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10 Best Online Banking Accounts
Discover the ideal online savings account for effectively growing your funds. Compare leading savings accounts with exclusive offers and 24/7 access.
High Yield Savings Accounts: Unlock Higher Interest Rates and Financial Growth
Looking to grow your savings? Discovering the best high yield savings account can be your first step toward maximizing your interest earnings. A high yield savings account offers significantly better interest rates compared to traditional options, allowing your money to grow faster without any extra effort. The market is filled with various high yield savings accounts, but finding the one that best suits your financial goals and lifestyle is essential. Let us help you compare and choose the best options available.
With a high interest savings account, your deposits can earn substantial returns over time. These accounts offer competitive rates, with some of the best high yield savings accounts providing rates more than ten times the national average. Choosing the right account is important because the interest you earn can vary widely depending on the bank and account terms.
A high yield savings account is particularly advantageous for those looking to earn more on their emergency fund or long-term savings. The best accounts often come with minimal fees, flexible access to your money, and robust security, ensuring you can manage your savings with peace of mind. With options ranging from online banks to well-established institutions, you’ll find many high yield savings accounts designed to meet your financial needs.
Explore our comparison of high yield savings accounts to find the best option for your goals. Whether you're saving for a big purchase or just looking to earn more on your cash reserves, a high interest savings account could be your ideal choice. Our reviews help you sort through the features and benefits, so you can select an account that offers high returns, convenience, and flexibility.
Get started today and take advantage of the best high yield savings accounts in the market. High interest rates, easy access, and no hidden fees are just a few of the perks that make a high yield savings account the preferred option for savvy savers. By choosing the right account, you're setting yourself up for better financial growth and more control over your savings.
Basic Information You Should Know About High Yield Savings Accounts
High yield savings accounts have revolutionized how individuals grow their savings, offering excellent interest rates compared to traditional options. With a high yield savings account, you can monitor your balance, manage transactions, and set up automatic transfers right from your device. For those looking for the best high yield savings account in 2024, several options offer competitive rates and digital convenience.
How Do High Yield Savings Accounts Work?
A high yield savings account offers online access to your funds while enabling transactions that help your money grow. Unlike traditional accounts, the best high yield savings accounts offer higher interest rates, making it easier to manage and increase your savings at any hour. With a high interest savings account, you can access your balance 24/7, set up automated deposits, and watch your savings accumulate over time.
Setting up a high yield savings account is simple: select your preferred bank, complete the account setup, and establish secure login credentials. Many banks now offer mobile apps tailored for savings accounts, allowing you to view balances, track transactions, and receive alerts on account activity. For additional security, the best high yield savings accounts recommend strong passwords and two-factor authentication for safe access.
Features of the Best High Yield Savings Accounts for 2025
Today, nearly every major bank provides high yield savings accounts. The best accounts in 2025 combine competitive interest rates with low or no fees. These accounts offer the convenience and security of online access, allowing you to:
Check account balances anytime to see your savings grow
Transfer funds easily between accounts
Set up automatic transfers to maximize savings growth
Receive interest payments directly into your account
The best high yield savings accounts also include features like enhanced security, no monthly maintenance fees, and easy access through user-friendly digital platforms. With these accounts, you can manage your funds online without compromising on interest earnings or convenience.
High Yield Savings Accounts vs. Traditional Savings Accounts
Choosing a high yield savings account offers numerous benefits over traditional savings accounts. High interest savings accounts provide:
Immediate access to account balances
Faster transfers within the same bank
Easier monitoring of your savings growth without visiting a branch
Simplified management of automatic deposits
While high yield savings accounts don’t usually offer ATM access, they provide greater growth potential compared to traditional options, making them an attractive choice for maximizing savings.
Different Types of High Yield Savings Accounts
Personal High Yield Savings Account
A personal high yield savings account offers straightforward features for managing individual savings goals. These accounts are accessible online, allowing users to view balances, monitor transactions, and set up recurring transfers. The best high yield savings accounts prioritize high returns, low fees, and ease of access, making them ideal for today’s digital lifestyle.
Joint High Yield Savings Account
A joint high yield savings account is perfect for those looking to grow shared funds, whether for couples, family members, or business partners. With access for multiple users, a joint account helps track shared financial goals, offers interest earnings on pooled funds, and provides clear records of transactions.
Ensuring Security for Your High Yield Savings Account
The best high yield savings accounts employ rigorous security measures, including multi-factor authentication, encryption, and real-time alerts to protect against unauthorized access. Users should also adopt secure practices such as strong passwords and two-factor authentication for added safety. Choosing the best high yield savings account provides an efficient, secure way to manage and grow your savings in 2024.
However, account holders should also adopt proper security habits to safeguard their high yield savings accounts. Basic security rules include:
Never sharing online credentials and keeping them secure
Accessing your account only from secure, password-protected networks
Enabling two-factor authentication for an extra layer of protection on transfers and transactions
How to Choose the Best High Yield Savings Account
Selecting the right high yield savings account can make all the difference in achieving your savings goals. Our guide offers insights into the top options for high interest, low fees, and secure online access. Whether you're looking for quick account setup or robust interest growth, we help you find a high yield savings account tailored to your needs.
Our comparisons feature accounts that cater to varying preferences, whether you need an account with quick setup and easy management or one with high interest rates and low fees. Let our site guide you to the best high yield savings account for maximizing your interest earnings and achieving your financial goals.
Disclaimers:
CIT Bank:
¹Deposit Transfer Requirements:
Transfer a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
Transfer a one-time deposit of $50,000+ for a Bonus of $300
Terms:
Promo Code: Account must be opened with code PS2025 within the Promotion Period
Funding Period: 30 days from the account open date
Bonus fulfillment: 60-days from the funding date
Conditions:
There is no period of time where the customer will be required to maintain the funds.
Account must be open when bonus is credited
Promotion is available per account and Primary customer
Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement
Funding can be deposited in one-deposit or incrementally
Promotion Period will be 3 months or until CIT's goals are met, whichever comes first
Western Alliance powered by Raisin:
*Disclaimer - $250 bonus for new customers with a minimum deposit of $25,000 with promo code GET250
SoFi Checking & Savings:
1. New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
7x based on FDIC monthly interest checking rate as of December 16, 2024.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Bread Saving:
Disclaimer: *ANNUAL PERCENTAGE YIELD (APY): All Bread Savings APYs are accurate as of 11/26/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time. **Rates are compared against competitor rates published by Bankrate.com and the institutions themselves as of 11/18/2024. Bankrate.com obtains the data from the various banks that is tracks and its accuracy cannot be guaranteed. Bread Savings™ is a product of Comenity Capital Bank, which is part of Bread Financial.
Western Alliance powered by Raisin: *The customer must deposit a cumulative amount of $5,000 within 14 days of their first deposit date, and maintain at least $5,000 in the account for 90 days following. The bonus will be paid out within 30 days of completing the qualifying actions. The code NEWYEAR must be used at sign up.
Live Oak Bank - Business Checking:
¹Fee structure for business checking accounts is as follows: Business Essential is $10/month waivable with $1,000 average daily balance; Business Plus is $25/month, waivable with $25,000 average daily balance; and Business Plus Analysis is $100/month, earnings credit can offset fees. ²If you use a non-Allpoint ATM, that institution may assess a transaction fee.
Live Oak Bank - Savings:
¹Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 1/13/2025. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.
²National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 12/16/2024; average rate used is for deposits under $2,500
³Personal Savings $300 Bonus Terms & Conditions: · Full information here. · Customers must open a new account; one bonus per tax identification number. · Account must be funded from an external account. · Existing Customers must maintain existing balances in their personal savings accounts. · Balance: Minimum $20,000 Amount EOD balance over 60 days. · Pay Out: $300 bonus; 45-day payout window.
Frequently Asked Questions(FAQ)
Are Online Banks Safe?
We can say that
generally, online banking is pretty safe. Banks have put mechanisms in place to
protect your money as well as their reputation. You will notice that the URL
begins with “https”, that means it is a secure website, and it will encrypt
your information so that no one can see it.
Usually they
require you go through a series of steps before you can log in. As mentioned
earlier, they could send you a confirmation code on a message to your phone,
they may use biometric technology if your phone allows you to. Some banks give
you a card reader, it is a small device that generates a unique code every time
you put your PIN number and log into their website.
And finally,
good online banks will log you out automatically after a certain time of
inactivity. Although it can be annoying sometimes, this feature enhances the
safety of the system.
How Can I Secure My Online Bank Account?
Of course, there
are steps you can take to enhance the security of your online bank account.
Don’t use the
same password for several accounts.
Make sure your
passwords are strong. Some people use words that are common for their password,
or a series of keys that are near on the keyboard (like “qwerty” or “09876”).
That’s not safe. Neither is it safe to use your personal details as part of
your password. There is no need to mention how dangerous it is to share your
PIN number or your password with other people. This should never be done.
When you finish
your banking activity, don’t forget to log out. This is especially important if
you have used someone else’s device. And be extra cautious if you are doing
your online banking from a public computer, like the one in the library. It
could be that the security level of their software is not what you need. You do
well in asking about their software before attempting to bank on it.
Finally, keep an
eye on your account. Small scams can go unnoticed, so regularly check that all
the transactions in your account are correct, and make sure that your details
are updated and correct. Some find it practical to set a reminder on their
phones to do this regularly. If you see something you don’t recognize, report
it quickly so that your bank can explain what it is or protect you from scams.
What’s the Difference Between Net Banking and Mobile Banking?
The truth is
that both are related, but there are some differences too. Online banking or
Net banking refers to all the bank transactions that we do over the internet
using the bank’s website. In order to do that you usually have to create an ID
and a password to log in. Whether the bank has a local branch or is only an
online bank, once you access their website you can check your balance, print
any statements that you need and even apply for a credit or a loan.
On the other
hand, mobile banking usually requires the use of an application designed for
tablets or smartphones. It can also refer to using text messages for certain
bank transactions. The services you have access to are very similar and, since
most mobile devices feature a camera nowadays, you can even make a check
deposit by taking a picture of both sides of the check using your inbuilt
camera and the banking app.
Other times,
when the transaction is unusual, the bank may want to check that you are really
the one ordering it. So it may ask you to confirm it on your app, or by asking
you to use a code that they send to your phone via text message.
What Are the Downsides of Having Online Banks?
Nobody would
disagree with the fact that online banking has many advantages. No more queues
when you want to pay your bills or your taxes. You can also quickly make a cash
transfer if you need to, or have a retirement account and make deposits on it
to give you peace of mind.
However, all
that glitters is not gold, right? What are the downsides of having an online
bank?
To begin with,
you lose that personal touch of interacting with another human. Usually,
bank managers have some authority to make changes in their services, or even in
cancelling some fees, while online banking is stricter.
What would
happen if the internet goes down? Disruptions in technology can
negatively affect your online banking. Problems with your phone, issues with
the bank servers or lack of internet signal, you name it. All can easily
disrupt your bank transactions.
Many are also
concerned about security. Hackers are getting better and better:
phishing emails, fraudulent websites that mimic your bank’s website, and
identity theft are some of the dangers you are exposed to when you do online
banking. But don’t worry too much, we will see how you can protect yourself in
a minute.
What Are the Benefits of Online Banking ?
Keep an eye on your balance and transactions at
any time
Save time in travelling to the bank’s branch
and queueing
Do urgent transactions when and where you most
need it
Add biometric safety measures
Save some money
The Bottom Line
online banking has come to stay. It obviously has many benefits, and also some downsides. But safely banking from your sofa is priceless! Don’t forget that there are several ways to bank now, and you don’t have to stick to only one. Although using a physical account as well as an online account can have some extra costs, if you think you need a bit of both worlds, you can have it! Only you can see what suits you or your business better.
