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Banking
Banking
Standout Online Savings Accounts
Advertiser disclosure


YOU’RE OUR FIRST PRIORITY.
EVERY TIME.

We believe everyone should be able to make financial decisions with confidence.
And while our site doesn’t feature every company or financial product available
on the market, we’re proud that the guidance we offer, the information we
provide and the tools we create are objective, independent, straightforward —
and free.

So how do we make money? Our partners compensate us. This may influence which
products we review and write about (and where those products appear on the
site), but it in no way affects our recommendations or advice, which are
grounded in thousands of hours of research. Our partners cannot pay us to
guarantee favorable reviews of their products or services. Here is a list of our
partners.

ADVERTISEMENT: products from our partners


STANDOUT ONLINE SAVINGS ACCOUNTS

The best online savings accounts offer high interest rates while being a great
place to park your money. Because online banks don’t have the expense of
maintaining branches, they can offer high-interest savings paying many times
higher than the national average of 0.47%*. To make the search easier, we
created this shortlist of standout picks from our partners. Check out the
offers, from our partners, and start earning interest today.

The best online savings accounts offer high interest rates while being a great
place to park your money. Because online banks don’t have the expense of
maintaining branches, they can offer high-interest savings paying many times
higher than the national average of 0.47%*. To make the search easier, we
created this shortlist of standout picks from our partners. Check out the
offers, from our partners, and start earning interest today.

Show More




STANDOUT ONLINE SAVINGS ACCOUNTS FROM OUR PARTNERS



Bank/institutionNerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

APYBonusLearn more


SoFi Checking and Savings

Learn more

at SoFi Bank, N.A., Member FDIC

4.5

/5
4.60%

SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during
the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on
savings balances (including Vaults) and 0.50% APY on checking balances. There is
no minimum Direct Deposit amount required to qualify for the stated interest
rate. Members without either Direct Deposit or Qualifying Deposits, during the
30-Day Evaluation Period will earn 1.20% 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 10/24/2023. There
is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.

With $0 min. balance for APY
$300
Earn up to $300 with direct deposit. Terms apply.
Learn more

at SoFi Bank, N.A., Member FDIC



American Express® High Yield Savings Account

Learn more

at American Express National Bank, Member FDIC

4.0

/5
4.35%

4.35% APY (annual percentage yield) as of 12/14/2023

With $1 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC



Barclays Online Savings Account

Learn more

at Barclays, Member FDIC

4.5

/5
4.35%
With $0 min. balance for APY

N/A

Learn more

at Barclays, Member FDIC



Upgrade Premier Savings

Learn more

at Upgrade, Deposits are FDIC Insured

4.5

/5
5.07%
With $1,000 min. balance for APY

N/A

Learn more

at Upgrade, Deposits are FDIC Insured




YOU MAY ALSO LIKE THESE




WEALTHFRONT CASH ACCOUNT

4.5

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.


Monthly fee

$0



APY

5.00%

With $1 min. balance for APY

Bonus

$60Deposit $25,000 or more to get a sign-up bonus of $60. The tiered incentive
is for individual accounts only. Joint accounts and trust accounts do not
qualify.

Requirements to qualify


Learn more

at Wealthfront


MERRILL EDGE® SELF-DIRECTED

4.2

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formula
for online brokers and robo-advisors takes into account over 15 factors,
including account fees and minimums, investment choices, customer support and
mobile app capabilities.


Fees

$0

per trade

Account minimum

$0



Promotion

None

no promotion available at this time


Read review


INTERACTIVE BROKERS IBKR LITE

5.0

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formula
for online brokers and robo-advisors takes into account over 15 factors,
including account fees and minimums, investment choices, customer support and
mobile app capabilities.


Fees

$0

per trade

Account minimum

$0



Promotion

None

no promotion available at this time


Learn more

on Interactive Brokers' website


SOFI CHECKING AND SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at SoFi Bank, N.A., Member FDIC

APY

4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits
during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY)
on savings balances (including Vaults) and 0.50% APY on checking balances. There
is no minimum Direct Deposit amount required to qualify for the stated interest
rate. Members without either Direct Deposit or Qualifying Deposits, during the
30-Day Evaluation Period will earn 1.20% 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 10/24/2023. There
is no minimum balance requirement. Additional information can be found at
http://www.sofi.com/legal/banking-rate-sheet.



Bonus

$300







AMERICAN EXPRESS® HIGH YIELD SAVINGS ACCOUNT

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.0

/5


Learn more

at American Express National Bank, Member FDIC

APY

4.35%4.35% APY (annual percentage yield) as of 12/14/2023



Bonus

N/A







BARCLAYS ONLINE SAVINGS ACCOUNT

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Barclays, Member FDIC

APY

4.35%



Bonus

N/A







UPGRADE PREMIER SAVINGS

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

4.5

/5


Learn more

at Upgrade, Deposits are FDIC Insured

APY

5.07%



Bonus

N/A





BUILDING AN EMERGENCY FUND

Emergency funds don’t get enough credit. They’re useful to literally everyone
and protect you from falling into debt when life happens. Think: blown
transmission, a surprise vet bill or even losing a job. Experts recommend having
3-6 months of living expenses in your fund. And because the money needs to be
available at last notice — but might sit around for quite a while — a
high-interest savings account is one of the best accounts you can use.

WHY ONLINE BANKS DOMINATE THE LIST

The two most important factors for virtually every bank-shopper are APYs and
maintenance fees (since they have the biggest impact on your bottom line). And,
as it happens, online banks are offering massive APYs — as much as 11x the
average APY** — plus, they also offer rock-bottom maintenance fees.

--------------------------------------------------------------------------------

*The national average annual percentage yield ("APY") is listed as 0.47% as
reported by the Federal Deposit Insurance Corporation as of January 16, 2024.

**11x more interest based on the national average annual percentage yield
("APY") of 0.47% (as reported by the Federal Deposit Insurance Corporation as of
January 16, 2024) as compared to online banks with interest-bearing savings
account APYs of 0.40% or more. Estimated annual earnings result assumes
principal and interest remain on deposit for one year and interest rates and APY
do not change. Estimated annual earnings are for informational purposes only.
Interest rates and APY are subject to change and specific results cannot be
guaranteed.

To recap our selections...


NERDWALLET'S STANDOUT ONLINE SAVINGS ACCOUNTS

 * SoFi Checking and Savings: 4.60% APY
 * American Express® High Yield Savings Account: 4.35% APY
 * Barclays Online Savings Account: 4.35% APY
 * Upgrade Premier Savings: 5.07% APY

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