We receive advertising fees from the brands we review that affect the ranking and scoring of such brands.
Advertiser Disclosure

Best Online Savings Accounts September 2023

Online savings accounts aren't just a place to stash your money; they're your gateway to a future of financial growth. Whether you're saving for a dream vacation, a down payment on a house, or simply for peace of mind, choosing the right savings account is crucial. This guide serves as your compass, meticulously navigating through the advantages, disadvantages, and perks of the top savings accounts. From low fees to high-interest rates and the convenience of online accessibility, let's delve into the options.

location NY, Brooklyn privacyWe value privacy
Editor's Choice
View Details arrow


Axos Bank lays claim to being one of the oldest digital banks in the world. The company was founded as Bank of Internet USA in 1999 and rebranded to Axos Bank in 2018. Nowadays, Axos Bank is based in San Diego, California, where it has grown to a workforce of over 1,000 and is the consumer-facing arm of Axos Financial.

Axos has built a solid reputation over two decades of trading as an online bank. The company is well known for its excellent APYs, ATM reimbursements, and one of the market’s most rewarding ranges of checking accounts. To this day, the company remains online-only, with the lack of branches resulting in better value financial products for its customers.

Axos Bank is a public company: stock ticker NYSE: AX


pros iconEarn up to 1.25% APY

pros iconNo monthly fees or overdraft on most accounts

pros iconVariety of accounts with unique perks


cons iconLow CD (certificate of deposit) rates

  • check mark Earn up to 1.25% APY
  • check mark Use Promo Code "Lucky" for a $100 bonus!
  • check mark FDIC Member
Rising Star
View Details arrow


Founded in 1999, Patriot Bank, N.A. is a community-focused, full-service bank that operates in Fairfield and New Haven, Connecticut, as well as Scarsdale, NY. The bank offers personal, business, and commercial banking for its customers. It also has lines of credit, business and commercial loans, and more.
What stands out about Patriot Bank is its commitment to helping its customers build solid money management habits and achieve short- and long-term financial goals. The bank is actively involved in the community and supports many local organizations, including Housatonic Community College and a Child Guidance Center in Mid-Fairfield County. It also sponsors various community activities, such as the Stamford Boys & Girls Club 5K Race, to support financial literacy and community development.

Patriot Bank is a public company: stock ticker NASDAQ: PNBK


pros iconDependable institution

pros iconNo ATM fees

pros iconAccount fees are easily avoided


cons iconNo live chat

  • check mark Enjoy a 0.70% APY high-yield
  • check mark No fees
  • check mark FDIC Insured
View Details arrow


Quontic Bank is an online-only, FDIC-insured bank based in New York City, NY. The bank offers multiple deposit account options with reasonable opening deposit limits and competitive annual percentage yields (APYs). Quontic Bank’s primary goal is to innovate on traditional banking without losing the personal connection with its customers.

Along with bank accounts, Quontic offers member-exclusive financial products and opportunities, including loans. Borrowers can use these loans for things like down payment assistance on their home.


pros iconQuick and easy online process

pros iconFree access to more than 90K ATMs

pros iconNo monthly fees

pros iconNo overdraft fees


cons iconOne branch with in-person banking

  • check mark No monthly/overdraft fees
  • check mark Low minimum deposits
  • check mark High Yield Savings with 0.75% APY
View Details arrow


Founded in 1960, Ponce Bank is a well-established New York-based financial institution with a solid reputation in the industry. The bank has physical branches as well as a user-friendly digital platform for those who prefer online or mobile banking. Among other things, Ponce Bank offers checking and savings accounts, money market accounts (MMDAs), Certificates of Deposit (CDs), and IRAs. Many of these accounts come with minimal fees, making them accessible to the average person. Certain accounts, such as the MMDAs also come with decent interest rates.

Ponce Bank is a public company: stock ticker NASDAQ: PDLB


pros iconLow fee structure across all accounts

pros iconGreat mobile app

pros iconWide range of account types


cons iconOffers close to average rates

  • check mark Ability to earn interest on certain accounts
  • check mark Wide range of different options
  • check mark M. Charges can be easily avoidable
View Details arrow


Chime is a financial technology company, not a bank. Banking services through Chime are provided by The Bancorp Bank or Stride Bank N.A. The company was founded in 2012 and has its headquarters in San Francisco, CA. Its focus is on providing personal banking services. Chime does not market to or service the business market.

Chime’s main selling point is that basic banking services for individuals should be helpful, easy, and free. They partner with regional banks to design “member-first financial products” to compete with traditional banks.


pros iconOffers competitive APY savings rate

pros iconProvides direct deposits almost instantly

pros iconFree services and min balance limits


cons iconDaily and weekly maximum limits

  • check mark Offers automatic savings account
  • check mark No m. fees, no foreign transaction fees
  • check mark FDIC Insured Financial Institution
View Details arrow


Nationwide Bank is a financial institution that provides a wide range of banking and financial services to individuals and businesses. The bank offers checking and savings accounts, mortgages, personal loans, credit cards, and investment options. It also provides online and mobile banking, as well as 24/7 customer service. With a history dating back to the last century, Nationwide Bank has a reputation for stability and trustworthiness, making it a popular choice for customers who are looking for a reliable and secure banking partner.

Banking services by Nationwide Bank are provided by AXOS Bank.

Nation Bank is a public company: stock ticker LON: NBS


pros iconGreat selection of account types

pros iconLow-cost account options

pros iconAPY Rates are top-tier


cons iconCD APY Rates lower than standard

  • check mark 80K ATMs across the United States
  • check mark No m. fees for some account types
  • check mark FDIC Insured Financial Institution
View Details arrow


CIT Bank was formed as an internet-based bank in 2009 and has enjoyed a good reputation since. In fact, the reputation was so good that the bank merged with First Citizen Bank in January 2022, becoming a division of the larger banking parent company. While CIT doesn’t have any physical branches, it is well-known for the high APYs offered on its accounts. In this review we are focused on consumer banking at CIT Bank however it is important to note that the bank also has business and commercial banking solutions. All the account details and annual percentage yields (APYs) below are accurate as of Nov. 17, 2022.


pros iconNo monthly fees

pros iconExcellent APYsExcellent APYs

pros iconLow money-market account min deposit


cons iconOffers less ATMs than competitors

cons iconCD APYs are fairly low

  • check mark No monthly maintenance fees
  • check mark Low min opening deposit
  • check mark Get reimbursement on ATM fees
View Details arrow


Founded in 2014 and based in Los Angeles, California, Aspiration is a financial company built upon a socially conscious, green ethos. The company offers cash management and investment products like your standard online bank. However, as one to stand out from the crowd, Aspiration emphasizes managing your money in an environmentally friendly way.
Deposits held by Aspiration will not be invested in fossil fuels or other products that could be detrimental to the environment. Aspiration also lets its actions do the talking by donating 10% of customer fees to environmental projects. The company also boasts an innovative feature where you can round your spending up to the nearest dollar. All money raised this way goes towards the planting of new trees.


pros iconCashback at socially conscious businesses

pros iconLarge fee-free ATM network

pros iconFossil fuel-free deposits


cons iconNo CD rates

  • check mark Up to 83X national interest rate
  • check mark $200 Welcome bonus. Terms apply
  • check mark Carbon offsets for gas purchases

Online Savings Accounts Explained

A savings account offers a key advantage: your money doesn't just sit idle like in a regular checking account; it grows through interest. These days, thanks to the Federal Reserve's efforts to combat inflation, the Annual Percentage Yield (APY) rates on savings accounts are notably higher compared to previous years. The national average yield for savings accounts is currently at 0.59% APY. While it's not a path to millions, a savings account presents a financially prudent way to earn a return on your money.

Savings accounts are a valuable tool for various financial goals, from building an emergency fund to saving for a specific purchase like a home. By linking your savings and checking accounts, you can establish automatic monthly transfers, ensuring consistent progress toward your savings objectives.

In the realm of online banking, you gain swift access to a diverse array of savings account options. This enables you to efficiently compare factors such as high Annual Percentage Yield (APY) rates, associated fees, and additional account benefits. Moreover, online banking provides enhanced flexibility in managing your finances and real-time tracking of your monetary activities. This guide will comprehensively walk you through all you need to know about online savings accounts, catering to a wide audience with varying levels of financial expertise.

Can I Open a Savings Account Online?

Yes, virtually all major banks provide online services. This modern convenience allows people to manage their finances with just a few clicks, eliminating the need for physical visits to a bank branch. Nowadays, online banking offers a wide range of capabilities.

Most banks offer a selection of savings accounts that can be opened online. You can explore the options to find the one that best suits your needs. The process of opening a new savings account is quick and straightforward, allowing you to start saving promptly.

What Are the Different Types of Online Savings Accounts?

There are various types of savings accounts you might encounter. Each type is designed to meet specific needs, and they all come with their own advantages and considerations. Being aware of these options will help you choose the one that aligns best with your financial goals. Here are some of the most commonly seen types of savings accounts:

Regular Savings Accounts

Standard savings accounts can be a good fit for both short-term and long-term savings, especially if you're just starting out. The APY rates will usually be lower for a regular savings account when compared to the more specialized options we've outlined below. But if you expect to need to make regular withdrawals from your savings account, a standard savings account may be your best choice, as other types of accounts will charge extra fees the more withdrawals you make.

High-Yield Savings Account

If you are looking to get the best APY rates possible, then high-yield savings accounts will be worthwhile to consider. You will get a greater APY rate than a regular savings account, allowing you to grow your savings faster. But in return for the higher rates, you will normally have less access to your money. Expect to be limited on the number of monthly transactions you can make. High-yield savings accounts also typically require a higher minimum deposit to open up compared to a standard savings account, so they may not be the best option for people with limited funds.

SEE: Simple Savings Calculator

Money Market Accounts

These types of savings accounts combine many of the aspects of a checking amount with those of a regular savings account. The APY rate will often be better than those offered in a regular savings account and you will also have the option to use a debit card to access your account funds. There will usually be a monthly fee charged for these types of accounts, with a higher minimum required deposit, similarly to high-yield savings accounts.

Certificate of Deposit (CD) Accounts

CDs are a way for you to earn a return on your money that will be fixed for a certain period of time. With a CD, you are agreeing to leave your money in this account until the CD matures. Some CDs will have term lengths of just three months, while others might take ten years to mature.

You will be able to lock in an APY rate for the entire period, with this rate usually being better than most other types of savings accounts. CDs have a tiered APY rate system depending on how much you deposit and the length of time you are committing these funds - the longer you commit to keeping the money in the account, the more interest you can expect your money to earn (today’s CD rates are around 1.24 - 1.55%). If you find yourself needing to withdraw some of the money before your CD matures however, expect to pay a penalty fee.

Pros & Cons of Online Saving Accounts

The advantages of using an online savings account are plentiful. You can quickly see all of the different online providers and compare them with traditional bank offerings.

When choosing the online savings account, you can easily shop around for the best APY rates or a particular type of savings product that fits your goals. You can set yourself on a path to financial success as your money will be earning interest, rather than just sitting in the bank. As one of the most common financial products, you have a great range of different types of savings accounts to choose from, so chances are you’ll find something to suit your needs.

Online banking itself has endless advantages. Most notably, you have the ability to efficiently conduct important banking processes from the convenience of your mobile phone or computer. You can also keep an eye on all transactions in real-time, making sure that nothing untoward is happening.

There are not too many drawbacks associated with using online savings accounts. Namely, some people who are not very tech-savvy might prefer to conduct their banking in-person. Additionally, although interest rates are higher than usual in the current economic environment, the potential for return on the money in your savings account is not as high as it could be from riskier investments, such as stocks and bonds. However, if your money is sitting in the bank regardless, you might as well be earning some sort of return on it.

Choosing the Right Type of Online Savings Account

  • Research: It is important that you research the various savings account types to see which will be the best fit for your needs. It is vital that you only consider online providers and banks that have built up a strong reputation for treating their customers properly.
  • Account type: Once you figure out the type of savings account you need, you can shop around for the best rates. This can be easily done through Lendstart, as you will find expert reviews of all of the leading providers of online savings accounts. This will save you a lot of time and hassle.
  • Minimum balance requirements: Minimum balance requirements refer to the amount of money that an account holder must maintain in their savings account to avoid fees and penalties. These requirements vary by the financial institution and account type, and they can range from as little as $5 to thousands of dollars. For those looking to open an online savings account, it's important to consider the minimum balance requirement as part of their decision-making process.

The Bottom Line

Opening an online savings account is a straightforward process that won't consume much of your time. After pinpointing the ideal savings account category for your needs, the next step is finding the bank offering the most favorable terms for that account type. In this endeavor, Lendstart stands as your reliable guide, offering a thorough understanding of all crucial aspects of your savings account options.