What is an online savings account?

An online savings account is a type of bank account that is managed entirely online through an institution's website or mobile app. With an online savings account, customers can deposit and withdraw money, check their account balance, view transaction history, and manage their savings goals entirely through an online interface. Online savings accounts typically offer higher interest rates and lower fees than traditional brick-and-mortar banks due to the lower overhead costs associated with online-only banking.

What are the benefits of an online checking account?

An online savings account offers several benefits over traditional savings accounts. First, online savings accounts typically offer higher interest rates than brick-and-mortar banks. They also usually have no fees - or, at least, lower fees than traditional banks. Finally, online savings accounts are accessible 24/7, providing customers with convenient and flexible access to their funds.

Is it safe to manage my savings online?

Managing your savings online is generally safe if you take the necessary precautions, such as using strong passwords and regularly monitoring your account. Many online banks are insured by the FDIC, so the funds in your savings account will be insured up to the maximum amount allowed by law, which adds an extra layer of protection. Additionally, online banks use advanced security measures such as encryption to protect your personal information and transactions.

Can I earn more interest with an online savings account?

Generally, online savings accounts offer higher APYs compared to traditional brick-and-mortar banks due to lower overhead costs. Some online savings accounts may offer tiered APYs based on the account balance, while others may offer a fixed APY for all account balances. It's important to compare APYs across different online savings accounts to find the one that best suits your needs.

Can I use an online savings account for bill payments and direct deposit?

Yes, you can use an online savings account for bill payments and direct deposit in many cases. While savings accounts are typically meant for saving money and not for everyday transactions, most online banks offer features that allow you to easily transfer money between your savings and checking accounts. However, it's important to note that there may be some restrictions or fees associated with using a savings account for these types of transactions, so it's always a good idea to check with your bank to make sure you understand their policies and any potential fees.

Can I deposit checks into an online savings account?

Yes, you can deposit checks into an online savings account. Most online banks offer remote deposits through their mobile banking apps. You simply take a photo of the check with your smartphone and submit it through the app. Some banks may also offer other options for depositing checks, such as mailing them in or depositing them at a partner ATM.

Can you deposit cash into an online savings account?

While the short answer is usually "yes", it depends on the online savings account and the bank's policies. Most online banks do not have physical branches or ATMs, so it may not be possible to deposit cash directly into the account. However, you can deposit using a third-party payment service, or depositing cash at a network ATM. It is best to check with your specific online bank to see what options are available for depositing cash.

What is the minimum balance required for an online savings account?

The minimum balance required for an online savings account varies by bank. Some banks don't require a minimum balance at all, while others require a certain amount to avoid fees or earn higher interest rates.

Best Online Savings Accounts for February 2026

Item: The Best Online Savings Accounts - Summary Reviews
Rating: 5
Author: Top Consumer Reviews

Sunday, February 15th We evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

2026 Online Savings Account Reviews

Where Can You Find the Best Online Savings Accounts? Your parents always told you to save for a rainy day. You work hard for your money and you want to get the most from your savings. While you could simply go to your local bank and keep the funds in a savings account there, you may have heard that there are online accounts which offer a much better return on your money.

5.0

EXCELLENT

Best Option

SoFi^®

No monthly fees or minimum balance
Requires both savings and checking account
No overdraft fees

Read Full Review

EXCELLENT

5.0

On the SoFi^® website

If you're looking for an online savings account with great reviews, a high APY, and no minimum balance, look no further than our top pick, SoFi. Once again, this online-only bank leads the pack. Providing tools to increase your savings while charging no fees, SoFi has the most positive reviews of any online bank we've rated. Additionally, members are able to deposit cash and enjoy perks with SoFi - two more reasons it has continued to earn our five-star rating as the most recommended bank for online savings accounts.

4.5

GREAT

Great

CiT Bank

No account opening or maintenance fees
Four types of savings accounts available with varying APYs
Trust and custodial accounts permitted

Read Full Review

GREAT

4.5

On the CiT Bank website

CIT Bank has positioned itself as an excellent choice for online savings by offering four different account types with very high APYs and almost no fees. Trust and custodial accounts are permitted with this institution though cash deposits are not, and all accounts require $100 to open. Experts have great things to say about the online savings accounts at CIT Bank, and we recommend giving them a look.

4.0

VERY GOOD

Very Good

Capital One

No account opening or maintenance fees
No overdraft fees
No minimum balance

Read Full Review

VERY GOOD

4.0

On the Capital One website

Capital One is a familiar name to many and has earned its place near the top of our list for its accounts with high APYs. The addition of some in-person branches, cafe locations, and member perks - while charging almost no fees - increases its worthiness in our eyes. We also like that it has a kids' savings account option, for those teaching the next generation how to be "savers". If you like big-bank convenience with smaller-institution benefits, Capital One could be the right pick.

3.5

GOOD

Good

Varo

No monthly fees and no minimum balance required
No overdraft fees
One savings account offered

Read Full Review

GOOD

3.5

On the Varo website

A truly no-fee online bank, Varo offers the highest APY savings accounts on our list. Account holders have access to multiple savings tools to help build wealth while also offering mini-loans to account holders in a tight spot at low fees. However, Varo's app functionality issues and poor customer reviews rank this bank just above average for us.

2.5

FAIR

Fair

Axos

No fees on accounts
Two savings accounts offered, one with no minimum balance
No overdraft fees

Read Full Review

FAIR

2.5

On the Axos website

Axos Bank offers a very high APY (with conditions) and provides "expanded" protection on all deposits. However, an online-only bank must have a great app and website, and reviewers consistently rank these features low, which is why Axos comes in below average for us too.

2.0

SUBPAR

Subpar

Bask Bank

No monthly fees or minimum balance
Two types of accounts, including an AAdvantage Miles savings account
No overdraft fees

Read Full Review

SUBPAR

2.0

On the Bask Bank website

Bask Bank is one of the newest online-only options for savings accounts, started back in 2020. They offer the only online savings account we found with savings rewards for travelers. Unfortunately, Bask Bank's mixed reviews and inability to deposit cash make it a below average choice for us, and we'd suggest looking at rivals' online savings accounts instead.

1.9

SUBPAR

Subpar

Citizens

No service or set-up fees
Offers two types of savings accounts and CDs
Insured by FDIC

Read Full Review

SUBPAR

1.9

On the Citizens website

Citizens Access is the online-only branch of an established bank. While it offers no-fee accounts, high APYs, and trust accounts, its app issues and difficulty accessing funds make it one bank we hesitate to recommend for online savings accounts.

1.5

WEAK

Weak

Ally

No account opening or maintenance fees
Offers savings and money market accounts, as well as CDs
No overdraft fees

Read Full Review

WEAK

1.5

On the Ally website

Ally is a neobank with one savings account and multiple CD options. When you combine the limited transactions allowed, customer confusion about tiered APYs offered, and overwhelming consumer complaints, you'll have no trouble understanding why we rank this bank near the bottom of our list as an option among online savings accounts.

1.0

POOR

Poor

Barclays

No minimum balance to open, no monthly maintenance fee
Two types of savings accounts, plus CD options
Insured by FDIC

Read Full Review

POOR

1.0

On the Barclays website

The oldest bank on our list, Barclays has been in business longer than America has been a country. However, the user app reviews and limited information about account features on the website have us ranking their online accounts near the bottom of our list.

0.9

POOR

Poor

Chase

Small monthly fees which can be waived with qualifying minimum balances
Offers multiple savings accounts and CD options
Able to deposit cash

Read Full Review

POOR

0.9

On the Chase website

Chase may be one of the oldest banks in the US and it shows its "age" in its online account offerings - which can't hold a candle to most of the features offered by its more "youthful" rivals in the online savings account space. With low APYs and too many requirements to waive fees, Chase ranks at the bottom of our list.

Continued from above...

Where Can You Find the Best Online Savings Accounts?

Your parents always told you to save for a rainy day. You work hard for your money and you want to get the most from your savings. While you could simply go to your local bank and keep the funds in a savings account there, you may have heard that there are online accounts which offer a much better return on your money.

First, keep in mind that a savings account differs from other accounts you maintain because it is meant to remain untouched until you need it for a specific purpose. It differs from a checking account in that you are not usually removing funds from it on a daily or even weekly basis. A checking account - whether or not you actually still use paper checks - features a debit card and can be used for online bill payment. You are typically not limited to the number of transactions you can conduct in a month and you do not earn money on the funds in your account.

When comparing online savings accounts, you will immediately notice that accessibility of funds is a key difference. Some of the banks are structured in a way that allows you to use the money for monthly expenditures, while others greatly discourage you from touching the funds and reward you with very high APYs as a result. APY means annual percentage yield, and it refers to the total amount of interest earned in the course of a year. Pretty much, if you want to have the chance to earn the most on your money, you'll need to leave it alone.

Whether you're relatively new to the idea of banking online or you "went digital" a long time ago, there are plenty of options to help grow your savings at a significantly higher APY than you may find offered by your hometown bank. Called neobanks, these financial institutions are typically online-only banks. The lack of a physical location allows them to drastically cut their costs and pass along the savings to their members in the form of higher interest rates and no-fee accounts.

Neobanks aim to streamline the banking process and have become a key part of today's financial world as a result of their ease of use and lower fees (or none at all). The technology component offers a streamlined user experience, which younger consumers especially find appealing. Some of the larger financial institutions also offer online-only accounts while maintaining branches for you to visit in person.

If you're looking for an online savings account to boost your bottom line, here are some factors to take into consideration as you compare online offerings:

Fees and required minimum balance. Since most online savings accounts are offered without monthly fees, check to see if there are any other costs associated with the account. Additionally, the minimum required deposit to open the account or required minimum balance may be the deciding factor for you.
Access to funds. How often do you need to be able to use the money in your account? Some banks limit the number of transactions per month. Do you want a debit card to get cash from your savings? You may need a linked checking account. Where can you deposit cash into the account? (Not all neobanks permit cash deposits!) These are all things to consider with an online savings account.
Customer service. Is it easy to reach support and work with an agent if you have a question about your money or your account? Can you call someone or do you have to chat online or via email?
APYs and earning potential. How high is the interest rate and the APY? Since those numbers fluctuate, we are unable to list them but we can tell you where different online savings accounts typically rank in comparison to each other and the national average of traditional savings accounts according to the Federal Deposit Insurance Corporation, or FDIC.
Savings options. What kind of account do you want? Are you looking to leave money in there and allow the interest to accumulate? Perhaps you need access to the money more often but desire to earn a higher interest rate as well. Does the idea of labeled savings accounts for specific purposes appeal to the organizer in you? Do you need tools to help you save more, such as rounding-up purchases or regular transfers from another account into your savings?

We at Top Consumer Reviews have provided you with the information you need to make an informed decision before you put your money into an online savings account. Check out our list of some of the most popular online savings accounts available today, evaluated and ranked to help you make the best decision for your financial well-being.