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September 2020's Best Online High-Yield Savings Accounts

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

Finding the Best Online High-Yield Savings Accounts

Online banks, which don’t have the burden of needing to maintain branches, have an edge over traditional banks in terms of the perks and interest rates they can offer. Still, not every online bank may be a good fit for you. At SmartAsset, we took a look at several online banks with high-yield interest rates and determined the best. To see which online high-yield savings account is right for your needs, read on. 

Bank APY Minimum Deposit Highlights
Affirm Affirm logo Read More 1.00% $0
  • Best Online High-Yield Savings Account
  • No monthly fee
Varo Bank Varo Bank logo Read More 0.81% $0
  • Best Online High-Yield Savings Account Bonus
  • Great interest-earning potential
Ally Bank Ally Bank logo Read More 0.60% $0
  • Best for Customer Experience
  • Mobile app with check deposit
Capital One Capital One logo Read More 0.65% $0
  • Best Online High-Yield Savings Account With Branch Access
  • Variety of bank account options
Alliant Credit Union Alliant Credit Union logo Read More 0.65% $5
  • Best Credit Union Online High-Yield Savings Account
  • No monthly fees

How We Determine the Best Online High-Yield Savings Accounts

SmartAsset’s team of personal finance experts rounded up an exhaustive list of different online savings accounts. We scored each on their APY, low fees and an easy to use mobile app for on-the-go banking.

Best Online High-Yield Savings Account: Affirm Savings Account

Affirm Savings Account

The Affirm Savings Account offers one of the best savings rates currently available, as it comes with a no-strings-attached 1.00% APY. This account is available to just about anyone, as Affirm does not have a minimum deposit requirement for prospective account holders. In addition, all of your savings will remain in your account, as you will not have to pay monthly fees of any kind.

You may recognize Affirm as a mobile app that allows customers to take out loans as a way to pay for online shopping transactions through various websites and stores. However, as you can tell from its savings account, the company has recently entered the banking space.

Opening a savings account with Affirm is possible through its Apple and Android mobile app. The app is highly rated on both app stores, as Apple and Android users have rated it 4.9 stars and 4.4 stars out of 5, respectively.

Best Online High-Yield Savings Account Bonus: Varo Savings Account

Varo Savings Account

Varo Bank’s Savings Account is a great option for anyone looking to boost their savings at a higher rate than most other banks. The account’s base APY is extremely high on its own, as it stands at a 0.81% APY, as long as you have $0.01 in your account.

A savings bonus at a typical bank usually comes in the form of a specific amount of money. However, at Varo, your rewards bonus is a massively upgraded 2.80% APY. To earn this rate, you need to:

  • Make at least five debit card purchases per month
  • Receive more than $1,000 in direct deposits per month
  • Keep your savings balance below the maximum $10,000

Varo is exclusively an online and mobile bank. Customers can access all account features through either the bank’s highly rated mobile app or over the phone with customer service. To open a Varo Savings Account, all you need to do is first open a Varo checking account, which will then unlock your ability to open the savings account and transfer money into it.

Best for Customer Experience: Ally Bank

Ally Online Savings Account

Ally's Online Savings Account offers a competitive rate of 0.60% with no fees or minimums. However, this account is at its best when it's paired with Ally's checking account. Yes, you can also get a free checking account at Ally, which will make transferring and withdrawing funds much easier. Rather than waiting for money to transfer, you can internally move money between your checking and savings account whenever you please.

Ally’s checking accounts also come with an interest rate of their own. Furthermore, Ally will reimburse you up to $10 per month for out-of-network ATM fees, in addition to having a selection of thousands of in-network ATMs.

Best Online High-Yield Savings Account With Branch Access: Capital One 360 Performance Savings

360 Performance Savings

The bank that best marries a high-yield online savings with branch access is Capital One. Banking entirely online can be difficult for some, and Capital One provides a happy medium. Capital One has branches in the Northeast, Texas and Louisiana, and it offers CDs, kids and teen bank accounts, credit cards, IRAs, auto loans and more.

The 0.65% APY attributed to the 360 Performance Savings account is competitive with the highest rates on the market. The account also has no monthly fees and doesn’t require a minimum balance.

Capital One provides customer service seven days a week, so you'll always have access to a representative if you have questions. The bank's mobile app is also well-rated at 4.7 stars out of 5 on the Apple app store and 4.7 stars out of 5 on the Android app store.

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

Alliant Credit Union

The Alliant Credit Union High-Rate Savings account offers a strong interest rate of 0.65%. Like the other accounts on this list, Alliant’s savings account is virtually free, as you only need $5 to open the account. You do, however, need to maintain a balance of at least $100 to earn interest. There are also no monthly fees so long as you opt for eStatements as opposed to paper statements. Accessing your funds is also easy with Alliant, as it has an ATM network of 80,000 machines.

If you don’t live near an Alliant branch, your banking experience will be entirely online. Also, like Ally, you can open up a high-yield checking account that lets you quickly transfer funds. Alliant also has a reliable mobile app that lets you keep track of your funds on the go.

The biggest disadvantage to Alliant is that it is a credit union, which requires membership. As opposed to some credit unions, however, Alliant makes membership fairly easy. The traditional method of becoming a member is to be a part of a recognized organization. But if you are not, you only need to donate $10 to the Foster Care to Success organization.

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