Standout Online Savings Accounts
The best online savings accounts offer high interest rates while being a great place to park your money. Because online banks don't have the expense of maintaining branches, they can offer high-interest savings paying many times higher than the national average of 0.42%*. To make the search easier, we created this shortlist of standout picks from our partners. Check out the offers, from our partners, and start earning interest today.
The best online savings accounts offer high interest rates while being a great place to park your money. Because online banks don't have the expense of maintaining branches, they can offer high-interest savings paying many times higher than the national average of 0.42%*. To make the search easier, we created this shortlist of standout picks from our partners. Check out the offers, from our partners, and start earning interest today.
Standout Online Savings Accounts From Our Partners
| Bank/institution | NerdWallet rating | APY | Bonus | Learn more |
|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | 4.00% With $0 min. balance for APY | $300 Earn up to $300 with direct deposit. Terms apply. | Learn more at SoFi Bank, N.A., Member FDIC | |
 Discover® Online Savings Learn more at Discover® Bank, Member FDIC | 3.75% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Discover® Bank, Member FDIC | |
 American Express® High Yield Savings Account Learn more at American Express National Bank, Member FDIC | 3.80% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC | |
 EverBank Performance℠ Savings Learn more at EverBank, Member FDIC | 4.40% With $0 min. balance for APY | N/A | Learn more at EverBank, Member FDIC |
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Wealthfront Cash Account
Monthly fee
APY
With $1 min. balance for APY
Bonus
Requirements to qualify
at Wealthfront
E*TRADE
Fees
per trade. Other fees apply.
Account minimum
Promotion
when you open and fund an E*TRADE account
on E*TRADE's website
Betterment Cash Reserve – Paid non-client promotion
Monthly fee
APY
With $0 min. balance for APY
Bonus
at Betterment
4.00%
With $0 min. balance for APY
$300
Earn up to $300 with direct deposit. Terms apply.
3.75%
With $0 min. balance for APY
$200
Requirements to qualify
3.80%
With $0 min. balance for APY
N/A
4.40%
With $0 min. balance for APY
N/A
Building an emergency fund
Emergency funds don’t get enough credit. They’re useful to literally everyone and protect you from falling into debt when life happens. Think: blown transmission, a surprise vet bill or even losing a job. Experts recommend having 3-6 months of living expenses in your fund. And because the money needs to be available at last notice — but might sit around for quite a while — a high-interest savings account is one of the best accounts you can use.
Why online banks dominate the list
The two most important factors for virtually every bank-shopper are APYs and maintenance fees (since they have the biggest impact on your bottom line). And, as it happens, online banks are offering massive APYs — as much as 9x the average APY** — plus, they also offer rock-bottom maintenance fees.
**9x more interest based on the national average annual percentage yield ("APY") of 0.42% (as reported by the Federal Deposit Insurance Corporation as of December 16, 2024) as compared to online banks with interest-bearing savings account APYs of 0.40% or more. Estimated annual earnings result assumes principal and interest remain on deposit for one year and interest rates and APY do not change. Estimated annual earnings are for informational purposes only. Interest rates and APY are subject to change and specific results cannot be guaranteed.
*The national average annual percentage yield ("APY") is listed as 0.42% as reported by the Federal Deposit Insurance Corporation as of December 16, 2024.
To recap our selections...
NerdWallet's Standout Online Savings Accounts
- SoFi Checking and Savings: 4.00% APY
- Discover® Online Savings: 3.75% APY
- American Express® High Yield Savings Account: 3.80% APY
- EverBank Performance℠ Savings: 4.40% APY
