I wrote about the top 6 online savings accounts about a year ago. Since then, the rates have just continued to increase, but some banks are beating out others. Online savings accounts are a great way to stash away some of your money while keeping it liquid. The funds in an online savings account are slightly less available than a checking account in that there is usually a day or two lag before you can transfer the funds for withdrawal; however, the interest rates on online savings account are significantly better than those on checking accounts. So, here are my picks for the 2019 best online savings accounts.
Synchrony High Yield Savings
Synchrony comes in with the highest APY (annual percentage yield) of 2.25%. Synchrony is the former GE Capital Retail Bank, which spun off in 2014. Synchrony offers customers an ATM card, a mobile app, no monthly fee, no minimum balance requirement and various perks, such as ATM fee reimbursements and discounts on car rentals and hotels.
HSBC Direct Savings
HSBC Direct also offers the same competitive rate of 2.25%. HSBC Direct is HSBC’s online division. While they are a fairly new player in the online savings world, having just launched in July of 2018, the bank itself has been around for quite a while with roots dating back to 1865. That being said, it’s fair to assume HSBC is a reliable and trustworthy option for your cash. HSBC Direct offers no minimum balance, no fees, a website and an app. One thing to note is that HSBC requires that the money to fund the online savings account be new money, meaning it cannot come from another HSBC account.
Marcus by Goldman Sachs
Marcus by Goldman Sachs also offers a 2.25% APY on savings deposits; however, they lack a mobile app. Marcus requires a $1 minimum balance and no fees. As is typical with most online savings accounts, though, the bank doesn’t offer a checking account or an ATM card. Goldman Sachs is a well-known name in the finance world, so you can feel comfortable trusting them with your money.
Ally Online Savings
Ally Bank’s APY is slightly lower than those above, coming in at 2.2%. Ally offers no minimum balance and no fees. The website is extremely user-friendly, customer service is available by phone and the bank offers a mobile apps for Apple, Android and Windows devices. In addition to the phone support, Ally Bank also offers real-time chat support.
Barclays Online Savings
Barclays Online Savings account offers a 2.2% APY to its U.S. customers accessible through their website. Like above, there is no monthly fee or minimum balance requirement. There is no ATM network, branches or mobile app, so business must be conducted through the website and support is available by phone, as well.
American Express National Bank
American Express offers 2.1% APY. As above, there are no monthly fees or minimum balance requirements. Like Marcus by Goldman Sachs, American Express National Bank does not offer a mobile app for its customers, so all business must be conducted via their website.
