Best Online Savings Accounts 2024 (NYT Bestseller’s Picks)

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We’re going to do a deep dive into what to look for, which accounts are best, how to get the highest APY, and tricks for optimizing your savings accounts.

Here’s a breakdown of what we’ll cover:

What Matters When Picking an Online Savings Account:

  • User Experience and Company Reputation
  • Fees
  • Convenience
  • FDIC Insurance
  • APY Rates

Online Savings Account Reviews:

The 4-Step Process to Picking an Online Savings Account

If you want to skip all of that and open an account right now, these high-interest online savings accounts are my top-rated:

I believe you’ll be happy with any of them, but my personal favorite is Ally.

Online Savings Account Reviews

Here’s the lowdown on the most popular online savings accounts.

Axos Savings Account 

Axos Savings Account 

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY:  Up to 0.61%

The APY is much lower than other high-yield savings accounts—it’s average at best. There’s no reason to open an Axos account unless you’ve already maxed out the FDIC limits on every other high-yield savings account and have to get a lower APY to horde all your cash.

I recommend picking one of the other accounts from this list.

Discover Online Savings Account

Discover Online Savings Account

  • FDIC insured: Yes
  • Minimum balance: None
  • Maintenance fees: None
  • APY: 3.60%

Discover’s APY is pretty strong. Not quite the top, but it’s close.

And if you happen to have a Discover card or checking account, keeping your accounts in one place makes everything a lot simpler.

If you have another Discover account, definitely get a Discover savings account.

HSBC

HSBC

HSBC has a few different savings accounts.

HSBC Premier Savings

  • FDIC insured: Yes
  • Minimum balance: $100,000 across your deposit accounts and investment balances. If you go below this balance, there’s a $50 monthly fee.
  • Maintenance fees: None
  • APY: 0.15%

The HSBC Premier accounts are for clients who have large deposits at HSBC. Unfortunately, the APY is awful. An APY that low with a minimum balance of…

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