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Finding the right savings account can add hundreds of dollars to your balance each year. Online banks pay higher rates than traditional banks because they have lower costs. This guide compares the best online savings accounts for 2026 so you can pick the right one fast.
Why Online Savings Accounts Pay More
Online banks do not have branch offices. They pass those savings to you as higher interest rates. A top online savings account can pay 10 to 20 times more than a typical big bank savings account.
The national average savings rate at brick-and-mortar banks hovers near 0.45% APY. Top online accounts are paying 4.5% to 5.0% APY in 2026. On a $10,000 balance, that difference is about $450 per year.
Best Online Savings Accounts of 2026
1. Marcus by Goldman Sachs
APY: 4.50%
Minimum balance: None
Monthly fees: None
Marcus is one of the most trusted online savings accounts. There are no minimums and no fees. You can link it to any checking account and transfer funds in one to three business days. Marcus also offers no-penalty CDs if you want to lock in a rate.
2. Ally Bank
APY: 4.35%
Minimum balance: None
Monthly fees: None
Ally is one of the most popular online banks. It offers a full suite of products: savings, checking, CDs, and money market accounts. The savings account has no minimums and pays a competitive rate. Customer service is available 24/7.
3. SoFi Bank
APY: 4.60% (with direct deposit)
Minimum balance: None
Monthly fees: None
SoFi pays the highest rate on this list if you set up direct deposit. Without direct deposit, the rate drops to 1.20%. SoFi also offers checking bundled with savings, and members get perks like career coaching and loan rate discounts.
4. American Express High Yield Savings
APY: 4.25%
Minimum balance: None
Monthly fees: None
American Express is known for credit cards, but its online savings account is a solid option. No minimums, no fees, and easy transfers. Good choice if you already bank with Amex.
5. Discover Online Savings Account
APY: 4.25%
Minimum balance: None
Monthly fees: None
Discover offers one of the most user-friendly apps in the industry. No fees, no minimums, and a clean mobile experience. Discover also has cashback checking if you want to consolidate your banking.
What to Look for in an Online Savings Account
APY (Annual Percentage Yield)
APY is the most important number. It includes the effect of compounding interest. Higher APY means more money in your pocket. Compare APY, not just the stated interest rate.
No Minimum Balance
Some accounts charge fees or lower your rate if your balance drops below a threshold. Choose an account with no minimum so you never worry about that.
FDIC Insurance
Make sure the bank is FDIC-insured. This protects up to $250,000 per depositor per institution. All five accounts on this list are FDIC-insured.
Transfer Speed
Online savings accounts are not checking accounts. You will need to transfer money to spend it. Look for accounts that offer next-day or same-day transfers.
Mobile App Quality
You will manage this account from your phone. Read app store reviews before signing up. Ally, Discover, and SoFi all rank highly for mobile experience.
High-Yield Savings vs Money Market Accounts
Money market accounts (MMAs) often pay similar rates to high-yield savings accounts. The main difference is that MMAs may come with a debit card or check-writing ability. For most savers, a high-yield savings account is simpler and just as good. Learn more in our guide to Best Money Market Accounts 2026.
High-Yield Savings vs CDs
CDs (certificates of deposit) lock your money for a set term but may offer slightly higher rates. If you do not need the money for 6 to 24 months, a CD can be a good complement to a savings account. If you might need the funds, stick with a savings account. Compare options in our Emergency Fund Calculator guide.
How to Open an Online Savings Account
- Pick an account from the list above
- Click apply on the bank’s website
- Enter your name, address, Social Security number, and date of birth
- Fund the account with an initial deposit (most have no minimum)
- Set up transfers from your checking account
The process takes about 10 minutes. Most accounts are open and funded within one to two business days.
How Much Should You Keep in Savings?
Most financial experts recommend keeping three to six months of living expenses in a savings account. This is your emergency fund. After that, consider putting extra money into a CD or investment account where it can grow faster.
Learn more in our guide to How to Build an Emergency Fund 2026.
Frequently Asked Questions
Are online savings accounts safe?
Yes. As long as the bank is FDIC-insured, your money is protected up to $250,000. All major online banks like Ally, Marcus, SoFi, and Discover carry FDIC insurance.
Can I have more than one online savings account?
Yes. There is no rule against having multiple savings accounts. Some people use different accounts for different goals: one for emergencies, one for vacation, one for a down payment.
How often do online savings rates change?
Online savings rates are variable. They move with the federal funds rate set by the Federal Reserve. When the Fed raises rates, savings APYs tend to rise. When the Fed cuts rates, they tend to fall.
Is there a limit on withdrawals from a savings account?
Federal Regulation D used to limit savings withdrawals to 6 per month, but this rule was suspended in 2020. Many banks still enforce their own limits, so check your account terms.
Rates as of May 2026. Rates change frequently. Verify current rates directly with each institution before applying.