After many years of low interest rates offered by banks, we are happy to hear that those days of 0.01% APY are long gone! Savings account rates are booming at 2% APY or higher and all accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.

There are great online banks that offer perks including no monthly fees, no minimum balance and even ATM access to some. We’ve put together a list of some of the best online savings accounts available. Here are the top 3:

1. Citizen Access - 2.25% APY

Citizens Access is an online division of Citizens Bank N.A., which was created to provide great APY rates for their customers. They require a balance of $5,000 at all times to earn the 2.25% APY rate. If your balance happens to fall below the $5,000 mark then your APY will drop to 0.25% so make sure to keep your balance moving up!

There are many great aspects of the Citizens Access savings account. They charge no monthly fees, they are FDIC insured, and they are 100% committed to providing the best savings experience.

It simply takes 5 minutes to apply for a savings account, you can do it right from your phone. After approval there are two ways to transfer your funds, online funds transfer using your account and routing number from your checking or savings account to your new Citizens Access account. Another way to deposit into your Citizens saving account is by check. The check will need to be made payable to you from another U.S. financial institution and by using the deposit feature from your phone has never been easier. 

2. American Express Personal Savings - 2.10% APY

American Express National Bank offers a Personal Savings account that offers a 2.10% variable APY. They charge no monthly fees and require no minimum deposit or balance, making it convenient and affordable for you. You can sign up with just four easy steps. 

  1.  Gathering of your information: 

    • Social Security Number

    • Email Address

    • Home Address

    • Phone Number

    • Date of Birth

    • Account and Routing numbers (primary applicant only)

  2.  Submit Application: Apply online for the High Yield Savings account

  3. Confirmation: You will receive an online and/or email confirmation when your application is approved. Additionally, you will receive an American Express® Personal Savings Welcome Kit in the mail.

  4. Fund Your Account: You can fund your account online either by linking your current bank account or by mailing a check. Start earning interest on the business day we receive your deposit. There is a 60-day window to fund the account from the day you applying. 

3. Marcus by Goldman Sachs - 2.05% APY

Marcus by Goldman Sachs is the consumer bank of Wall Street giant, Goldman Sachs, that offers 2.05% APY on deposits. There is absolutely no minimum balance requirement and no transaction fees. Deposits can be made through electronic transfer, wire transfer or by check. You will start to earn interest on the business day we receive your deposit. With a 2.05% APY rate, you can be confident that you are getting a great rate from a well-known brand.  

Interest is compounded daily and credited to your Account monthly. Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal and interest that has accrued in the account each day. 


After doing your research take a second to check out the budget planning calculator where you will be able to put into perspective how much you can transfer into your savings every month to watch them grow. 

Follow the link below to see the full list of high-yield, online savings account options.