Highest Online Bank Rates for Savings And Money Market Accounts - October 24, 2021
Savings Account National Average Rate: 0.10% ?
It is pretty clear at this stage that those of us alive today and our children, grandchildren and their descendants are facing a climate crisis unlike anything the inhabitants of Earth have ever faced. It is also very clear that this crisis largely emanates from our addiction to fossil fuel over the last half century. As we begin to grapple with the challenges we face, (...read more in the Recent Articles section below the rate table).
| ONLINE BANKS | APY? | MIN? | ||
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0.85% |
$100,000 |
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Phil Clayton | Oct 13, 2021 I had not known that a credit union could suck so badly until I found this one. |
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0.75% |
$100,000 |
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Antoine C | Oct 4, 2021 A nuisance and a waste of my time. |
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0.61% |
$2,500 |
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Drak123 | Oct 5, 2021 I opened a savings account two months ago. When I initiated a scheduled, recurrent external transfer, the amount was deducted twice from my funding account. This problem was solved a couple of days afterwa... Read More |
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0.60% |
$0 |
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John218632 | Oct 1, 2021 I opened the account, having seen it listed on this site or on ratesandinfo.com after they raised their rate. I have not been disappointed but I have not needed to reach customer service. I did notice that... |
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0.60% |
$2,500 |
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1954& | Jun 23, 2021 I am 83. Had no problem opening this account online. |
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0.59% |
$25,000 |
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External transfers are limited to $30,000 per week. |
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Lisa T | Jun 3, 2021 not perfect, but the rate is consistently at the top and therefor worth the effort Read More |
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0.55% |
$5 |
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Tracy (he, him) | Oct 4, 2021 The savings rate is a draw barely, but you really need to think twice before joining. I've been a member for 12 years and cannot get approved for anything even with good credit. Plus, I am told that they d... |
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0.55% |
$100 |
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LiamL | Sep 19, 2021 I have not had the problems described by others here, but I find that the website does not inspire confidence. Read More |
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0.55% |
$100 |
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Requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65). Inbound transfers are limited to $2,500/week and take 4 days. |
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JennTr5 | Aug 24, 2021 The system has been down all month, but they are giving everyone the highest rate. Hope the fix it soon. I actually love the gamification part (competing with others for most steps)! Read More |
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0.55% |
$5,000 |
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Problems and more problems | Sep 1, 2021 Had to apply 3x before finally being approved, was told to fund through a branch so it isn't really an online account (although it can be funded externally). Rate is attractive, but there are other banks w... Read More |
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0.55% |
$25,000 |
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JoffreyLong | Aug 12, 2021 Went through all the online questions. It turned down my app to open a svgs account. Called to ask why? They couldn't say, just said apply from a different computer. I did re-apply, to another bank, a... Read More |
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0.52% |
$0 |
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me | Oct 13, 2021 Good for savers. Easy to transfer funds in and out, not paying high transaction processing $ or being limited to low amounts per day. Does not subject applicants to very much ID interrogation and apparent... Read More |
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0.51% |
$0 |
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Steven G | Sep 19, 2021 No problems at first and then I needed to reach customer service with an easy question about ACH transfers and they could not answer it. I will go back to making a little less at a more established name. |
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0.51% |
$0 |
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fdknef | Jul 9, 2021 "Vio" application process is defective, I used to work on bank security so truthfully responded. Requires documentation which I sent in at length and then got denied because of unknown reasons. Have excell... Read More |
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0.51% |
$500 |
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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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0.50% |
$0 |
Learn More | |
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Cheryl | Jul 15, 2021 I finally closed my account. Was great back in the day as everbank but now it is a joke in every way. Read More |
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0.50% |
$0 |
Learn More | |
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EBHYT | Aug 4, 2020 Sallie Mae is going to absolutely be the right bank for you if you enjoy calling during normal business hours and speaking with a automated voice response system that gives you no information and refuses t... |
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0.50% |
$0 |
Learn More | |
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Joy | Feb 28, 2021 ACH transfers limited to $3,000, unsecured website, emailing acct numbers, hours to reach customer service. Need not say more. |
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0.50% |
$0 |
Learn More | |
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JBMoney | Sep 8, 2020 I have been a customer for years and have never had a bad experience. These days I really appreciate how they are keeping their savings rates competitive. .8% is lousy, but it is very competitive. Read More |
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0.50% |
$0 |
Learn More | |
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Bob Jensen | Sep 1, 2021 been here a while. generally pleased. friendly folks give impression of a local bank with online access. website was difficult to read and the new one is cleaner. i will continue to bank with them. |
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0.50% |
$0 |
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TRUMP LIES, WE DIE | Nov 12, 2020 Rate has remained competitive and they are easy to work with. |
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0.50% |
$0 |
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0.50% |
$1 |
Learn More | |
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Michelle G | Jul 15, 2021 Marcus is the very best online banking experience that I have ever had. Read More |
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0.50% |
$1 |
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Peter C2 | Jan 23, 2021 In terms of service, you cannot do anything online. On every other bank, you can message someone online and get a quick response. You need to call Synchrony and speak with someone in the Philippines. N... Read More |
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0.50% |
$5 |
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LizaBBBB | Sep 6, 2020 Yes, Pentagon had good rate initially, but it disappeared at renewal. We have top credit score (835). |
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0.50% |
$100 |
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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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0.50% |
$1,000 |
Learn More | |
New money only. External transfers limited to $10,000 per week. |
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t4 | Apr 23, 2021 AVOID, INSECURE,IRRITATING. Application for SAVINGS and no credit. Invasive personal information. PHOTO of driver license--no scanning into "secure" application. It did not like original Photo, so was req... |
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0.50% |
$2,500 |
Learn More | |
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SandyB | Aug 25, 2020 Bank is owned by a Florida bank and yet I wasn't able to open an account because I live in Florida. Go figure! Read More |
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0.50% |
$5,000 |
Learn More | |
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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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0.50% |
$10,000 |
Learn More | |
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Eldridge D. | Feb 7, 2021 I cannot comment on Bankdirect, but I can comment on the Bask Bank subsidiary. Opening this account to earn AAdvantage miles is the best move I've made in years! I am getting 100,000 frequent flier miles... Read More |
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0.50% |
$25,000 |
Learn More | |
New account holders only. External transfers are limited to $5,000 per day. |
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Julia N | Jan 3, 2021 This is the worst online banking I have seen. Without any warning they restricted access to withdrawals to $1000. Representative said they implemented on ALL accounts for ALL customers due to “fraud”... Read More |
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0.50% |
$25,000 |
Learn More | |
External transfers are limited to $5,000 per day. |
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CHow1975 | Nov 18, 2017 This is a decent account until you need to withdraw something and then it is hell on wheels. Read More |
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0.49% |
$25,000 |
Learn More
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0.45% |
$0 |
Learn More | |
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Randall A | Nov 18, 2020 I've been very pleased over the first six months - now feel cheated by silent .05% drops. How difficult is it to send a blast email notifying customers as a courtesy? |
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0.45% |
$0 |
Learn More | |
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Stella | Apr 30, 2019 No issues. I feel confident using them. Read More |
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0.45% |
$1 |
Learn More | |
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Jason | Jun 20, 2018 Their website says the offer is going away tomorrow at 9AM EST. Hurry! Read More |
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0.45% |
$100 |
Learn More | |
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BeccaB-88 | Jul 21, 2020 Opened account a month ago. I've already seen the rate fall a couple of times, but have no other complaints. Easy process and a clear easy to use site (unlike Ally where I was before). Read More |
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0.45% |
$1,000 |
Learn More
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0.45% |
$1,000 |
Learn More | |
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12JBS34 | Aug 13, 2021 Very pleased with the no penalty cd which locks in a rate for 15 months and is always .10% above the savings rate. Read More |
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0.45% |
$5,000 |
Learn More | |
Rate available for new accounts only. |
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TulsaGirl01 | Apr 10, 2021 I opened an account a couple of years ago and had a dreadful experience. I saw two weeks ago that the rate was better than at Citizens so I closed that account for this one. I cannot access my money now or... Read More |
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0.45% |
$30,000 |
Learn More
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0.45% |
$100,000 |
Learn More | |
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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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0.45% |
$100,000 |
Learn More
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0.40% |
$0 |
Learn More | |
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Joe | Dec 5, 2020 I know rates are variable, at their discretion*, but in the time frame of 9 months their rates have dropped to 1/3 of what they were ! is that what some call a teaser rate in the beginning ??? Read More |
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0.40% |
$0 |
Learn More | |
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Rebecca01 | Aug 3, 2020 There is a lot to like about this account. American Express is a real organization and you are not playing with a bunch of amateurs like with a lot of these banks. However, they will be sure to lower the ... Read More |
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0.40% |
$0 |
Learn More | |
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WallyC | Dec 11, 2020 All the good reviews on this site are planted by the bank. This is the worst. It used to be good and the transfer speed is good. Still they lower their rates below anyone else and do it without the notice ... |
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0.40% |
$0 |
Learn More | |
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Pjamas | Sep 14, 2020 two thumbs up Read More |
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0.40% |
$0 |
Learn More | |
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Jeffinnh | Mar 30, 2021 These guys are the best local bank. Very responsive. |
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0.40% |
$1 |
Learn More
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0.40% |
$1 |
Learn More | |
Not available to residents of states with PNC branch locations. |
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GAM | Oct 25, 2020 Online Savings rate was dropped to 0.65% a week ago from 0.80% and BestCashCow still showing former rate. Read More |
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0.40% |
$100 |
Learn More | |
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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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0.40% |
$100 |
Learn More | |
Bank charges ACH transfer fees and routinely lowers rates for existing customers below those advertised. |
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LarryMass | Dec 8, 2020 Everyone here in Boston raves about Salem Five but it is shithole operation filled with nasty entitled people. As for this online savings product, the fees are ridiculous, the transfer charges are obnoxiou... 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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Jazzy in Georgia | Mar 25, 2021 Completely excessive number of customer service phone calls after setting up account. Well meaning, but over the top. |
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0.40% |
$5,000 |
Learn More | |
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Jeremy | Aug 25, 2020 I cannot say that I am too happy about the rate, but the service on this one is excellent. Read More |
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0.40% |
$10,000 |
Learn More | |
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JZee73 | May 20, 2021 Lost in all of these reviews is that Purepoint is the bank that let's you have tons of corresponding accounts to which you can ACH money (their limit is something like 10). So, if you want to play this ga... Read More |
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0.40% |
$300,000 |
Learn More | |
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nonsense | May 21, 2021 avoid this Read More |
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0.35% |
$0 |
Learn More | |
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Jay | May 10, 2021 Dollar Savings Direct is as close as anything gets to a scam without being labeled a scam. CDs renewing below market rates at no notice. Savings rates going above market levels and then way below (again no... Read More |
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0.35% |
$1 |
Learn More | |
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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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0.35% |
$5,000 |
Learn More | |
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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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0.26% |
$100 |
Learn More
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0.25% |
$0 |
Learn More | |
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jason t | Apr 19, 2021 more problems than i or anyone should have time for Read More |
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0.25% |
$0 |
Learn More | |
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CHow1975 | Nov 18, 2017 This is a decent account until you need to withdraw something and then it is hell on wheels. Read More |
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0.25% |
$0 |
Learn More | |
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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% |
$1 |
Learn More | |
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Emigrant is a game | Sep 17, 2020 It is a complete game between MySavings, DollarSavings and Emigrant. Some days one has a competitive rate, the next day the rate on that one has dropped to zero and it is one of the other brands that has... Read More |
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0.25% |
$100 |
Learn More | |
New money only. |
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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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0.25% |
$1,000 |
Learn More
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0.25% |
$1,000 |
Learn More | |
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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% |
$25,000 |
Learn More | |
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premk1190@gmail.com | May 5, 2020 If I have to encash a fixed deposit in NYCB which has became inactive, without visiting the bank physically, is there reactivation compulsory. If yes how many USD will be required to deposit and which bank... Read More |
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0.25% |
$250,001 |
Learn More | |
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James A. Elder | Mar 25, 2020 I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???... |
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0.22% |
$230,000 |
Learn More | |
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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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0.19% |
$2,500 |
Learn More | |
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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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0.19% |
$100,000 |
Learn More | |
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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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0.15% |
$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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0.15% |
$50,000 |
Learn More | |
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GAM | Jul 28, 2020 Dropped rates again with restrictive transfer limits and poor service. Better rates and liquidity elsewhere. Beware!!! Read More |
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0.15% |
$100,000 |
Learn More
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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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0.10% |
$250 |
Learn More | |
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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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0.08% |
$1 |
Learn More | |
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ruler009 | May 26, 2017 Before009 Read More |
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0.05% |
$0 |
Learn More | |
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kenbeckyreese@icloud.com | Feb 12, 2020 WILL YOU CASH MY EE SAVINGS BONDS? PLEASE ADVSE. |
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0.05% |
$0 |
Learn More | |
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MKS | Sep 8, 2019 Opened an account and did $1000 for my initial deposit. If your balance averages below $1000 they charge you $10 a month. ETrade withdrew the $1000 from my checking account then, without reason, abruptly... |
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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, October 2021
Online Savings - 0.50% APY, $1 minimum
Great for: Competitive CD Rates with no transaction fees ever.
Overview: Marcus is the online bank of Goldman Sachs. Throughout 2018, it consistently offered one of the highest online savings rates, but it has been quick to lower its savings and CD rates in 2019 and 2020. Marcus has a highly rated mobile app.
Highlights: Marcus is very highly rated in customer reviews on BestCashCow. Users cite the consistently high savings rates, lightening fast ACH transfers, the ease of web access, strong customer service and the absence of any fees ever.
What to watch for: Marcus has been quicker than many competitors to lower its savings rate. No ATM access.
Online Savings – 0.40% APY, $5,000 minimum
Great For: High Savings and CD Rates with no transaction fees ever
Overview: Citizens Access is a relatively new entrant in the online banking space, but is a subsidiary of Citizens Bank, one the largest, oldest and most well established US banking institutions.
Highlights: Citizens Access 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, although it may not be as competitive as interest rates in 2021 and 2022. Citizens Access also allows customers to set up online savings and CD accounts in the name of a personal trust (this remains rare among online banks).
What to watch for: Citizens Access was quick to drop its online savings rate in 2020. Its CD offerings, including its No Penalty CD products, have gone from compelling to particularly weak. All Citizens Access savings and CD products require a $5,000 minimum balance.
Online Savings Account – 0.50% APY, no minimum
Great For: Sometimes competitive savings rates and No Penalty CD rates with 24/7 Customer Service
Overview: Ally’s strong advertising campaigns and name recognition has made it one of the most recognized online banks. Until 2019, the savings rate was competitive. 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: 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 especially cautious as we roll through the COVID-19 pandemic and should always maintain their deposit balances within FDIC limits. In addition, some customers complain about waiting hours to reach customer service by phone at all hours. Others have expressed frustration about being inundated by Ally's nonstop cross-selling of auto loan, personal loan, credit card and online trading products.
Money Market – 0.45% APY, $100 Minimum
Great For: Competitive savings rates, great customer service
Overview: CIT Bank is a nationwide direct bank and is a division of CIT Bank, N.A., a large financial institution focused on equipment leasing that required a financial bail out from the federal government in 2009. The bank was an early entrant into the online banking space, and offered competitive savings and CD products to US customers through the internet for many years. In 2020, it has matched the savings and money market rates of other well known online banks.
Highlights: User reviews left on BestCashCow’s savings table are consistently strong with users highlighting strong and responsive customer service by phone when necessary.
What to watch for: CIT's website lacks some of the functionality that you will find on other leading online banking interfaces and seems more like 2011 than 2021. For example, it isn't possible to designate whether you want a CD to renew or to be transferred to another account until after the CD has matured. Additionally, some have reported experiencing significant delays with both inbound and outbound transfers (during which time CIT makes the interest and not you). Also, CIT now owns OneWest Bank and those with accounts at both banks should add their deposits together to be sure they do not exceed FDIC coverage.
High Yield Savings – 0.50% 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 now been spun off completely into its own institution. In the past, Synchrony offered competitive online savings and CD rates, but it is no longer competitive. 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 and transfer limits are quite high (up to $500,000 inbound daily and $250,000 outbound daily). Synchrony offers ATM access and will reimburse up to $5 per statement cycle in other banks' ATM fees.
What to watch for: User reviews cite the inability to reach US-based customer service reps by phone, and note that the system does not have chat or internal email functionality. The banks is also widely associated with long delays (up to 6 days) in processing inbound and outbound cash transfers. The bank also charges a $25 outbound wire transfer fee.
Savings Account - 0.40% 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. The US subsidiary does not have a branch network and the absence of those costs sometimes enables it to pass along competitive savings and CD rates to its customers.
Highlights: Barclays offers savings accounts with no minimum to open, 24/7 access to funds, online transfers to and from other banks, direct deposit and a mobile app.
What to watch for: Barclays Bank Delaware was not consistently competitive in raising its savings rates as the Federal Reserve increased rates in the late 2010s, but it aggressively cut its savings rate in 2019 and 2020. While it used to be a very strongly reviewed bank by BestCashCow’s users, more recent reviews cite slower ACH transfers than some competitors. With uncertainty around Brexit, 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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