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The Best Online and Neobank Savings Accounts of 2023
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Online banks and neobanks have lower overhead costs than banks with physical locations, and these institutions often pass these savings along to the customer via lower fees and higher interest rates. These interest rates can help your savings grow faster than they would in a traditional savings account at a brick-and-mortar bank, so you should consider these accounts when deciding where to deposit your funds for safekeeping.
To determine the best available online bank and neobank savings accounts, FinanceMaster.org ranked 35 online bank accounts based on a number of factors, including:
- Total assets
- Minimum deposit to open an account
- Monthly saving fee ratio
- Minimum balance needed in account to earn APY
- Savings APY
- Mobile app ratings
FinanceMaster.org’ Best Online and Neobank Savings Accounts of 2023
Best for excellent APY
Why we like the Salem Five Direct eOne Savings Account
There are no monthly maintenance fees and no minimum balance requirements. You can open an account with as little as $10. You can also move money in and out whenever you want — there’s no monthly transaction limit.
This account pays APY on every dollar of savings, up to $1 million — which is very high.
Pros
- High interest on savings
- No limit on savings transactions
- No monthly maintenance fees
Cons
- No physical locations
This account impresses with its no monthly maintenance fees and no minimum balance requirements. It’s also a huge plus that you can open an account with as little as $10 and account holders can move money in and out whenever they want with no monthly transaction limit.
Best for no fees
Why we like the Ally Bank Online Savings Account
Ally Bank has an above-average interest rate on its saving account, along with no monthly fees or minimum opening balance requirements. An online-only bank, this is a great alternative to traditional brick-and-mortars.
Ally sports a high APY and no monthly maintenance fees, making its savings account one of the online banking world’s best options.
Pros
- Above-average interest rate
- No monthly maintenance fees or minimum opening balance requirements
- Access to over 43,000 Allpoint ATMs in the U.S.
Cons
- No direct cash deposits
- Withdrawals can take several days
Ally Bank has a high APY, no fees, 24/7 customer service and no opening balance requirements, making it a standout choice in the banking space. It does have one rather major caveat though: It’s online only. So those in need of a brick-and-mortar experience should look elsewhere.
Best for minimum deposit
Why we like the American Express National Bank High Yield Savings Account
This APY is pretty high, and it definitely grabs one’s attention. Also noteworthy is the fact that there are no maintenance fees and no balance requirements. You only need $1 to access this impressive APY.
The High Yield Savings Account offers an annual percentage yield of , with interest compounded daily.
Pros
- No minimum deposit required to open an account
- No monthly fees
- High APY
Cons
- You must make a deposit within the first 60 days or the bank will close your account
- No ATM access
If you have any money to save, this high APY account is worth it. That said, the online-only nature of the account and the lack of ATM access is a bit of a bummer.
Best for no fees
Why we like the Barclays Bank Online Savings Account
A APY means business and that makes this a strong account by itself. There’s no minimum balance to open or maintain the account and there’s no monthly maintenance fee with this account.
Barclays Bank Online Savings is a high-yielding account that offers a APY.
Pros
- Higher APY than most competitors
- No monthly maintenance fees
- No minimum balance requirements
Cons
- No mobile app for U.S. account holders
The lack of a mobile app for U.S. account holders is a pretty glaring issue, especially for younger consumers who prioritize digital convenience. But that APY with no fees attached is definitely worth it.
Best for high yield
Why we like the Bask Bank Interest Savings Account
Bask Bank offers two choices for saving accounts, one that focuses on interest and one that focuses on earning miles. This Interest Savings account comes with a remarkable APY, no monthly maintenance fee, no minimum deposit and no balance requirements.
Bask Bank offers a APY on its Interest Savings Account, much higher than most brick-and-mortar banks.
Pros
- Remarkable APY
- No monthly maintenance fee
- No minimum deposit or balance requirements
Cons
- No physical locations
The Bask Bank Interest Savings Account is a great place to stash your savings because of the high APY and lack of fees.
Best for no fees
Why we like the Betterment Cash Reserve Account
Betterment Cash Reserve is a solid account from a pioneer in robo-advising. It stands out due to a lack of fees and above-average APY, but you can find higher APYs with online-only banks.
Individual Cash Reserve accounts are insured up to $1 million or up to $2 million for joint accounts.
Pros
- Above-average interest rate
- No ATM or overdraft fees
- Unlimited withdrawals
Cons
- You can find higher APYs
This account can be opened with as little as $10. It comes with an APY of and no minimum balance requirements or monthly service fees. Customers can make unlimited withdrawals from the account penalty-free.
Best for high APY
Why we like the Bread Financial High-Yield Savings Account
The Bread Financial high-yield savings has a strong APY and only $100 minimum opening deposit. There are no monthly maintenance fees and customers can deposit up to $1 million per account with this online-only institution.
To open an account, you’ll need a $100 minimum opening deposit. Mobile check deposits, as well as direct deposits, are available, and interest compounds daily.
Pros
- No monthly maintenance fees
- High APY
Cons
- Customer service hours are limited and only available by phone
- Wire transfer and paper statement fees
While you won’t be charged monthly maintenance fees and fees won’t be hidden from you, expect Bread Financial High-Yield Savings to charge a $25 fee for outgoing wire transfers, a $5 fee per paper statement request and a $15 official check request fee. Also, though Bread Financial sports a fairly high APY, it’s an online-only bank, meaning there are no physical branches.
Best for customer service
Why we like the Discover Bank Online Savings Account
With a competitively high APY, no minimum deposits, no fees, no insufficient funds or overdraft fees and 24/7 customer service, this account is practically perfect.
This account pays APY, and interest is compounded daily and paid monthly.
Pros
- No minimum deposits
- No monthly fees
- Above-average rates
Cons
- No branch availability
This savings account has really everything one could ask for: high APY, no minimum deposits, no fees, no insufficient funds or overdraft fees and 24/7 customer service. The only drawback is that the bank has no physical branches.
Best for high APY
Why we like the GO2bank Savings Account
The GO2bank Savings Account offers APY on all balances up to $5,000. With direct deposit, you can avoid monthly maintenance fees; and, if you do all of your banking electronically, you can avoid fees for cash deposits and withdrawals, and other transactions.
Earn up to 7% cash back when you buy eGift Cards from nearly 100 merchants in GO2bank’s app.
Pros
- APY on all balances up to $5,000
- No monthly maintenance fees
- Free ATMs nationwide
Cons
- Fees for cash deposits and withdrawals, transfers, etc.
GO2bank’s APY is 10x the national savings rate. Plus, there’s overdraft protection available up to $200 if you sign up for direct deposit.
Best for high APY
Why we like the LendingClub Bank High-Yield Savings Account
This account pays interest from the first dollar. The High-Yield Savings account pays . There are no monthly service fees, and you can open an account with a minimum of $100. An ATM card is available at no charge.
Customers will need to be comfortable with conducting all of their business online as LendingClub has only one physical financial center located in Boston.
Pros
- ATM card available at no charge
- Solid APY
- No monthly service fees
Cons
- Only one physical branch
- Mobile app isn’t highly rated
While not technically online-only, this bank has only one physical location. Still, this account has a good APY with monthly service fees. Plus, you can get an ATM card at no charge.
Best for no fees
Why we like the Marcus by Goldman Sachs High-Yield Savings Account
Marcus by Goldman Sachs, Member FDIC, offers accounts designed to help customers make the most of their money. Marcus by Goldman Sachs offers one savings account: its online, high-yield savings account offering Annual Percentage Yield (APY) as of June 12, 2023.
Marcus by Goldman Sachs makes it convenient to fund your online savings account, with same-day transfers of up to $100,000 possible.
Pros
- A solid APY
- No monthly maintenance fee
Cons
- No debit card or ATM access
With no debit card or ATM access, this is best for customers who want a dedicated savings account without having immediate access to the money.
Best for high interest
Why we like the SoFi Checking and Savings Account
SoFi is a comprehensive banking and investing app. Deposit accounts earn high interest, there are no fees, and there are enough products available that you can do all of your banking, borrowing and investing with a single app. When you use it with direct deposit, you’ll earn APY interest on your checking balance, plus you’ll get your paycheck up to two days earlier. You’ll also be covered for overdrafts up to $50 for free.
SoFi offers a combined checking and savings account, and the funds that you designate for savings earn APY.
Pros
- High interest rates on checking and savings
- Rewards for using the app
- No fees or minimums
Cons
- No physical branches
If you’re looking for a single home for all of your financial business, SoFi is a solid choice for you. The interest rates are great, and you can earn rewards and discounts by having everything in one place. But SoFi is online/app-only, so it will fall short for those who want a physical, brick-and-mortar banking experience.
Best for no fees
Why we like the Synchrony Bank High Yield Savings Account
Synchrony Bank is an online-only bank that focuses on savings products. Its High Yield Savings offers a hard-to-beat combination of no minimum balance requirements and high APY. Plus, there are no monthly fees.
Synchrony Bank High Yield Savings has no minimums or service fees, and it’s a high-yield account that pays a APY across all balance tiers.
Pros
- High rates
- No monthly fees
- No required minimum deposit
Cons
- No physical branches
Synchrony Bank is a fine option for customers who are OK with keeping their savings accounts separate from their checking accounts, as required by Synchrony. The bank has fewer account options than competitors, but the accounts it does offer come with interest rates above the national average. It also offers its services without any service fees.
Best for high APY
Why we like the TAB Bank High-Yield Savings Account
TAB Bank’s High Yield Savings account has no minimum deposit to open. It also features no minimum monthly balance requirement and no monthly maintenance fees, which means that your funds stay where they belong — in your savings account.
At least $1 is required to start earning interest. But with the APY, you’ll likely want to put as much money as you can into the account so you can reap the profits.
Pros
- Lack of monthly maintenance fees
- Solid mobile experience
- Strong APY
Cons
- Online-only bank
This account has a strong APY and no minimum deposit to open. Plus, there are no monthly fees and no minimum balance requirement.
Best for high APY
Why we like the EverBank Yield Pledge® Online Savings Account
What stands out about this bank is the fact that, though it has a limited amount of full-service branches, it has tens of thousands of ATMs all over the country. It also sports a competitively high APY on this account.
EverBank offers competitive APY rates, and those who hold accounts there have access to thousands of fee-free ATMs.
Pros
- Easy online banking via the EverBank website and mobile app
- More than 80,000 fee-free ATMs available
- High APY
Cons
- Non-EverBank ATM fees are only reimbursed up to $15 per month — though unlimited reimbursements are available if you maintain a minimum average daily balance of $5,000
This bank does offer high APYs and no monthly fees, but its physical presence is hardly vast. It has only a limited number of full-service branches and not great reimbursement for non-EverBank ATMs.
What To Know About Online and Neobank Savings Accounts
Online savings accounts operate much like a traditional savings account, except there are no physical locations where you can do your banking. These accounts securely hold money that you will need at a later time, such as for an emergency or for a down payment on a home.
How Do Online Savings Accounts Work?
An online savings account works by growing your deposit over time with interest earned. When you fund a savings account, the bank or neobank lends your money to other people and charges them interest. In return, the financial institution pays you interest.
Pros and Cons of Online Savings Accounts
PROS
Top-notch apps and websites –Online banks and neobanks invest heavily in their technology to make their apps and websites easy to use and to operate without glitches.
24/7 availability – You can access your account online or via a mobile app whenever you want. Some online and neobanks even offer 24/7 customer support.
Higher interest rates – Many online banks offer higher interest rates because they have less overhead costs than brick-and-mortar banks, and they pass the savings along to their customers.
No or low minimum deposits – Many online banks allow new customers to set up accounts with no or low deposits.
No or low fees – Online banks often don’t charge any fees.
CONS
Difficulty depositing cash – Depositing a check into your online savings account is easy — just use your bank’s app to take a picture of it. But depositing cash means finding a linked ATM that accepts cash deposits. In lieu of that, you would require another step, such as depositing the cash into your checking account and writing a check to deposit.
No in-person assistance – An online-only savings account doesn’t give you the option of walking up to a teller to make a deposit, asking a question in person or getting detailed assistance with your account.
Slower transfer times – Transferring funds from an online bank typically takes a few days. If you know you’ll need to move funds to pay a large bill, for instance, you’ll need to plan ahead and request the money several days in advance.
How To Choose an Online or Neobank Savings Account
Selecting the right online or neobank for you should be based on your personal preferences, but you should typically look for low fees and high interest rates. Specifically, you may want to consider the following factors.
Minimum deposit to open an account – Many online banks do not have a minimum deposit required to open an account but be sure to look into this to ensure you can deposit whatever amount is required.
Minimum balance needed in account to earn APY – Some banks won’t pay interest unless you keep a certain balance in your account. Be mindful of this when choosing your savings account.
Savings APY – Look for accounts that offer high APYs so you can earn more interest and grow your savings faster.
Mobile app ratings – Since you’ll be banking entirely online and via mobile, it’s worth checking out mobile app ratings to ensure your bank’s app is deemed easy to use by current customers.
How Can You Open an Online or Neobank Savings Account?
Opening an online savings account is typically pretty easy once you’ve decided on the account you want.
To open an account you will likely need:
- Government-issued identification, such as a driver’s license or passport
- Date of birth
- Your address, phone number and email address
Some banks will require a minimum deposit to open your account, but others do not.
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Methodology
To determine the Best Online and Neobank Savings Accounts of 2023, FinanceMaster.org looked at the following factors from all online banks and neobanks: (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly saving fee ratio (minimum to avoid fee compared to the monthly fee itself); (4) minimum balance needed in account to earn APY; (5) savings APY; and (6) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factor (1) was weighted 0.5 times, factor (4) was weighted 1.5 times and factor (5) was weighted 3 times. All data is up to date as of Nov. 9, 2022. Rates and fees are subject to change.
Jami Farkas, Sabah Karimi, Lydia Kibet, Nicole Spector and Daria Uhlig contributed to the reporting for this article.
FAQ
Although the basic idea behind an online and neobank savings account can be simple to understand, there are still many common questions surrounding them, in part because there are so many different kinds. Here are the answers to some of the most frequently asked questions regarding online and neobank savings accounts.
- Which are the best neobanks?
- FinanceMaster.org named SoFi the Best Neobank of 2023. Finalists in the category included Varo Bank, Betterment, Upgrade, GO2bank, Current, Chime, Revolut, Acorns and LendingClub Bank.
- What is a neobank account?
- A neobank is a tech firm that offers online-only financial services through mobile and online banking. Neobank accounts can include savings accounts, checking accounts, credit cards and investment accounts.
- Are neobanks trustworthy?
- Some neobanks are trustworthy, while others may not be. Make sure the neobank you’re looking at is recognized by the FDIC or partners with an FDIC-insured bank. This means that your funds will be protected no matter what.
- What type of accounts do neobanks offer?
- Most neobanks offer checking and savings accounts. Some also offer credit cards and investment services.
About the Author
Gabrielle Olya
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