Choose the right savings account to reach your financial goals.
of October 2025
Accounts of October 2025
- Higher returns with direct deposit
- New accounts with eligible direct deposit get a +0.70% APY boost to 4.50% for up to 6 months*
- Up to $300 direct deposit bonus. Terms apply.
- No fees or minimum balance
- No account or transfer fees *
- Earn a variable 3.50% APY **
- No minimum balance*
- Member FDIC
- 24/7 live chat customer service
- No account activity or maintenance fees
- Earn 4.10% APY on your savings
- Open a new account with just $500
- FDIC insured for up to $250,000
- Easily grow your savings
- Earn 4.25% APY on your savings
- Earn up to $1,000 with code EASY ¹
- FDIC insured up to $250K
- No account fees or transfer fees
- Earn 3.85% APY with a $5K minimum balance
- Earn up to $300 cash bonus. Terms below
- Open an account with a $100 minimum deposit
- No monthly fees
- High yield savings with 3.40% APY
- $0 minimum opening deposit
- Interest compounded daily
- Earn a $200 bonus wth qualifying activities. Terms apply*
- Earn up to 4.10% APY on qualifying balances
- Member FDIC
- No monthly maintenance fees
- Fee-free, high-yield, no balance required
- 3.50% Annual Percentage Yield (APY)
- No maintenance fees
- No minimum balance required
- Top-rated mobile app
- Higher returns with direct deposit
- New accounts with eligible direct deposit get a +0.70% APY boost to 4.50% for up to 6 months*
- Up to $300 direct deposit bonus. Terms apply.
- No fees or minimum balance
Choosing an online bank provides a modern, flexible, and convenient way to manage your finances, offering round-the-clock access to accounts, competitive rates, and innovative tools—all from the comfort of any device. Explore the unique advantages of online banking and see how it aligns with your financial habits and lifestyle.
| Online Banking | Traditional Banking | |
|---|---|---|
Accessibility | ||
Convenience | ||
Security | ||
Service Speed | ||
Cost Efficiency | ||
Personal Interaction | ||
Loan/Account Setup | ||
Customization | ||
Cash Handling | ||
Competitive Rates |
What Is Online Banking?
Online banking is a digital system that allows customers to access their bank accounts and perform transactions over the internet. It covers nearly all services that would otherwise require a physical branch.
- View balances and transaction history
- Transfer funds and pay bills
- Deposit checks remotely
- Manage accounts 24/7 with secure access
An online savings account or checking account typically comes with lower fees and higher rates because online banks have fewer overhead expenses.
What Is a Savings Account?
A savings account is a bank savings account designed to store money you don’t need immediately. Unlike checking accounts, savings accounts accumulate interest and are often used for long-term goals or emergency funds.
- Low-risk way to grow funds
- Accessible cash when needed
- Minimal deposit required to start
Savings accounts remain one of the safest ways to protect money while earning interest. For better growth, many consumers look for a high yield savings account instead of traditional options.
Pros And Cons Of Savings Accounts
Savings accounts are generally safe and reliable, and your money is easily accessible when you need it. Here are a few pros and cons to help you understand more about savings accounts:
Pros
- FDIC-insured up to $250,000
- Simple to open and manage
- Good for emergency funds
Cons
- Lower interest rates than CDs or investments
- Some accounts have monthly fees or balance requirements
- Rates can fluctuate with the market
When searching for the best savings accounts, weigh both benefits and drawbacks. A high interest savings account is often more rewarding than standard versions.
Who Can Open a Savings Account?
Generally, anyone over 18 with valid identification can open a bank savings account. Banks may review past account history, so individuals with unpaid overdrafts or charge-offs may face challenges. However, many online savings accounts and high yield savings accounts offer easier approval compared to traditional banks.
What Is a High-Yield Savings Account (HYSA)?
A high yield savings account (HYSA) is a type of savings account offering significantly higher interest rates than traditional savings accounts. The best HYSAs often pay interest that is 10–12 times higher than standard bank products.
- Typically offered by online savings accounts providers
- Higher APY (annual percentage yield) rates
- May require electronic-only banking
High yield savings accounts are popular for those seeking faster growth without taking on investment risk. Comparing high yield savings account rates helps identify the most competitive option.
Our top 3 Savings Accounts:
In a Nutshell
SoFi secured its bank charter in 2022 and now presents a range of online banking services — notably a combined checking and savings account. You benefit from an APY of up to 3.80% and zero overdraft or transaction fees. New accounts with eligible direct deposit receive a +0.20% APY boost, bringing the total to 4.00% for up to 6 months*.
Features
- Higher returns with direct deposit
- New accounts with eligible direct deposit get a +0.70% APY boost to 4.50% for up to 6 months*
- Up to $300 direct deposit bonus. Terms apply.
- No fees or minimum balance
Most Popular Products
Pros
- Customer service available on weekdays and Saturdays
- No monthly or overdraft fees
- Earn money with referrals, an awards program, and promotions
- Get paid up to 2 days early with direct deposit
Cons
- No physical branches
- No business accounts
- Cash deposit fees
- Just one combined savings and checking account available
In a Nutshell
American Express (AMEX) is one of the top banks in the country trading out of New York City. Established in 1850, it offers a range of financial products, including savings, checking, and business accounts, IRAs, credit cards, and prepaid cards. AMEX’s high yield savings account is free to use and doesn’t require a minimum monthly balance. All deposits are protected up to $250,000 with the FDIC, and you can open an account in just a few minutes.
Features
- No account or transfer fees *
- Earn a variable 3.50% APY **
- No minimum balance*
- Member FDIC
- 24/7 live chat customer service
Most Popular Products
Pros
- FDIC insurance to at least $250,000
- 24/7 customer support through live chat
- No minimum monthly balance or fees
- 3.50% Annual Percentage Yield (APY) as of 07/23/2025
Cons
- No ATM access to account
- No branch access
- No cash deposits
- No instant access to funds
In a Nutshell
Western Alliance is a Phoenix-based bank that offers personal and commercial banking solutions. The High-Yield Savings Premier account is one of its standout products, offering a stellar APY of 4.46%. You can open a new account online in 5 minutes and with as little as $500. There are no account fees, plus the account is FDIC insured, safeguarding your cash up to $250,000.
Features
- No account activity or maintenance fees
- Earn 4.10% APY on your savings
- Open a new account with just $500
- FDIC insured for up to $250,000
Most Popular Products
Pros
- Competitive APY of up to 4.10%
- No account fees
- FDIC-insured
- Fast and easy online account opening
- Low minimum opening deposit
Cons
- No ATMs, debit cards and checks
- No branch access for the account
- No mobile app access for the account
What Do You Need To Open A Savings Account?
To open a savings account or high yield savings account, you’ll usually provide:
- Social Security number
- Valid government-issued ID
- Proof of address
- Contact information (phone and email)
- Initial deposit (varies by bank)
Many banks also allow joint accounts, where a co-signer provides the same information. With online savings accounts, the process can often be completed entirely online in minutes.
Features To Look For In A Savings Account
When comparing the best savings accounts, consider these features:
- High yield savings account rates: Ensure the APY is competitive
- No or low fees: Avoid monthly service charges
- Low minimum deposit: Choose accounts with easy entry requirements
- Mobile app quality: Look for reliable apps with transfers, alerts, and secure logins
- FDIC insurance: Protects up to $250,000 per depositor
- Optional CDs: Certificates of deposit can offer higher fixed returns
A strong high interest savings account or high yield savings account provides a mix of security, growth, and convenience.
Conclusion
Savings accounts remain a safe foundation for financial planning. With the rise of digital banking, you can now open high yield savings accounts or standard online savings accounts quickly and securely. By focusing on competitive high yield savings account rates, low fees, and strong mobile access, you can select the best savings accounts for your personal goals.
Disclaimers
Western Alliance
*The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of September 15, 2025. See the FDIC website for more information.
American Express
* There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.
** The Annual Percentage Yield (APY) as advertised is accurate as of 07/23/2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.
CIT Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Promotion Disclosure:
This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 10, 2025, and can end at any time without notice.
Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Visit https://www.cit.com/cit-bank/platinum-savings/PS2025 to see promotion details and terms.
SoFi
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Northpointe Bank
¹ New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform.
Customers will receive $75 for depositing between $10,000 and $24,499, $250 for depositing between $25,000 and $49,999, $500 for depositing between $50,000 and $99,999, and $1,000 for depositing $100,000 or more.
To qualify for the bonus, your first deposit must be initiated between August 1, 2025, and November 30, 2025, by 11:59 PM ET, and the promo code EASY must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus. Bonus cash will be deposited by Raisin into the customer’s linked external bank account within 30 days of meeting all qualifying terms.
This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.
Barclays
*Qualifying activities to earn the $200 bonus offer:
- Open a new Savings account
- Deposit $30,000 or more within 30 days
- Maintain at least $30,000 for the next 120 days
- After the $30,000 balance is mantained for 120 consecutive days, the $200 bonus will be added directly to the account in approximately 50 days.
Credit to the account within 60 days after the requirements have been completed. Offer valid until 12/31/2025
AI was used in the creation of this content, along with human validation and proofreading.