My Favorite Online Savings Accounts

My Favorite High Yield Savings Accounts

I’m a huge proponent of online savings accounts (also called high yield or high interest savings accounts) as part of our overall financial strategy. My clients and I have used them again and again to finally start saving and keep our savings safe from ourselves.

Plus now with interest rates where they are - they also earn some nice interest! If you’re not keeping your money in a high interest account, you’re missing out.

The next question I get is which banks do you recommend. So, naturally, I went on a mission to find you the best online savings accounts. 


First, here were my minimum requirements:

  • Free and no hidden fees 

  • FDIC insured up to $250,000 (at least)

  • Interest rate at 3.5% or above (note: this changes over time)

  • No minimum balances

  • Ability to open multiple accounts (for multiple goals)

  • Some type of customer support

  • App available 


And some bonus criteria: 

  • Chat support

  • 24/7 phone support (vs. just business hours)

  • Check deposit

  • Direct deposit 


I personally called each of these banks to confirm what research I found online and include any anecdotes of my experience and my clients’ experiences below. If clients had negative experiences, I brought them up on the phone to learn if changes or updates have been made as these companies are often releasing updates. 

I’d love to hear which accounts you are using and what your experience is like! 


My picks in alpha order…

Rates as of May 10, 2024. See more details on each bank below.



Ally

  • Pros: 24/7 phone and chat support. Shows wait time on the site before you call. Highly rated app.

  • Cons: Some customers have reported difficulty in getting the account set up in the past (this could have been remedied by now!).



Barclays 

  • Pros: I’ve used this account for many years and so have many of my clients. Mobile check and direct deposit available. 

  • Cons: Phone support from 8 am - 8 pm ET 7 days per week (not 24/7). They don’t provide a wait time when you call on the phone which makes it harder to plan. 

  • Note: Make sure to use the correct app - it’s Barclays US Savings (not Barclays US).



CAPITAL ONE 360

  • Pros: Unique in that you can get in-person support at Capital One Cafes and branch locations. 24/7 phone support. 5 star rating for the app. Mobile check and direct deposit available. 

  • Con: No chat support available at this time. Although bot chat is available 24/7.



Marcus

  • Pros: Clients have had good experiences. Highly rated app and chat support available. 24/7 phone support.

  • Cons: No mobile check or direct deposit available.



Synchrony 

  • Pros: Chat support available. When experiencing high volume they turn the chat off, and add a note to the website. Mobile check and direct deposit available. Highly rated app.

  • Cons: Not 24/7 phone support but long support hours available - Monday through Friday 8 am - 10 pm ET and Saturday - Sunday 8 am to 5 pm ET.


There are also cash accounts…

Cash accounts are not technically high yield savings accounts but work very similarly. They are high interest checking and saving account hybrids.

I used similar criteria - no fees, competitive interest, FDIC insured and read reviews.

With these you currently can’t make multiple bucket or savings goals but you do earn higher interest.