Don’t put any money in a regular ole’ savings account from the bank down the street. It’s much better to put your money in an online bank or credit union. There you’ll be able to get higher APY rates and easier ways to make deposits. Online banks that offer savings accounts are mostly backed by FDIC, guaranteeing that any money you deposit will be protected and kept safe.
There are a few essential things to look for when comparing all of the different online savings offers. You’ll want perks such as minimal fees, extensive ATM networks, quality customer service, ease-of-use, etc..,
Here are some of the best online financial institutions that offer good savings account options with money-secured backing from the federal government:
PenFed
The Pentagon Federal Credit Union offers various options, such as regular savings, premium online savings, and money market savings accounts. With the premium online savings account, get 0.60% APY and then 0.90% APY with a money market certificate (terms are available from 6 months – 7 years).
Capital One Savings
While typically a credit card company, Capital One also offers savings products and services online. Options range from Kids Savings Accounts to 360 IRA Savings Traditional / Roth Accounts. Earn anywhere from .40 – .50% APY. The accounts have no minimum opening amount requirements and involve no monthly account maintenance fees.
American Express (AMEX) Savings
Here is another typically credit card provider that is among the top banks that offer savings accounts online. With a High Yield Savings (HYSA) account, get 0.60% APY. Pros include 24/7 customer service reps being available, NO fees or minimum balance requirements, and a decent number of free no-penalty withdrawals.
Ally Bank
There are reasonable savings accounts offers. There are benefits such as “boosters” that optimize your account. They optimize to help accelerate your savings and allowances for dedicating portions of your money to wherever you want it to go or whatever you want to do with it. Right now, there is a 0.60% annual APY. As with all savings accounts, the rate is variable and is subject to change.
CIT Bank
This bank perhaps might be your best option overall – or at least the very first one to consider. CIT Bank is an excellent online organization that offers quality customer service. Furthermore, it offers savings, an APY averaging around 0.50%, a low minimum for opening an account, and the convenience of depositing checks remotely or even making transfers via the mobile app.
We recommend that you look into CIT Bank’s offerings when comparing banks that offer savings accounts. The others mentioned on this list are good alternatives and maybe worth looking into as well.