The Best High Yield Online Savings Accounts in 2019

best high yield savings accounts 2019

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To begin with, you need to understand what Online Savings Accounts are:

An Online Savings Account is an account which is offered by the bank to carry out all the finance-related business over the internet.

Some of these Online Banks do have a branch where you can visit but mostly all the others prefer keeping an online bank account to reduce the cost incurred in the Traditional Brick and Mortar Concept.

Read more: 6 Shocking Truths Why You Should Have a Savings Account

It’s time to realize the power of Savings account and what all good returns you get from them just by saving your money.

What is High Yield Online Savings Account:

High-yield savings accounts are basically Deposit Accounts in banks that pay you higher Interest Rates or High Annual Percentage Yield (commonly known as APY).

OFFER APY KNOWN FOR... Next STEPS
4.0 stars
APY:

2.45%

Known For:

High APY

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3.5 stars
Citizen Access Member, FDIC
APY:

2.35%

Known For:

High APY

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4.0 stars
APY:

2.55%

Known For:

High APY and Low fees

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4.0 stars
APY:

2.25%

Known For:

Low fees

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3.5 stars
HSBC Direct Savings Member, FDIC
APY:

2.22%

Known For:

High APY

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4.0 stars
APY:

2.20%

Known For:

High APY and Low fees

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4.5 stars
Ally Online Savings Member, FDIC
APY:

2.20%

Known For:

High APY

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4.0 stars
APY:

2.10%

Known For:

High APY and no fees

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4.5 stars
Discover Bank Member, FDIC
APY:

2.10%

Known For:

High APY and Bonus

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4.5 stars
Alliant Online Savings Member, FDIC
APY:

2.10%

Known For:

Low fees

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Here are more details for Best High Yield Online Savings Account:

1. CIT Bank Savings Builder

APY: 2.45%

Known For: High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail.

To Note: CIT Savings Builder offers you 2.45% APY if you deposit $25000.

But, if you can’t deposit this amount in one go then, deposit at least $100 each month in CIT Bank’s Savings Builder account to get a 2.45% APY.

And if you can’t deposit $100 per month then you can open a CIT Bank Premier High Yield Savings account and still earn 1.55% APY.

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2. Citizen Access

APY: 2.35%

Known For: High APY

Monthly Fees: None but you need $5000 to start an account.

Minimum Balance Fees: None, but you need to maintain a minimum of $5000 to keep the APY rate high.

Funding and Withdrawal: This process is the same as other Online accounts where you can fund and withdraw money from accounts by electronic transfer with another bank account, wire or mail.

To Note: If the balance in the account drops below $5000 then your APY reduces by 0.25%, in order to maintain your APY you need to maintain the amount in your account.

You can deposit checks using the bank’s website and also through your mobile browser, but there is no bank mobile app to download.

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3. Marcus by Goldman Sachs

APY: 2.55%

Known For: High APY and Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit funds via electronic transfer from an external account (fees may apply from the sending account), wire, or by mailing a check.

You can move funds for free via electronic transfer or request an outgoing wire transfer, all you need to make sure is that the number of such transactions is limited.

To Note: All account balances earn the same rate i.e. 2.25% APY and are not tiered like other Online Saving Banks.

All you need to do is keep on depositing some amount in your savings account and get a constant return.

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4. Synchrony High Yield Savings

APY: 2.25%

Known For: Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund money via ETF (Electronic Fund Transfer) from a connected external bank account, direct deposit, ATM deposit, wire transfer and also via physical check through the mail.

Withdrawal is possible via physical check (Which might be the slowest option) also, you can transfer money to a connected external bank account, or via ATM.

To Note: Regardless of the available amount in your account you get constant APY of 2.25%.

If you maintain an amount of $5000 in your account then you can easily get $110 in a year (Which is good, like really good)

You get a debit card that allows you to withdraw money with no ATM fee at machines with Plus, NYCE, or STAR logos.

Also, Synchrony will reimburse you for up to $5 of out-of-network ATM fees each month.

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5. HSBC Direct Savings

APY: 2.22%

Known For: Online Assistance and App with High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit checks with your mobile device using the HSBC Mobile Banking App.

To Note: You can open this account with just $1 and get a constant APY of 2.22%.

With HSBC online management tools, you can set custom savings goals, track income and create email alerts.

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6. Barclays Online Savings

APY: 2.20%

Known For: High APY and Low Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can fund your accounts via free electronic transfer from an external account, mobile check deposit, payroll or Social Security direct deposit, and mailing a physical check.

You can withdraw funds via electronic transfers to an external account or by mailing a physical check.

To Note: If you expect to make a lot of withdrawals then consider alternative savings account with no withdrawal fees because after a limit charges may apply.

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7. Ally Online Savings

APY: 2.20%

Known For: High APY

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: Ally offers you access to over 43,000 free ATMs via checking or money market accounts, but after your 6th withdrawal you will be charged $10 per transaction.

Funding can be done via free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check.

Ally even offers free postage-paid deposit envelopes to help further reduce costs for account holders.

To Note: When we talk about overall digital experience then ally is the best option for you.

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8. American Express National Bank

APY: 2.10%

Known For: High APY and No Fees

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: This feature might prove to be a bit rigid as no ATM or check facility is available but then again, all the online services are satisfying.

To Note: American Express National Bank do not offer any services for ATM or check.

They offer a savings account with an impressive annual percentage yield of 2.10% and you do not need to maintain a minimum amount to get this APY.

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9. Discover Bank

APY: 2.10%

Known For: High APY and Bonus

Monthly Fees: None

Minimum Balance Fees: None

Funding and Withdrawal: You can deposit funds via mobile check deposit, the online transfer from Discover Bank account or external accounts, direct deposit, or by mailing in a physical check.

For withdrawal, you can set up free electronic transfers between Discover and a brick-and-mortar bank, but outgoing wires are an option as well.

To Note: You can earn a bonus of $150 when you deposit at least $15,000 or earn a $200 bonus when you deposit at least $25,000.

All balances qualify for the same interest rate i.e. 2.10% APY.

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10. Alliant Online Savings

APY: 2.10%

Known For: Low Fees

Monthly Fees: None

Minimum Balance Fees: Average daily balance should exceed $100 to get APY.

Funding and Withdrawal: You can deposit and also withdraw funds via free electronic transfer from an external account, deposit at an Alliant deposit-taking ATM or branch, mobile deposit, incoming wire, direct deposit and by a mailed-in physical check.

To Note: You can apply for membership by showing your support for the charity Foster Care to Success. (Alliant will make a $5 donation on your behalf.)

You can open an Alliant savings account that pays a 2.10% APY on balances of $100 or more.

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To Conclude:

Stacking away your cash in cereal boxes or under your mattress is definitely not a smart move, instead Make Some MONEY from your own cash.

Make sure that you choose at least one account from the above mentioned Best High Yield Online Savings Account and do drop a comment if you find this read helpful.

Start saving today with little and see your own Money grow without any efforts.

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