If you’re asking “What’s the best online savings account?” you’re in luck. Use any search engine to identify online savings accounts that will protect your money and provide a higher than national average rate. Historically low savings rates present a challenge to investors in search of a healthy after-tax, after-inflation return, but it’s possible to find the best online savings account after performing a little research. After all, your best online savings account probably differs from your parents, co-workers, and friends.
Earning the best possible interest rate on your liquid funds makes good financial sense. According to The Wall Street Journal, bank and ATM fees increased last year. Higher checking and savings costs lower your return, so it’s important to use a gimlet eye when reviewing banking statements. Continue reading reviews about some of the best online savings accounts to begin your research. After all, the best online savings account is the one that offers the features you’re looking for.
What’s the Best Online Savings Account: Ally Bank
Ally Bank is part of the former General Motors Acceptance Corporation (GMAC) commercial finance arm. After GM’s reorganization, Ally Bank’s competitive rates and easy-to-use customer portal are a winning combination. Here are some of the reasons customers say they like Ally:
- No minimum required deposit to open an account, no maintenance fees (monthly), no charge to complete ACH transfers to an external bank account (non-Ally institution)
- Debit card, checks, unlimited deposits and withdrawals
- Ally eCheck Deposit ™ allows customers to remotely deposit paper checks without deposit slips
- Higher interest rates than traditional bank savings accounts
- FDIC-insured accounts up to a maximum of USD 250,000
If you like visiting a bank branch every so often, note that Ally Bank is a virtual online bank without physical branches. Of course, you can contact Ally Bank by phone and speak to a live person.
This Ally Bank online savings account review reflects some of the reasons it’s so popular with savers. Ally Bank’s current savings rate is many multiples of the national average but it’s important to compare the latest rates before making a decision to invest.
What’s the Best Online Savings Account: Capital One 360 Review
Capital One is much more than a credit card issuer. The company purchased ING Bank assets several years ago and now offers a savings and checking combination account called Capital One 360. Your account combines access to checking/savings, investments, CDs, mortgage/auto loans, and credit card accounts.
If you’re searching for the best online savings account and customer experience is high on your list of must-haves, you will like Capital One’s online/mobile banking services available in the Capital One 360 account, such as:
- No minimum account size or monthly fees (no minimum for checking, savings, investments—very low stock commission rates)
- Competitive savings rates: open multiple savings accounts if desired to achieve savings goals
- Mobile check deposit, online/mobile account access on 24/7 basis
- Incentives, such as sign-up bonus, free share trade commissions on your birthday, etc.
- Live representative customer service
Your savings account is FDIC-insured and deposits up to USD 250,000/depositor are covered.
This Capital One 360 online savings account review shows just a short list of reasons that people like using it. Compare current savings rates before deciding to invest capital.
What’s the Best Online Savings Account: Barclays Bank Review
Barclays Bank is headquartered in London, England and has been in business since the late 17th century. They were early participants in global banking in the late 1980s and 1990s and, today, Barclays offers online savings and banking services to the U.S. market via Barclays Bank Delaware. Some of the reasons customers like Barclays online savings account include:
- No minimum account balance or monthly maintenance fees, FDIC-insured up to USD 250,000/depositor
- Competitive interest rate on savings with daily compounding
- Remote Deposit app
- Barclays Savings Assistant software can help you track and achieve savings goals
- Up to six withdrawals/statement cycle
- The Dream Account is a Barclays-exclusive online savings account that rewards you for making positive savings choices
This Barclays Bank online savings account review recaps a few of the reasons current customers like Barclays. Always compare current savings rates and account features before deciding to invest money.
What’s the Best Online Savings Account? GE Capital Bank Review
GE Capital Bank has been helping commercial customers for decades. GE Capital Bank’s online savings account offers:
- No minimum deposit (maximum USD 1,000,000 deposit), no transaction fees, daily compounded interest at a variable rate (subject to change after opening the account)
- GE Capital may, at its option, close the online savings account if it remains unfunded for 60 days
- Use electronic or wire transfers, deposit by physical check by mail
- Up to six withdrawals/statement cycle
- FDIC insurance: up to USD 250,000/depositor
GE Capital’s online savings account seems to attract serious savers. This GE Capital online savings account review reflects some of the primary features and benefits that accountholders enjoy.
What’s the Best Online Savings Account? American Express Personal Savings Review
American Express Personal Savings offers a high competitive APY and other features including:
- No minimum account size, no monthly fees, 24/7 access to support
- User-friendly link with your current bank account(s): arrange recurring transfers to fund the online savings account
- High yield savings calculator to help you decide the amount and frequency of deposits needed to reach financial goals
- American Express Personal Savings is unrelated to American Express cards and products. Login credentials differ, and no transaction/balance or personal financial information is shared.
American Express Personal Savings accounts do not include a debit card or checks. Withdrawing money from the account is allowed up to six withdrawals/statement cycle.
This American Express Personal Savings online savings account review outlines several important features enjoyed by savers. The account is geared towards saving and doesn’t offer hybrid features such as bill payment or investment. It’s possible to open an American Express Personal savings account for personal/family or household use. You cannot use the American Express Personal Savings account for business or trust accounts.
What’s the Best Online Savings Account: Compare Rates and Features
If you’re asking “What’s the best online savings account?” you have many choices to consider.
- Hybrid accounts like Ally Bank and Capital One 360 offer you a variety of financial tools including competitive only savings rates.
- Barclays Bank’s online savings account is primarily geared towards goal-oriented savers.
- GE Capital Bank and American Express Personal Savings encourage investors to create savings action plans.
Online savings rates are in constant flux, so it’s a good idea to compare rates. Some online savings rates are introductory rates. Before requesting an account, read each bank’s application materials carefully to determine if the online savings account is right for you.