At the current low interest-rate environment, the best savings accounts almost are all online. Although you cannot get rich on these rates but the following savings accounts are your best bet to save your liquid money for short-term use and for emergency fund.
Here are the best online savings accounts so you can immediately put your money to work.
Ally Bank – 1.15% APY, no minimum balance and a free checking account
Ally is a bank without branches that has consistently been paying high interest rates on savings accounts. Ally has no minimum balance requirement with no monthly maintenance fees. Currently, Ally is paying 1.15% APY. You can also open a free checking account with no minimum balance requirement. This makes access to your savings account incredibly easy, because you can transfer funds online or via Ally app and have immediate access via checks, debit cards and ATMs.
Capital One 360 – 0.75% APY, $200 sign up bonus and no minimum balance
Even though Capital One 360 does not offer the highest rate in the market, it normally gives new customers a lucrative sign-up bonus. Last time I opened the accounts for our family, I got $200 for me and $200 for my wife. Additionally, Capital One gives you more access to other perks such as checking, CDs, mortgages, auto loans and credit cards.
Synchrony Bank – 1.20% APY, no minimum balance and ATM fee reimbursements
Synchrony Bank offers one of the highest rate in the market. You can earn a nice 1.20% APY with your deposit. You can access your funds either online or by calling in to a Synchrony Bank representative. Alternatively, you can use an ATM card wherever your ATM card is accepted or at a point of sale using a PIN transaction.