online banking interest rates usa

Banking services and products from SunTrust Bank including checking and savings accounts, credit cards, mortgages, wealth management and retirement. But the Discover Online Savings also offers very generous interest rates on an This high-yield savings account is provided by Goldman Sachs Bank USA. With our online resource we are dedicated to providing you information covering depository interest rates, and access to our free secure online banking.

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America’s Best Rates 2021

Learn how to get the best interest rates for your money by finding the best CD rates, best money market rates and best savings account rates.

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

As if last year wasn’t tough enough on Americans’ finances, 2021 has posed a new threat to consumer savings accounts and other bank deposits: inflation.

While a shaky COVID-19 economy meant that both savings account rates and inflation fell in 2020, the two have gone in opposite directions so far this year. Savings account rates have continued to fall, while the inflation rate has risen.

The chart below tells the story:

As of the fall of 2021, inflation had soared to a 30-year high, while savings account rates had fallen to their lowest level in the history of the America’s Best Rates survey, which dates back to mid-2012.

The trend is similar for other types of deposit accounts, like money market accounts and one- and five-year CDs. This means that the hard-earned savings of American consumers could end up losing ground to inflation.

The best way to fight back is by not accepting typical savings, money market, or CD rates. A new study from MoneyRates.com found a huge difference between average bank rates and those offered by the top banks.

Learn more about the most recent trends in bank rates and learn where you can find the top rates that can help you soften the blow of inflation.

America’s Best Savings Account Rates

As of mid-third quarter 2021, these were the top savings account rates in the America’s Best Rates Survey. Instead of the usual top ten, twelve accounts are shown because there was a five-way tie for eighth place:

Average savings account rate: 0.104%

Savings account rates have been falling steadily since peaking in the first quarter of 2019. The average savings account rate is now just 0.104%.

However, not all savings account rates fall at the same speed or to the same degree. As the above table shows, consumers have several opportunities to do significantly better. Some of the top savings account rates are 0.50% or better.

Especially with savings account rates falling to near zero and inflation on the rise, it really pays to shop around.

Average online savings account rate: 0.319%

When you shop for savings account rates, you’ll improve your chances of doing better if you shop online.

The average online savings account rate of 0.319% is more than nine times the average rate of 0.034% for traditional, branch-based accounts.

Significantly, every one of the top savings account rates in the above table is from an online account.

America’s Best Money Market Rates

As of the middle of the third quarter, the following were the ten best money market rates identified by the America’s Best Rates survey:

Average money market rate: 0.087%

Two years ago, money market rates were a little higher than savings account rates. Since then, they’ve fallen even more quickly and are now lower. This makes them even more vulnerable to inflation.

As with savings account rates, there is a big difference between the best money market rates and the average. The table above shows where you can find some of the best money market rates.

Average online money market rate: 0.235%

Online money market rates offer a significant advantage over rates from traditional, branch-based accounts. The average online money market rate of 0.235% is exactly five times the average traditional money market account rate of 0.047%.

The Best 1-Year CD Rates

As of the middle of the third quarter, the following were the top 10 one-year CD rates in the America’s Best Rates survey:

Average one-year CD rate: 0.183%

CDs typically offer a dual advantage over savings and money market accounts:

  • They can allow you to lock in a rate for a specified period, which can protect you against falling rates.
  • In exchange for a longer commitment of your money, CD rates are usually higher than savings or money market rates.

It’s no surprise that the average one-year CD rate is higher than the average savings and money market rate. While the top one-year CD rates are similar to the top savings account rates, CDs let you lock in a rate for a full year while savings account rates are subject to change at any time.

The ability to lock in a rate is a reason why shopping around is especially valuable when it comes to choosing a CD. There is a significant difference between the top CD rates and the average, and that advantage can be locked in for the full term of the CD.

Average online one-year CD rate: 0.337%

Online accounts generally offer a rate advantage over traditional, branch-based CDs. Plus, there’s another reason to consider an online CD.

CDs involve committing money for a specified period, so there isn’t normally any interaction with the account during the term of the CD. This means there’s no reason to visit a bank branch during the CD’s term, so why not get a better rate by banking online?

With an average online 1-year CD rate of 0.337% compared to an average rate of 0.134% for one-year CDs in traditional accounts, online CDs offer an opportunity to earn more.

The Best 5-Year CD Rates

The following were the 10 best 5-year CD rates as of the middle of the third quarter:

Average five-year CD rate: 0.341%

In exchange for the longer commitment required, five-year CDs offer a rate advantage over savings accounts, money market accounts, and shorter-term CDs.

However, this rate advantage has gotten smaller over the past couple years as rates generally have fallen. In a falling rate environment, banks try to avoid locking themselves into a rate that might be higher than the market if rates continue to fall.

Even so, you can still get a rate advantage with a longer-term CD. This is especially true if you shop for one of the best five-year CD rates. As shown in the table above, the best rates are more than twice the average rate.

Average online five-year CD rate: 0.504%

The average five-year CD rate for an online account of 0.504% is significantly better than the average five-year CD rate for a branch-based account, which is 0.290%.

Again, given the lack of interaction customers typically have with their accounts during the term of the CD, it can be particularly worthwhile to get a higher rate by banking online.

America’s Best Rates: Identifying Consistently High Rates

The latest America’s Best Rates survey of savings, money market, and CD account rankings was based on publicly-posted rates as of mid-third quarter 2021. Rates available to customers with a $10,000 balance and no broader relationship with the bank are used for this survey.

To provide a representative view of banking trends, this analysis is based on the MoneyRates Index, a consistent sample of accounts reflecting a cross-section of the retail deposit industry. The MoneyRates Index is comprised of 50 of the largest retail deposit institutions in the United States, plus 25 smaller banks and 25 medium-sized banks.

About Author

mm

Richard Barrington

Richard Barrington has been a Senior Financial Analyst for MoneyRates.com since 2009. He has appeared on Fox Business News and NPR, and has been quoted by the Wall Street Journal, the New York Times, USA Today, CNBC and many other publications. Richard has over 30 years of experience in financial services. He has earned the Chartered Financial Analyst (CFA) designation from the Association of Investment Management and Research (now the “CFA Institute”).

Источник: https://www.moneyrates.com/research-center/americas-best-rates/

Best Savings Account Rates for December 2021

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Whether you’re saving for a specific goal or creating an emergency fund, building your savings takes hard work. But with a high-yield savings account, you can make your money work for you. 

Although savings account rates have been low across the board since the beginning of the COVID-19 pandemic, with the national average currently sitting at 0.06%, many online banks offer high-yield savings accounts with rates up to 10 times that of the national average. And, with economic recovery on the horizon, savings accounts are poised to once again be a great deal in the near future.

Here’s a rundown of some of the best savings rates on the market today and details you should know before choosing an online savings account.

Best Savings Account Rates

BankAPY
Prime Alliance Bank0.60%
Ally Bank0.50%
Synchrony0.50%
Live Oak Bank0.50%
Marcus by Goldman Sachs0.50%
TAB Bank0.50%
Capital One0.40%
American Express National Bank0.40%
HSBC Direct0.15%

NextAdvisor’s Guide to Choosing the Best Savings Account and Rate

How We Chose These Banks

This list does not represent the entire market. To rank the high-yield savings accounts you’re most likely to be considering, we began by analyzing 32 of the most commonly reviewed and searched-for high-yield savings accounts, as well as the top 25 commercial U.S. banks.

Then, we eliminated any accounts that charge a monthly maintenance fee or require a minimum opening deposit of more than $10. With so many banks offering good APYs on high-yield online savings accounts, we think most people can and should stick to banks that don’t charge monthly service fees.

We eliminated any banks offering rates of less than 0.50%, a reasonable benchmark given current low interest rates. However, high-yield savings accounts offered by the biggest 25 commercial banks remain on the list, even if their rate falls below 0.50%. Due to their size and physical branch networks, these institutions can provide additional accessibility and familiarity, which makes a difference for some customers.

Finally, we made sure all of the institutions offering these accounts are FDIC insured, which gives greater security to your funds in the unlikely event of a bank failure.

The APYs shown above are as of November 2, 2021. They are the APYs available for the smallest balance and/or opening deposit possible. The NextAdvisor editorial team updates this information regularly, though it is possible APYs have changed since they were last updated. Also, some APYs may vary based on where you live.

NextAdvisor’s Picks: Best Savings Accounts in December 2021

Prime Alliance Bank

Prime Alliance Bank began in 2004. It’s based in Utah but open to online consumers nationwide, and its full-service deposit account offerings include checking, savings, money market accounts, and CDs. Prime Alliance has one branch in Utah, but personal savings account customers are served via online or mobile banking.

American Express National Bank

American Express’ consumer banking branch offers high-yield online savings and CD options with good rates for savers. Though it doesn’t offer ATM access, you can easily link multiple accounts with different banks to your American Express savings for transfers. American Express has no mobile app to access your online banking account information; the American Express mobile app features are for credit cardholders only. 

Ally Bank

Ally Bank is one of the most popular online banking options on the market, with products ranging from checking, savings, money market accounts, CDs, and more. If you’re comfortable with online-only banking, Ally’s portfolio of products could suit all your banking needs and help you earn some of the best available interest. Just keep in mind that you won’t be able to deposit cash since the bank has no physical branches.

One thing we like

Ally has a robust online and mobile app experience, so you can organize and maximize your savings as well as make transfers and access account information easily.

Marcus by Goldman Sachs

Marcus is the online consumer banking division of Goldman Sachs, and frequently qualifies among the top interest offers for its high-yield savings and CD products. Marcus also offers personal loans. Marcus introduced a mobile app in 2020 which has standard features such as viewing account activity and making transfers, and also offers a tool to visualize your savings over time. Marcus doesn’t currently offer a checking option, but it can complete same-day transfers of less than $100,000 to other banks. 

HSBC Direct

HSBC Direct is global bank HSBC’s online banking option, and has checking accounts, savings, and CDs among its product offerings. While it doesn’t offer ATM or debit card access for direct savings, HSBC Direct online banking customers have the option to make deposits and withdrawals at HSBC Bank locations. Be careful if you already bank with HSBC Bank; your online savings deposit at account opening must be made with “new money,” meaning you cannot transfer your balance from another HSBC account.

Capital One

Capital One’s online banking division builds upon its credit card offerings with CDs, checking, and savings accounts, including the 360 Performance Savings. Along with its full product suite, Capital One has branch locations throughout the U.S. in addition to its Capital One Cafés.

One thing we like

If you’re not quite ready to commit to an online-only bank, Capital One’s Performance 360 account may be a good way to venture into online banking.

Live Oak Bank

Live Oak Bank is an online bank founded in 2008 and based in Wilmington, North Carolina. It offers both high-yield savings and CD accounts, but no checking option or ATM access. Live Oak’s product offerings are minimal for personal banking, but they do consistently offer rates in line with the top APYs on the market. You can even view your external bank accounts in the Live Oak app, which can simplify your day-to-day banking.

TAB Bank

TAB Bank, or Transportation Alliance Bank, formed in Utah in 1998. The bank began in service to truck drivers, and operated primarily inside truck stops before expanding to offer a number of personal banking products for clients outside the industry, including savings, checking, money market accounts, and CDs. You can use the bank’s mobile platform and online reporting tools to track your earnings and activity.

Synchrony

Synchrony is an online bank that offers a range of savings products: high-yield savings, money market accounts, and CDs, all at competitive yields. Synchrony is online-only, and you can access your Synchrony account information via mobile app or online. Synchrony doesn’t include a checking account among its deposit products, so you’ll need to ensure you have an outside account for transfers.

One thing we like

Synchrony offers an optional ATM card for high-yield savings customers. There are no ATM fees for withdrawing your cash, and you can get reimbursed for any ATM fees from other institutions up to $5 per statement cycle.

How to Find the Best Online Savings Account

Finding a competitive interest rate and terms that agree with your financial plan are important aspects of choosing a savings account. But there are a few more important details you should confirm about any new savings account you’re considering: 

First, always make sure your account is insured by the FDIC or NCUA and your savings total complies with insurance limits and guidelines set by those organizations (any amount up to $250,000 should be protected). 

Also familiarize yourself with any monthly maintenance fees that may eat away at your interest earnings. Do your research into the fine print of your account’s terms so you can do your best to avoid fees as much as possible. 

Finally, look into other benefits that may help you get the most out of your account, such as new account bonuses, ease of withdrawals and transfers, balance requirements, and of course APY.

Online Savings Account Terminology You Should Know

  • Annual percentage yield (APY): The amount of interest your account earns over the course of a year. This percentage is calculated using the account’s interest rate and how often interest compounds annually.
  • Compound interest: The amount you can earn on both your principal, or the money you put directly into your account, and on interest as it accumulates. As you earn interest, it’s added to your principal and itself earns interest the next time interest accrues. Many savings accounts compound interest monthly.
  • Minimum required deposit: Some banks require a minimum deposit to open an account. There may be a time limit in which to deposit, so make sure you have the minimum up front before opening your account.
  • Minimum required balance: Some banks may also set a minimum threshold at which your account balance must remain. If you fall below this minimum, you may be charged a fee or take on a lower interest rate.

What Is a Savings Account?

Savings accounts are secure accounts in which you can store your money. They may be offered by large, brick-and-mortar institutions or smaller online banks. 

You can use a savings account (or multiple accounts) to save money toward future purchases or to put money away in case of emergency. Savings accounts usually offer some amount of interest earned on your balance, so your money can grow over time, and they’re also relatively liquid, meaning you can move money in and out easily.

What are the Different Types of Savings Accounts?

  • Traditional savings accounts: You’ll typically find these accounts at standard brick-and-mortar financial institutions. Traditional savings accounts are convenient if you already have a relationship with the bank, but you’ll earn very little interest on your savings. The current national average interest rate on these accounts is just 0.05%.
  • High-yield savings accounts: These accounts can be slightly less convenient than traditional savings — they’re most often found at online banks or online-only branches or larger banking brands — but offer much more interest value. Though they’re not as competitive in today’s low interest rate environment, accounts with some of the highest yields today still offer more than 10x the average traditional savings account.

How are Online Savings Accounts and Traditional Savings Accounts Different?

There are two main differences between an online savings account and a traditional savings account: access and interest rates. 

You can typically open a traditional savings account with a brick-and-mortar bank or credit union, so it’s easy to go into a bank branch and withdraw, transfer, or deposit funds as you need. Most online banks have no in-person branches, so you’ll need to conduct all of your account activity online or via mobile app.

But because they save money on overhead costs associated with bank branches, online banks can pass along their savings to customers as higher interest. As a result, online savings accounts generally offer much higher yields on savings than traditional savings accounts.

Another big difference between these accounts is fees. In most cases, it’s easy to avoid fees with online savings accounts (and they often charge no monthly fees at all), while traditional savings accounts may charge several different fees if you don’t meet certain account requirements or minimums.

How Online Savings Accounts Work

Savings accounts are secure accounts in which you can store your money. They may be offered by large, brick-and-mortar institutions or smaller online banks. 

Savings accounts usually offer some amount of interest earned on your balance, so your money can grow over time, and they’re also relatively liquid, meaning you can move money in and out easily. But keep in mind you’re limited to six withdrawals or transfers per month, or you could be hit with a fee.

Because they don’t have physical locations and other costly expenses, you’ll generally find the best interest rates with online banks. But you’re less likely to have access to an in-person branch or representative.

Unlike checking accounts, you shouldn’t rely on your savings account to make regular transactions. Savings accounts generally limit withdrawals and transfer out of the account to no more than six per month.

In addition to making these transfers online, many banks offer ATM access for savings account withdrawals. Money market accounts, which are a type of savings account, usually even offer check-writing abilities or debit card access. 

What To Consider Before Getting a Savings Account

Whether you’re debating whether you should open a savings account or trying to find the right one for you, here are some factors to keep in mind when deciding:

  • Fees. Look for a savings account without lots of fees that could eat away at your funds over time. For example, a bank might charge a monthly fee for not maintaining a minimum balance.
  • Access. Online banks may offer the highest rates on savings accounts these days, but be sure that they are accessible enough for you. Many online banks offer a network of fee-free ATMs where you can withdraw money. Are there any in your vicinity? Getting funds deposited into your account won’t be a problem if you set up direct deposit, but that might not work for someone earning cash regularly. If you regularly want to deposit cash into your account, be sure there’s a way to do that with your online bank before signing up.
  • Your time horizon. Before you put all your cash in a savings account, consider how long you want to sock money away first. While savings accounts can be a great place to store money you might need to access in a hurry, you’re probably better off using other options for long-term savings goals. For long-term goals like retirement, you’re much more likely to beat inflation and see substantial returns on your funds if you invest in the stock market. 

When Should You Use an Online Savings Account?

Online high-yield savings accounts are great outlets to store any cash you don’t need immediate access to (keep that in your checking account) and aren’t investing for the long-term (stow that in a retirement fund or brokerage account).

Because high-yield savings accounts are highly liquid, they’re suitable for a range of savings needs. You may even choose to open multiple accounts for different purposes.  

A high-yield savings account can hold everything from your emergency savings fund to the money you’re putting aside for a future down payment. You can open a savings account to make contributions toward next year’s vacation or a big-ticket item you’ve had your eye on. It can even be a space to stash any extra cash you’d like to keep safe and earn a few dollars on in interest.

Previously, CDs or money market accounts may have been better options for longer-term, non-retirement savings because of higher interest potential, but in the current low rate environment, high-yield savings offer similar if not better APYs. For most savers today, a flexible, secure, high-interest online savings account is likely the best option for the majority of your savings needs. 

How much money should you keep in your savings account?

Only you can properly judge the amount you feel most secure having stashed away in savings.

When it comes to emergency funds, experts typically recommend keeping three to six months worth of expenses in an accessible, interest-earning account. However, after the pandemic-induced recession and resulting financial uncertainty, many experts have tweaked their recommendations—now, you’ll find advice ranging 6 months, 8 months, 12 months, and even more than one year’s worth of expenses.

Your emergency savings should be reserved for times of financial hardship, such as job loss or furlough, or unexpected expenses that occasionally arise—such as medical bills and home repairs. Look back at your expense history over the past several months and consider how secure you feel in your current financial situation to help you determine the savings total that makes most sense for you.

What are the Typical Fees Associated with a Savings Account?

Lack of fees from online savings accounts can be a major benefit for savers unable to meet minimum balance or deposit requirements. When you’re looking for a new savings account, here are some fees to look out for:

  • Monthly maintenance fees: Monthly fees are standard among traditional savings accounts, and typically cost a few dollars each month. You may be able to waive monthly maintenance fees by maintaining a minimum daily balance or setting up automatic transfers/deposits. They are much less common among online banks, and none of our picks for best savings accounts charge a monthly maintenance fee.
  • Withdrawal fee: Some banks charge a fee if you go over the monthly withdrawal limit. Check your limit in your account’s fine print and track your monthly withdrawals and outgoing transfers to ensure you’re not charged.
  • Paper statement fee: You may be charged a fee to receive your monthly savings statement via mail. If your bank charges a paper statement fee, you can opt out and receive your statement electronically to avoid the cost.

Pros and Cons of Online Savings

Pros

  • Highly liquid and easily accessible

  • Competitive interest rates

  • No risk (choose an FDIC-insured account to secure up to $250,000 in savings)

  • Low or no minimum deposit or balance requirements

  • Low or no monthly fees

Cons

  • Rates are variable and can quickly fluctuate, like we’ve seen over the past year

  • CDs or money market accounts may offer higher interest rates (though they’re largely comparable in today’s low rate environment)

  • Some banks may limit the number of withdrawals allowed each month

  • Some accounts have certain requirements to earn advertised APY

Other High-Yield Savings Options

In addition to high-yield savings accounts, two comparable high-yield savings options include money market accounts and CDs. 

Money market accounts can offer even more liquidity than savings accounts, since they typically come with check-writing or debit card access for withdrawals. In years past, when interest rates were higher overall, a major perk of opening a money market account was the opportunity to earn a more competitive yield than savings accounts offered. Today, though, the difference in APY between money market accounts and high-yield savings is marginal. Money market accounts often have higher minimum balance requirements and can charge higher fees, which limits the pool of savers who they make sense for.

Certificates of deposit, or CDs, are generally not as liquid as a high-yield savings account, but they can offer higher interest rates. To open a CD, you must agree to deposit a principal sum into the account at a fixed rate for a fixed term (six months, one year, five years, etc.). When that term reaches maturity, you’ll receive both your principal and the interest earned. But if you withdraw your money before maturity, you’ll face an early withdrawal penalty.

Historically, CDs offered the best interest rates among high-yield deposit accounts: in exchange for locking up your money with the bank, you earned more over time. But as rates have fallen, and especially following the Fed’s rate cut in response to the coronavirus pandemic, APYs for both short- and even long-term CDs now look similar to those offered by both money market and high-yield savings accounts.

Savings AccountsMoney Market AccountsMoney Market Mutual Funds
RatesGenerally higher than checking accounts but might be lower than money market accountsCan be a little higher than savings accounts but compare to get the best optionsGenerally the same rate as money market accounts, and a bit higher than savings accounts
Ability to withdraw fundsLimited to 6 withdrawals/transfers per month or fees may apply (loophole: ATM withdrawals don’t count toward this limit)Limited to 6 withdrawals/transfers per month or fees may apply (loophole: ATM withdrawals don’t count toward this limit)You can cash out at any time you want but the institution may temporarily prevent investors from cashing out funds depending on market performance
Check-writing Banks rarely offer checks or debit cards linked specifically to savings accountsYou’ll have limited monthly check-writing privileges You may have check-writing privileges but you might need to meet a minimum check amount
FeesCan usually avoid account fees if you maintain a minimum balance Sometimes require higher minimum balances than savings accountsDepending on the fund’s performance, there may be a fee applied if you want to cash out
Security FDIC insured FDIC insuredGenerally not insured, which means there’s a chance you could lose some of your principal balance

How Savings Account Interest Rates Change Over Time

Savings rates are closely tied to the federal funds rate set by the Federal Reserve, but individual banks decide for themselves when to make changes to their variable interest rates. That means the rate at which you open your account is not the guaranteed amount you’ll earn over time. However, you shouldn’t necessarily anticipate your APY changing weekly or even monthly. Savings account rates generally remain steady for a few months at a time.

Rarely, changes may occur more rapidly, such as following the Fed’s emergency decision to lower rates to near zero at the start of the COVID-19 pandemic in March 2020. 

Many banks also make changes to their interest rates around the same time, so if you have multiple accounts and one makes an interest rate change, don’t be surprised if another follows suit soon after. 

Savings Account Frequently Asked Questions

Why do online banks pay more interest?

Because they have no bank branches, online banks have fewer overhead expenses than brick-and-mortar financial institutions. As a result, these banks can pass along those savings to customers (and add incentive for new customers) in the form of higher interest rates and lower fees.

Do I have to pay taxes on my savings account?

You don’t have to pay taxes on the money you deposit into your savings account, but the interest you earn on your balance is taxable. Before tax season begins, your bank will issue a Form 1099-INT, which you can use to report any interest you earned throughout the year on your tax return.

How many savings accounts should you have?

The number of savings accounts you have will depend on your savings goals and how many accounts you’re able to maintain. You should have at least one account for your emergency savings. But you may choose to keep savings for different purposes in separate accounts (emergency savings and money you’re saving for a wedding, for example). Multiple accounts can help distinguish savings goals so you don’t spend money saved for one purpose on another.

Can I make payments and purchases from my savings account?

In general, you cannot make purchases directly from your savings account. In some cases, you may be able to set up direct debits from your savings account. But in most cases, if you wish to use your savings to make a purchase, you should withdraw the money or transfer it to another account (like your checking account) where you can use a check or debit card to transact.

Can you lose money in a high yield savings account?

There is no risk associated with a high yield savings account; you can withdraw your full deposited savings at any time. As long as you choose an account with a bank that’s FDIC-insured, you can deposit up to $250,000 without worrying about losing it, even if the bank closes.

Источник: https://time.com/nextadvisor/banking/savings/rates/
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1 HSBC Direct Savings is an "online only" product, which requires use of automated telephone banking, eStatements, and Personal Internet Banking. This is an HSBC consumer account and is not available as an HSBC business account. See the HSBC Direct Savings Terms & Charges Disclosure for more information. HSBC Direct Savings can only be opened online. ATM/Debit card is not available for this product.

2 HSBC Direct CD is an "online only" product, which requires use of automated telephone banking, eStatements, and Personal Internet Banking. This is an HSBC consumer account and is not available as an HSBC business account. See the HSBC Direct CDs Terms & Charges Disclosure for more information. HSBC Direct CDs can only be opened online. 

3 HSBC Direct Checking is an "online only" product, which requires use of automated telephone banking, eStatements, and Personal Internet Banking. This is an HSBC consumer account and is not available as an HSBC business account. See the HSBC Direct Checking Terms & Charges Disclosure for more information. HSBC Direct Checking can only be opened online.

4 The Annual Percentage Yields (APYs) and balances for an HSBC Direct Savings account which are accurate as of {{currentDate}} are: 0.15% APY on balances of less than $15,000, 0.15% APY $15,000 or more but less than $50,000, 0.15% APY $50,000 or more but less than $100,000 and 0.15% APY $100,000 or more. APYs are variable and subject to change after opening. Charges and fees may reduce earnings. Account is not available to business customers.

The Annual Percentage Yields (APYs) for an online HSBC Direct CD, which are accurate as of {{currentDate}} and apply for the initial term only, are: 0.20% APY for a 6 month CD, 0.30% APY  for a 12 month CD, and 0.30% APY for a 24 month CD. A penalty may be imposed for early withdrawal. Minimum balance to open and obtain APY is $1,000.

6 You may be charged additional fees by the ATM operator or network used including a fee by another HSBC entity operating ATMs outside the U.S. Foreign currency conversion rates may still apply.

7 Federal Reserve Reg D Transaction Limitations apply.

8 HSBC offers the Modules for educational purposes only and they should not be considered professional or investment advice. While HSBC is pleased to offer the Modules as an educational service to our customers, HSBC does not guarantee, warrant or recommend the opinion or advice or the product and/or services offered or mentioned in these Modules. Any opinions, judgments, advice, statements, services, offers or other information presented within a Modules are those of a third party and not HSBC. For a comprehensive review of your personal finances, always consult with a tax or legal advisor. Neither HSBC, nor any of its representatives may give legal or tax advice.

United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts. U.S. persons should consult a tax adviser for more information. 

Deposit products are offered in U.S. by HSBC Bank USA, N.A. Member FDIC.

Источник: https://www.hsbcdirect.com/

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Online Savings Account

Annual percentage yield

X.XX%

Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of XX/XX/XXXX. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

Источник: https://www.discover.com/online-banking/savings-account/

The 6 best online banks in the US (with rates, fees, and more!)

Going digital? Learn about the best online banks in the US, their pros and cons, rates, fees, whether they’re safe, and how they're different from conventional banks.

Young man checking his bank account online

Thanks to the growing demand for personalized banking services and real-time interaction in the United States, online banking or digital banking has now become the star of the banking industry. 

With the user-friendly mobile apps and tools that online banks provide, managing your finances have got a lot easier than with traditional banks, especially in the COVID-19 era. 

But how do you go about it? Like, how do you open an account with an American digital banking platform? And how do you know if the online bank’s safe (or not)?

Whether you just want to open an online savings account or you’re looking for a digital bank in the US that’ll meet all your needs, we’ve got your back. Watch out for our list (further below) of the best online banks in the US, along with their banking products, rates, and deposit security measures. 

What’s an online bank?

Online banks (also known as neobanks or digital banks) operate without any physical, brick-and-mortar branches. Instead, they let you manage your bank accounts via the Internet with a mobile phone, computer, or tablet. This includes paying bills electronically, transferring money, and depositing checks. 

On top of that, a major perk of digital banks is that they offer better interest rates or annual percentage yields (APYs) than brick-and-mortar banks do, and they charge lower fees as well. 

Some online banks do have branches, though, but they identify themselves as digital banks because they primarily carry out a massive amount of their business online. 

How does an online bank differ from a traditional bank in the US?

Operation

American traditional banks function mainly via their brick-and-mortar branches. Even though most of them may let you access your bank accounts online, digital banks primarily provide access via the Internet. 

Interest rates

Online banks offer higher interest rates for savings and checking accounts than traditional banks do. 

As of November 2020, the national average APY is 0.05% on savings accounts and 0.04% on checking accounts, according to FDIC’s national rate cap info. 

Compare these rates with the rates offered by the best online banks in the US (around 0.50%-1%) - you can make out the difference.

Fees

Since most online banks don’t have to spend on branch maintenance, they may charge low fees, or better still, no fees at all. 

For example, Capital One, Discover Bank, and Schwab Bank have no monthly fees. Some of the best online banks in the US don’t charge overdraft fees, either. 

On the other hand, some large traditional banks may charge hefty fees, though they may waive them if you meet certain requirements. 

For instance, Chase Bank charges a $5 USD monthly fee for saving accounts, but may waive this fee if you have $300 USD minimum daily balance, or you’re under 18, or you meet other criteria as stated. For checking accounts, Chase Bank charges a $12 USD monthly fee for balances under $1,500 USD.  

Ready to find out about the 6 best online banks the US has? Here you go!

What are the best online banks in the US?

  1. Ally Bank

  2. Alliant Credit Union

  3. Charles Schwab Bank

  4. Discover Bank

  5. Capital One

  6. Chime

1. Ally Bank

With Ally Bank, you can open interest-bearing checking accounts, online savings accounts, money market accounts, Certificates of Deposit (CDs), or Individual Retirement Accounts (IRAs). 

Ally also lets you invest and potentially grow your money through bonds, options, Exchange-Traded Funds (ETFs), and mutual funds. Furthermore, you can make unlimited ATM withdrawals with Ally’s money market accounts.

To deposit money in your Ally Bank account, you need to set up direct deposit, mobile check deposit, or wire transfer, or you can send a check by mail. 

If you’ve got any questions, it’s easy to contact Ally’s help center by phone, chat, email, or even snail mail. 

APY*: 0.60% on all balance tiers in online savings, 0.50% on all balance tiers in money market accounts, and 0.20%-1% on High Yield CDs; on interest checking accounts, 0.10% for under $15,000 USD daily balance, and 0.25% for $15,000 USD minimum daily balance. 

Fees*: No monthly fees for savings accounts, and no maintenance fees for CDs; $10 USD for excessive transactions, and $25 USD overdraft fee.  

Best for: Robust customer service.
What you'll like: Nationwide ATM network at 43,000 locations.
What you won't: No way to deposit cash. 

2. Alliant Credit Union

An online credit union backed by the National Credit Union Administration (NCUA), Alliant has plenty of accounts geared toward minors (under 18 years of age). On such an account, a parent, grandparent, or guardian must be a joint owner, along with the child/teen. The adult can monitor account activity until the minor reaches age 18. 

There are different minimum deposit requirements, based on the type of account you open. 

For example, if you wish to open a Kids Savings Account (for children 12 and younger), Alliant will pay a $5 USD minimum deposit on your behalf. For those between ages 13 and 17, the Teen Checking Account is available without any minimum balance requirements. 

However, you can open an account with Alliant, only if you satisfy any one of the following criteria:

  • You’re a member of an Alliant-related organization or association

  • You’re related to an Alliant member

  • You live or work in a community in the Chicago area

  • You work at a participating company, like Palm Healthcare Management LLC or Alloya Corporate Federal Credit Union.

If none of the above requirements applies to you, you can still become eligible for Alliant’s membership by being a member of Foster Care to Success (FC2S). 

FC2S is Alliant’s partner charity, serving thousands of foster teens throughout the US.  It is easy to become a member and Alliant will pay the $5 USD membership fee to FC2S in your name. 

APY*: 0.25% on all checking accounts and 0.55% for $100 USD minimum average daily balance in all tiers of online savings accounts.

Fees*: $1 USD for Paper Account Statement in online savings accounts, and $25 USD for each Non-Sufficient Fund (NSF) item in the case of checking accounts (plus $28 USD courtesy pay fee for High-Interest checking accounts). 

Best for: Students and teens who want to manage their personal finances. 
What you'll like: Massive ATM accessibility at 80,000 locations across the US. 
What you won't: Joining a separate organization for membership eligibility, in case you don’t meet the other eligibility criteria. 

3. Charles Schwab Bank

You might’ve heard of the Charles Schwab Corporation as an investing platform, but it functions as a bank, too. Based in San Francisco, California, Schwab Bank offers online savings accounts, checking accounts, retirement accounts, and home loans. 

You can’t deposit cash directly in your account, though; you’ll have to convert the cash into a money order or a check, and send it in via mail or mobile check deposit instead. 

The bank provides 24/7 customer support through live chat, phone, and Twitter. Plus, whether you’re in the US or you’re traveling out of the country, Schwab Bank refunds unlimited ATM fees (as of November 9, 2020) in case you withdraw cash using your Schwab Bank Visa Platinum Debit Card. 

APY*: 0.03% on checking accounts and 0.05% on savings accounts. 

Fees*: No fees.

Best for: Frequent travelers, due to the unlimited ATM fee rebates worldwide.
What you'll like: No minimum balance requirements on online savings or checking accounts. 
What you won't: Must open a Schwab Brokerage account for using the checking account. 

4. Discover Bank

Another of the best online banks in the US is Discover Bank. Like Ally, Discover offers savings, checking, CD, money market accounts, and more. 

You don’t need to deposit a minimum balance in your savings or checking account, but with CDs and money market accounts, the minimum deposit requirement is $2,500 USD. 

You can reach out to the online bank for help through mail and social media. 

APY: 0.55% on online savings accounts and IRA savings accounts, and 0.60%-0.70% on CDs; on money market accounts, 0.40% for balances under $100,000 USD, and 0.45% for balances over $100,000 USD.

Fees: No monthly fees.

Best for: 24/7 customer service.
What you'll like: Access to 60,000 ATMs across the US. 
What you won't: Minimum balance requirement of $2,500 USD on money market and CDs.

5. Capital One

In 2012, Capital One took over ING Direct, one of the 1st online-only banks in the US. Initially rebranded as Capital One 360, the bank offers a full suite of online banking products, including checking accounts and savings accounts. 

They’re not an online-only bank, though, since they’ve got branches in about 10 states; but they conduct most of their business online. 

Your money deposit options include direct deposit, bank transfer, and the Capital One mobile app (for mobile check deposit). You can even view free credit scores and temporarily lock your debit card.

If you’re a parent, you can also open Capital One bank accounts for minors and oversee those accounts till your child reaches the age of 18. 

The bank lets you contact them by phone, live chat, Twitter, or Capital One Cafés (in select states, if you feel like socializing over a cup of coffee while managing your bank account). 

APY*: 0.50% on 360 Performance savings accounts and IRA online savings, 0.10% on online checking accounts, 0.40% on Kids Savings Accounts, and 0.20%-0.40% on online CDs. 

Fees*: No monthly fees, except a $35 USD overdraft fee. 

Best for: Access to more than 40,000 Capital One as well as Allpoint ATMs.
What you'll like: No minimum balance requirements.
What you won't: No ATM card or debit card for Capital One 360 savings accounts online. 

6. Chime

A leading neobank in the US, Chime was founded in 2013. It’s a digital-only bank based in San Francisco, California, that not only offers checking and savings accounts, but also includes perks like daily balance notifications, instant transaction alerts (every time you spend money using your Chime debit card), and direct deposit. 

However, before applying for a Chime savings account, you need to open an online spending or checking account with the bank. 

What’s more, when it comes to depositing cash, you’ll have to visit a Green Dot cash deposit location. 

If you’ve got any queries, though, it’s easy to reach out to Chime by email, phone, mail, and social media (Facebook, Instagram, and Twitter). 

Chime also provides 128-bit AES encryption to ensure your money’s safe. And in case your card goes missing, you can block it immediately. 

APY: 1% on online savings accounts. 

Fees: No fees for savings or spending accounts, except for out-of-network cash withdrawal fees. 

Best for: Access control and security measures.
What you'll like: Access cash at over 38,000 Visa Plus Alliance and MoneyPass ATMs throughout the US.
What you won't: Must open a checking or spending account for opening a savings account. 

* Note: The APY or rates stated above are as of November 2020 and may change without notice by each operator at any time. 

How to open an online bank account in the United States

Let’s get down to basics - how do you open an account with a bank online in the US? This way, please:

  1. Select the type of online account you wish to open, whether savings, checking, retirement, or any other.

  2. Enter your personal info, like a valid home address and your Social Security Number (SSN), or Taxpayer Identification Number (TIN) if you are not a US citizen.

  3. Confirm your US citizenship or residency and that you’re 18+.

  4. Make a minimum deposit in the account you want to open, if your bank requires it (not all will).

  5. Wait for the bank to accept your application, and you’re good to go! A couple of such banks may also send you a debit card in the mail to the address you’ve provided.

How do I access money in an online bank account in the United States?

At some of the best online banks in the US, you can use checking accounts for paying your bills online or writing checks. 

Others may provide debit or credit cards you can use to make purchases or withdraw cash from your online account. 

Most online banks also let you set up an electronic link to an external account, which may be your checking account at a credit union or a brick-and-mortar bank. You can use this link to transfer money into and out of your online bank whenever you want. 

Is it safe to use online banks in the United States?

The best online banks in the US with standard security measures are just as safe and trustworthy as traditional banks are, so take it easy. You can always take some extra precautions, though, to bank online safely:

  • Before opening an online bank account, make sure the money is insured by the Federal Deposit Insurance Corporation (FDIC). A federally insured online bank account will protect your money against bank failures up to $250,000 USD per account.

  • Check whether the bank’s got features like fraud monitoring and encryption.

  • Keep your anti-virus software up-to-date.

  • Avoid public Wi-Fi networks when using your online bank account. 

Are online banks FDIC insured? 

Yes and no. Online banks in the US are usually backed by FDIC, but you can’t say the same for all of them. A few of these banks are actually cash management accounts falling under various protections. 

For American online credit unions, there’s a separate agency to insure their deposits, named the “National Credit Union Administration” (NCUA). 

Both the FDIC and the NCUA insure money in online bank and credit union accounts for  the same amount (up to $250,000 USD). 

Keep in mind, though, that all online banks and credit unions in the US aren’t federally insured, but the best online banks in the US that we’ve stated above are

How do I know if an online bank is legitimate in the USA?

Well, there are some telltale signs you need to look out for, before choosing one of the US’s top digital banks:

  • Does the online bank’s web address start with “https:”? Or, is there a lock icon next to the website’s URL?

  • Do they have a physical address, along with multiple contact phone numbers?

  • Have they got FDIC or NCUA logos or links (that work) on their website?

  • If the bank claims to be NCUA or FDIC-insured, have you verified this fact using

    or NCUA’s official website?

  • How long has the online bank been operating in the US?

If you’ve answered “yes” to the first 4 questions above, and the digital bank’s been in business in the US for at least 7-10 years now, you’ll know that bank is legit. 

Overall?

American online banks can offer nearly all the banking services you’re likely to need, at higher rates and lower fees than traditional banks. 

Once you’ve set up an account at one of the best online banks in the US, you can use Xe to make effortless international money transfers to and from the country. To get started with Xe, sign up or log in straightaway. 

Personal FinanceBankingOnline BankingOnline BanksUS BanksAlly BankAlliant Credit UnionCharles Schwab BankDiscover BankCapital OneChime

Источник: https://www.xe.com/blog/personal-finance/the-6-best-online-banks-in-the-us-with-rates-fees-and-more/

Online banking interest rates usa -

Best High-Yield Online Savings Accounts of 2021

Banking / Savings Account

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If your savings account is earning pennies every month from your traditional bank’s annual percentage yield, you should consider an online savings account as an alternative savings builder. With a growing number of online banks offering high rates, even big banks are jumping on to this banking product.

It pays to check out the high yields from the best online savings accounts and look into which financial institution has what you are looking for in a savings account. Keep reading to see the banks included in this in-depth review.

Best High-Yield Online Savings Accounts at a Glance

A high-yield savings account is like a traditional savings account but it earns interest at a higher rate. For instance, a high-yield savings account at Discover Bank has a current APY of 0.40% while Bank of America’s savings accounts have an APY that ranges from to 0.05%, depending on your account balance.

When searching for the best online savings account, explore all the account offers before signing up for anything. Monthly service fees, mobile app access and customer service options are all pieces of information worth examining.

BankOnline Savings AccountAPYMonthly Maintenance FeeCustomer ServiceMobile App
CIT BankSavings Builder0.40%NoOnline and mobile banking or 24/7 automated telephone bakingYes
Synchrony BankHigh Yield Savings2.20%NoChat online, over the phone or send a letterYes
BarclaysOnline Savings0.50%NoPhone service, self-service, mobile app, Twitter or send a letterYes
Ally BankOnline Savings Account0.50%NoPhone service, online chat or emailYes
American Express® National Bank, Member FDICHigh Yield Savings Account0.40%NoOnline or over the phoneYes
DiscoverOnline Savings Account0.40%NoOver the phone 24/7 or emailYes
FNBO DirectOnline Savings Account0.35%NoEmail, over the phone, fax or send a letterYes
iGOBankingiGOsavings Plus0.25%NoOver the phone, secure messaging or emailYes
Bank5 ConnectHigh-Interest Savings Account0.40%NoOver the phone, online chat or send an online contact formYes
Capital One360 Performance Savings0.40%NoOver the phone, fax, mail or emailYes
Brio DirectHigh-Yield Savings0.40%NoOver the phone or by mailYes
TAB BankHigh-Yield Savings0.50%NoOver the phone or online queryYes
Vio BankHigh-Yield Savings Account0.51%NoOver the phone, online form, chat, mailYes
CIBC USAgility Online Savings Account1.85%NoOver the phone or mailYes
VaroSavings AccountFirst earn 0.20% and then up to 3.00% by meeting the requirementsNoOver the phone, emailYes
Quontic BankHigh-Yield Savings0.55%NoOver the phone, live chat or emailYes
Purepoint FinancialOnline Savings0.40%NoOver the phone, emailYes
Comenity DirectHigh-Yield Savings0.60%NoOver the phone, email or secure messagingYes
AxosHigh-Yield SavingsRanges from 0.15% to 0.61%, depending on account balanceNoOver the phone, chat virtual assistant, secure messagingYes
Marcus by Goldman SachsOnline Savings Account0.50%NoOver the phoneYes
Citizens AccessOnline Savings Account0.40%NoOver the phone or secure messagingNo
AffirmAffirm Savings0.61%, but the rate grows along with your balance, as well as in accordance with current market conditionsNoOnline formYes

Best High-Yield Online Savings Accounts of 2021

With comparable monthly service fees and APY rates, it may be hard to figure out which online savings account is best for you. However, other details of high-interest savings accounts are signposts that will help direct you toward your right financial path.

CIT Bank Best Online Savings Accounts

CIT Bank

Why We Like It: This account is FDIC insured and you can earn up to 0.40% APY when you maintain a high balance or make regular deposits into your account.

Benefits

  • High interest rate of 0.40% APY
  • Easy online access
  • No account opening or maintenance fees

Drawbacks

  • Minimum account balance of $25,000 or $100 monthly deposits required to earn the highest interest rates
  • $100 minimum to open

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: $100
  • Minimum Balance: $25,000 minimum balance or $100 in monthly deposits to earn the highest interest rate
  • Balance To Avoid Fees: $0
  • APY:0.40%

How To Open an Account: To open a CIT Bank Savings Builder account, start by creating an account online using your primary home address, a valid email address, phone number and your Social Security number.

Synchrony Bank Best Online Savings Accounts

Synchrony Bank

Why We Like It: You can earn a high interest of 2.20% APY. This account is completely online or on your mobile app, which is a safe and easy way to deposit checks, transfer funds and update your account balances.

Benefits

  • The APY applies to any account balance
  • Access to cash with a trip to the ATM

Drawbacks

  • No physical branch for you to visit for your banking

Specs

  • Fees: You are responsible for other financial institutions’ ATM transaction fees after the monthly $5 reimbursement
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fees: $0
  • APY:2.20%

How To Open an Account: If you aren’t already a Synchrony customer, jump online and fill out a general application for its High Yield Savings account. If you are a Synchrony banker, simply log in and follow the steps.

Barclays Best Online Savings Accounts

Barclays

Why We Like It: The 0.50% APY account allows direct deposits and online transfers between outside banks. You can access your funds online and on the mobile app 24/7.

Benefits

  • No minimum balances or deposit required to open the account

Drawbacks

  • This bank is online-only in the U.S.

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.50%

How To Open an Account: Aside from your personal information, you will need to supply an external bank name, routing and account numbers as your initial deposit will be transferred from an existing external bank account.

Ally Bank Best Online Savings Accounts

Ally Bank

Why We Like It: This account has no monthly maintenance fees, free official and cashier’s checks and free domestic and international incoming wires.

Benefits

  • You receive an ATM card attached to your account
  • Easy 24/7 customer support

Drawbacks

  • No physical branch to do your banking

Specs

  • Fees: No monthly maintenance fee
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.50%

How To Open an Account: To enjoy the perks of Ally Bank’s Online Savings Account, start by giving some personal details like your address, contact information and Social Security number. You can find more information here.

American Express® National Bank, Member FDIC

Why We Like It:American Express High Yield Savings allows recurring bank transfers to pay for different accounts. This account has a competitive 0.40% APY and is easier to open if you have another American Express account.

Benefits

  • There are no minimum deposits
  • No monthly fees
  • Allows up to nine withdrawals or transfers per month

Drawbacks

  • American Express has no physical branch to do your banking
  • No ATM or debit card

Specs

  • Fees: No monthly fees
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: $1 to earn APY
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.40%, as of March 11, 2021

How To Open an Account: Gather your personal information, bank account number and routing number before completing a quick application online. If you’re opening a joint account, you’ll need the other account holder’s personal info, including their Social Security number.

Discover American Express National Bank Personal Savings

Discover Bank

Why We Like It: Discover’s account has 0.40% APY with daily compounded interest that is paid out monthly. There are no monthly maintenance fees, insufficient fund fees or excessive withdrawal fees.

Benefits

Drawbacks

  • No physical branches to do your banking

Specs

  • Fees: No monthly maintenance fees or any other fees
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.40%

How To Open an Account: Basic personal information and your Social Security number or Taxpayer ID is all you need to start your Discover Online Savings Account application. After you receive an email confirmation, you can fund the account.

FNBO Direct American Express National Bank Personal Savings

FNBO Direct

Why We Like It: This savings account offers direct deposit and digital payments. FNBO Direct also offers its Zelle equivalent, Popmoney, which is a way to transfer money to others.

Benefits

  • Higher rate than a standard savings account
  • Online and mobile banking

Drawbacks

  • No physical branch to do your banking

Specs

  • Fees: No monthly fees
  • Minimum Deposit: $1
  • Minimum Balance: $0.01 for APY
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.35%

How To Open an Account: FNBO Direct requires a few pieces of information to open an individual or joint Online Savings Account. These include your Social Security or Tax ID number, a driver’s license or ID card issued by a state DMV and employment, loan or mortgage and existing banking information.

igobanking American Express National Bank Personal Savings

iGOBanking

Why We Like It: This online savings account is clear and simple. There are no minimums to maintain a bonus rate and no monthly fee. And it only takes about 10 minutes to open this account online.

Benefits

  • Bonus rates on balances up to $25,000
  • No monthly fees
  • No minimums

Drawback

  • No physical branches to do your banking
  • Highest rates limited to balances of $5,000 or less
  • No bonus rate for balances above $25,000

Specs

  • Fees: No monthly fees
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fees: No fees to avoid
  • APY:0.25%

How To Open an Account: When you’re ready to open your high-interest savings account at iGObanking.com, you’ll just have to answer a few questions and then you can start transferring funds. A valid form of identification — a driver’s license, state-issued ID, military ID or passport — is required.

Bank5 Connect American Express National Bank Personal Savings

Bank5 Connect

Why We Like It: It has a strong APY of 0.40% and your savings can be used to cover an overdraft in your checking account.

Benefits

  • Good APY
  • No monthly maintenance fee

Drawbacks

  • There is a fee to receive your statements by mail

Specs

  • Fees: $1 each statement
  • Minimum Deposit: $10
  • Minimum Balance: $0, but $100 to earn APY
  • Balance To Avoid Fees: Fee can be avoided by receiving eStatements
  • APY: 0.40%

How To Open an Account: It only takes about 10 minutes to complete Bank5 Connect’s High-Interest Savings Account application. Standard personal ID and banking information is all you’ll need to start.

Capital One American Express National Bank Personal Savings

Capital One

Why We Like It: The 360 Performance Savings account has a high APY of 0.40%. The account also requires no minimums and has no monthly fees.

Benefits

  • All account balances have an interest rate of 0.40%
  • Open an account online in about 5 minutes

Drawbacks

  • No comparative drawbacks because Capital One has branch locations and Capital One Cafes
  • No debit or ATM card

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.40%

How To Open an Account: 360 Performance Savings accounts do not have debit cards, ATM cards or check-writing capabilities but that doesn’t mean they aren’t worth your while. To enjoy the perks of the 360 Performance, register as a new customer or log in with your existing Capital One account info.

Brio Direct American Express National Bank Personal Savings

Brio Direct

Why We Like It: This High-Yield Savings account has a high APY of 0.40%. The online account also has no monthly fees and takes minutes to open.

Benefits

  • Online and mobile banking available
  • One of the higher APY rates

Drawbacks

  • $25 to open the account
  • No physical branches to visit

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: $25
  • Minimum Balance: $25
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.40%

How To Open an Account: A Brio Direct High-Yield Savings account can be opened in just a few minutes. All you need is your contact information, a driver’s license, passport or state ID card and your Social Security number.

TAB Bank American Express National Bank Personal Savings

TAB Bank

Why We Like It: This account has an excellent APY rate of 0.50% with no balance caps or monthly service fees.

Benefits

  • No opening deposit required
  • Online and mobile banking available

Drawbacks

  • No physical branches to visit

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: No minimum deposit
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.50%

How To Open an Account: To start enjoying TAB’s impressive APY rate, check out its streamlined application process online. Basic personal information and your Social Security number are required to take your first step to high-yield savings.

VIO Bank American Express National Bank Personal Savings

Vio Bank

Why We Like It: This account has a high APY of 0.51% with no monthly service fees.

Benefits

  • Online and mobile banking available

Drawbacks

  • $100 to open the account
  • No physical branches to visit

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: $100
  • Minimum Balance: $100
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.51%

How To Open an Account: You can open a new account online in less than five minutes — all you’ll need to start is your Social Security number, driver’s license and mailing address. Please note that automated information is available 24/7 but customer service representatives are only available during scheduled working hours.

CIBC US

Why We Like It: The Agility Online Savings Account has a 1.85% APY with no maintenance fees.

Benefits

  • Online and mobile banking available

Drawbacks

  • $1,000 minimum to open the account
  • The account balance cannot be over $1 million

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: $1,000
  • Minimum Balance: $0.01
  • Balance To Avoid Fee: No fees to avoid
  • APY:1.85%

How To Open an Account: The Agility Savings Account can be opened easily — you’ll need to provide a current U.S. home address, a Social Security number, a U.S. driver’s license or state-issued identification, the joint owner’s information if applicable and a minimum $1,000 deposit.

Varo

Why We Like It: Varo gives you the opportunity to earn the highest APY in this review by far, without jumping through too many hoops.

Benefits

  • Easy to earn an outstanding APY
  • Early direct deposit
  • No monthly maintenance fees

Drawbacks

  • Highest rate only applies to balances of $5,000 or less
  • Starting rate is low

Specs

  • Fees: No monthly fees
  • Minimum Deposit: $0
  • Minimum Balance: $0.01 to earn interest
  • Balance To Avoid Fees: No fees to avoid
  • APY: First earn 0.20% and then up to 3.00% by meeting the requirements

How To Open an Account: Enter your email address online to start your Savings Account application.

Quontic Bank Best Online Savings Accounts

Quontic Bank

Why We Like It: Quontic Bank offers an online savings account with 0.55% APY and over 28,000 fee-free ATMs.

Benefits

  • Option of opening an Amplify Interest Checking Account when opening this savings account
  • Online and mobile banking

Drawbacks

  • $100 minimum to open the account
  • No physical banks

Specs

  • Fees: No monthly service fees
  • Minimum Deposit: $100
  • Minimum Balance: $0
  • Balance To Avoid Fee: No fee to avoid
  • APY:0.55%

How To Open an Account: A $100 minimum deposit is required to open an online savings account with Quontic, but the application process is easy. You’ll need your Social Security number, a driver’s license, military ID or U.S. passport, along with a home address and personal information.

Purepoint Financial Best Online Savings Accounts

Purepoint Financial

Why We Like It: Purepoint Financial’s Online Savings account offers an APY of up to 0.40% with no monthly account fees.

Benefits

  • 24/7 online and mobile access

Drawbacks

  • Check Purepoint’s website carefully; the 0.40% APY is only available if you have an account balance of $10,000 (it is 0.01% APY for anything lower than $10,000)

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: $10,000
  • Minimum Balance: No minimum balance but see APY note above
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.40% for balances over $10,000

How To Open an Account: APY rates are valid for accounts opened online or by phone. A valid email address and online banking enrollment are required to open and maintain an account.

Comenity Direct Best Online Savings Accounts

Comenity Direct

Why We Like It: This High-Yield Savings Account has an APY 0f 0.60% with no hidden fees or monthly service fees

Benefits

  • Free ACH transfers
  • Free online statements

Drawbacks

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: $100
  • Minimum Balance: $100
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.60%

How To Open an Account: You can enjoy the benefits of this High-Yield Savings Account in three simple steps:

  1. Fill out a quick application online with some basic information and funding details.
  2. Transfer $100 or more into your account.
  3. Start saving.

Axos

Why We Like It: This account has an APY ranging from 0.15% to 0.61%, depending on account balance with no minimums and no fees.

Benefits

  • One of the highest rates available
  • Easy online application online

Drawbacks

  • No physical branches to visit
  • Lower rate for balances of $25,000 or more

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: $250
  • Minimum Balance: $0
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.15% to 0.61%

How To Open an Account: The only requirements needed to open an Axos High-Yield Savings account are that you have a valid tax identification number and a legal address.

Marcus by Goldman Sachs Best Online Savings Accounts

Marcus by Goldman Sachs

Why We Like It: Marcus is the online/mobile banking option by Goldman Sachs and offers an APY of 0.50% with no fees or minimum deposits.

Benefits

  • No fees
  • Account can be linked to other bank accounts
  • Same-day transfers to and from other banks of $100,000 and below

Drawbacks

  • No physical branches to visit for this account

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: No minimum deposits
  • Minimum Balance: No minimum balance
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.50%

How To Open an Account: The Marcus Account online application process is secure and fast. You will need to provide your personal information and Social Security number before you can start transferring funds by linking your account to another bank.

Citizens Access Best Online Savings Accounts

Citizens Access

Why We Like It: Citizens Access offers an online savings account with 0.40% APY and no fees.

Benefits

  • Online and mobile banking
  • No fees

Drawbacks

  • $5,000 minimum deposit to open the account

Specs

  • Fees: No monthly service fee
  • Minimum Deposit: $5,000
  • Minimum Balance: $5,000
  • Balance To Avoid Fee: No fees to avoid
  • APY:0.40%

How To Open an Account: Start by selecting the Citizens Access Online Savings Account from the product drop-down list and choose a deposit amount. Then you are just a few steps away from funding your new account.

Affirm

Why We Like It: Affirm’s rate of 0.61%, but the rate grows along with your balance, as well as in accordance with current market conditions, is one of the highest available, and the account has no fees.

Benefits

  • Excellent rate
  • Open account online or in app
  • No minimum balance or fees

Drawbacks

  • Online only, no physical branches
  • Must have account on Affirm retail platform

Specs

  • Fees: $0
  • Minimum Deposit: $0.01
  • Minimum Balance: $0
  • Balance To Avoid Fee: No fee to avoid
  • APY: 0.61%, but the rate grows along with your balance, as well as with current market conditions

How To Open an Account: Create an account on Affirm’s shopping platform. Then log into your account and follow the prompts to open your savings account.

Tips for Choosing the Best High-Yield Savings Accounts

Important things to consider when opening a high-yield savings account are how much you plan to deposit, how easy it is to move money in and out of the account and how you like to do your banking.

Tips to remember:

  • Remember to peruse GOBankingRates’ best bank account promotions.
  • Review your account balance and see what is the highest APY you can get with that balance.
  • Find an online savings account with a linked ATM card if you need access to cash.
  • If you like in-person banking, open an account with a bank or credit union that has physical branches nearby.

High-Yield Savings Accounts vs. Traditional Savings Accounts

High-yield savings accounts offer higher APY rates than traditional savings accounts. The biggest difference to keep in mind is that many banks compound APY interest daily for high-yield accounts and then pay into your account monthly, whereas with traditional savings accounts, the interest is earned on the monthly rate.

There are advantages and disadvantages to consider with online savings accounts.

Advantages of a High-Yield Savings Account

  • You’ll earn more in interest and, thanks to compound interest, your savings will grow faster compared to a traditional savings account.
  • Online high-yield savings accounts have fewer fees because there is less overhead for a bank or credit union to cover.
  • Online savings are typically less accessible than your typical online checking account. Following the “out of sight, out of mind” maxim, you’ll be less tempted to tap your online savings for impulse purchases.

Disadvantages of a High-Yield Savings Account

  • High-yield online savings accounts aren’t perfect for people who make a lot of withdrawals and deposits to and from their accounts. Most online savings accounts require funds to be transferred in and out of these accounts, which can take up to two days.
  • High-yield savings accounts are not ideal for anyone without easy and consistent access to computers or mobile devices. These are online accounts, so banking at a physical branch is typically not possible.

Summary

The best high-yield savings accounts are from online (or primarily online) banks that offer a high APY rate of around 0.40% and higher. You can easily open one of the best online savings accounts in minutes online and start saving with your first deposit.

While interest earned is taxable because it is considered income by the IRS, you should still seriously consider taking advantage of the multiple benefits from these accounts

GOBankingRates’ Best Banks Rankings

Each year GOBankingRates evaluates over 120 banks and their banking products to help you find the ideal bank for your needs. Check out the detailed rankings below.

Daria Uhlig contributed to the reporting for this article.

This article was updated on Oct. 19, 2021 to clarify the minimum to earn APY on the American Express High Yield Savings Account.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Rates and fees are subject to change. American Express rates accurate as of Sep. 22, 2021. All other data is accurate as of Sep. 10, 2021. All data is subject to change at the institutions’ discretion. For the most up-to-date information on an institution or its accounts, visit its website.

The savings offers that appear on this site are from companies from which GOBankingRates receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). GOBankingRates does not include all savings companies or all savings offers available in the marketplace.

This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Citibank.

Methodology: GOBankingRates.com identified the best online savings accounts based on interest rates, monthly fees, customer service options, mobile banking and online banking offerings. All fees and rates are subject to change at the savings account issuers’ discretion. Some offers might no longer be available on the saving account issuers’ websites, depending on how you access the web page.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.

About the Author

Jared Nigro is a writer based in Los Angeles. His experience includes covering a range of personal finance topics for GOBankingRates, specializing in offering actionable advice for banking customers. In addition to writing about personal finance, he has written for environmental and socioeconomic organizations like The Daniel & Susan Gottlieb Foundation and InsideOUT Writers.

Источник: https://www.gobankingrates.com/banking/savings-account/best-online-savings-accounts/

Online Savings Account

save smarter, faster than ever.

Helpful tools. 24/7 support. No monthly maintenance fees or minimum balance requirements.

Finally a savings account that lets your money work smarter.

Track your progress and see the impact boosters can make in a crisp, clear chart.

Along with a competitive, variable rate and no monthly maintenance fees, the Ally Bank Online Savings Account comes with tools to help grow your money faster. We found people have saved, on average, 2x more when they’ve used our smart savings tools.

Track your progress and see the impact boosters can make in a crisp, clear chart.
  • Use buckets to organize your money and visualize what you’re saving for

  • Set up boosters to optimize and maximize your savings, even if the rate changes after you open the account

  • Make changes as new priorities arise

  • Get personalized recommendations to help you save more

Organize using buckets.

Set money aside for what matters to you. All in one place.

a few examples of buckets: Home improvements. Vet bills. Vacation

Divvy up your savings without multiple bank accounts or hard math.

Like digital envelopes, you can dedicate parts of your savings to whatever you want (or want to do). Create up to 10 buckets that will peacefully coexist in your Online Savings Account, and track your progress towards savings goals and target dates. Plus, you’ll still earn interest on your total balance.

an example of a bucket: Emergencies
an example of a bucket: Home improvements
an example of a bucket: Vacations

Optimize with boosters.

Accelerate your savings and put part of your strategy on autopilot.

Recurring Transfers

Set it and forget it. Move money into your savings on a schedule that makes sense for you.

Round Ups

We track your Ally Interest Checking accounts for transactions we can round up to the nearest dollar. When you accrue at least $5 in round ups, we transfer it to your savings.

Surprise Savings

We analyze your linked checking accounts for safe-to-save money, then transfer it to your savings so you don’t have to. 

Come for the helpful tools. Stay for everything else. 

No monthly maintenance fees or minimum balance requirements.

Keep in mind, with this type of account there’s a limit of 6 withdrawals per statement cycle. Why only 6?

Earn more than 5x the national average.

The national average for this type of account is 0.06% APY, based on rates published in the FDIC Monthly National Rates and Rate Caps accurate as of 10/18/2021.

24/7 support.

Call, chat or email us any time. A real person is always available to help, day or night. 

See how we compare.

Our features maximize the way you save. Take a look for yourself.

Ally Bank

Online Savings Account

monthly maintenance fees

minimum opening deposit

Tool to organize your savings—no additional account required:

Tool to analyze any linked checking account for safe-to-save money:

Annual Percentage Yield

Bank of America

Advantage Savings

monthly maintenance fees

minimum opening deposit

Tool to organize your savings—no additional account required:

Tool to analyze any linked checking account for safe-to-save money:

Annual Percentage Yield

Chase Bank

Chase SavingsSM

monthly maintenance fees

minimum opening deposit

Tool to organize your savings—no additional account required:

Tool to analyze any linked checking account for safe-to-save money:

Annual Percentage Yield

Wells Fargo

Way2Save® Savings

monthly maintenance fees

minimum opening deposit

Tool to organize your savings—no additional account required:

Tool to analyze any linked checking account for safe-to-save money:

Annual Percentage Yield

What you should know

Our features information is accurate as of 11/1/2021.

Banks with maintenance fees often offer more than one condition, one of which you may be able to satisfy, to waive the fee or fees.

Our Annual Percentage Yields (APYs) are accurate as of . Keep in mind, these rates are variable and may change after the account is open. Fees may reduce earnings. The APYs for other banks are provided by mybanktracker.com and are accurate as of . The APYs in this table are for the state of California and are based on a minimum daily balance of $5,000.

The APY may remain the same for all balance tiers or change based on your account’s daily balance.  

A tier is a range of account balances.

Ally Bank Online Savings Account balance tiers:

  • Between $5,000 and $24,999.99

The APY we pay is based on the tier in which your end-of-day balance falls. APYs are variable and subject to change.

The rate of our Online Savings Account is more than 5x the national average of 0.06% APY, based on the national average of savings accounts rates published in the FDIC Weekly National Rates and Rate Caps accurate as of 10/18/2021.

Fees, a short story.

You shouldn't be nickel and dimed for using your own money.

There's a lot we don't charge for

...and we won't hide the fees we do have.

Bank better, starting now.

It only takes a few minutes to open an account.

1. Tell us about yourself.

We'll need some personal details like your address, contact information and social security number.

2. Fund your account.

There’s no minimum amount to open an account, but the faster you fund, the sooner you’ll earn interest.

3. Enjoy our award-winning experience.

Get online access right away and explore everything we offer as well as other ways we can help you reach your goals.

Prepare for wherever life takes you.

Your journey is unique, and we want to help you meet the milestones that matter most to you. Check out more tips and tools to keep you moving forward.

Explore Life Events

The reviews are in.

People like it here. We think you will, too.

Average Rating

FAQs

  • No. We don't accept cash deposits. However, there are several ways you can make a deposit into your account.

    • Remote check deposit with Ally eCheck Deposit℠
    • Online transfers and direct deposit
    • Wire transfers and mail
  • There are several ways you can add money to your accounts. You can transfer money from another bank or an Ally Bank account. We also offer Ally eCheck Deposit℠  to deposit checks. You can also send a wire transfer or mail checks to:

    Ally Bank

    P.O. Box 13625

    Philadelphia, PA 19101-3625

    Make sure checks are properly endorsed on the back with For Deposit Only and the signatures of all payees. Please don't send cash.

    You can also set up direct deposit with your employer. Direct Deposit (PDF)

  • You can make six withdrawals and transfers per statement cycle from your Online Savings Account. 

    Federal law permits limiting certain types of withdrawals and transfers from savings accounts. There's a $10 excessive transaction fee for each transaction that exceeds this limit. However, we're temporarily refunding this fee to help those of you impacted by COVID-19.

  • You can withdraw money in 4 ways:

    • Online funds transfer
    • Outgoing wire transfer
    • Telephone transfer
    • Check request

    Federal law permits limiting certain types of withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers, transfers from your account to any of your accounts with us, or to a third party.

    There's a $10 excessive transaction fee for each transaction that exceeds this limit. However, we're temporarily refunding this fee to help those of you impacted by COVID-19.

    Some transactions are unlimited. For example, you can make as many deposits as you like, and you can call us any time to request a check made out to you.

  • The main difference is the way you access your money. A money market account gives you more access because you can be issued a debit card and checks. An online savings account doesn't include checks or a debit card.

    Discover more about our Online Savings and Money Market accounts. Also, find out how we can help you reach your financial goals when you're starting to save.

Источник: https://www.ally.com/bank/online-savings-account/

this bank makes a different kind of change.

For our clients and in our communities, we help make change for the better.

Our Community Impact

Bank at Half Past Now or Quarter ‘Til Whenever

Instantly check your balances, pay bills, transfer funds, send money to friends and family, even deposit checks from your phone with KeyBank online and mobile banking. It’s easy to use, secure and backed by our great customer service reps, 24/7.

Enroll Now

Take the Bank with You Wherever You Go

With the KeyBank mobile app, depositing checks is a snap. Just take two pictures to deposit your checks directly into your account. Enroll in KeyBank online and mobile banking and download our mobile app today.

  • Download KeyBank for the iPhone
  • Download KeyBank for Android™ - Google Play

Pickup the Check and Get Paid Back

Send money to friends and family securely and quickly with Zelle®. Whether you’re settling up IOUs or splitting a bill for takeout, Zelle makes it easy to send and receive money in minutes.

Learn More

Tips and How-To's

Saving & Budgeting

How to Avoid Fraud When Banking Online

Having the ability to pay for goods and services online without cash or checks makes it easier than ever to complete purchases and conduct bank business. But all that online convenience makes it easier for scammers and hackers to access bank funds online, too.

June 2021How to Avoid Fraud When Banking Online
Saving & Budgeting

Do "Revenge Spending" the Right Way

As the world reopens, consumers are ready to splurge on themselves. Use these tips to "revenge spend" wisely.

August 2021Do "Revenge Spending" the Right Way

The path to financial wellness starts here.

Call Us

1-800-KEY2YOU® (539-2968)

Clients using a TDD/TTY device:
1-800-539-8336

Clients using a relay service:
1-866-821-9126

Источник: https://www.key.com/personal/index.jsp

MAKE. DREAMS. HAPPEN.

SmartyPig Accounts are offered through Sallie Mae Bank, Member FDIC.

1Advertised Interest Rates and Annual Percentage Yields (APY) for the SmartyPig Account are variable and may change after account opening, are based on your aggregate account balance on all your SmartyPig goals (including your Primary Account) plus your month to date accrued interest which may not have yet posted to your account, apply to personal accounts only, and are accurate as of 02/8/2021. The ongoing APYs and Interest Rates associated with different account balances are: If your daily balance is more than $0 but $2,500 or less the interest rate paid on the entire balance in your account will be 0.70% with an annual percentage yield of 0.70%. If your daily balance is more than $2,500 but $10,000 or less the interest rate paid on the entire balance in your account will be 0.70% with an annual percentage yield of 0.70%. If your daily balance is more than $10,000 but $50,000 or less the interest rate paid on the entire balance in your account will be 0.45% with an annual percentage yield of 0.45%. If your daily balance is more than $50,000 the interest rate paid on the entire balance in your account will be 0.45% with an annual percentage yield of 0.45%. Please refer to the SmartyPigTerms and Conditions Agreement for details.

Источник: https://www.smartypig.com/

The 6 best online banks in the US (with rates, fees, and more!)

Going digital? Learn about the best online banks in the US, their pros and cons, rates, fees, whether they’re safe, and how they're different from conventional banks.

Young man checking his bank account online

Thanks to the growing demand for personalized banking services and real-time interaction in the United States, online banking or digital banking has now become the star of the banking industry. 

With the user-friendly mobile apps and tools that online banks provide, managing your finances have got a lot easier than with traditional banks, especially in the COVID-19 era. 

But how do you go about it? Like, how do you open an account with an American digital banking platform? And how do you know if the online bank’s safe (or not)?

Whether you just want to open an online savings account or you’re looking for a digital bank in the US that’ll meet all your needs, we’ve got your back. Watch out for our list (further below) of the best online banks in the US, along with their banking products, rates, and deposit security measures. 

What’s an online bank?

Online banks (also known as neobanks or digital banks) operate without any physical, brick-and-mortar branches. Instead, they let you manage your bank accounts via the Internet with a mobile phone, computer, or tablet. This includes paying bills electronically, transferring money, and depositing checks. 

On top of that, a major perk of digital banks is that they offer better interest rates or annual percentage yields (APYs) than brick-and-mortar banks do, and they charge lower fees as well. 

Some online banks do have branches, though, but they identify themselves as digital banks because they primarily carry out a massive amount of their business online. 

How does an online bank differ from a traditional bank in the US?

Operation

American traditional banks function mainly via their brick-and-mortar branches. Even though most of them may let you access your bank accounts online, digital banks primarily provide access via the Internet. 

Interest rates

Online banks offer higher interest rates for savings and checking accounts than traditional banks do. 

As of November 2020, the national average APY is 0.05% on savings accounts and 0.04% on checking accounts, according to FDIC’s national rate cap info. 

Compare these rates with the rates offered by the best online banks in the US (around 0.50%-1%) - you can make out the difference.

Fees

Since most online banks don’t have to spend on branch maintenance, they may charge low fees, or better still, no fees at all. 

For example, Capital One, Discover Bank, and Schwab Bank have no monthly fees. Some of the best online banks in the US don’t charge overdraft fees, either. 

On the other hand, some large traditional banks may charge hefty fees, though they may waive them if you meet certain requirements. 

For instance, Chase Bank charges a $5 USD monthly fee for saving accounts, but may waive this fee if you have $300 USD minimum daily balance, or you’re under 18, or you meet other criteria as stated. For checking accounts, Chase Bank charges a $12 USD monthly fee for balances under $1,500 USD.  

Ready to find out about the 6 best online banks the US has? Here you go!

What are the best online banks in the US?

  1. Ally Bank

  2. Alliant Credit Union

  3. Charles Schwab Bank

  4. Discover Bank

  5. Capital One

  6. Chime

1. Ally Bank

With Ally Bank, you can open interest-bearing checking accounts, online savings accounts, money market accounts, Certificates of Deposit (CDs), or Individual Retirement Accounts (IRAs). 

Ally also lets you invest and potentially grow your money through bonds, options, Exchange-Traded Funds (ETFs), and mutual funds. Furthermore, you can make unlimited ATM withdrawals with Ally’s money market accounts.

To deposit money in your Ally Bank account, you need to set up direct deposit, mobile check deposit, or wire transfer, or you can send a check by mail. 

If you’ve got any questions, it’s easy to contact Ally’s help center by phone, chat, email, or even snail mail. 

APY*: 0.60% on all balance tiers in online savings, 0.50% on all balance tiers in money market accounts, and 0.20%-1% on High Yield CDs; on interest checking accounts, 0.10% for under $15,000 USD daily balance, and 0.25% for $15,000 USD minimum daily balance. 

Fees*: No monthly fees for savings accounts, and no maintenance fees for CDs; $10 USD for excessive transactions, and $25 USD overdraft fee.  

Best for: Robust customer service.
What you'll like: Nationwide ATM network at 43,000 locations.
What you won't: No way to deposit cash. 

2. Alliant Credit Union

An online credit union backed by the National Credit Union Administration (NCUA), Alliant has plenty of accounts geared toward minors (under 18 years of age). On such an account, a parent, grandparent, or guardian must be a joint owner, along with the child/teen. The adult can monitor account activity until the minor reaches age 18. 

There are different minimum deposit requirements, based on the type of account you open. 

For example, if you wish to open a Kids Savings Account (for children 12 and younger), Alliant will pay a $5 USD minimum deposit on your behalf. For those between ages 13 and 17, the Teen Checking Account is available without any minimum balance requirements. 

However, you can open an account with Alliant, only if you satisfy any one of the following criteria:

  • You’re a member of an Alliant-related organization or association

  • You’re related to an Alliant member

  • You live or work in a community in the Chicago area

  • You work at a participating company, like Palm Healthcare Management LLC or Alloya Corporate Federal Credit Union.

If none of the above requirements applies to you, you can still become eligible for Alliant’s membership by being a member of Foster Care to Success (FC2S). 

FC2S is Alliant’s partner charity, serving thousands of foster teens throughout the US.  It is easy to become a member and Alliant will pay the $5 USD membership fee to FC2S in your name. 

APY*: 0.25% on all checking accounts and 0.55% for $100 USD minimum average daily balance in all tiers of online savings accounts.

Fees*: $1 USD for Paper Account Statement in online savings accounts, and $25 USD for each Non-Sufficient Fund (NSF) item in the case of checking accounts (plus $28 USD courtesy pay fee for High-Interest checking accounts). 

Best for: Students and teens who want to manage their personal finances. 
What you'll like: Massive ATM accessibility at 80,000 locations across the US. 
What you won't: Joining a separate organization for membership eligibility, in case you don’t meet the other eligibility criteria. 

3. Charles Schwab Bank

You might’ve heard of the Charles Schwab Corporation as an investing platform, but it functions as a bank, too. Based in San Francisco, California, Schwab Bank offers online savings accounts, checking accounts, retirement accounts, and home loans. 

You can’t deposit cash directly in your account, though; you’ll have to convert the cash into a money order or a check, and send it in via mail or mobile check deposit instead. 

The bank provides 24/7 customer support through live chat, phone, and Twitter. Plus, whether you’re in the US or you’re traveling out of the country, Schwab Bank refunds unlimited ATM fees (as of November 9, 2020) in case you withdraw cash using your Schwab Bank Visa Platinum Debit Card. 

APY*: 0.03% on checking accounts and 0.05% on savings accounts. 

Fees*: No fees.

Best for: Frequent travelers, due to the unlimited ATM fee rebates worldwide.
What you'll like: No minimum balance requirements on online savings or checking accounts. 
What you won't: Must open a Schwab Brokerage account for using the checking account. 

4. Discover Bank

Another of the best online banks in the US is Discover Bank. Like Ally, Discover offers savings, checking, CD, money market accounts, and more. 

You don’t need to deposit a minimum balance in your savings or checking account, but with CDs and money market accounts, the minimum deposit requirement is $2,500 USD. 

You can reach out to the online bank for help through mail and social media. 

APY: 0.55% on online savings accounts and IRA savings accounts, and 0.60%-0.70% on CDs; on money market accounts, 0.40% for balances under $100,000 USD, and 0.45% for balances over $100,000 USD.

Fees: No monthly fees.

Best for: 24/7 customer service.
What you'll like: Access to 60,000 ATMs across the US. 
What you won't: Minimum balance requirement of $2,500 USD on money market and CDs.

5. Capital One

In 2012, Capital One took over ING Direct, one of the 1st online-only banks in the US. Initially rebranded as Capital One 360, the bank offers a full suite of online banking products, including checking accounts and savings accounts. 

They’re not an online-only bank, though, since they’ve got branches in about 10 states; but they conduct most of their business online. 

Your money deposit options include direct deposit, bank transfer, and the Capital One mobile app (for mobile check deposit). You can even view free credit scores and temporarily lock your debit card.

If you’re a parent, you can also open Capital One bank accounts for minors and oversee those accounts till your child reaches the age of 18. 

The bank lets you contact them by phone, live chat, Twitter, or Capital One Cafés (in select states, if you feel like socializing over a cup of coffee while managing your bank account). 

APY*: 0.50% on 360 Performance savings accounts and IRA online savings, 0.10% on online checking accounts, 0.40% on Kids Savings Accounts, and 0.20%-0.40% on online CDs. 

Fees*: No monthly fees, except a $35 USD overdraft fee. 

Best for: Access to more than 40,000 Capital One as well as Allpoint ATMs.
What you'll like: No minimum balance requirements.
What you won't: No ATM card or debit card for Capital One 360 savings accounts online. 

6. Chime

A leading neobank in the US, Chime was founded in 2013. It’s a digital-only bank based in San Francisco, California, that not only offers checking and savings accounts, but also includes perks like daily balance notifications, instant transaction alerts (every time you spend money using your Chime debit card), and direct deposit. 

However, before applying for a Chime savings account, you need to open an online spending or checking account with the bank. 

What’s more, when it comes to depositing cash, you’ll have to visit a Green Dot cash deposit location. 

If you’ve got any queries, though, it’s easy to reach out to Chime by email, phone, mail, and social media (Facebook, Instagram, and Twitter). 

Chime also provides 128-bit AES encryption to ensure your money’s safe. And in case your card goes missing, you can block it immediately. 

APY: 1% on online savings accounts. 

Fees: No fees for savings or spending accounts, except for out-of-network cash withdrawal fees. 

Best for: Access control and security measures.
What you'll like: Access cash at over 38,000 Visa Plus Alliance and MoneyPass ATMs throughout the US.
What you won't: Must open a checking or spending account for opening a savings account. 

* Note: The APY or rates stated above are as of November 2020 and may change without notice by each operator at any time. 

How to open an online bank account in the United States

Let’s get down to basics - how do you open an account with a bank online in the US? This way, please:

  1. Select the type of online account you wish to open, whether savings, checking, retirement, or any other.

  2. Enter your personal info, like a valid home address and your Social Security Number (SSN), or Taxpayer Identification Number (TIN) if you are not a US citizen.

  3. Confirm your US citizenship or residency and that you’re 18+.

  4. Make a minimum deposit in the account you want to open, if your bank requires it (not all will).

  5. Wait for the bank to accept your application, and you’re good to go! A couple of such banks may also send you a debit card in the mail to the address you’ve provided.

How do I access money in an online bank account in the United States?

At some of the best online banks in the US, you can use checking accounts for paying your bills online or writing checks. 

Others may provide debit or credit cards you can use to make purchases or withdraw cash from your online account. 

Most online banks also let you set up an electronic link to an external account, which may be your checking account at a credit union or a brick-and-mortar bank. You can use this link to transfer money into and out of your online bank whenever you want. 

Is it safe to use online banks in the United States?

The best online banks in the US with standard security measures are just as safe and trustworthy as traditional banks are, so take it easy. You can always take some extra precautions, though, to bank online safely:

  • Before opening an online bank account, make sure the money is insured by the Federal Deposit Insurance Corporation (FDIC). A federally insured online bank account will protect your money against bank failures up to $250,000 USD per account.

  • Check whether the bank’s got features like fraud monitoring and encryption.

  • Keep your anti-virus software up-to-date.

  • Avoid public Wi-Fi networks when using your online bank account. 

Are online banks FDIC insured? 

Yes and no. Online banks in the US are usually backed by FDIC, but you can’t say the same for all of them. A few of these banks are actually cash management accounts falling under various protections. 

For American online credit unions, there’s a separate agency to insure their deposits, named the “National Credit Union Administration” (NCUA). 

Both the FDIC and the NCUA insure money in online bank and credit union accounts for  the same amount (up to $250,000 USD). 

Keep in mind, though, that all online banks and credit unions in the US aren’t federally insured, but the best online banks in the US that we’ve stated above are

How do I know if an online bank is legitimate in the USA?

Well, there are some telltale signs you need to look out for, before choosing one of the US’s top digital banks:

  • Does the online bank’s web address start with “https:”? Or, is there a lock icon next to the website’s URL?

  • Do they have a physical address, along with multiple contact phone numbers?

  • Have they got FDIC or NCUA logos or links (that work) on their website?

  • If the bank claims to be NCUA or FDIC-insured, have you verified this fact using

    or NCUA’s official website?

  • How long has the online bank been operating in the US?

If you’ve answered “yes” to the first 4 questions above, and the digital bank’s been in business in the US for at least 7-10 years now, you’ll know that bank is legit. 

Overall?

American online banks can offer nearly all the banking services you’re likely to need, at higher rates and lower fees than traditional banks. 

Once you’ve set up an account at one of the best online banks in the US, you can use Xe to make effortless international money transfers to and from the country. To get started with Xe, sign up or log in straightaway. 

Personal FinanceBankingOnline BankingOnline BanksUS BanksAlly BankAlliant Credit UnionCharles Schwab BankDiscover BankCapital OneChime

Источник: https://www.xe.com/blog/personal-finance/the-6-best-online-banks-in-the-us-with-rates-fees-and-more/

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