How to Open a Savings Account Online Santander

Best High-Yield Online Savings Accounts of 2021

At a Glance
Best High-Yield Online Savings Accounts
Tips
High-Yield vs. Traditional Savings

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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.

Bank	Online Savings Account	APY	Monthly Maintenance Fee	Customer Service	Mobile App
CIT Bank	Savings Builder	0.40%	No	Online and mobile banking or 24/7 automated telephone baking	Yes
Synchrony Bank	High Yield Savings	2.20%	No	Chat online, over the phone or send a letter	Yes
Barclays	Online Savings	0.50%	No	Phone service, self-service, mobile app, Twitter or send a letter	Yes
Ally Bank	Online Savings Account	0.50%	No	Phone service, online chat or email	Yes
American Express® National Bank, Member FDIC	High Yield Savings Account	0.40%	No	Online or over the phone	Yes
Discover	Online Savings Account	0.40%	No	Over the phone 24/7 or email	Yes
FNBO Direct	Online Savings Account	0.35%	No	Email, over the phone, fax or send a letter	Yes
iGOBanking	iGOsavings Plus	0.25%	No	Over the phone, secure messaging or email	Yes
Bank5 Connect	High-Interest Savings Account	0.40%	No	Over the phone, online chat or send an online contact form	Yes
Capital One	360 Performance Savings	0.40%	No	Over the phone, fax, mail or email	Yes
Brio Direct	High-Yield Savings	0.40%	No	Over the phone or by mail	Yes
TAB Bank	High-Yield Savings	0.50%	No	Over the phone or online query	Yes
Vio Bank	High-Yield Savings Account	0.51%	No	Over the phone, online form, chat, mail	Yes
CIBC US	Agility Online Savings Account	1.85%	No	Over the phone or mail	Yes
Varo	Savings Account	First earn 0.20% and then up to 3.00% by meeting the requirements	No	Over the phone, email	Yes
Quontic Bank	High-Yield Savings	0.55%	No	Over the phone, live chat or email	Yes
Purepoint Financial	Online Savings	0.40%	No	Over the phone, email	Yes
Comenity Direct	High-Yield Savings	0.60%	No	Over the phone, email or secure messaging	Yes
Axos	High-Yield Savings	Ranges from 0.15% to 0.61%, depending on account balance	No	Over the phone, chat virtual assistant, secure messaging	Yes
Marcus by Goldman Sachs	Online Savings Account	0.50%	No	Over the phone	Yes
Citizens Access	Online Savings Account	0.40%	No	Over the phone or secure messaging	No
Affirm	Affirm Savings	0.61%, but the rate grows along with your balance, as well as in accordance with current market conditions	No	Online form	Yes

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

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

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

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

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 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

You get a free official bank check
Costs no money to stop payment orders or to close the savings account

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

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

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

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

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

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

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

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

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

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

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

$100 to open an account

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:

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

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

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.

Best Savings Accounts
Best Checking Accounts
Best CD Accounts
Best Online Banks
Best National Banks

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.

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.

How to Open a Savings Account Online Santander

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