The cornerstone of any good financial system starts with finding a savings account that works for you.<\/p>\n\n\n\n

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I.N.G.? Ing? For a while, no one knew!<\/figcaption><\/figure><\/div>\n\n\n

How do you find a good savings account? Look to online banks.<\/p>\n\n\n\n

My first online savings account was with a little-known Dutch bank, ING (which is an acronym for Internationale Nederlanden Groep, recently acquired by Capital One). Everyone was skeptical about online banking back then.<\/p>\n\n\n\n

Today, online savings accounts are common. The interest rates are much <\/em>higher than brick and mortar banks. The services are far easier to use.<\/p>\n\n\n\n

Below, we have a list of online savings accounts with the highest interest rates. They are all FDIC-insured. They are as safe as a ‘regular’ bank except they pay way more in interest. You can confirm that by searching the FDIC’s Bank Find tool<\/a> and confirming the FDIC numbers listed.<\/p>\n\n\n\n

These banks are presented in no particular order (we try to list it in interest rate order but sometimes they change on us and we haven’t readjusted the list), but all provide value in terms of helping you build a strong financial foundation.<\/p>\n\n\n

Table of Contents<\/summary>
Nelnetbank – 5.25% APY<\/a><\/li>
Customers Bank – 5.16% APY<\/a><\/li>
CloudBank – 5.26% APY <\/a><\/li>
Blue FCU – 5.15% APY<\/a><\/li>
CIT Bank — 4.65% APY<\/a><\/li>
Barclays Bank — 4.35% APY<\/a><\/li>
Discover Bank — 4.25% APY<\/a><\/li>
Capital One 360 Performance Savings – 4.35% APY<\/a><\/li>
Ally Bank — 4.35% APY<\/a><\/li>
American Express® Personal Savings — 4.35% APY<\/a><\/li>
Marcus by Goldman Sachs — 4.50% APY<\/a><\/li>
Alliant Credit Union — 3.10% APY<\/a><\/li>
Common Questions about Online Savings Accounts<\/a><\/li><\/ol><\/details>\n\n\n
🔃Updated March 2024:<\/strong> Updated with current interest rates and re-ordered the list to reflect the new rates. We also added a new bank to the list that may be familiar to rate watchers – Nelnetbank.<\/p>\n\n\n\n
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired or changed.<\/em><\/p>\n\n\n\n
If you are simply looking for the highest yield, you may want to consider no penalty CDs<\/a> right now. The yields there can be much higher and you get the flexibility of withdrawals anytime.<\/p>\n\n\n\n\n\n
Nelnetbank – 5.25% APY<\/h2>\n\n\n\n
Nelnetbank<\/a> is the online banking arm of Nelnet, a financial services company that was founded in 1996. Nelnetbank is FDIC insured #59205<\/a> and is listed as being established in 2020 with a single branch, its headquarters, in Draper, Utah.<\/p>\n\n\n\n
They are offering a 5.25% APY through Raisin, with a $1 minimum to open and no monthly maintenance fee.<\/p>\n\n\n\n
👉 Learn more about Nelnetbank<\/a><\/strong><\/p>\n\n\n\n
Customers Bank – 5.16% APY<\/h2>\n\n\n
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$\"\"$ <\/figure><\/div>\n\n\n
Customers Bank<\/a> was founded in 2009 and is a community bank with over $22 billion in assets. They are FDIC insured and are offering a rate of 5.16% APY through the Raisin platform<\/a>.<\/p>\n\n\n\n
Like with all other banks on Raisin, there is no monthly maintenance fee, no minimum balance, and the interest is compounded daily and credit monthly. You can open an account with just $1.<\/p>\n\n\n\n
👉 Learn more about Customers Bank<\/a><\/strong><\/p>\n\n\n\n
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CloudBank – 5.26% APY <\/h2>\n\n\n\n
CloudBank 24\/7<\/a> is an FDIC insured bank and a division of Third Coast Bank SSB. They offer a variety of deposit products but it’s their savings account that is getting the attention today, currently offering 5.26% APY through the Raisin platform.<\/p>\n\n\n\n
This account has no monthly maintenance fees and interest in compounded daily and credited monthly. The minimum opening balance is just $1. <\/p>\n\n\n\n
A high interest rate, no fees, and a $1 minimum make this a great option if you need a high yield savings account.<\/p>\n\n\n\n
Third Coast Bank SSB is based out of Humber, TX and has been in business since 2008. They have 17 locations within the state of Texas but through Raisin, anyone can open an account and earn their high rates.<\/p>\n\n\n\n
The only downside with this account, and it’s a function of being part of Raisin, is that there’s no associated checking account. You have to transfer funds in and out of Raisin to use them.<\/p>\n\n\n\n
👉 Learn more about CloudBank<\/a><\/strong><\/p>\n\n\n\n
Blue FCU – 5.15% APY<\/h2>\n\n\n\n
Blue Federal Credit Union<\/a> is a credit union that is currently offering a high interest rate of 5.15% APY on their money market deposit account. This is not technically a “savings account” because it’s at a federal credit union but rather a money market deposit account, but for all practical purposes it serves the same function.<\/p>\n\n\n\n
Since it is a credit union, your funds are protected by NCUA deposit insurance and not FDIC insurance<\/a>. It is also offered through the Raisin platform.<\/p>\n\n\n\n
The only downside with this account, and it’s a function of being part of Raisin, is that there’s no associated checking account. You have to transfer funds in and out of Raisin to use them.<\/p>\n\n\n\n
👉 Learn more about Blue FCU<\/a><\/strong><\/p>\n<\/div><\/div>\n\n\n\n\n\n
CIT Bank — 4.65% APY<\/h2>\n\n\n
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$\"\"$ <\/figure><\/div>\n\n\n
CIT Bank<\/a> is a division of First-Citizens Bank & Trust Company (FDIC #11063). It is their online bank division and it offers every deposit product conceivable, from online savings to money market to no-penalty CDs<\/a>. They have low minimums, no monthly service fees, and some of the highest yields available.<\/p>\n\n\n\n
Their “Savings Connect” account is their savings account product and pays an interest rate of 4.65% APY on all balances. The minimum to open the account is just $100 and there are no fees to maintain it.<\/p>\n\n\n\n
👉 Learn more about CIT Bank<\/a><\/strong><\/p>\n\n\n\n
Barclays Bank — 4.35% APY<\/h2>\n\n\n
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$\"\"$ <\/figure><\/div>\n\n\n
Barclays<\/a> is a British based international banking corporation and the online bank is part of their US subsidiary, Barclays Bank located in Delaware (FDIC #57203).<\/p>\n\n\n\n
Their online savings account product has a competitive interest rate, no minimum balance to open, and to earn interest you need to keep enough such that the interest rate earns you a penny each period (so you won’t earn fractional interest, this is typical).<\/p>\n\n\n\n
Barclay’s has a competitive lineup of Certificates of Deposits<\/a> too, with terms as short as 3-months and up to 60 months. The rates are competitive with other online banks.<\/p>\n\n\n\n
Barclays offers savings and CDs but does not offer a checking account.<\/p>\n\n\n\n
👉 Learn more about Barclays<\/a><\/strong><\/p>\n\n\n\n
Discover Bank — 4.25% APY<\/h2>\n\n\n
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$\"Discover$ <\/figure><\/div>\n\n\n
Discover, the credit card folks, also have an online bank!<\/p>\n\n\n\n
Discover® Bank<\/a> (FDIC #5649) may not be a familiar name to you but they’ve been actively insured by the FDIC since 1934. Their savings account has one of the highest interest rates, no maintenance fees, and no minimum balance. <\/p>\n\n\n\n
The checking account also has no minimum balance, access to over 60,000 ATMs in the ATM network, plus a generous reward structure. You can earn 1% cash back on up to $3,000 in debit card purchases each month, pay a bill online, or write a check that clears (up to 100 such cashback transactions a month).<\/p>\n\n\n\n
This is the first bank on the list that offers all three deposit products – checking, savings, and CDs. In terms of convenience, it’s one of the best.<\/p>\n\n\n\n
Sometimes, Discover Bank will offer a cash bonus for this account. This Discover Bank promotion page<\/a> will list any offers we know about.<\/p>\n\n\n\n
(click here for our in-depth review of Discover Online Savings Bank<\/a>)<\/p>\n\n\n\n
👉 Learn more about Discover Bank<\/a><\/strong><\/p>\n\n\n\n
Capital One 360 Performance Savings – 4.35% APY<\/h2>\n\n\n\n
I’ve had a Capital One 360 Performance Savings account ever since it was an ING Direct account – a testament to how good of a bank I think they are. I liked how easy it was to open new accounts and manage my money there – plus it offers a competitive interest rate. Sometimes, we list Discover higher because you get a similar rate plus some bonus cash (when a promotion is available) but Performance Savings is comparable.<\/p>\n\n\n\n
Capital One 360 has the added bonus of being part of Capital One, which makes management of your bank account easy if you already have Capital One credit cards. I enjoy having a lot of different services under one login because it’s just easier to manage.<\/p>\n\n\n\n
Another added bonus is that Capital One often offers a bonus on new accounts<\/a>.<\/p>\n\n\n\n<\/iframe>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-ally-bank-acf-field-interest-rate-savings-post-id-14117\">Ally Bank — 4.35% APY<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img decoding=\"async\" width=\"151\" height=\"82\" src=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/ally-bank-logo.png\" alt=\"\" class=\"wp-image-4622\" srcset=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/ally-bank-logo.png 151w, https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/ally-bank-logo-150x82.png 150w, https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/ally-bank-logo-50x27.png 50w\" sizes=\"(max-width: 151px) 100vw, 151px\" \/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/wallethacks.com\/ally-bank\" target=\"_blank\" rel=\"noopener\">Ally Bank<\/a> (FDIC #57803) is the online bank I use (I consider them the best online bank, which is why I use them) and I’ve been a fan of theirs for years. I opened my account shortly after they rebranded from GMAC (General Motors Acceptance Corporation) in the late 2000s.<\/p>\n\n\n\n<p>Their savings account has a solid interest rate, no maintenance fees, and no minimum balance.<\/p>\n\n\n\n<p>Their CD rates are also competitive, the early termination period is only 60 days on a short-term CD (versus the more typical 90 days), and they often give you an interest rate bonus if you roll your maturing CD into a new one.<\/p>\n\n\n\n<p>They offer a free checking account with no minimum balance, they refund up to $10 in ATM fees each statement, have a large ATM network, and they have a competitive interest rate on the checking account too.<\/p>\n\n\n\n<p>Their app is solid too. It has all of the typical bells and whistles plus a great remote deposit feature for when you have checks to deposit. If you need to deposit checks and don’t want to use the app, there are postage-paid deposit envelopes for you to use too (absolutely free).<\/p>\n\n\n\n<p>Finally, they also offer an integrated brokerage accounted called <a href=\"https:\/\/go.wallethacks.com\/ally-invest\/4609-bestSavings\" target=\"_blank\" rel=\"noopener\">Ally Invest<\/a>. This gives you access to a low-cost stock broker too that offers <a href=\"https:\/\/wallethacks.com\/stockbrokers-free-trades\/\">free stock trades<\/a> too.<\/p>\n\n\n\n<p><em>(read our full <a href=\"https:\/\/wallethacks.com\/ally-bank-review\/\">review of Ally Bank<\/a>)<\/em><\/p>\n\n\n\n<p class=\"has-secondary-bg-background-color has-background\"><strong>👉 <a href=\"https:\/\/wallethacks.com\/ally-bank\" target=\"_blank\" rel=\"noopener\">Learn more about Ally Bank<\/a><\/strong><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-american-express-personal-savings-acf-field-interest-rate-savings-post-id-14150\">American Express® Personal Savings — 4.35% APY<\/h2>\n\n\n\n<p>You are probably more familiar with their credit cards than their savings account but American Express National Bank (FDIC #27471) has been in business since 2000, when American Express sold their previous banking division to Standard Chartered.<\/p>\n\n\n\n<p>American Express® Personal Savings is their high yield savings product. They also have <a href=\"https:\/\/wallethacks.com\/what-is-a-cd-certificate-of-deposit\/\">certificates of deposit<\/a> as well but they do not have a checking account, you are permitted to link up to three of those from external banks.<\/p>\n\n\n\n<p>We have a <a href=\"https:\/\/wallethacks.com\/american-express-savings-review\/\">full review of American Express Personal Savings<\/a>.<\/p>\n\n\n\n<p class=\"has-secondary-bg-background-color has-background\"><strong>👉 <a href=\"https:\/\/www.americanexpress.com\/en-us\/banking\/online-savings\/high-yield-savings\/\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more about American Express Personal Savings<\/a><\/strong><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" id=\"h-marcus-by-goldman-sachs-acf-field-interest-rate-savings-post-id-14145\">Marcus by Goldman Sachs — 4.50% APY<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img decoding=\"async\" width=\"134\" height=\"65\" src=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2019\/12\/marcus-goldman-sachs-logo.jpg\" alt=\"\" class=\"wp-image-10161\" srcset=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2019\/12\/marcus-goldman-sachs-logo.jpg 134w, https:\/\/wallethacks.com\/wp-content\/uploads\/2019\/12\/marcus-goldman-sachs-logo-50x24.jpg 50w\" sizes=\"(max-width: 134px) 100vw, 134px\" \/><\/figure><\/div>\n\n\n<p>Marcus by Goldman Sachs (FDIC #33124) is the online bank of Goldman Sachs, most well known as an investment banking firm. They do quite more than that and Marcus by Goldman Sachs handles their online bank offerings.<\/p>\n\n\n\n<p>They currently have some of the highest interest rates for savings accounts and they have no minimum deposits and no transaction fees (there do not appear to be maintenance fees either).<\/p>\n\n\n\n<p>It is only a savings account though, no associated checking available.<\/p>\n\n\n\n<p>Here’s a <a href=\"https:\/\/wallethacks.com\/marcus-by-goldman-sachs-review\/\">full review of Marcus by Goldman Sachs<\/a> to give you a full scope understanding of their offer.<\/p>\n\n\n<\/div><\/div>\n\n\n\n\n\n\n\n<p class=\"has-secondary-bg-background-color has-background\">👉 <a rel=\"noreferrer noopener\" href=\"https:\/\/www.marcus.com\/us\/en\" data-type=\"URL\" data-id=\"https:\/\/www.marcus.com\/us\/en\" target=\"_blank\"><strong>Learn more about Marcus<\/strong><\/a><\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><\/div><\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-alliant-credit-union-acf-field-interest-rate-savings-post-id-14148\">Alliant Credit Union — 3.10% APY<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img decoding=\"async\" width=\"151\" height=\"151\" src=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/allian-credit-union-logo.png\" alt=\"\" class=\"wp-image-4624\" srcset=\"https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/allian-credit-union-logo.png 151w, https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/allian-credit-union-logo-150x151.png 150w, https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/allian-credit-union-logo-50x50.png 50w, https:\/\/wallethacks.com\/wp-content\/uploads\/2017\/06\/allian-credit-union-logo-96x96.png 96w\" sizes=\"(max-width: 151px) 100vw, 151px\" \/><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/wallethacks.com\/alliant-credit-union-review\/\">Alliant Credit Union<\/a> is the only credit union on this list and they are NCUA insured (NCUA is the equivalent of the FDIC for credit unions, same protections and same amounts – NCUA #67955).<\/p>\n\n\n\n<p>The account minimum to open is $5 (but they will give you $5 to open an account!). The interest rate is available if you have $100 or more in your account and there are no maintenance fees if you elect e-statements (many of the online banks do not even offer paper statements, so this is not a huge distinction). They have 80,000+ ATMs in their network.<\/p>\n\n\n\n<p>The same terms exist for their checking account too but their interest rate on the checking account is slightly higher than many others. There is no minimum balance required on the checking account and you can get $20 in ATM surcharge refunds per month.<\/p>\n\n\n\n<p><strong>Why bother including a credit union?<\/strong> Because this credit union offers two remarkable products – a Kid’s Savings Account and a Free Teen Checking Account. They are joint accounts with perks to help teach your kids responsible money habits – a fantastic idea.<\/p>\n\n\n\n<p class=\"has-secondary-bg-background-color has-background\"><strong>👉 <a href=\"https:\/\/wallethacks.com\/alliant\" target=\"_blank\" rel=\"noopener sponsored nofollow\">Learn more about Alliant Credit Union<\/a><\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-questions-about-online-savings-accounts\">Common Questions about Online Savings Accounts<\/h2>\n\n\n\n<p>Here are a few questions I get asked a lot when it comes to these online savings accounts.<\/p>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1610627898709\"><strong class=\"schema-faq-question\">How do online savings accounts work?<\/strong> <p class=\"schema-faq-answer\">Online savings accounts are just like regular savings accounts. The big difference is that many of the banks that offer online savings accounts don’t have physical locations you can visit. Your main point of contact is through an app or online banking.<br><br>Many of the banks also offer online checking accounts that work just like regular checking accounts. The app will usually let you deposit checks by taking a picture of the front and back. You can access your money through a regular ATM and many banks have partnerships with national ATM networks like Allpoint.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1610627910538\"><strong class=\"schema-faq-question\">Why should I get an online savings account?<\/strong> <p class=\"schema-faq-answer\">If online savings accounts are just like savings accounts without physical locations, what’s the benefit of getting an online savings account? They have much higher interest rates. If you ever look at the interest rate of a regular bank, it’s usually ridiculously low.<br><br>For example, as of this writing, the interest rate at Bank of America’s savings account is 0.01% APY. It’s basically zero and it has been for a long time. Ally Bank’s interest rate is 4.35% APY.<br><br>Online banks tend to have much lower fees too. Ally Bank doesn’t have a maintenance fee and no minimum balance. Bank of America’s Core Checking has a $12 monthly fee that is waived if you maintain a balance of $1,500 or have a qualifying direct deposit of $250+.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1610627955183\"><strong class=\"schema-faq-question\">Are online savings accounts safe?<\/strong> <p class=\"schema-faq-answer\">Yes, 100% safe. Online banks are FDIC insured and so your money is as safe in those banks as they would be in a traditional bank. Your funds are protected up to $250,000 by the FDIC. If the bank fails, the FDIC will get you your money back.<br><br>As for protection against fraud, they often have security precautions in place to prevent many of the different types of fraud. Many banks offer <a href=\"https:\/\/wallethacks.com\/you-should-have-two-factor-authorization-on-every-financial-account\/\">two-factor authentication<\/a>, to confirm your identity, as well as plenty of notifications. You can set up your bank to notify you every time there is a transaction, a service not many banks offer.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1610628008779\"><strong class=\"schema-faq-question\">How many savings accounts can I have?<\/strong> <p class=\"schema-faq-answer\">There is no limit to how many savings accounts you can have but you will receive a Form 1099-INT from every bank that pays you more than $10 in interest. You may not want to deal with so many forms when it comes time to do your taxes!<\/p> <\/div> <\/div>\n\n\n\n<script src=\"https:\/\/static.myfinance.com\/widget\/myFinance.js\"><\/script>\n<div class=\"myFinance-widget\" data-ad-id=\"eadaaacc-607f-472b-880f-5291ca6042b5\" data-campaign=\"wh-sav-multi\" data-sub-id=\"PLACESUBIDHERE\"><\/div>\n\n\n\n\n\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>The cornerstone of any good financial system starts with finding a savings account that works for you. The best savings…<\/p>\n","protected":false},"author":1,"featured_media":15988,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[58,15],"tags":[98,96,90,93,9040,95,92,15756,97,17491],"wppr_data":{"cwp_meta_box_check":"No"},"acf":[],"yoast_head":"\n<title>Best High-Yield Online Savings Accounts: 5.25% APY (April 2024)<\/title>\n<meta name=\"description\" content=\"Today you can find some great savings accounts online. Read our reviews for the 8 best saving accounts in terms of interest rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Best High-Yield Online Savings Accounts: 5.25% APY (April 2024)\" \/>\n<meta property=\"og:description\" content=\"Today you can find some great savings accounts online. 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He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money. Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life. One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free. He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader. Recently, he's invested in a few pieces of art on Masterworks too. >> Read more articles by Jim Opinions expressed here are the author's alone, not those of any bank or financial institution. 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They have much higher interest rates. If you ever look at the interest rate of a regular bank, it's usually ridiculously low.<br\/><br\/>For example, as of this writing, the interest rate at Bank of America's savings account is 0.01% APY. It's basically zero and it has been for a long time. Ally Bank's interest rate is [acf field=\\\"interest-rate-savings\\\" post_id=\\\"14117\\\"].<br\/><br\/>Online banks tend to have much lower fees too. Ally Bank doesn't have a maintenance fee and no minimum balance. Bank of America's Core Checking has a $12 monthly fee that is waived if you maintain a balance of $1,500 or have a qualifying direct deposit of $250+.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610627955183\",\"position\":3,\"url\":\"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610627955183\",\"name\":\"Are online savings accounts safe?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, 100% safe. Online banks are FDIC insured and so your money is as safe in those banks as they would be in a traditional bank. Your funds are protected up to $250,000 by the FDIC. If the bank fails, the FDIC will get you your money back.<br\/><br\/>As for protection against fraud, they often have security precautions in place to prevent many of the different types of fraud. Many banks offer <a href=\\\"https:\/\/wallethacks.com\/you-should-have-two-factor-authorization-on-every-financial-account\/\\\">two-factor authentication<\/a>, to confirm your identity, as well as plenty of notifications. You can set up your bank to notify you every time there is a transaction, a service not many banks offer.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610628008779\",\"position\":4,\"url\":\"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610628008779\",\"name\":\"How many savings accounts can I have?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is no limit to how many savings accounts you can have but you will receive a Form 1099-INT from every bank that pays you more than $10 in interest. 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If you ever look at the interest rate of a regular bank, it's usually ridiculously low.<br\/><br\/>For example, as of this writing, the interest rate at Bank of America's savings account is 0.01% APY. It's basically zero and it has been for a long time. Ally Bank's interest rate is [acf field=\"interest-rate-savings\" post_id=\"14117\"].<br\/><br\/>Online banks tend to have much lower fees too. Ally Bank doesn't have a maintenance fee and no minimum balance. Bank of America's Core Checking has a $12 monthly fee that is waived if you maintain a balance of $1,500 or have a qualifying direct deposit of $250+.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610627955183","position":3,"url":"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610627955183","name":"Are online savings accounts safe?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, 100% safe. Online banks are FDIC insured and so your money is as safe in those banks as they would be in a traditional bank. Your funds are protected up to $250,000 by the FDIC. If the bank fails, the FDIC will get you your money back.<br\/><br\/>As for protection against fraud, they often have security precautions in place to prevent many of the different types of fraud. Many banks offer <a href=\"https:\/\/wallethacks.com\/you-should-have-two-factor-authorization-on-every-financial-account\/\">two-factor authentication<\/a>, to confirm your identity, as well as plenty of notifications. You can set up your bank to notify you every time there is a transaction, a service not many banks offer.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610628008779","position":4,"url":"https:\/\/wallethacks.com\/best-online-high-yield-savings-account-banks\/#faq-question-1610628008779","name":"How many savings accounts can I have?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There is no limit to how many savings accounts you can have but you will receive a Form 1099-INT from every bank that pays you more than $10 in interest. You may not want to deal with so many forms when it comes time to do your taxes!","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/posts\/4609"}],"collection":[{"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/comments?post=4609"}],"version-history":[{"count":0,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/posts\/4609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/media\/15988"}],"wp:attachment":[{"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/media?parent=4609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/categories?post=4609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wallethacks.com\/wp-json\/wp\/v2\/tags?post=4609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}