The 10 Best Savings Accounts of 2019

You don't need a brick-and-mortar bank to keep your funds secure and growing

    When it comes to opening a savings account, the best interest rates and other benefits often can be found through online options. In addition to higher interest rates, key benefits to seek in an online savings account include no monthly fees and the ability to transfer money to other accounts quickly and easily. You need not go to a brick-and-mortar bank or credit union for the best savings accounts.

    Many online options have interest rates that top 2%. Most options have no monthly fees and low minimum balances if they have a minimum balance at all. By comparison, most standard savings accounts at major banks offer only token interest rates of 0.1% or even less.

    Best Overall: Ally

    Ally Bank, formerly GMAC, offers same-day transfers through Zelle and offers online checking and savings accounts. The savings account has no monthly maintenance fees, offers remote check deposit, and makes it easy to send funds to accounts at any other bank in the United States.

    Interest rate, as of September 2019: 1.90 annual percentage yield (APY)

    Best for Fast Transfers: Capital One

    Capital One is perhaps better known for its credit cards than its bank accounts, but it's still worth your attention for savings. Capital One bought ING Direct in 2011 and rebranded it as Capital One 360, the banking arm of Capital One. It’s 360 Checking and 360 Savings accounts are among the most popular for savvy online-only banking customers.

    The fee-free savings account has no minimum to open and, like Ally, is part of Zelle's instant payment network that allows you to send money from one bank account to another on the same day without any fees.

    Interest rate, as of September 2019: 1.00 APY

    Best for Customer Service: American Express

    American Express is a longtime provider of financial products and services, and its online savings account is in the top tier in terms of interest. The account has no minimum balance or monthly fees, and you can easily connect to accounts at any other bank to transfer funds.

    One downside for existing Amex cardholders is that the credit card and bank use separate sites, statements, and systems. However, the account is still from American Express, which generally has among the best-rated customer service of any financial institution.

    Interest rate, as of September 2019: 1.90 APY

    Best for Easy Funds Access: Discover

    Another company known more for credit cards than banking, Discover offers online checking and savings accounts through Discover Bank. The account has almost no fees, including for incoming wire transfers.

    Discover Bank also offers a money market savings account, which is uncommon in the online savings account industry. It pays slightly less, at 1.75 APY for balances less than $100,000 and 1.80 APY for balances greater than $100,000. This account gives you the ability to access your cash via ATM, debit, or check.

    Interest rate, as of September 2019: 1.90 APY

    Best Online Savings With Physical Branches: CIT Bank

    CIT Bank, not to be confused with Citi Bank, requires a $100 minimum balance. In addition to online savings, CIT does have physical branch locations in a handful of states across the country.

    Like other online savings accounts, it has no fees for typical account use and has easy online transfers to and from your accounts at other banks. This savings account also is available as a custodial account, so if your child has savings and you want to put it away at a high interest with no risk, this account may be a good fit.

    Interest rate, as of September 2019: 2.20 APY

    Best UK-Based: Barclays

    Barclays is a UK-based financial institution that offers credit cards and high-yield online savings accounts in the United States. The Barclays Bank savings account charges no monthly maintenance fees or other charges for normal account activity.

    The account has no minimum balance and offers online banking with transfers to or from any other U.S.-based bank account. While the account has few frills, it offers a safe, high-interest option to stash your cash.

    Interest rate, as of September 2019: 2.00 APY

    Best for Emergency Funds: Marcus by Goldman Sachs

    Most people think of Goldman Sachs for its exciting Wall Street history, but the firm does more than investment banking. The company recently spread its wings into multiple areas, including lending and banking. Marcus by Goldman Sachs offers personal loans and high-yield savings.

    There is a maximum limit of $1 million per account owner and $1 million per account. Most of us don’t have to worry about that, however, and would do better using this account as an emergency fund.

    Interest rate, as of September 2019: 2.00% APY

    Best Online Savings for Interest Rates: Synchrony Bank

    Synchrony Bank, formerly GE Capital, has one of the top interest rate savings accounts available today.

    One major benefit this account offers over other online savings accounts is an ATM card. While you also can transfer to any other bank in the United States online, this gives you an option to quickly get access to your savings without waiting for a transfer to go through. In a rarity for online banks, you also can make deposits at an ATM into a Synchrony savings account, as long as the ATM accepts deposits and shows the Plus or ACCEL logo.

    Interest rate, as of September 2019: 2.00 APY

    Best Online Savings for 5% Interest Rates: TIAA Bank Yield Pledge Money Market

    After operating for 20 years as EverBank, retirement investment account provider TIAA acquired the company and renamed it TIAA Bank.

    This account also is available as an IRA with a $5,000 opening deposit and comes with online and mobile banking, including remote check deposit.

    Interest rate, as of September 2019: 2.15% APY one-year introductory rate (APY ranging from 1.00% - 1.90%, depending on account balance, after the introductory rate)

    Best Credit Union Online Savings Account: Alliant Credit Union High-Rate Savings

    Alliant Credit Union offers mobile check deposits, easy online transfers, and an option to open up to 19 individual savings accounts at once.

    The ability to open multiple accounts—referred to as supplemental savings accounts—gives you savings superpowers. You can create automated recurring transfers to fund accounts for things like vacations, down payments, emergency funds, wedding savings, and any other savings goals. With great rates and very low fees, this is a top-notch account.

    Membership at Alliant Credit Union is open to employees and retirees of specific companies and organizations, relatives of existing members, or with a small donation to the nonprofit Foster Care to Success.

    Interest rate, as of September 2019: 1.90% APY (minimum average daily balance of $100)

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    More: Best Savings Account Interest Rates

    The Balance offers a comprehensive comparison of the best savings account interest rates. We teamed up with Bankrate to survey approximately 4,800 banks and credit unions nationwide. Depending on how much money you’re looking to deposit, this list will show you some of the best options available today. All of the banks and credit unions listed are insured by the FDIC or NCUA.