Best Online Savings Accounts for 30x National Average Reddit

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best online savings accounts

Online banks offer higher interest rates than brick-and-mortar banks.

This means that stashing cash in an online savings account now pays off because they have fewer overhead costs.

Since online banks are vying to be your new online bank, they tend to offer higher yields.

Banking online is safe, FDIC insured, and is a great way to earn interest on your money as it is protected. But which online banks offer the best savings accounts in 2022?

If you are looking for a new savings account, check out below our most updated list of the best online high-interest savings accounts available to you.

Aspiration [Our Favorite Online Savings Account]

  • Interest rate: Up to 5% APY for the Aspiration Plus savings account.

Aspiration offers savings accounts suitable for those who are conscious of the climate change problems and want to bring better changes to the world with their savings.

When you save money with the Aspiration savings account, you help keep the planet green.

The savings account from Aspiration also offers you high-interest rates for the first $10,000, which is quite a good deal for anyone wanting to expand their savings.


  • You can help save the planet when you use the Aspiration savings account, such as by opting to plant a tree each time you purchase something.
  • You can use the Aspiration Plus savings account to get up to 5% APY for the first $10,000.
  • It provides the 256-bit security encryption and ID theft protection/alerts system for your card.
  • You can also get 10% cashback for each coalition purchase you make.
  • You only need to deposit $10 to open a savings account with Aspiration.


  • You need to sign in to the Aspiration Plus savings account to enjoy the 5% APY.
  • There’s a fee per month you need to pay if you want to enjoy 5% APY.
  • No additional Purchase Assurance feature unless you opt for the Aspiration Plus savings account.

How to open an account:

  • Go to the savings page on the Aspiration website to learn more about the Aspiration and Aspiration Plus savings accounts.
  • Click on the ‘Get Started’ button to sign up to the website.
  • Next, you can sign in to the Aspiration website and apply for your Aspiration savings account.
  • Be sure to prepare a $10 deposit and your personal documents before you sign up for this service.
  • Follow the process until you complete it.

Official URL: Aspiration

Bonus: $150

Aspiration Spend & Save

Compare Savings Accounts Now

Banks with the Best Savings Accounts

Here are My Millennial Guide’s selections for the best savings account rates from top online banks.

Rates are current as the writing of this post:

CIT Bank 0.55% APY (tiered) – By rewarding those who actively add to their savings, the CIT Bank Savings Builder Account helps people build their savings account balance while developing good saving habits. You’ll need $100 to open this account, but there are no account maintenance fees and you do almost all of your transactions through their app.

Discover Bank 0.70% APY – If you’re not sure about online banking, using a reputable, established company like Discover Bank should offer some peace of mind. Zero-fee savings, checking and money market products, along with industry-leading interest rates make Discover Bank a great option for online banking.

Synchrony Bank 0.85% APY – Similar to other banks on this list, Synchrony Bank offers an annual percentage yield that is significantly higher than the national average. If you are looking for a high-yield account to grow your savings, but also want ATM access to your funds, Synchrony is a good choice.

Ally Bank 0.75% APY – Ally offers high rates, low fees, an easy-to-use app, and great customer service. There are no physical branches for Ally Bank, but they offer a $10 monthly credit to apply towards ATM fees, making it easy to use an ATM if you need one.

Barclays Bank – 0.90% APY – Barclays has no physical branches in the United States but makes up for it with a very competitive annual percentage yield. There are no monthly fees and no minimum balance you must maintain.

Other banks with high interest rates:

More: Best 5% Interest Savings Accounts in 2022

How to Open an Online Savings Account

You’ll need some basic information to open an online savings account. If you’ll have a co-owner on the account, you’ll need their information too. Typically, you’ll need to provide your name, current address, other recent addresses if you’ve moved recently, and your Social Security number.

When you are ready to open an online savings account, make sure you make sure the online savings account has the features most people utilize.

The Benefits of The Best Online Savings Accounts

Opening a savings account excites most millennials about as much as collecting the $100 for ‘Passing Go’ in a game of Monopoly. You sink some cash into a high-interest savings account that you will not touch until the proverbial rainy day. If you live in Phoenix, your savings account remains untouched for most of the year (haha). On the other hand, rainy days abound for the Seattle savings account holders.

A savings account sounds like a bland way to stash away money, but you can spice up your finances by considering the six features that define the best high-interest savings accounts.

1. Take an Interest in Interest Rates

The national average interest rate for savings accounts is 0.07 percent, according to Bankrate’s June 1 weekly survey of institutions.

Money market accounts or even cash management accounts pay higher interest rates, but you have to carry a much higher minimum balance and pay more in transaction and account maintenance fees.

Shopping for the best basic savings account rates involves researching what banks pay interest for customers who open online accounts.

Many banks, such as CIT Bank offer online savings accounts that pay nearly .90% APY (some of the highest rates in the nation).

You will never get rich by opening a savings account, but you still want your hard-earned cash to work for you in the form of the best interest rate.

CIT Bank Savings Connect

CIT Bank Savings Connect


  • Higher than average APY. CIT Bank Savings Connect has an annual percentage yield of up to 0.90%, which is higher than the national average interest rate on savings accounts.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • Bill pay. Pay your bills to practically anyone in the United States through CIT Bank.

Learn More

2. Automatic Deposit

When you accept a new job, one part of the new employee orientation involves a form that dictates how you want your paycheck deposited.

We all want a large chunk of our pay to go directly into a checking account. Yet, the best savings accounts like Aspiration offer a feature that allows for an automatic deposit.

“Most people don’t have the time or discipline to make regular contributions to savings on their own,” said Steve Brobeck, executive director of the Consumer Federation of America.

Choose a bank that transfers a set percentage of your pay each week to your bank account. Even better, some banks make automatic transfers from checking to savings accounts one time per month.

Bonus: $150

Aspiration Spend & Save

3. Low Monthly Fees

Savings accounts should not cost banks much money to maintain. After all, the transaction activity for a typical savings account amounts to nothing more than regularly scheduled automatic deposits.

However, banks like to collect fees on anything, from withdrawing too much from a checking account to sneezing while you wait in line to make a money market transaction.

Savings account fees vary, depending on the type of account and the average monthly balance of the account.

Consider a bank that charges less than $2 per month in savings account fees and avoids banks that charge a minimum monthly balance fee.

4. Access to Cash

Liquidity, that often thrown around financial term, has relevance for savings account holders. You want to have instant access to your savings account cash via online transfers and withdrawals from ATMs.

You might need a substantial amount of money for an emergency that your checking account does not cover. A federal banking law allows only six savings account withdrawals per month.

Some banks permit less than six savings account withdrawals a month and on top of that, the banks add transaction fees to give you access to your money.

5. Deposit Insurance

Savings account deposit insurance is a no-brainer, yet many millennials forget to check a bank’s policy on protecting hard-earned cash. Federal deposit insurance protects savings account balances up to $250,000.

Some of the highest interest paying banks have acquired Federal Deposit Insurance Corporation (FDIC) protection for savings account holders. This means you do not sacrifice savings account interest yields for gaining peace of mind.

6. Open an Online Account

It is not just the convenience of opening an online savings account. A growing number of banks offer free online banking tools that help millennials learn how to save money.

Here are some of the best online savings accounts that you can compare:

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Best Online Savings Account Summary

I hope these tips shed some light on the basic money management and features of the best savings accounts.

Even though it seems like a lot of information to digest in one go, remember to start slowly, one step at a time. Before you know it, you’ll be managing your personal finances like a boss.

Come check back soon as we will regularly update this list. If you are looking for the best savings apps, you can find that here.

What advice would you give to a beginner who wants to start budgeting and improving their money management skills?

What’s Next?

If you find it difficult to save money, using money-saving apps to help you automatically save can get you on the right track.

By saving money regularly you get in the right habit and start building wealth. You can see our favorites below:

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