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Online Savings & Money Market Account Rates 2024

Highest Online Bank Rates for Savings And Money Market Accounts - April 19, 2024

Savings Account National Average Rate: 0.22% ?

ONLINE BANKS APY? MIN? Climate
Grade?

Bank was bailed out by Steven Mnuchin in March 2024 but may still fail. External transfers take at least 3 business days and are limited to $50,000/day and $200,000/month.
Last change: ↑0.20% on April 8.
Rate History: 5.00% → 5.00% → 5.35% → 5.55%

| Apr 8, 2024

Unclear whether this bank is a subsidiary of Flagstar or NYCB now. Under either circumstance, the bank is distressed. It is also a terrible bank. I would avoid. If you cannot avoid, stay well within FDIC l... Read More

Bank reports that rate is for new customers only. External transfers take 3 to 6 business days and are limited to $75,000/day and $200,000/month.
Last change: ↑1.60% on December 26, 2023.

| Mar 16, 2024

If there was ever a bank that deserves 5 negative stars, then Brio Direct would be that bank. My experience started off fine with the initial deposit of $5000.00 from Sikorsky Financial Credit Union. After... Read More

Surge Money Market. Bank reports that this rate is available for new accounts only. External transfers are limited to $5,000/day and are not free.
Last change: ↑0.70% on November 1, 2023.
Rate History: 4.65% → 5.35%

| May 30, 2023

They really do pay this amount, but the account lacks any functionality and they are constantly looking for some sort of add-on fee to enable them to claw back the interest. Any bank with a higher rate an... Read More

New money only. Requires Direct Deposit.

| Mar 2, 2024

Attracted to the name, but the service had too many steps so I didn't open an account.

Cornerstone Money Market Account. Bank reports that this account is available to new customers only. Old account holders in the savings product are earning 1.10%.
Last change: ↑0.02% on November 17, 2023.
Rate History: 5.15% → 5.28% → 5.30%

| Dec 21, 2023

Very easy to setup 6 month 5.35% CD from cornerstone account Read More

Online Savings Account. (Ivy's Indexed Savings account currently yields 5.68% APY)
Last change: ↑0.30% on October 19, 2023.
Rate History: 5.00% → 5.30%

| Jul 9, 2023

Looks like indexed savings is now at 5.31%. Down, but it still beats anything else here. Why aren't you highlighting this for your readers? Read More

High Yield Savings Account.
Last change: ↑0.25% on October 25, 2023.

| 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

Direct Money Market Account.
Last change: ↑0.06% on August 15, 2023.

| 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

Last change: ↑0.15% on February 13.
Rate History: 5.10% → 5.25%

| Mar 2, 2024

Attracted to the rate, but not ready for prime time. I opened the account so they got all my personal info but I never funded. Read More

UFB High Yield Savings. Bank reports that this rate is for new customers only.
Last change: ↑0.19% on August 14, 2023.

| Jul 18, 2023

I got into this one back in early April for the rate. It was the first to hit 5%. I put up with all sorts of annoying thing getting the account funded (including a 5-day wait period during which they had... Read More

High Yield Money Market. External transfers are limited to $30,000 per week.
Last change: ↑0.05% on September 30, 2023.
Rate History: 5.20% → 5.25%

| Sep 30, 2023

CFG overs very competitive Interest rates on their High Yield Savings account. I did everything ONLINE and have not had any issues with their service. Read More

Last change: ↑4.70% on March 6.
Rate History: 0.55% → 5.25%

Direct Savings. Bank reports that this rate is available for new accounts only.
Last change: ↓0.05% on January 9.
Rate History: 5.15% → 5.25% → 5.40% → 5.25% → 5.20%

| Dec 18, 2023

I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason... Read More

Last change: ↑0.40% on December 5, 2023.
Rate History: 4.75% → 5.15%

| Nov 12, 2023

This was terrible as Everbank. Then it was terrible as TIAA. Now it is terrible as Everbank again. Not sure where they are going with the branding, but still terrible. (Bestcashcow's system is forcing ... Read More

High Yield Money Market Account.
Last change: ↑0.60% on July 3, 2023.

| Nov 10, 2023

Just found out after submitting all my personal information: "Western also allows one free outgoing wire per month." "External transfers from Western State Bank Online Banking: After 60 days you will h...

Last change: ↑1.00% on August 14, 2023.

| 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

High-Yield Savings Account. Outbound transfers limited to $10,000/day or less.
Last change: ↑0.15% on September 29, 2023.
Rate History: 5.00% → 5.15%

| Aug 13, 2023

Yup Bread has 5k daily and 30k monthly limit on ach transfers. It's low but there are other banks who have similar ach limits if not lower like Valley Direct Bank and BMO Alto. The part that bothers me i... Read More

Last change: ↑0.10% on December 18, 2023.
Rate History: 5.00% → 5.10% → 5.00% → 5.10%

| Aug 26, 2023

I have no issues with Bask Bank nor Texas Capital Bank. They provide good apy on savings and CD's, bank to keep funds secured so yes they do have strict security measures but if you don't like it than go ... Read More

Last change: ↑0.25% on September 18, 2023.

| Mar 2, 2024

I opened a CD here. They withdrew the money and the account didn't show up for days. In the meantime, they lowered the rate. I called to be sure that I got the higher rate and the CSR said "you'll have ... Read More

Interest Savings Account.
Last change: ↓0.14% on April 2.
Rate History: 5.35% → 5.24% → 5.10%

| Feb 15, 2024

I have always had great experiences with short-term CDs from this bank. No delays.

Last change: ↑0.60% on August 11, 2023.

| Dec 13, 2019

yes good

Jumbo Savings.
Last change: ↑5.10% on October 2, 2023.

| 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

Online Savings Account.
Last change: ↑0.15% on August 25, 2023.

| Apr 7, 2023

Good luck deploying those high yield savings into profitable investments. It’s always a bad strategy … unbridled growth using volatile deposits forcing them to go out on the risk spectrum to make a dec...

Bank reports that this rate is for new customers only. Bank also charges ACH transfer fees and routinely lowers rates for existing customers below those advertised.
Last change: ↑0.40% on May 25, 2023.

| 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

CIBC Agility Savings Account.
Last change: ↑0.25% on October 13, 2023.
Rate History: 4.67% → 5.01%

| Jul 23, 2023

easy to work with but the rate isn't competitive. not even the leading savings rate banks are competitive versus short us treasuries. Read More

Last change: ↑1.00% on June 7, 2023.

| Jun 13, 2023

I'll steer clear of Dollar Savings Direct and My Savings Direct until they guarantee users at both online divisions their best rates. Banks have the right to segment their customers yes, but these games w... Read More

eMoneyMarket Special. Bank reports that rate is extended for new money only.
Last change: ↑0.20% on June 22, 2023.

| Dec 30, 2018

Garden14 Read More

Last change: ↓0.05% on January 25.
Rate History: 4.50% → 4.65% → 5.05% → 5.00%

| 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...

High-Yield Savings Account.
Last change: ↑0.20% on August 2, 2023.

| May 8, 2023

STAY BELOW FDIC limits. This is a desperate product unleashed from a distressed bank! Read More

Last change: ↑0.25% on November 24, 2023.
Rate History: 4.75% → 5.00%

| Mar 17, 2023

STAY AWAY ! They closed my accounts with no warning. After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...

Last change: ↑0.35% on February 16.

| Apr 25, 2021

It has some of the most inept, cold workers. They do not return calls. You have trouble using payments or transactions by phone as they charge you. For months during COVID no hand sanitizer was present ...

Money Market Account. Bank does not offer ACH processing; customers need to initiate ACH externally.
Last change: ↑0.25% on August 8, 2023.

| Dec 12, 2022

Developed buyers remorse after they stopped raising the rate and switched to Brilliant.

Rate requires download of bank app and recording of over 12,500 average daily steps (or 10,000 if over age of 65).
Last change: ↑0.25% on October 3, 2023.
Rate History: 4.75% → 5.00%

| Oct 11, 2022

Glad to have found this one and thanks to bestcashcow for not hiding the best rates like bankrate does Read More

External outbound transfers are limited to $25,000 per day.
Last change: ↑0.50% on September 29, 2023.
Rate History: 4.50% → 5.00%

| Aug 26, 2022

Too slow to raise rates. Read More

Money Market Premier. Bank reports that this rate is for new customers only.
Last change: ↑0.20% on July 19, 2023.

| Jul 6, 2023

This is an example of a bad bank. Their online process for purchasing a CD is horrible. You fill it out and it rejects it after all of your private information is disclosed. They there customer service is ... Read More

Online Savings Account
Last change: ↓0.10% on January 31.
Rate History: 5.25% → 5.00% → 4.90%

| Nov 18, 2023

bank delayed 1-2days to credit into your account, pay less interest.

External transfers may take up to 3 business days and may be limited to $25,000/day.
Last change: ↑0.25% on September 13, 2023.

| Oct 23, 2023

Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not... Read More

Mobile App Required.
Last change: ↓0.75% on March 20.
Rate History: 5.50% → 4.75%

| Feb 15, 2024

I was able to sign up and then there was a long delay before I was allowed to fund and a long delay to get funded. Once I got a little money in the account it seemed to be just a front for pushing other se... Read More

Online transfers limited to $1,500 per day and $10,000 per month.
Last change: ↓0.05% on April 19.
Rate History: 5.00% → 5.05% → 4.80% → 4.75%

| Sep 18, 2023

I agree with another user, this bank is very poorly put together, and may very well be an operation in large part used to extract and sell people's personal information. I called customer service and had ... Read More

Last change: ↑0.10% on December 9, 2023.
Rate History: 4.65% → 4.75%

| Apr 25, 2022

We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki

Last change: ↓0.25% on March 6.
Rate History: 4.30% → 5.00% → 4.75%

| Jan 18, 2024

Hi, We've noticed your website is at risk due to spammy comments and contact form submissions, making it susceptible to issues like spammy backlinks and data breaches. Don't worry—there's a simple sol...

Last change: ↑0.31% on September 19, 2023.
Rate History: 4.39% → 4.70%

| Jun 12, 2022

I have a small question Read More

Last change: ↓0.10% on March 19.
Rate History: 4.75% → 4.65%

| Aug 2, 2023

Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.

Last change: ↑0.10% on October 25, 2023.
Rate History: 4.50% → 4.60%

| May 17, 2022

Not what it seems. Avoid! Read More

Last change: ↑0.32% on September 19, 2023.
Rate History: 4.28% → 4.60%

| Jun 12, 2022

I have a small question Read More

| Jan 5, 2024

Easy to use site, great rates and good customer svc. Can get to real bankers via voice, chat or live video. Read More

Personal Savings Account.
Last change: ↑0.45% on May 4, 2023.

| May 6, 2023

Fully functional bank account that would be great for my needs, but the quarterly interest payment thing is a real nuisance. I wish they would change it. It isn't market.

Last change: ↑0.25% on November 24, 2023.
Rate History: 4.25% → 4.50%

| Mar 17, 2023

STAY AWAY ! They closed my accounts with no warning. After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No...

Last change: ↑0.25% on May 2, 2023.

| Nov 18, 2023

bad bank hold your deposit over months without credit in your account, no interest, they don’t want pay you interest , they want your money with 0% interest. Read More

Not available to residents of states with PNC branch locations.
Last change: ↑0.20% on May 19, 2023.

| Jun 29, 2023

$10K monthly transfer limit. No thanks Read More

Last change: ↑0.50% on December 15, 2023.
Rate History: 4.00% → 4.50%

| Aug 2, 2023

Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back.

Last change: ↓0.10% on April 3.
Rate History: 4.30% → 4.50% → 4.40%

| Feb 15, 2024

best bank on the list but no longer the most competitive Read More

Last change: ↑0.15% on August 25, 2023.

| 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

Last change: ↑0.05% on December 15, 2023.
Rate History: 4.15% → 4.25% → 4.30% → 4.35%

| Nov 8, 2023

I see nothing exciting about AmEx Bank. Sign on is a hassle and the rates are adequate. Multiple accounts are not summarized. To cancel maturing CDs require phoning in or snail mail. Above average serv... Read More

Last change: ↑0.20% on July 26, 2023.

| 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...

MySavings Account.
Last change: ↑0.45% on December 16, 2022.

| Apr 25, 2023

with all of these online bank, including the well known ones, delaying transfers forever in order to fund these high rates, this one still executes inbound and outbound transfers immediately. Read More

360 Performance Savings Account. Rate available for new account holders only.
Last change: ↓0.10% on April 11.
Rate History: 4.30% → 4.35% → 4.25%

| Jan 2, 2024

Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More

Online Money Market Account. Ally's Online Savings account rate is only 3.75% APY.
Last change: ↓0.10% on March 15.
Rate History: 4.40% → 4.35% → 4.25%

| Aug 13, 2023

Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there curre... Read More

Last change: ↓0.05% on March 15.
Rate History: 4.35% → 4.35% → 4.30% → 4.25%

| Jan 10, 2024

AVOID at all costs. We read the addendum to the final page of the LENGTHY account agreement mailed to us after completing the online portion. Guess what? It gives this sweet seeming Discover Bank access to... Read More

Last change: ↑0.25% on August 1, 2023.

| Jan 10, 2024

Account was frozen (over 400K) after they confused our account with another account / person whose name was not even very similar. We were treated like dirt after 12 years and "Guilty until Innocent". I ha... Read More

Last change: ↑1.23% on February 2.
Rate History: 3.02% → 2.02% → 3.02% → 4.25%

| 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.

| Jul 1, 2022

Very easy opening process and wonderful staff.

Last change: ↑0.80% on March 23, 2023.

| 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

Last change: ↓0.15% on January 26.
Rate History: 3.85% → 4.15% → 4.10% → 3.95% → 3.80%

Last change: ↓1.71% on April 1.
Rate History: 3.76% → 3.77% → 3.77%

| Jan 30, 2024

Have an IRA rollover, they don't take IRAs any longer.

Last change: ↑3.75% on May 11, 2023.

Last change: ↑0.05% on December 19, 2023.
Rate History: 3.35% → 3.45% → 3.50%

| Apr 25, 2022

We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki

| 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... Read More

Last change: ↑2.85% on May 13, 2023.

| Mar 22, 2024

Their CD rates are reasonable and their Visa rewards is very good at 2.5% on all purchases up to 10K/month. Their customer service is polite and helpful. However, their IT department must need some serio...

Last change: ↑0.04% on December 15, 2023.
Rate History: 3.00% → 3.04%

| Apr 19, 2023

This bank was honest and I had no problems with them in person. Not everyone was equally competent but they got help.

Last change: ↑2.90% on April 4, 2023.

| 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...

Last change: ↑0.30% on June 13, 2023.

| Dec 25, 2023

I joined in PENFED in Spring Of 2023 after 15 yrs of belonging to one of the banking giants. I found my accounts dwindling fast unexplained decreases. I decided to close the account but had to return a mer...

Last change: ↑0.50% on December 1, 2023.
Rate History: 2.50% → 3.00%

| May 21, 2021

avoid this Read More

Last change: ↑0.75% on December 2, 2023.
Rate History: 2.00% → 2.75%

Last change: ↑0.50% on May 23, 2023.

| 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.

Last change: ↑0.25% on August 9, 2023.

| 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.

| Nov 12, 2023

Finworth looks legit, but their online disclosures and incomplete and you cannot reach them by phone and they don't respond to inquiries. I am moving along and you should too. Read More

Last change: ↑0.50% on May 18, 2023.

| 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... Read More

| Jan 5, 2024

Easy to use site, great rates and good customer svc. Can get to real bankers via voice, chat or live video. Read More

| Oct 23, 2023

Synchrony Bank recently closed 3 of my accounts with them and this decision was completely unwarranted. I had two Guitar Center cards and one Levin Furniture card. I found out about this through a push not... Read More

| 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...

Last change: ↑0.50% on May 2, 2023.

| Jan 29, 2024

Tried to enter information on line to open a 5 year CD, multiple time and wasn't accepted. Talked to a live person who was of no help at all. My credit score is over 800 and I have plenty of money in oth... Read More

| Nov 28, 2022

While USAA was at one point a great option for all your banking needs, the service has deteriorated so much that I'm currently in the process of changing banks after more than 2 decades. The final straw w... Read More

Last change: ↑0.25% on August 8, 2023.

Last change: ↑0.16% on February 13.
Rate History: 1.00% → 1.10% → 1.26%

Last change: ↑0.15% on June 29, 2023.

| Jan 27, 2023

The worst bank I have ever had Read More

All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.

Best Online Savings Account Rates

Finding the best high interest online savings or money market account is a highly subjective exercise. The best account for your neighbor may not be the best account for you. To help you determine which account is best for you, we have created the following 7 point checklist:
  • 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.

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!

You can learn more about BestCashCow here.

Recent Articles


Some Common Misperceptions About FDIC Insurance

I speak with lots of people from many walks of life about the US banking system, about the safety of banks and deposit protection.  

Virtually everyone is generally familiar with FDIC insurance. Federal Deposit Insurance Corp. (FDIC), of course, is an independent agency of the U.S. government that protects depositors against loss of their deposits if their bank or thrift institution fails. The FDIC is backed by the full faith and credit of the U.S. government. All federal credit unions and most state-chartered credit unions are covered by the National Credit Union Share Insurance Fund (NCUSIF) which is operated and managed by the NCUA and operates very similarly.

In spite of the familiarity with the FDIC, there are some very common misperceptions.  Let me address these here.

1. The most dangerous misperceptions is that FDIC insurance covers all types of financial institutions and products. FDIC insurance only covers bank deposits such as savings accounts, checking accounts, and certificates of deposit (CDs). To be clear, it does not cover investments like stocks, bonds, or mutual funds whatsoever.  It also does not cover insurance policies, annuities, or other financial products that may be sold be a bank, even if the underlying policy is issued by that bank or some other FDIC-insured bank. When you purchase a bank's stock in any online broker, your investment is not covered by either that bank's FDIC insurance or the broker's SIPC insurance.

2. Another misperceptions is that FDIC insurance provides unlimited coverage for deposits. In reality, the standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. There was some confusion that arose in 2023 as a result of the full bailout of depositors in Silicon Valley Bank and Signature Bank and subsequent comments made by Treasury officials that still causes many to believe that FDIC insurance is unlimited.   Unless and until there is an act of Congress raising the limit above $250,000 per ownership category, the limit remains at $250,000.

3.  When the FDIC and NCUA refer to insurance to $250,000 in each ownership category, some depositors misunderstand what an ownership category is.  As explained here, "ownership categories" are individual accounts, joint accounts, retirement accounts, trust accounts, etc. and each of those categories may be separately insured up to the limit.  "Ownership categories" does not refer to number of accounts or types of products. If an individual has a $200,000 savings account, a $200,000 checking account and a $200,000 CD, he or she is well in excess of the $250,000 limit.   If a couple has those same three products entirely in joint accounts, they are still in excess of their $500,000 limit.

4. All Institutions offering savings and CD products are not insured by the FDIC.  Wealthfront, Betterment, Robinhood and Raisin are not FDIC insured banks, even though these banks may be opening accounts in your name at FDIC institutions.  The outfits fishing on Facebook, Twitter and elsehwere are not FDIC insured banks and probably are not opening accounts in your name at FDIC institutions.  It is essential to verify whether a bank is FDIC-insured before depositing funds. 

6. If you suffer losses from fraud, theft, or unauthorized transactions, you are not covered under FDIC (or NCUA) insurance which only covers the event of a bank failure. These issues may covered by the banks own policies or by state or federal consumer protection laws.

7. Some individuals mistakenly believe that FDIC insurance covers their deposits in foreign banks or deposits in foreign currencies. FDIC insurance only applies to deposits held in banks within the United States and its territories.  While it would apply to a foreign currency account at, say, Everbank, it does not protect the depositor from losses due to foreign currency fluctuations.

It is crucial for individuals to understand the specific coverage and limits provided by FDIC and NCUA insurance and to always err on the side of caution when not sure.


New FDIC Rules for Trust Accounts Begin Today

The FDIC has implemented new coverage rules that take effect today and only affect trusts accounts that have over $250,000 deposited at a single bank.

FDIC rules had previously permitted a single trust account (such as a payable on death account, revocable trust or irrevocable trust) to have virtually infinite number of beneficiaries, with each beneficiary treated as separately insured and covered to $250,000.

While the new rules do not limited the number of beneficiaries in a trust account, the total aggregate coverage of the trust account, regardless of whether the money is allocated to savings or CDs, is now limited to $1.25 million.

Learn more about FDIC coverage here.


Interest Rates Are Headed Down Later in 2024, But Your Savings Account Interest Rate Should Not Have Fallen Yet

Rate information contained on this page may have changed. Please find latest savings rates.

At the Fed’s March 2024 meeting Jerome Powell reaffirmed that the Fed is not cutting interest rates until it has further information and continued to guide towards three quarter-point cuts in the Fed Funds rate before the end of 2024.  In the days that followed, the Treasury curve has contracted with interest rates on the 6-month coming in by about 8 basis points and on the 2-year by as much as 18 basis points.

But, overnight rates have remained the same and will be the same until the Fed actually moves (which may or may not come at the conclusion of its May or June meetings).

While it is perfectly logical that some banks would be cutting their CD offerings (and will continue to cut their CD offerings), it is unfortunate that some banks have already cut their savings rates.   We count Ally, Discover and Milli among those that recently lowered their savings rates, and some online banks like Valley Direct and ConnectOne lowered their savings rates earlier in the year.

If you are in a bank that is lowering their savings or money marke rates already, it could be a good time to consider moving your cash to a one that not as eager to lower rates. BestCashCow's savings tables now display the last rate change and the change history. Using this table will enable you to see which rates are most sticky.

Alternatively, it may make sense to lock in a high CD rate now.


Frequently Asked Questions About Online Savings Accounts

What is a savings account?

A savings account is one of the simplest types of bank accounts. It allows you to store cash securely and earn interest on your money.

What is a money market account?

The differences between a savings account and a money market account are largely arcane. Some savings accounts are limited by US federal regulations to six outbound transfers per month (the bank may allow additional access for a fee). Money market accounts are technically not bound by those limitations and offer more ways to access deposits by issuing checks and debit cards. Prudent consumers will compare the two interchangeably, focusing primarily on rates and service among FDIC-insured banks (or NCUA-insured, for credit unions). Consumers who maximize their use of online savings and money market accounts access these accounts through ACH transfers that are easily set up on the online bank’s website so the additional ways to access deposits that money market accounts offer are rarely valuable.

How Do Online Savings And Money Market Accounts Work?

Over the last two decades, online banks have emerged to offer depositors higher rates on their online savings and money market accounts than are available in the major money center banks and in smaller brick-and-mortar banks. Since these online banks do not have expensive branch networks to maintain, they usually pass some of their savings back to depositors in the form of higher rates. All online banks and local banks listed on BestCashCow are FDIC Insured.

Unlike certificates of deposit (CDs) or time deposits, money in savings and money market accounts accrue interest on a daily rate. The best yielding savings rates can conceivably change from day-to-day with new online banks emerging or existing banks more aggressively seeking to raise the capital accounts. It is important to check back on BestCashCow regularly to be sure that your savings accounts continue to earn the most competitive rates, no matter what the rate environment is.

The table above lists the highest yielding online savings account rates.

How Do I Open An Online Savings or Money Market Account?

The process of opening an online savings account or money market account is usually very simple. Banks ordinary ask you a few questions to verify your identify. These questions include seeking information from a state or government issued ID, such as a driver’s license. Due to increased US anti-money laundering rules and Department of Homeland Security requirements, it is very likely that you will also be asked to produce a photocopy of your license and a picture taken from your iPhone or other smartphone and emailed to the bank will ordinarily suffice.

The bank may ask for information regarding a correspondent account from which you intend to have them draw the money to provide the initial funding. You therefore will need the ABA number and account number from an existing account that you have. They will verify this account by having you log back in to confirm the amounts of one or two small deposits to your correspondent account before they draw the funds from this account. Finally, many banks do a “soft” credit pull from Experian, Equifax or some other credit rating agency. While your credit rating will ordinarily not be affected, the application process may involve your answering questions about where you have lived, loans you may have had, past employers or cars you may have owned. Many people do not enjoy providing the amount of personal information required over the internet; therefore, some of the larger online banks have 24-7 customer service to guide you through the process. You can see the experiences of others with a given online savings bank that you are considering by reviewing the comments left in BestCashCow’s table above.

What are the Best Bank Accounts with High Interest Rates?

In the above table, you will find a list of the highest online savings account rates, ranked in descending order by interest rate currently offered. Online bank accounts are slightly different in terms of their features and the services offered. By reading the reviews of each bank, accessible from the rightmost column, you will be able to determine which bank is the best for you. Please also refer to the section below entitled “Best Online Savings Account Rates".

Are online savings rates always better than rates at brick-and-mortar banks?

No. Online banks often offer higher savings and CD rates because they have lower expenses by not having to maintain brick-and-mortar locations. You should also check rates at local banks and credit unions. Unlike other websites, BestCashCow.com compiles all of these rates, listing them in an unbiased manner that shows the proximity of each bank or credit union to you. Please access these rates using the tabs above.

Depending on where you live, there may be banks and credit unions offering rates still higher than the best online savings rates.BestCashCow maintains the largest rate database – including rates on over 2,000,000 bank products from all 8,000 banks and 7,700 credit unions in the US – in enable you to compare online rates with local rates in your area.

Are Online Savings accounts safe?

All bank accounts listed on BestCashCow are insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC is a federal government chartered institution that provides insurance to a maximum amount of $250,000 per individual per institution (or $500,000 for joint account holders). All deposits (CDs, Checking, Savings Accounts) held in the same type of ownership at a single financial institution are only insured to $250,000. However, funds held in different types of ownership (Individual, Joint, Trust, Retirement) may fall under separate FDIC insurance provisions. BestCashCow.com strongly recommends that you deposit savings in only FDIC insured institutions and that you do not exceed FDIC coverage limits. Please visit the FDIC's website to determine your coverage limits based on your circumstances.

What are the advantages of Online Savings accounts?

  • Higher interest rate.
  • Often top notch online functionality with 24/7 access, 365 days a year. You can check your balance, update your contact info, make transfers, and order deposit slips at any time. For more pressing issues, customer support is also usually accessible 24/7, so you can talk to an actual human instead of your computer screen.
  • Superior online and mobile access. Many traditional banks have been slow to adopt the best web and mobile features to improve the customer experience online. 
  • Easy money transfer capabilities to and from a primary checking account.
  • Liquidity. Depositors can withdraw their money at any time.

What are the disadvantages of Online Only banks?

  • A variable interest rate. While most leading online banks have not lowered rates significantly in past years, any savings rate can conceivably be lowered at any time.
  • There are often new entrants to the market that can disappear as quickly as they arrive on the scene.
  • Interaction is only via phone or Internet. You cannot walk into a branch and talk to a customer service representative if you have a problem with your savings account. Nonetheless, the leading, high profile online banks provide virtually instant phone access at all hours to a representative. However, interaction with some of the smaller online banks can be more difficult as it is ordinarily limited to business hours in their area of operation.
  • You cannot get cash or cashier's checks instantly as you can in a branch bank, and matters where you need to rely on the US Postal system can lead to significant delays and obstacles.
  • There is no opportunity to build a relationship with a banker should you need a loan or additional services in the future.

What is the best account for easy access?

Depending on where you live and how accessible the branch is, you may find that the best account for easy access is through a local bank or credit union. However, today many high yielding savings and money market accounts provide such easy accessibility, including through mobile apps, and can enable such easy transfers to a correspondent account at a local bank through ACH transfers, that more and more people are opening accounts for cash and savings that they do not need immediately.

Is a high-yielding online savings account your best option?

High-interest savings accounts are always an ideal place to keep your emergency fund or any money to which still you need ready access. Your money will be safer than if you stuffed it under your mattress, and it will grow a bit, too. Investors will find that keeping large amounts of money in savings and CDs provides them with lower returns but cushions them against market crashes like we experienced in 2000 and 2001 and again in 2008 and 2009.

Why do savings rates vary so much?

Even though rates are at levels that are historically very low, there is competition for your money. Like any active marketplace, there are buyers and sellers of goods and services at different prices.

How do I choose the right savings or money market account?

Begin your search with the table here on BestCashCow.com. In addition to checking online savings rates, you should also check local bank rates and local credit union rates.

What is the Best Fixed Rate Savings Account?

BestCashCow strongly encourages people to avoid very short-term promotional rates. The very nature of a savings or money market account is that the rate can change from one day to the next. Savings rates may be guaranteed not to change for some very short length of time, but they are not fixed. If you require a fixed rate or greater certainty that the rate that you are making will not change, you should consider CDs, which represent a time deposit, for some or all of your savings.

Recent Performance of Online Savings And Money Market Accounts

BestCashCow data shows that the highest yielding online savings account and money market rates increased from a base around 0.75% through 2017 and 2018 to a peak just over 2.00% in mid-2019. The Fed Funds rate was lowered in July 2019 and then brought to zero in early 2020 in response to COVID-19. As the Federal Reserve raises the Fed Funds rate in 2022 and 2023, online savings rates may eclipse their mid-2019 highs.

The graph below shows how the average rates for online savings and money market accounts have trended over the last several years.  In addition to the broad movement that we see in online savings and money market account averages according to economic circumstances and the Fed Funds rate, there is wide variability among rates offered by the leading online banks. Even while the online savings average has remained below 0.40% for most of 2020 and 2021, we have seen some banks offer rates as high as 0.65% or 0.70% during this time.

Online Savings and Money Market Average Chart 2024

Should I consider CDs?

If you are unlikely to require access to your cash for some time, you may also consider certificates of deposit (CDs). While CDs have penalties for early withdrawal that may even eat into your principal, the rates on 2, 3, 4 and 5 year CDs are ordinarily significantly higher than savings rates. CDs also offer the certainty of rate stability for the term of the CD. Several sections and articles on BestCashCow can also help you to identify your proper cash allocation between savings and CDs.

With savings rates at such low levels, does earning a higher savings rate or the best savings rate really mean anything to me?

Even a difference of a couple of basis points (hundredths of a percentage point) can really add up over time, especially on large sums of money. You may wish to familiarize yourself with the BestCashCow Savings Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

If you have not accessed the BestCashCow Savings Calculator or mastered the magic of compounded earnings, here is the plain and simple truth:
  • $250,000 deposited at a major money center bank like Chase, Citibank, Bank of America or Wells Fargo is likely earning less than 0.10% APY. That money is therefore making no more than $250 a year in interest.
  • That same $250,000 deposited at a leading online bank is earning over 1% or over $2,500.
  • Even though the increased earnings from high yield savings (in this example, $2,250 annually) is fully taxable at the federal and state and local levels, wouldn’t you like to be earning that extra income from high-yielding savings accounts?

What does APY mean?

“APY” stands for annual percentage yield. Savings rates are displayed in terms of APY to indicate the effective annual-interest return, including the compounding of interest, over the course of a single year. $100,000 deposited in a savings or CD account with a 1.20% APY will earn $1,200 in the course of the year, but monthly interest in the first few months may be less than $100 a month (this also depends on the number of days in the month). Hence, the APY rate is ordinarily a couple of basis points above the real interest rates. Unlike with a CD, your actual APY in a savings account or money market account may vary if the rate changes.

Are you still hesitant to open a high interest-earning online savings account?

Here are some common reasons people hold off:
  • You need to make more than six withdrawals a month. Avoid potential problems by opening a high earning online money market account (some of the best rates available in the table above are actually from online money market accounts), opening a savings account at a bank which does not enforce the 6 transfer limit, tying your account to a correspondent bank’s money market account or checking account at a major money center bank (like Chase, Citibank, Wells Fargo, or Bank of America) where you make one larger transfer each month.
  • You like having access to a physical branch. Find out what the minimum balance required to avoid fees on your account at your physical branch, then transfer the excess balances to a high yielding online savings or money market account. You’ll continue to have access to the physical interaction and services of the bank with which you are used to banking, but you will also be dramatically increasing the interest earned on cash you don’t need over time.
  • You need to deposit large sums of cash or checks in excess of the online bank’s mobile deposit limit. In this case, you need access to a physical branch. See point 2, above.
  • You want one institution to handle all of your financial matters. Most online banks do not offer mortgages, credit cards and brokerage services. There is no financial advantage to keeping all of your financial transactions in one or even a handful of institutions.

What is a health savings account?

A health savings account (or HSA) is a tax advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to this kind of account are not subject to federal income tax at the time of deposit.

According to IRS Publication 969 (2016), the interest or other earnings on the assets in the account are tax free and distributions may be tax free if you pay qualified medical expenses or other expenses not covered by health insurance such as dental or vision care. Due to the tax advantages of a health savings account, these accounts should be set up separately through banks offering them (such as Chase or Bank of America) and their assets should not be comingled with a high yielding online savings account. We know of no online banks currently offering HSAs.

What is an education savings account?

Education savings accounts, such as Coverdell Education savings accounts and 529 plans, are accounts that allow family members to obtain certain tax advantages through setting aside funds for a child’s future education. 529 programs are administered at the state level and you must invest in programs they administer; Coverdell education savings accounts are move flexible (and generally follow the same rules as IRAs), however we know of no online banks currently offering Coverdell Education savings accounts.

What is a child savings account?

A child savings account is a savings account in the name of the child with a parent or guardian named as the custodian on the account until the child reaches the age of 18 or 21 (depending of the child’s state of residency). A child savings account can be a great way to teach your child the importance of saving money from a young age.

More information on child savings accounts can be found here. Ally and Capital One 360 are among the few online banks offering child savings accounts.


Expert Reviews of Well-Known Online Banks, April 2024


Online Savings - 4.40% 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 was 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, including inbound or outbound wire transfer fees. The bank sometimes offers 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).

What to watch for: In 2024, Marcus began lowering its savings and CD rates long before any Fed moves lower. No ATM access. No custodial or trust accounts.

Goldman Sachs Marcus's Climate Grade: B - Goldman Sachs continues to be a major financier to the oil and gas industry but has taken a leading role in financing major renewable energy projects.


Citizens Access logo

Online Savings – 4.50% 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 was 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 frequently cited online access issues, but we understand those to have been resolved in 2023.

Citizens' Climate Grade: A - Citizens has made real strides in lending to renewables projects, has lent to several Ørsted projects, and has an extensive plan for its lending to sustainable energy projects.


Online Savings Account – 4.25% 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 has a history of being competitive, but has trailed other well know banks in 2023. 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 treating every customer the same, Ally now alternates 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.

Ally's Climate Grade: B - Ally has an extensive Corporate Social Responsibility report and claims that it is not directly funding harmful fossil fuel emissions projects. It however is the former GMAC and should be able to take an aggressive roll in reducing funding for internal combustion vehicles in favor of electric ones.


High Yield Savings – 4.75% 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.

Synchrony's Climate Grade: B - Synchrony has no climate initiatives but no known lending to carbon producing industries.


Savings Account - 4.35% 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 in 2008, 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.

Barclays' Climate Grade: D - Barclays is one of the world's biggest lender to the oil and gas industry, and has no known lending to major renewable energy projects.