The best online savings accounts complement your financial goals and habits. At the very least, this means finding an account that offers a decent return for your money, charges very few fees, and has easy-to-meet minimums. Account features like automated savings tools and ATM cards are a helpful bonus.
We’ve compared 5 savings banks and credit unions to find some of the best accounts available. See below to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Best Online Savings Accounts Of 2022
Varo Saving Account
Varo’s online checking account—known as the Varo Bank Account—doesn’t charge monthly maintenance fees, and you don’t need to keep a minimum balance in your account. A government-issued I.D. and Social Security number are required for sign-up, but no minimum deposit is required to open your account. You must be 18 and have a device that can access Varo’s mobile app.
Varo promotes early access to direct deposit payments. It usually posts deposits on the same day they’re received, “which may be up to two days earlier than the payer’s scheduled payment date,” according to the Varo website. This means that—for most Friday paydays—the funds may be available on Wednesday.
Varo makes it fairly easy to get cash—at more than 55,000 Allpoint ATMs surcharge-free—but there’s a $2.50 cash withdrawal fee for out-of-network ATM transactions. Varo allows the option to deposit cash at more than 90,000 retail locations using Green Dot Reload.
You can send money to other Varo users without fees with the Varo Bank to Varo Bank instant transfer feature. At this time, you can’t use your Varo account to make wire transfers.
Consumers Credit Union Smart Saver
The Smart Saver account is designed not only to help you save but to maximize your savings. It pays up to 1.50% APY on deposits from $50 to $1,000 each month. This means that the maximum you can deposit each month is $1,000—deposits over that threshold are automatically transferred to a Membership Savings account at the credit union. But there’s no restriction on the total balance you can accrue in the account, allowing you to build your savings balance over time continuously.
Along with keeping your deposits within range, you’ll have to jump through some other hoops to earn the highest dividend rate (see Details), but it could be well worth it for those who can meet the requirements. This can be a good account for those who plan to save in the $50 to $1,000 range monthly and want a savings account at a full-service credit union.
You can join Consumers Credit Union by making a one-time donation of $5 to the Consumers Cooperative Association.
Sallie Mae Bank SmartyPig Account
Aside from the competitive APY range, the SmartyPig online savings account from Sallie Mae provides savers with tools to create and track savings progress for specific goals—just like an online piggy bank.
It doesn’t require a minimum deposit or ongoing balance, and it doesn’t charge a monthly fee. This account also can help savers with smaller balances build up their savings faster.
You’ll earn the best yield on balances of $10,000 or below. Notably, the SmartyPig Account’s tiered rate structure, which pays higher yields on lower balances, is the opposite of what you’ll find at many other banks. Typically, higher balances earn higher yields.
Axos Bank High Yield Savings Account
Axos Bank’s High Yield Saving Account pays a very competitive rate and has a relatively low minimum deposit requirement. And there’s an ATM card with this account upon request. Customers who take advantage of this offer have access to approximately 91,000 surcharge-free ATMs throughout the U.S. That’s one of the most extensive ATM networks available among online banks.
The bank also offers 24/7 customer service and a highly rated mobile app.
Quontic Bank High Yield Savings
Quontic’s savings account ranks well in all of the categories it needs to for it to make our list—it offers a decent APY, low fees, and easy-to-meet minimums. But Quontic is also a good bank for those interested in more than a savings account. It earned the top spot on our list of the Best Online Banks Of 2022, offering competitive rates and terms on all of its banking products. The bank also offers excellent customer service and a decent mobile app.