Top 5 Banks That Offers the Best Online Savings Account

When you find yourself a great bank for your business and personal needs, you probably stop the search and stick to that bank for the rest of your life.

However, finding the best online savings account provider is like looking for a needle in a stack of hay. It’s that difficult especially when federal regulations change how banks offer services and implement changes. However, there is no more rewarding than finding a great match in the way you handle your money and how it generates interest rates by merely letting it sit in the bank.

Since online banks save on maintaining a physical bank or branch, interest rates in this market are much higher than brick and mortar banks. As a matter of fact, most banks offer 2% annual interest rates per annum than the national standard which is 0.10%. It might be not as enticing as you think, but it does add a bunch of money in your account.

We did extensive research on the best online savings account provider and we judged them based on how high their interest rates are, how accessible your account is online, and how easy it is to withdraw your money anywhere for their ATM machines. Here are some of the best:

1. American Express National Bank

American Express is known as a topnotch credit card provider. This national bank also offers a savings account with a great percentage of 2.10% per annum. American Express is not very strict in monthly fees to maintain the account or in their minimum balance to keep the account open as they do not charge or require any. The only downside is that the company does not have a checking account and it has no ATM machines on their own.

2. Alliant

More often than not, most credit unions put restrictions on memberships by the area you’re living in or your employer. But not Alliant Credit Union — which is based in Chicago, by the way. If you want to apply or be a member, you can do so by supporting the charity Foster Care to Success. What Alliant does is they give a donation of $5 on your behalf. Registered members can open an account that yields 2.1% annually as long as you maintain at least $100 on your account on a daily basis. When you decide to open an account, they wave the $1 fee monthly if you opt to e-bill. Aside from that, phone support is also available for 24 hours.

3. Marcus by Goldman Sachs

Marcus by Goldman Sachs is an online bank offering a competitive annual interest yield as a high as 2.25% on deposit transactions for your savings account. Aside from that, they also offer great rates for CD especially for those who are planning on saving for long-term goals. This provider does not charge monthly fees for maintaining an account and there is also no requirement for a minimum balance when opening a savings account. The downside with this bank is that they do not offer savings account and there are no ATMs available. Also, you need to have another bank to deposit or withdraw your money.

4. HSBC

Direct Savings by HSBC is an online account that can be your option in saving money. This popular international bank offers an interest rate of 2.30% annually and does not charge monthly fees from your account. Aside from that, this bank promises to be the best online savings account provider by requiring only a dollar to open an account. Direct Savings also comes with its competitive set of digital tools which can help you set your desired savings, track the money, and create alerts by sending you emails.

5. Citizens Access Online Savings Account

Citizens Bank is a bank that offers an online division that offers topnotch interest yield of 2.35% for a savings account. However, you need to have a glaring $5000 to open a savings account, which is significantly higher than other online banks. However, despite the high amount for opening an account, it doesn’t charge monthly fees to maintain the account. Having a balance lower than $5000 may also change the APY or annual percentage yield than the initial offer of 2.35% to a lower rate (which may be less impressive for you).