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Best Online Savings Accounts

Discover the best online banks for your savings with a curated list of expert reviews. Simplify your search for the ideal online savings account and make an informed decision easily.

location NY, Brooklyn privacyWe value privacy
Editor's Choice
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pros iconEarn up to 3.30% APY

pros iconNo monthly fees or overdraft on most accounts

pros iconVariety of accounts with unique perks


cons iconLow CD (certificate of deposit) rates

Axos Bank® offers bank products and services. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and vesting at Axos Bank. For more information, read our FDIC Notice. Axos Bank NMLS# 524995. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you’ll pay just $256 per month for a total amount of $18,432.


  • check mark Earn up to 0.61% APY
  • check mark Up to $200 Bonus for High-Yield Savings
  • check mark FDIC Insured Financial Institution
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pros iconThe 4% APY available on Savings Pods is very good

pros iconDoes not require any credit check for a checking account

pros iconCharges minimal fees across the various account types

pros iconThe Current mobile app offers money management tools


cons iconOnly offers a mobile app and no desktop platform

cons iconCurrent caps the 4% APY to $6,000 in savings

Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. For full terms and conditions, visit current.com or call 888-851-1172 for more information.

  • check mark Earn up to a 4.00% Bonus on Savings Pods
  • check mark No credit checks or credit history required
  • check mark No annual fees, no subscription fees, no minimum balance fees

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Online savings accounts explained

Savings accounts let you earn returns on your money instead of just keeping it idle in a bank account. Though APY rates on savings accounts are lower now due to low-interest rates, they still offer a return on your money. These accounts are suitable for emergency funds or saving for a specific goal, such as a house. You can link your savings and checking accounts and set up automatic transfers. Online banking gives you access to various savings account options and allows you to compare APY rates, fees, and perks.
It also offers flexibility in managing money and monitoring finances in real time.


Can I open an online savings account?

All major banks will now have an online presence. People want the flexibility to manage their finances with the tap of a few buttons rather than going into a physical bank branch. There is not much you can’t do with online banking.

Most banks will have a range of savings accounts you can open online. You can take a look to see which option is the best fit for your situation. The process of creating this new account doesn’t take much time at all, allowing you to get started saving very quickly.


What are the different types of online savings accounts?

  1. Regular Savings Accounts: Offer a standard APY for short and long-term savings, with a few monthly fee-free withdrawals.
  2. High-Yield Savings Accounts: Offer higher APY rates than regular savings accounts, with limited access to funds.
  3. Money Market Accounts: Offer better APY than regular savings accounts and allow use of a debit card. Usually, charge a monthly fee and require a higher minimum deposit.
  4. Certificate of Deposit (CD) Accounts: Offer a fixed return on your deposit for a set period, with penalties for early withdrawal.


Pros and cons of online savings accounts


  • A quick comparison of various options and best APY rates
  • Efficient banking processes
  • Range of savings account options



  • Dependent on technology and internet access
  • Limited access to funds in some accounts
  • Possible security concerns

Choosing the right type of online savings account

It is important that you research the various savings account types to see which will be the best fit for your needs. 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 comprehensive reviews of all of the leading providers of online savings accounts. This will save you a lot of time and hassle.


Overall, online savings accounts offer convenience, flexibility, and the ability to earn a return on your money.