In today’s low-interest-rate environment, finding ways to grow your savings without taking on high risks can feel like a challenge. Fortunately, online savings accounts offer an excellent solution for those looking to earn a competitive return on their money without the hassle of stock market volatility or the commitment of long-term investments.
Online savings accounts are a convenient and safe way to save money while benefiting from higher interest rates compared to traditional brick-and-mortar banks. In this article, we’ll explore the best online savings accounts with high-interest rates in 2025, giving you the information you need to make an informed decision about where to park your hard-earned cash.
What Is an Online Savings Account?
An online savings account is a type of savings account offered by online-only banks or financial institutions. Unlike traditional savings accounts at physical banks, these accounts operate entirely online, meaning there are no brick-and-mortar branches to visit. As a result, online banks are able to pass on the savings from reduced overhead costs to customers in the form of higher interest rates.
Why Choose an Online Savings Account?
- Higher Interest Rates: One of the primary reasons to choose an online savings account is the higher interest rates compared to traditional banks. Online banks don’t have the same operating costs, which allows them to offer more attractive returns.
- Convenience: With 24/7 online access, you can check your balance, make deposits, and transfer money at any time.
- Low or No Fees: Many online savings accounts come with minimal or no monthly maintenance fees, which is a significant advantage over traditional banks that may charge fees for maintaining an account.
- Safety and Security: Like traditional savings accounts, online savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC), so your funds are protected up to $250,000 per depositor, per bank.
Top Online Savings Accounts with High-Interest Rates in 2025
The interest rates for online savings accounts can vary significantly from one bank to another. Below are some of the best online savings accounts in 2025 that offer high-interest rates, no or low fees, and easy access to your funds.
**1. Ally Bank Online Savings Account
APY: 4.00%
Minimum Deposit: $0
Fees: No monthly fees
FDIC Insured: Yes
Overview: Ally Bank has long been a leader in the online banking space, and its Online Savings Account continues to offer one of the most competitive interest rates available. Ally offers a 4.00% APY with no minimum balance requirements or monthly maintenance fees. You can access your account easily via their website or mobile app, making it highly convenient for managing your savings.
Pros:
- No fees or minimum balance requirements
- 24/7 access to your account
- Excellent customer service
Cons:
- No ATM access for withdrawals (though you can transfer funds to an external account)
Why it’s great: Ally’s high interest rate, combined with easy access to your funds and a user-friendly platform, makes it a top choice for savers looking to maximize their returns without paying fees.
2. Marcus by Goldman Sachs Online Savings Account
APY: 3.90%
Minimum Deposit: $0
Fees: No fees
FDIC Insured: Yes
Overview: Marcus by Goldman Sachs has gained significant attention for its competitive rates and customer-friendly policies. With an APY of 3.90%, Marcus offers one of the best savings rates available. The account comes with no minimum deposit or balance requirements, and you won’t incur monthly maintenance fees.
Marcus also offers a user-friendly online experience and provides fast transfers to and from external accounts.
Pros:
- High interest rate
- No fees or minimum deposit
- Simple online platform
Cons:
- No ATM access (withdrawals can be made via ACH transfers)
- Limited customer support options compared to some competitors
Why it’s great: Marcus is ideal for those looking for a straightforward savings account with a high interest rate and no hidden fees.
3. Discover Online Savings Account
APY: 4.00%
Minimum Deposit: $0
Fees: No monthly fees
FDIC Insured: Yes
Overview: Discover is well-known for its credit cards and cashback offerings, but its Online Savings Account also stands out in 2025 due to its 4.00% APY. There are no minimum deposit requirements or monthly fees, and you can manage your account easily online or through their mobile app. Discover also offers a variety of additional banking services, which can be convenient if you want to keep all your accounts in one place.
Pros:
- High interest rate with no fees
- No minimum deposit
- Extensive customer support and banking services
Cons:
- No ATM access
- Limited options for in-person banking (though Discover offers ATMs for withdrawals)
Why it’s great: Discover offers a combination of a high interest rate, solid customer service, and ease of use, making it a great choice for savers looking to earn more on their deposits.
4. Synchrony Bank High Yield Savings Account
APY: 4.25%
Minimum Deposit: $0
Fees: No monthly fees
FDIC Insured: Yes
Overview: Synchrony Bank offers one of the highest interest rates on the market for its High Yield Savings Account—currently 4.25% APY. There are no monthly fees or minimum deposit requirements, making this an attractive option for savers at any level. One of the unique features of Synchrony’s savings account is the ATM access, which allows you to withdraw cash from any of their ATMs or use their network of ATMs.
Pros:
- High APY
- No monthly fees or minimum balance requirements
- ATM access for easy withdrawals
Cons:
- Limited physical branch locations
- Interest may not compound daily (check specific terms)
Why it’s great: Synchrony offers a high APY with the added benefit of ATM access, which is uncommon in most online savings accounts.
5. CIT Bank Savings Connect Account
APY: 4.60%
Minimum Deposit: $100
Fees: No monthly fees
FDIC Insured: Yes
Overview: CIT Bank offers one of the highest APYs in the industry with their Savings Connect Account, which currently offers an APY of 4.60%. This account requires a minimum deposit of $100, but there are no maintenance fees or hidden charges. Additionally, CIT offers an easy-to-use online interface for managing your savings and making transfers.
Pros:
- High interest rate with no fees
- Easy online access
- Reliable customer service
Cons:
- Minimum deposit of $100
- No ATM access (though transfers are easy to external accounts)
Why it’s great: CIT Bank’s high yield with low fees and straightforward online banking options makes it a standout choice for savers who don’t mind meeting the minimum deposit requirement.
6. Varo High-Yield Savings Account
APY: 5.00%
Minimum Deposit: $0
Fees: No monthly fees
FDIC Insured: Yes
Overview: Varo is a newer player in the online banking world, but it has quickly made a name for itself with its 5.00% APY on its High-Yield Savings Account. To qualify for the highest interest rate, you’ll need to meet a few basic requirements, such as receiving at least one direct deposit per month and making certain minimum transactions. However, the high APY and no monthly fees make it an attractive option for savvy savers.
Pros:
- Extremely high APY
- No monthly fees or balance requirements
- No physical branches (but strong mobile app)
Cons:
- Requires direct deposits or other conditions to earn the highest APY
- Limited physical customer support
Why it’s great: Varo offers one of the highest interest rates in the industry, making it a solid choice for those who can meet the conditions for the top-tier APY.
Conclusion: Choosing the Best Online Savings Account for You
When deciding on the best online savings account for your needs, it’s important to consider factors like the APY, fees, minimum deposit requirements, and any special features (such as ATM access or customer support). All the options listed above provide competitive rates and high levels of convenience, but your final choice will depend on your unique savings goals.
If you’re looking for the highest APY, CIT Bank and Varo offer the best returns, while Ally and Discover provide excellent all-around accounts with strong customer service and ease of use. Synchrony is a great choice if you need ATM access, and Marcus by Goldman Sachs is perfect for those seeking a straightforward and reliable account.
Regardless of which account you choose, starting to save with an online savings account can be a simple and effective way to grow your wealth over time—especially with the power of high-interest compounding working in your favor.