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October 2021'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

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
SmartyPig SmartyPig logo Read More 0.70% $0
  • Strong interest rate tiers
  • Just a $0.01 minimum to earn APY
Affirm Affirm logo Read More 0.65% $0
  • Great APY
  • No monthly fees
Ally Bank Ally Bank logo Read More 0.50% $0
  • Great customer service
  • Mobile app with check deposit
Discover Bank Discover Bank logo Read More 0.40% $0
  • Great online and mobile interface
  • Solid APY
Synchrony Synchrony logo Read More 0.50% $0
  • Completely online banking
  • Simple features
Capital One Capital One logo Read More 0.40% $0
  • Solid interest rates
  • Variety of account options
American Express National Bank, Member FDIC American Express National Bank, Member FDIC logo Read More 0.40% $0
  • Great APY (0.40% APY is effective as of 3/11/21)
  • Just a $1 minimum to earn APY
Alliant Credit Union Alliant Credit Union logo Read More 0.55% $5
  • Plenty of fee-free ATMs
  • No monthly fees
Chime Chime logo Read More 0.50% $0
  • Easy-to-use account
  • Good APY
nbkc Bank nbkc Bank logo Read More 0.15% $0
  • Decent APY
  • Wide range of features

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.

SmartyPig by Sallie Mae


The SmartyPig Account from Sallie Mae is a strong high-yield online savings account with APYs that depend on the balance of your account. Here’s a breakdown of the rates you’ll earn with this account:

  • Balances of $2,500 or less: 0.70% APY
  • Balances of $2,500 to $10,000: 0.70% APY
  • Balances of $10,000 to $50,000: 0.45% APY
  • Balances of $50,000 and up: 0.45%

When comparing rates across the current savings market, these APYs are higher than most. However, the account’s perks don’t stop there. All you need to start saving is $0.01 in your account. From there, you won’t be subject to any account minimums or monthly fees. You can also set up automatic deposits from your bank account so that you stay on top of your savings. This account doesn’t provide an ATM card or offer access to mobile check deposit, though.

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 0.65% 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 4.7 stars out of 5, respectively.

Ally Bank Savings Account

Ally Online Savings Account

Ally's Online Savings Account offers a competitive rate of 0.50% 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.

Discover Online Savings Account

Discover Online Savings Account

Discover’s Online Savings Account features a restriction-less 0.40% APY. While you’ll see higher APYs at other financial institutions, Discover stands out for a number of reasons. First, there’s no minimum deposit requirement to open a savings account with Discover. On top of that, you won’t be subject to any monthly minimums or monthly service charges. Interest earned on this account is compounded daily, which can speed up your long-term savings potential.

Discover is an entirely online/mobile bank. So if you’re thinking about delving into online banking, this could be a great account for you. Discover’s mobile app is highly rated, as its website’s user experience and interface is one of the best and most straightforward on the market. You have plenty of options when it comes to your account, as you can transfer money, deposit checks, view your account history and even check your credit score online. Discover offers other banking products as well if you want to open more than just a savings account.

Synchrony High Yield Savings

High Yield Savings

With the Synchrony High Yield Savings account, you’ll earn a solid 0.50% APY on all balances. There are no minimum requirements and no monthly maintenance fees, as is the case with many online banks. There are certainly accounts out there that will earn a higher interest rate, but with Synchrony you’ll still earn well above the national average, even that of only high-yield accounts.

In addition to there being no monthly fees with this Synchrony account, you can become an account holder with any amount of money. Synchrony doesn’t charge ATM withdrawal fees itself, but there may be fees associated with using a certain ATM. However, account holders can get up to $5 in domestic ATM fee reimbursements per month.

The Synchrony High Yield Savings account operates entirely online. As a result, the bank doesn’t have any physical branches. While this could be an issue for some prospective customers, you’ll always have the option to contact a representative online or over the phone if you need help with your account.

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 0.40% 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 4.8 stars out of 5 on the Apple app store and 4.7 stars out of 5 on the Android app store.

American Express Savings High Yield Savings Account

American Express® Savings High Yield Savings Account

The High Yield Savings Account from American Express Savings is a great option for anyone that's looking for a high interest rate and is also comfortable banking entirely online. While you won't have access to physical branches, the American Express website and mobile app both include lots of functionality. With this account, as of March 11, 2021, you'll earn an APY of 0.40% and won't need to meet any minimum deposit requirements or pay any monthly fees. However, there is a $1 minimum required to receive the APY.

When you open a High Yield Savings account, your money is insured by the FDIC up to $250,000. American Express also gives your round-the-clock access to customer service if you have any questions about your account. You're allowed up to nine withdrawals every month from your account too.  

Alliant Credit Union High-Rate Savings

Alliant Credit Union

The Alliant Credit Union High-Rate Savings account offers a strong interest rate of 0.55%. 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.

Chime Savings Account

Chime Savings Account

The Chime Savings Account offers customers a decent 0.50% APY on all balances. In fact, there are no restrictions or requirements to earn this high interest rate. In addition, you won't be subject to any minimum balance or opening deposit requirements, and the only fee you’ll pay is a $2.50 charge if you make a cash withdrawal at an out-of-network ATM.

In order to gain access to this account, you must already have a Chime Spending Account, which is Chime’s version of a checking account. This account also has no monthly maintenance fees and no minimum to open, making it a strong checking option as well.

Chime doesn’t operate any physical locations, so customers will have to be comfortable banking online and on their phone. Luckily, the bank’s mobile app has high ratings on the Apple and Android app stores. You’ll have access to your account at all times, and you can connect with customer service over online chat or by phone.

nbkc Everything Account

Everything Account

While nbkc Bank may not be a household name, the Kansas City-based bank’s Everything Account is one of the best all-around online savings accounts currently on the market. That's because the account combines the benefits of both checking and savings accounts into a single offering. For starters, account holders will earn a 0.15% APY on all balances, which is a decent, but not great rate by the standards of today's market. However, there are no requirements you’ll need to meet to earn this rate.

But despite this savings-like APY, the account comes with a free debit card and access to both online and mobile banking platforms. The Everything Account has no minimum opening deposit requirement, no monthly balance minimums and no monthly services charges. If you need some cash, nbkc allows account holders to use the MoneyPass ATM network, which includes over 34,000 ATMs nationwide. If you instead use an out-of-network ATM, nbkc will reimburse you for up to $12 in ATM fees each month. There are no overdraft or foreign transaction fees with this account either.

Save more with these rates that beat the National Average
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