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.
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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.