Tired of earning next to nothing in your savings accounts? Me too.

Still, we have to save our money somewhere.

If you’re looking for the best spot to stash your savings, emergency fund, or vacation fund, consider using an online savings account.

The best online savings accounts typically provide exceptionally higher rates and much lower fees compared to those at traditional banks. Just take a look at these measly savings account rates from some of the most popular traditional banks:

  • Bank of America – 0.03% APY
  • Citi – 0.04% APY
  • Chase – 0.01% APY
  • PNC – 0.01% APY
  • U.S. Bank – 0.01% APY
  • Wells Fargo – 0.01% APY


All of our top online savings accounts offer rates higher than these, and it’s not even close. Even better, just like traditional banks, they’re all FDIC Insured. That means up to $250,000 of your money is insured at each bank through the full faith and credit of the U.S. government.

So, what are the best online savings account offers this month? Let’s take a look.

Synchrony Bank – 1.65% APY

Synchrony Bank logoSynchrony Bank (FDIC #27314) is tied for this month’s top savings account rate, offering a 1.65% APY across all deposit levels. There is no minimum balance or monthly service fee.

This bank is part of Synchrony Financial, a Fortune 500 company. They are consistently found at or near the top of our list for their competitive rates and excellent customer service.

In addition to their high yield savings account, they also offer money market accounts, CDs, and IRA options.

Learn more about Synchrony


Barclays U.S. Savings – 1.65% APY

Barclays BankBarclays logo (FDIC #57203) is probably the most widely known bank on this list. A giant in the British banking scene, most Americans probably recognize Barclays for their credit card offerings.

With rates that are 21x the national average, Barclays offers one of the best online savings account rates around – coming in right now at 1.65% APY. There is no minimum balance requirement and no hidden fees.

Like the other banks listed, Barclays also offers online CDs with competitive rates and terms.

Learn more about Barclays


Ally Bank – 1.60% APY

Ally Bank logoAlly Bank (FDIC #57803) was one of the pioneers of online banking, which also makes them one of the most recognizable names on the list.

They are known for their competitive rates and no monthly maintenance fees. With their savings account rate currently sitting at 1.60% APY, this month is no different.

In addition to their online savings account, Ally Bank also offers online interest checking accounts, CDs, money market accounts, and more.

Learn more about Ally


CIT Bank – 1.55% APY

CIT BankCIT Bank logo (FDIC #58978) offers one of our favorite online savings accounts. They provide online banking services throughout the U.S. and also have brick and mortar branches located in Southern California that operate under the umbrella of OneWest Bank.

Unlike the past, their 1.55% APY now extends to all deposit levels. They do have a minimum balance requirement of $100 to open an account.

Additionally, you’ll find CIT Bank also offers competitive money market rates, CD rates, IRAs, and custodial accounts.

Learn more about CIT Bank


Save More Automatically

If you’re struggling to save, here’s an option that might help.

Chime offers an online account that helps you automatically save your spare change. Just use your debit card to make a purchase and it will be rounded up to the next whole dollar. They’ll take the extra change and stick it in a savings account for you.

No, it doesn’t get a great rate (just 0.01% APY), but it can certainly help you save more money. It’s also great for tracking your spending, plus it can help you get your paycheck early! Chime is a subsidiary of The Bancorp Bank (FDIC #35444), so your money is also FDIC insured.

Learn more about ChimeLooking for the best online savings account and savings account rates? We've got your back! This piece details our favorite online savings accounts and their current rates.