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Online Savings & Money Market Account Rates 2020

Online Savings & Money Market Account Rates

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American Express: Not Just for Credit Cards Anymore

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The credit card giant now offers a 1.00% online savings account, with no fees and no minimum deposit. They also offer no-minimum deposit CDs.

When you say the name American Express, most people think of a credit card. That’s not surprising, considering there’s over $620 billion worth of purchases made on American Express cards each year, according to their website. Now, they’re also offering a High-Yield Savings account and CDs at very competitive rates.

The American Express High-Yield Savings account boasts a 1.00% APY, with absolutely no fees and no minimum balance requirements. The nice thing about this account is that you can easily link it up to three of your accounts from external banks, so there's no need to switch banks. If this 1.15% APY beats the savings APY at your regular bank, you can simply transfer money back and forth between this American Express savings account and your other bank accounts.

If you’re looking for something longer-term with a higher APY, American Express is offering a 3-year CD at 1.45%, a 4-year CD at 1.60%, and a 5-year CD at 2.15%. Before you open one of these CDs, you should be sure that you can invest it for the full-term of the CD. If you open an American Express CD with a term of more than 12 months, you can be charged a penalty of up to 6 months interest if you withdraw your principal or close the CD. However, since there is no minimum balance requirement to open one of these CDS, so you can invest as little or as much as you feel comfortable with.

These rates are some of the most competitive on the market today. While it's possible to find a slightly higher APY, the brand-recognition of America Express, the no minimum deposit, and the no maintenance fees make these accounts enticing. Just be sure to read all of the terms and conditions before opening the account, like you would for any financial product.

CNBBankDirect Promotes Fiscally-Sound, Well-Informed Customers

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CNBBankDirect recently re-launched their website to make it a great resource for all types of financial advice. The bank also is offering a free savings account that pays 1.20% APY.

CNBBankDirect, a division of Citizens National Bank, has been previously featured on, but the bank recently redesigned and re-launched their website to make it easier than ever to obtain not only information on the bank's products, but also general financial news and articles for the everyday consumer. This is a refreshing change from many bank sites that only seem interested in promoting their own products. The Savings News section of CNBBankDirect’s website includes articles on things such as identity theft, retirement health care costs, and how to use Twitter to solve credit card problems with your bank. The bank's About Us section also includes links to other financial websites, including, to promote well-rounded, educated consumers.

Additionally, the bank is currently offering a high yield savings account that pays 1.20% APY. There are no monthly service fees, you need only $1 to open an account, and you earn interest on all balances $1 and more. You must open your account online, and you can link any non-CNBBankDirect checking or savings account and transfer money back and forth between them. Since CD rates have been so low recently, this bank account gives you a great way to easily earn a higher interest rate on your money but with instant penalty-free liquidity if needed.

Zions Bank: Offering Internet-Only Savings Rates with Brick-and-Mortar Locations

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The Zions Bank Internet Savings Account is currently offering a 1.11% APY, yet it also has over 125 physical branches you could visit if need be.

Recently, I discussed how many online-only banks, such as Bank of Internet, are able to offer better interest rates than many brick-and-mortar banks because they are able to keep their overhead costs low. But what if you just don't feel comfortable using an online-only bank? Even if people conduct most of their business via ATMs, the telephone, and online, some people just feel more comfortable knowing that there's a physical location they can go to if they have a problem, even if they never need to actually visit it. There's absolutely nothing wrong with that. However, do you always have to forfeit that higher interest rate for the security of knowing there's a brick-and-mortar location out there?

Zions Bank may have found a solution to that dilemma. Zions has over 125 brick-and-mortar branches in the Intermountain West, it's headquartered in Salt Lake City, Utah and it's been in business since 1873. Zions is currently offering an Internet Savings Account at 1.11% APY, which is competitive with some of the best online accounts offered. You get the benefit of an Internet-only rate, but the peace of mind offered by knowing the bank has many brick-and-mortar locations. In order to get this rate, account balances must be $1,000 or more, and you'll need a minimum opening deposit of $100 or more. Interest is compounded daily and paid monthly, and there are no monthly maintenance fees. You can make unlimited withdrawals via ATM, by mail or in person; however, since this is an Internet savings account, you would be charged $3 per withdrawal if you make the withdrawal in person. Of course, you don't need to live anywhere near a branch to open this Internet account, but it would come in handy if you ever plan to visit a branch.