black hole of awful service and constant cross selling the moment you open an account. Read More |
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|
4.50% |
$1,000 |
Learn More | |
Last change: ↑0.30% on March 15. |
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Jenin, GA | Oct 17, 2022 I opened the account without reading the reviews and I am glad I did. No troubles and they just raised their rate so it is on top of this list! |
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|
4.50% |
$25,000 |
Learn More | |
Last change: ↓0.55% on March 27. |
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79Thru | Mar 21, 2023 Parent seems to be owned by a large Chilean bank. Not saying this is good or bad, but it is complication, especially in the current environment. Read More |
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|
4.45% |
$0 |
Learn More | |
Last change: ↑0.10% on March 20. |
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SHG | Mar 2, 2023 Best bank on the list. By a country mile. Read More |
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|
4.45% |
$5,000 |
Learn More | |
Last change: ↑0.05% on March 29. |
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Mysteriosa | Mar 14, 2023 I had two 5 year CDs. Once in 2021 and again in 2022, PD claimed that my account had been abandoned. As far as I know, PD had made no effort to reach me, and I had been logging in once/month to check my ... Read More |
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|
4.40% |
$0 |
Learn More | |
Last change: ↑0.15% on February 9. |
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jeff | Jan 6, 2023 I did not find this rate anywhere. They knew nothing about it at branch in Fargo. |
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|
4.35% |
$1 |
Learn More | |
Last change: ↓0.68% on February 17. |
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WeltWon | Mar 21, 2023 Having had accounts at 68 DIFFERENT BANKS & CREDIT UNIONS in my life, I may have become an expert on good and bad services. Here is why I've given Primis 4 stars: 1. Interest rate. Like many who have rece... |
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|
4.35% |
$1 |
Learn More | |
Last change: ↑0.45% on December 16. |
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New applicant23 | Jan 7, 2023 They said would notify me in 2 business days about my savings application which had nothing wrong. 5 business days now and no response was given, not even an email. Read More |
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|
4.35% |
$100 |
Learn More | |
Last change: ↑0.10% on March 1. |
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JGothelf | Oct 11, 2022 Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does Read More |
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|
4.27% |
$1,000 |
Learn More | |
Last change: ↑0.26% on March 28. |
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SheKnows | Oct 3, 2022 The rate is not always competitive (but I am checking now on October 3, 2022 and it is above Ally, Barclays, Marcus, Synchrony). I still give CIBC an A+. It is all about transfers. Theirs are easy, reliabl... Read More |
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|
4.25% |
$0 |
Learn More | |
Last change: ↑0.25% on March 15. |
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overdrawn | Nov 12, 2022 I was shopping for deposit rates in August, and NerdWallet, a site I had previously trusted, had it on their list. I was unaware they took deposits. They are the only bank that ever duplicated a transactio... |
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|
4.25% |
$1 |
Learn More | |
Last change: ↑0.25% on March 13. |
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Dr. Bill N | Jan 18, 2023 The website is constantly down. I'll move all my accounts to a less recognized name with a better rate as that gives me fewer surprises like this. Read More |
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|
4.25% |
$1,000 |
Learn More | |
Last change: ↑0.50% on March 24. |
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Az1 | Aug 26, 2022 Too slow to raise rates. Read More |
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|
4.20% |
$1 |
Learn More | |
Last change: ↑0.20% on February 25. |
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SadSack | Dec 2, 2022 No such limits as referred to by Jonathan. Perfectly Happy with service and keep adjusting the rate! Read More |
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|
4.06% |
$1 |
Learn More | |
Last change: ↑0.42% on March 9. |
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Yat 1965 | Mar 19, 2022 Problem with ties to puppy mills. I closed a cct. https://www.americanbanker.com/news/tab-bank-dragged-into-seedy-world-of-puppy-mill-loans-by-fintech-partner |
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|
4.05% |
$0 |
Learn More | |
Last change: ↑0.25% on March 24. |
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Dev1ldog | Feb 28, 2023 How often do people agree? When the overall rating is two stars, then this bank has to be terrible. Try finding multiple deposit accounts; try waiting on your deposit to post due to them floating your fu... |
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|
4.05% |
$0 |
Learn More | |
Last change: ↑0.40% on February 14. |
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HappyPrimeAllianceCustomer | Sep 20, 2022 Prime Alliance Bank has a single branch (outside Salt Lake City) and does an excellent job with distance banking (we are based in Washington state). It stands out in several ways: (1) Interfacing with the... |
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|
4.00% |
$0 |
Learn More | |
Last change: ↑0.25% on March 29. |
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AllyAccountOwner | Jan 7, 2023 After being a customer for 12 plus years, I attempted to open and Estate account. Ally declined my application saying they could not verify me even though I am a long time customer with six figures in a... Read More |
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|
4.00% |
$0 |
Learn More | |
Last change: ↑0.01% on March 8. |
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jp76 | Jun 13, 2022 3 days for an ach is not market when most banks on this list do it instantly. even frigging rising bank. customer service is beyond dreadful. Read More |
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|
4.00% |
$0 |
Learn More | |
Last change: ↑4.00% on November 30. |
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Bait and Swich | May 17, 2022 Not what it seems. Avoid! Read More |
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|
4.00% |
$2,500 |
Learn More
|
|
Last change: ↑0.25% on March 1. |
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|
3.90% |
$2,500 |
Learn More | |
Last change: ↑0.65% on December 20. |
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LindaForever | Apr 30, 2022 Customer service is actually pretty helpful if you can ever reach anyone. |
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|
3.87% |
$100 |
Learn More | |
Last change: ↑0.57% on March 17. |
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carscoupons@comcast.net | Sep 6, 2019 Went to bank yesterday this is not a good rate. Needs to be updated. Read More |
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|
3.87% |
$50,000 |
Learn More | |
Last change: ↑0.15% on March 31. |
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JC | Feb 10, 2023 Just received an email saying their rate is now 4.39% APY. NASB has been raising their rates ahead of all other online banks I have. |
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|
3.81% |
$500 |
Learn More | |
Last change: ↑0.80% on March 23. |
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Electra McCain | Dec 31, 2020 I’ve filed a complaint with the FDIC. This bank keeps rearranging my transactions, even if they’ve posted and are not pending. They also will deny a transaction and charge a non sufficient funds fee ... Read More |
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|
3.80% |
$0 |
Learn More | |
Last change: ↑0.20% on March 28. |
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LenaL | May 2, 2022 Barclays is the worst. Transfer speeds even worse than Synchrony now. Service is worse than anything. Save yourself the trouble of getting sucked into rates that are sometimes competitive and choose anythi... |
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|
3.75% |
$0 |
Learn More | |
Last change: ↑0.25% on March 16. |
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Chris | Aug 31, 2022 never had a problem moving money in/out. After trying a couple banks with higher rates but less service will be moving my money back here. Read More |
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|
3.75% |
$1 |
Learn More | |
Last change: ↑0.75% on March 21. |
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jp2 | Jul 1, 2022 not really an onllne bank. compare this interface that gives you no information with that of any other bank (I cannot even confirm the rate). cannot switch in and out of cds or np cds. just not an online b... Read More |
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|
3.75% |
$1 |
Learn More | |
Last change: ↑0.25% on February 15. |
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John WIlliamson | Aug 6, 2022 The idea that they aren't competing is wrong. They'll give you 1% more on your savings if you run around promoting their brand and get a friend to sign up. Great marketing scheme actually, since those so i... Read More |
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|
3.70% |
$0 |
Learn More | |
Last change: ↑0.10% on March 12. |
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TRU | Jan 9, 2023 TIAA stole money from university professors and staff and mismanaged assets so badly that a generation of people in academia were denied a comfortable retirement. Read More |
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|
3.60% | $0 |
Learn More on the Discover Bank website |
|
Grow your money with a high yielding savings account. Member FDIC. |
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|
3.56% |
$100 |
Learn More | |
Last change: ↑0.11% on March 3. |
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Jim Plew | Apr 22, 2015 Hello, I am interested in a line of credit against my home. I have a high interest credit card that I want to move to this credit. I have a wells fargo mortgage which is only a few years old which I do no... |
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|
3.56% |
$100,000 |
Learn More | |
Last change: ↑3.56% on November 30. |
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IrishinTX | Jan 19, 2023 People read what you are looking at . . . this section is for CD's not money market accounts. Two different investments types, CD covered by insurance and money markets are not. Know what you are doing a... |
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|
3.50% |
$0 |
Learn More | |
Last change: ↑0.39% on October 27. |
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george | Dec 21, 2022 Warning, Dollar Savings Direct, My savings direct both play game, interest rate are good, but once you deposit its very difficult to get money out(withdraw), think twice before you put money in,you also lo... Read More |
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|
3.50% |
$0 |
Learn More | |
Last change: ↑0.25% on January 10. |
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DMB | Jul 29, 2022 Been with Etrade-Morgan Stanley for decades. Always fantastic service & can move funds online in a second from savings to brokerage for trading. Very competitive on saving rates. Very happy customer in ... Read More |
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|
3.40% |
$0 |
Learn More | |
Last change: ↑0.10% on March 12. |
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NS123 | Mar 15, 2023 Thank you for the reviews above. I was wondering why I was only getting 0.3% when interest rates have gone up. Why CapitalOne360 is putting loyal and long time customers at a disadvantage is beyond me. ... Read More |
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|
3.40% |
$1 |
Learn More | |
Last change: ↓0.05% on March 7. |
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NRB | Mar 14, 2018 Poor service. Condescending attitude. Savings application denied without giving reason (Equifax file had a freeze because of hacking history) and not advising customer of need to unfreeze credit file for a... Read More |
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|
3.40% |
$1,000 |
Learn More
|
|
Last change: ↑0.10% on February 24. |
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|
2.95% |
$100 |
Learn More | |
Last change: ↑2.95% on November 30. |
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Bewulf | Oct 27, 2021 I joined this bank and went through the process of applying for a HELOC. Everything seemed to be going well with only the paperwork needing to be signed and when I contacted them about having a POA and the... |
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|
2.70% |
$5 |
Learn More | |
Last change: ↑0.70% on February 6. |
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Michael | Nov 11, 2022 I have been with PenFed for a number of years, and have gotten good products. Employees have been helpful. However, beware of titling for accounts with trusts. You will not be able to distinguish betw... |
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|
2.60% |
$0 |
Learn More | |
Zman111 | Jun 26, 2022 ACH transfers are not allowed. Called and was told that I had to set up wire transfers (and pay fees) or I could come in to the bank and get a bank check. |
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|
2.50% |
$10 |
Learn More | |
Last change: ↑2.05% on March 21. |
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JohnC | Oct 11, 2020 You probably thought - as did I - that you were looking at a site that belongs to and was the responsibility of Gateway First. After all it includes their headings, selected financial statements, many pag... |
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|
2.50% |
$300,000 |
Learn More | |
nonsense | May 21, 2021 avoid this Read More |
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|
2.28% |
$5,000 |
Learn More | |
Last change: ↑0.62% on February 3. |
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JC | Jun 1, 2021 Update: STAY AWAY FROM THIS BANK! They have no clue how to run an online bank. This bank is not ready for prime time. Nothing but problems. Customer service is dismal at best. |
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|
2.25% |
$1 |
Learn More
|
|
Last change: ↑0.25% on February 10. |
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|
1.72% |
$100,000 |
Learn More | |
WPT | Nov 2, 2020 Got the account opened after weeks and finally got it funded and then they dropped the rate the next day and it is no longer competitive. |
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|
1.65% |
$100,000 |
Learn More | |
Last change: ↑1.65% on November 30. |
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Amanda Frank | Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... |
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|
1.51% |
$25,000 |
Learn More | |
Yolanda Gilruth | Jun 12, 2022 I have a small question Read More |
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|
1.50% |
$100 |
Learn More | |
BW | Jul 17, 2021 I've been with this bank for 6 months and have not had any problems. Bill pay works good. The 24 month investing CD is another vechile I use. Rates are above average considering the national rate. I'd reco... Read More |
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|
1.50% |
$50,000 |
Learn More | |
Last change: ↑1.50% on November 30. |
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Amanda Frank | Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... |
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|
1.41% |
$100 |
Learn More | |
Yolanda Gilruth | Jun 12, 2022 I have a small question Read More |
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|
1.10% |
$0 |
Learn More | |
Last change: ↑0.09% on February 13. |
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Aussie10024 | Mar 7, 2023 This bank is a waste of time. Tried to set up account. Denied. Called the bank as it states in the denial. Waited on hold for 25 minutes. Rep told me they could not any reason why it was denied but I shoul... Read More |
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Signature Federal Credit Union Restrictions |
1.10% |
$50,000 |
Learn More
|
|
Last change: ↑1.10% on November 30. |
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Signature Federal Credit Union Restrictions |
1.00% |
$10,000 |
Learn More
|
|
Last change: ↑0.20% on March 31. |
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Signature Federal Credit Union Restrictions |
0.90% |
$500 |
Learn More
|
|
Last change: ↓0.10% on March 31. |
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|
0.50% |
$0 |
Learn More | |
Jeffinnh | Mar 30, 2021 These guys are the best local bank. Very responsive. |
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|
0.50% |
$100,000 |
Learn More | |
Ric | Mar 13, 2023 This rate is phony - check the bank website: 0.05% for 1 yr CD !!! Read More |
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|
0.45% |
$0 |
Learn More | |
Stella | Apr 30, 2019 No issues. I feel confident using them. Read More |
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|
0.45% |
$1,000 |
Learn More
|
|
|
0.45% |
$30,000 |
Learn More
|
|
|
0.45% |
$100,000 |
Learn More
|
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|
0.45% |
$100,000 |
Learn More | |
Seth B Glover | Aug 10, 2019 I did not appreciate getting pulled into the 2.53% offer on $100k only to have the rate lowered by the time I finally got the money in. |
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|
0.40% |
$0 |
Learn More
|
|
|
0.40% |
$1 |
Learn More | |
Not available to residents of states with PNC branch locations. |
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Stephen stahl | Dec 29, 2022 Beware of Pnc they have no loyalty for long time customer no matter how much u have deposited Read More |
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|
0.40% |
$500 |
Learn More | |
Inbound transfers limited to $25,000/day and $100,000/month. |
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Thomas DeMauro | Aug 28, 2022 Rates are totally uncompetitive now. |
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Texas Dow Employees Credit Union Restrictions |
0.40% |
$100,000 |
Learn More | |
tonaroof | Jan 24, 2020 This rate is not accurate as it is 2.25% |
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|
0.35% |
$5,000 |
Learn More | |
pagehelen2@gmail.com | Mar 10, 2021 Northpointe -- my most favorite bank -- held their rate when others dropped -- nice people to deal with -- and -- COURAGE + INTEGRITY. |
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|
0.30% |
$200,000 |
Learn More
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|
|
0.25% |
$0 |
Learn More | |
JR48 | Dec 21, 2022 Stay away from this bait and switch bank that uses teaser rates. They lowered my interest rate twice in the first 2 months of opening my account. They said they had the right to change their rate at any ti... Read More |
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|
0.25% |
$0 |
Learn More | |
Frank | Apr 8, 2019 Their online interface is circa 2004. They limit the number of accounts you can set up for ACH. And they sit on ACH transfers.... for days. Not sure if the good rates are worth it. Read More |
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|
0.25% |
$5 |
Learn More | |
Last change: ↑0.25% on November 30. |
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Amanda Frank | Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... |
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|
0.25% |
$1,000 |
Learn More | |
dbestway@gmail.com | Aug 13, 2019 I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one busines... |
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|
0.25% |
$1,000 |
Learn More
|
|
|
0.19% |
$2,500 |
Learn More | |
Jay | Jan 4, 2020 Be aware, when cd comes due, they mail a check to your home which takes 7-10 business days. That is a long time to have money not drawing any interest. Read More |
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Signature Federal Credit Union Restrictions |
0.15% |
$100 |
Learn More
|
|
Last change: ↑0.15% on November 30. |
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|
0.15% |
$100,000 |
Learn More | |
Last change: ↑0.15% on November 30. |
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Michael | Nov 11, 2022 I have been with PenFed for a number of years, and have gotten good products. Employees have been helpful. However, beware of titling for accounts with trusts. You will not be able to distinguish betw... |
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|
0.15% |
$100,000 |
Learn More
|
|
|
0.13% |
$10,000 |
Learn More | |
Rate not available in all states. |
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Afeica | Aug 7, 2020 Had a car loan with them. Paid it off because I was selling the vehicle. They told me it would take 10 business days to clear the transaction (it was immediate via electronic) and was out of my account th... Read More |
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Texas Dow Employees Credit Union Restrictions |
0.10% |
$0 |
Learn More | |
tonaroof | Jan 24, 2020 This rate is not accurate as it is 2.25% |
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|
0.10% |
$250 |
Learn More | |
Dudley | Apr 18, 2018 Worst experience of my life. Did not fund and gave $25 to my own charity. Read More |
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|
0.10% |
$10,000 |
Learn More | |
Last change: ↑0.10% on November 30. |
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Michael | Nov 11, 2022 I have been with PenFed for a number of years, and have gotten good products. Employees have been helpful. However, beware of titling for accounts with trusts. You will not be able to distinguish betw... |
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|
0.08% |
$1 |
Learn More | |
Gripp13 | Jan 27, 2023 The worst bank I have ever had Read More |
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|
0.05% |
$0 |
Learn More | |
Last change: ↑0.05% on November 30. |
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Michael | Nov 11, 2022 I have been with PenFed for a number of years, and have gotten good products. Employees have been helpful. However, beware of titling for accounts with trusts. You will not be able to distinguish betw... |
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|
0.05% |
$0 |
Learn More | |
kenbeckyreese@icloud.com | Feb 12, 2020 WILL YOU CASH MY EE SAVINGS BONDS? PLEASE ADVSE. |
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|
0.05% |
$1 |
Learn More | |
Promotional rate for new depositors only. Prior depositors may receive a lower rate. |
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john | Apr 14, 2020 I call HSBC they told me they don't have 1.85 1 year CD. current CD is 0.8 / year Read More |
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|
0.05% |
$100,000 |
Learn More
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|
0.01% |
$1 |
Learn More
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Best Online Savings Account Rates
- A competitive interest rate. BestCashCow maintains the most comprehensive list of deposit account rates. The rates above are the best available rates for online savings accounts. In order to ensure that your money continues to grow over time, you may wish to avoid banks which rely heavily on very short term promotional rates (such as EverBank). If you open an account with a promotional rate or even if you open an account where the rate isn’t promotional in nature, you should check back with BestCashCow regularly to be sure that your bank continues to offer one of the most competitive rates.
- Full functionality through online and mobile access. Most of the accounts listed above have robust websites and mobile access that enables full functionality. Read the comments from other users before opening an account as they often highlight problems with access.
- Assess how the bank provides customer service. Many of the leading online banks now have customer service representatives who are U.S. based and available 24/7 with low wait times. This is often a distinguishing feature that makes a well-recognized bank significantly more attractive than a smaller bank trying to enter the online banking arena.
- Absence of fees. Be sure that you are opening an online account with a bank that doesn’t charge fees and has very low minimum balance requirements. American Express, CIT, GS Bank, Barclays and Ally are all well known for low minimum requirements and the absence of any unusual monthly fees.
- Easy Access to your Cash through Immediate Online Transfers. The reason why you keep money in savings is for access in an emergency or to take advantage of immediate financial opportunities. You need access to your cash. Yet, some banks impose strict limits on the amount of cash that you can access from your account in a single transfer or limit the numbers of transfers you can conduct over a given time period. Other banks can delay your transfers for days while they make money on the float. You should check with the bank where you are considering opening an online account to understand the restrictions before you open an account. You may also read the comments from other users above as they can highlight which banks enable the best access to your cash.
- Stay within FDIC limits! See the section above and read this article.
- Use the BestCashCow Savings Calculator to see how important it is to be maximizing your interest on savings accounts over time.
Expert Reviews of Well-Known Online Banks, March 2023
Online Savings - 3.75% APY, $1 minimum
Great for: Competitive CD Rates with no transaction fees.
Overview: Marcus is the online bank of Goldman Sachs. Throughout 2018, it consistently offered one of the highest online savings rates, but it was quick to lower its savings and CD rates in 2019 and 2020 and has not been very competitive in the 2022/2023 rate increase cycle. Marcus has a highly rated mobile app.
Highlights: Marcus is very highly rated in customer reviews on BestCashCow. Users cite lightening fast ACH transfers, the ease of web access, strong customer service and the absence of any fees ever.
What to watch for: In 2022, the bank began offering much better rates to those who successfully push the bank on their contacts (i.e. receive a better rate if you get someone to sign up). No ATM access. No custodial or trust accounts.

Online Savings – 4.25% APY, $1 minimum
Great For: High Savings and CD Rates with no transaction fees ever.
Overview: In the online space, Citizens is a decade old player that was previously branded as Citizens Access. It brings the experience of Citizens Bank N.A., one the largest, oldest and most well established US banking institutions.
Highlights: Citizens never charges any monthly fees. Its user reviews on BestCashCow have been outstanding. It was ahead of the curve in increasing its savings rates in anticipation of each Federal funds rate increase in 2018, and it has been consistently more competitive than other well-known banks during the 2022/2023 rate increase cycle. Citizens also allows online customers to set up online savings and CD accounts in the name of a personal trust (very rare among online banks).
What to watch for: Users reviews in 2022 frequenrly cited online access issues, but we understand those to have been resolved in 2023.
Online Savings Account – 4.00% APY, no minimum
Great For: Sometimes competitive savings rates and No Penalty CD rates with 24/7 Customer Service.
Overview: Ally’s advertising campaigns in the years since rebranding from GMAC Bank have made it one of the most recognized online banks. It savings rate is always competitive, but these days trails other banks. The bank also offers competitive CD products (with modest early withdrawal penalties) and no penalty CDs (with no early withdrawal penalties).
Highlights: BestCashCow user reviews cite a strong mobile app and the ease of getting into and out of No Penalty CD products. Ally often offers new and existing users a 1% cash promotion for bringing new deposits, and regularly gives existing depositors a 5 basis point step up for renewing CDs and No Penalty CDs.
What to watch for: While Ally advertising campaigns in the 2010s were based around the principle of treatign every customer the same, Ally has chosen to begin 2023 by alternating between offering a higher rate in its savings account and its money market account. Customers need to pay attention to which account is more competitive at any given moment and move their money between the two accounts - or Ally's No Penalty CD - accordingly. Additionally, Ally is the former GMAC Bank, having been spun out following the 2009 financial crisis, and may continue to have significant exposure to used automobile loans. Depositors should therefore be cautious and maintain their deposit balances within FDIC limits. In addition, Ally's reviews are no longer universally great. Some customers complain about waiting hours to reach customer service by phone at all hours of the day. Others have expressed frustration about being inundated by Ally's cross-selling of auto loan, personal loan, credit card and online trading products.
High Yield Savings – 4.00% APY, no minimum
Great For: Stronger CD rates than many other well-known online banks.
Overview: Synchrony Bank is the former GE Capital Retail Bank that has been spun off completely into its own institution. Even though Synchrony is an entirely independent entity now and should not have exposure to GE's troubles, there may still be hidden exposure and depositors should remain well within FDIC insurance limits.
Highlights: Online savings accounts can be opened for IRAs and trust accounts (which is ordinarily not possible at leading online banks). Upon setting up an account, you may also add up to 10 beneficiaries. Your account may be linked with up to 10 external accounts at other banks. Synchrony offers ATM access and will reimburse up to $5 per statement cycle in other banks' ATM fees.
What to watch for: Synchrony Bank is associated with worse customer service than most other well recognized US online banks. Their website continues to lack basic functionality about deposit times, processes and limits, and has no web-based customer service functionality (no internal email, messaging or chat functionality). To boot, User reviews cite the inability to reach US-based customer service reps by phone. During periods where the bank is not rate competitive, it will cancel outbound transfers with no notice, limit them to $25,000 per day, and/or add further delays to its transfer process (beyond the usual 3 business days). The bank also charges a $25 outbound wire transfer fee.
Savings Account - 3.80% APY, no minimum
Good for: Solid APY with No Minimum Balance
Overview: Barclays Bank Delaware is a division of the often-troubled UK-based Barclays PLC. In the US, its brand recognition emanates from its acquisition of Lehman Brothers, its name on an arena in Brooklyn and its role as one of the credit card issuers for American Airlines. Unlike in the UK, its US commercial banking operation does not have a branch network and operates mainly online.
Highlights: Barclays offers savings accounts with no minimum to open, 24/7 access to funds, online transfers to and from other banks, easy ACH transfers, direct deposit and a mobile app. Barclays' user reviews are generally very positive.
What to watch for: Barclays Bank Delaware is not consistently competitive in raising its savings rates as the Federal Reserve increases the Fed funds rates. With uncertainty around the UK's economy under Prime Minister Rishi Sunak, BestCashCow strongly recommends that depositors at this U.S. subsidiary maintain deposits strictly within FDIC limits.
Why You Can Trust BestCashCow
Every year, Americans collectively lose at least $80 billion in income just by putting their savings in the wrong bank accounts. BestCashCow is the most comprehensive and unbiased bank rate site on the Internet and our mission is to help you to avoid your share of these losses. We monitor over 30,000 rates from over 8,000 FDIC-insured banks and 7,700 NCUA-insured credit unions. Take a few minutes to explore the table above to see the best savings rates currently offered by online banks, or use the tabs to explore local bank rates or local credit union rates if your prefer to do your banking locally.
By using BestCashCow to move your money to a new bank from one with a low savings rate you may be able to boost your annual interest earned from savings by more than 10X. Banks are always competing for your money. Take advantage of it!
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