Top High Yield Online Savings Accounts For 2018

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With the internet, we enjoy a considerable amount of freedom. Thanks to the convenience of online commerce, we shop, send money, sell, and bank all with the touch of a button. We can participate fully in e-commerce no matter where in the world we are, particularly in the area of the high yield online savings accounts.

Whole institutions have moved entirely online in the last few decades. Many businesses have moved online to keep overhead costs low, which results in lower costs to the customer. The banking industry is no exception. With the emergence of convenient online banking, customers can shop around for the best rates. And, they can do this all from the comfort of their own laptop or smartphone.

Top High Yield Online Savings Accounts

The area of online banking has been particularly beneficial for consumers is in high yield online savings accounts. Top high yield online savings accounts typically feature rates of 1% or more. This may not seem like much, but compared to the traditional bank average of 0.07%, the savings you’ll enjoy by going online will add up quickly.

We’re here to give you our top picks for the best deal in top high yield online savings accounts. We’ll help you decide for yourself with all the best information in hand. We took a deep dive into all of the pros and cons of each online banking institution and found some really great options. We’ll tell you which banks have the best interest rates. We’ll also tell you which ones have great rewards and who waives monthly fees.

Here’s a roundup of our top picks for the top high yield online savings accounts.

Best Interest Rate Performance
Synchrony 1.65% APY
Marcus (Goldman Sachs) 1.60% APY
Ally 1.60% APY
Great Interest Rate Performance
American Express National Bank 1.55% APY
CIT Bank 1.55% APY
Honorable Mentions
Alliant Credit Union 1.50% APY
Discover 1.50% APY

Best Interest Rate Performance of the Top High Yield Online Savings Accounts

Synchrony – 1.65% APY

A high yield online savings account interest rate isn’t the only thing you’ll be enjoying with Synchrony’s online savings account. Synchrony doesn’t require any minimum balance. Plus their 1.65% APY is what you’ll be earning on your funds, no matter what the account balance is.

Access this FDIC insured account via phone, web, or mobile device. The optional ATM card means you can also access your account locally to withdraw or deposit cash. ATM fees are reimbursed. You can withdraw money up to six times per billing cycle. Not too shabby, right?

Synchrony also provides several ways to keep this high yield savings account funded. Synchrony features automatic deposit set up and mobile check deposit service. Best yet, Synchrony charges no monthly fee.

Marcus by Goldman Sachs – 1.60% APY

Similar to Synchrony, Marcus features incredibly convenient online banking with their high yield online savings account. All you need is a minimum of $1 to open and maintain an account with Marcus. You can earn interest immediately and you’re permitted to deposit up to $1,000,000 to a single account.

Marcus charges no transaction fees. They allow up to six withdrawals per monthly banking cycle. Users can make deposits via interbank transfer, transfer from an external bank, domestic wire transfer, or check by mail. One thing Synchrony does feature that Marcus does not is an ATM card.

Ally Bank – 1.60% APY

Ally Bank recently increased their APY to 1.60% from 1.50%. The increase is just one of the many advantages of choosing Ally’s high yield online savings account. You’ll also be able to use Ally’s e-check deposit system to fund the account. You can also schedule deposits up to a year in advance via their online site or mobile app. Ally offers no monthly fees, unlimited deposits, and no minimum opening balance.

Great Interest Rate Performance of the Top High Yield Online Savings Accounts

American Express National Bank – 1.55% APY

Although not as enticing as Marcus or Synchrony, American Express National Bank still comes in strong with a 1.55% APY. However, there are no ATM banking or checks available with this high yield online savings account. But, there are also no minimum requirements and no monthly fees.

Deposits earn interest immediately. Up to six withdrawals per monthly cycle can be made over the phone or online. No mobile app is available for American Express savings accounts, but online banking can be accessed 24 hours a day.

CIT Bank – 1.55% APY

Like American Express National Bank, CIT boasts an enticing 1.55% APY with its high yield online banking account. Transferring money internally is not an option as CIT does not offer a checking account option. All of its online services are free, there are no monthly fees, and no minimum balance after the opening balance of $100 is deposited.

CIT is strong on online security. They offer transaction and activity monitoring, layered security, antivirus protection, firewalls, 128 bit SSL encryption, secure messaging, and automatic sign out.

Honorable Mentions of the Top High Yield Online Savings Accounts

Alliant Credit Union – 1.50% APY

Alliant may not offer a rate with its high yield online banking account as high as banks like Synchrony or Ally. But, it comes in strong with other benefits such as mobile and ATM banking. Mobile banking is available 24 hours a day, seven days a week. If you prefer depositing your checks via the mobile app, it’s accessible anytime.

There are no monthly fees as long as you enroll in Alliant’s e-statement service. The only hiccup with Alliant is that you have to qualify to become a member. But, Alliant does offer several ways of doing so.

Members of Alliant’s program “Foster Care To Success” include employees or retirees of qualifying companies, current members’ immediate family members, qualifying organization members, and qualifying communities’ members. They are all eligible to partake in Alliant’s high yield savings accounts.

Discover – 1.50% APY

Discover offers a big name in banking and an attractive APY on its high yield savings accounts. No monthly balance is required, with no minimum opening balance. There is also no monthly maintenance fee. Online banking is available 24/7 via Discover’s website.

Top High Yield Online Savings Accounts Conclusion

The top high yield online savings accounts featured above are some of the best for 2018. As with anything, do a little research to find the best option for you. Can you get by without an ATM card? Do you anticipate transferring funds often? What do you need to have from top high yield online savings accounts?

Want to learn more about money saving strategies? Check out Walletpath’s guide to becoming debt free.