10 Best Online Savings Accounts for May 2025
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The national average savings account pays just 0.60% APY, but many online banks offer rates 10x that, making it possible to earn significantly more on your savings. By minimizing overhead costs, online savings accounts can provide higher yields and fewer fees.
Whether you’re building an emergency fund or seeking better returns on your cash, exploring high-yield online savings options can help you maximize your earnings.
Best Overall
To help you find the best online savings account for your needs, we analyzed dozens of options based on factors like APY, fees, and user experience. After reviewing everything side by side, these accounts stood out on top. [See our full methodology.]
1. Axos ONE® High-APY Savings & Checking – Up to 4.66%
Axos ONE is a hybrid checking and savings account that rewards high depositors with up to 4.66% APY. There are no monthly fees, and users get access to 95,000+ fee-free ATMs nationwide. Axos consistently offers one of the highest publicly available APYs, making it a strong option for maximizing returns if you meet the deposit and balance requirements.
Axos ONE combines high-yield savings with everyday checking in a single, fee-free account. Customers can earn up to 4.66% APY when they meet monthly deposit and balance requirements. With access to 95,000+ fee-free ATMs, no maintenance or overdraft fees, and a mobile-first design, it is ideal for users who want to streamline their finances while earning one of the highest available rates.
Show Hide more2. CIT Bank Savings Connect – 4.00% APY
CIT Bank’s Savings Connect account rewards users who consistently grow their savings, helping to build strong financial habits over time. It requires a $100 minimum to open, but there are no maintenance fees, and most transactions can be handled through the mobile app.
CIT Bank Savings Connect consistently offers an industry leading APY making it one of the most desirable high-yield savings accounts on the market. Now a division of First-Citizens Bank & Trust Company, FDIC-insured, CIT Bank offers all the stability a traditional brick and mortar bank, but has the added versality of robust interest rates usually found at exclusively online banks.
Show Hide more3. UFB Portfolio Savings – Up to 4.01%
If you’re after pure savings power, UFB Direct delivers. This account consistently offers one of the top APYs in the country, without monthly fees or minimum balance requirements. It also comes with an ATM card, a rare perk for high-yield savings accounts. Just don’t expect budgeting tools or flashy app features — this one’s built for rate chasers who want their money working overtime.
UFB Direct consistently ranks among the top for high-yield savings rates — currently offering 4.01% APY with no monthly fees or minimum balance required. What sets it apart is the inclusion of an ATM card for easy access to your funds, a rare feature for savings accounts. While the platform is fairly no-frills, it’s a strong choice for rate-focused savers who don’t need extras.
Show Hide more4. Chime High Interest Savings – 2.00% APY
Chime isn’t a traditional bank, but as a banking services provider, it offers a strong suite of features, including a competitive High-Yield Savings Account. While there are no physical branches, customers have access to over 60,000 fee-free ATMs through Chime’s partner network.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Chime's industry-leading interest rates make it a great option for growing your savings in conjunction with their suite of banking services, namely their Chime Visa® Debit Card.
Show Hide moreHonorable Mentions
5. Synchrony Bank High-Yield Savings Account – 4.00% APY
Synchrony offers a no-frills, high-yield savings account with a strong APY, no service fees, and no minimum balance requirements. It’s a straightforward option for savers who want to maximize earnings without managing extra features or hoops. (Learn More)
6. SoFi High-Yield Savings Account – 3.80% APY
SoFi offers a competitive APY with no minimum deposit and no account fees, making it easy to get started. New customers can also earn a generous welcome bonus with qualifying direct deposit. The account pairs seamlessly with SoFi’s full suite of financial tools, including investing, lending, and budgeting features. (Learn More)
7. Ally Bank Savings Account – 3.60% APY
Ally offers a strong APY alongside helpful savings tools like goal-based “Savings Buckets” and automatic transfers. There are no monthly fees or minimums, and its user-friendly platform makes it easy to stay organized. While the rate isn’t the highest, the features and transparency make Ally a solid choice. (Learn More)
8. Marcus Online Savings Account – 3.75% APY
Backed by Goldman Sachs, the Marcus savings account offers a competitive rate with no fees and no minimum balance required. It’s a clean, no-frills option ideal for those who want a trusted name and a simple way to earn more on their savings. (Learn More)
9. Barclays Tiered Savings – Up to 4.30% APY
With over 130 years of history, Barclays offers a high-yield savings account that’s both competitive and user-friendly. Thanks to its tiered APY structure, even a modest deposit gives account holders immediate access to meaningful interest earnings — no complex requirements or banking background needed. (Learn More)
10. American Express National Bank – 3.60% APY
American Express offers a reliable, no-fee savings account with daily compounding interest and no minimum balance requirement. You can set up automatic deposits for easier saving, and while it’s a simple account, it’s backed by the trusted Amex brand. (Learn More)
How to Open an Online Savings Account
Once you’ve compared your options and found the right online savings account, getting started is fairly straightforward. Here’s what to expect:
1. Gather your documents.
You’ll typically need your Social Security number and a government-issued photo ID, such as a driver’s license or passport. Non-U.S. citizens may also need to provide immigration documents or other forms of verification.
2. Double-check the details.
Before you commit, take a final look at each bank’s terms. Confirm that the account is FDIC insured, review the current APY, and check for minimum deposit requirements or newly added promotions — banks can update rates and offers frequently.
3. Complete the application.
Most applications are fully online, but some banks may require additional steps like uploading proof of address or signing a form by hand. In rare cases, you might need to print, sign, and mail a document, which can delay processing by a few days.
4. Fund your account.
Once approved, you’ll make your opening deposit — often via transfer from a linked bank account. After verification, you can set up recurring contributions or manual transfers to grow your savings consistently.
Benefits of Online Savings Accounts
A savings account is a safe place to grow your money while earning interest — and online savings accounts often offer even more advantages than their brick-and-mortar counterparts.
Here’s why many people are choosing to save online:
- Higher interest rates: Online banks typically offer much better APYs than traditional banks. With no physical branches or in-person staff, they operate with lower overhead and pass those savings on to you.
- Fewer fees: Along with better rates, online savings accounts often come with no monthly maintenance fees, minimum balance charges, or other surprise costs.
- 24/7 access and convenience: Manage your money anytime from your phone or computer. No more rushing to a branch before it closes — online banking fits your schedule.
While you can transfer funds in and out of your savings account, it’s not meant for everyday use like a checking account. Instead, it’s best for building an emergency fund, saving for a goal, or simply earning more on your idle cash.
Drawbacks of Online Savings Accounts
hile online savings accounts offer strong interest rates and convenience, they aren’t perfect for everyone. Here are a few potential downsides to keep in mind:
- Limited cash access: If you frequently deposit or withdraw cash, online banks may not be ideal. Without physical branches, cash deposits can be tricky. Some banks offer ATM access through partner networks, but those ATMs may be harder to find than major bank locations
- Less personal service: Most online banks offer customer support via phone or chat, but you won’t have the option to meet with a banker in person. If you prefer face-to-face help for account issues or financial guidance, this could be a drawback.
- Tech hiccups: Like any digital platform, online banks aren’t immune to glitches. Mobile apps and websites can go down, transfers might be delayed, or linked accounts may unexpectedly disconnect — which can be frustrating if you’re in a hurry to move money.
Choose the Account That Fits Your Needs
The best online savings account is the one that aligns with your financial habits and priorities. For example, if a high APY and widespread ATM access matter most, Synchrony might be a better fit than Ally. Prefer a familiar name with a full suite of financial products? Discover could be the right choice.
If you’re not ready to go fully digital, a hybrid approach might work best. You can keep your primary savings in a high-yield online account while maintaining a local bank or credit union account for easier cash access or in-person support.
Whatever your preferences, there’s likely an online savings account that checks your boxes. Just remember: the account is only part of the equation — making saving money a consistent habit is what really moves the needle.
How DollarSprout Rates Online Savings Accounts
To help you make informed decisions, we evaluate each online savings account using a consistent set of criteria:
- Annual Percentage Yield (APY): How competitive is the interest rate compared to industry averages?
- Fees: Are there maintenance fees, transfer fees, or hidden charges — and how likely are users to encounter them?
- Minimum balance requirements: Is there a steep barrier to entry, or can anyone open and benefit from the account?
- Customer service: Can users get support easily when they need it?
- Mobile app experience: Are app reviews strong, and does the platform offer a smooth digital experience?
While all of these factors matter, we place the most weight on APY and fees — because at the end of the day, those have the biggest impact on your savings growth.