The days of going to your local bank are over. You no longer have to walk into a physical building to deal with a bank teller. You can do all of your banking transactions on your computer, or even your phone. The ability to use a completely online savings account not only is convenient but can net you some pretty awesome interest, but which one is the best?
Chase Bank’s online savings account work well for a lot of people. They have plenty of advantages, with low monthly fees and plenty of other financial products. If you want to have all of your finances in one place, Chase is an excellent choice. Because they are a large bank, they don’t offer incredible rates in their savings account, but they are just as competitive as other large national banks.
You’ll only be charged a $5 monthly service fee for your savings account, but if you have a $300 balance, or use an automatic transfer of at least $25, you can have those fees waived. With Chase, you have the ability to use over 15,000 different ATMs across the country without having to pay any fees. They are also frequently offering a signup bonus for new accounts.
Capital One 360
Capital One 360 is a popular choice for people looking to open up an online savings account. With their “360 Savings” account, you’ll enjoy several unique benefits. The first is that there are no fees or required minimum balances. While most savings accounts only have a small monthly fee, no fee is better than a little one.
Another pro of going with Capital One is their interest on their savings account, which is 0.75% APY, which is one the higher end than other similar accounts. If you every have any questions or concerns regarding your account, you can contact a life Capital One representative 24/7.
Are you looking for a savings account to give you one of the highest interest rates? Ally is the bank for you! They currently offer 1.00% APY which is compounded daily, so your interests earns interest!
Much like the other accounts on our list, Ally gives you the ability to deposit checks remotely using your phone. You can also check the status of your accounts and make a transfer using your phone or computer. Ally has excellent cyber security, which means that you won’t have to worry about your money.
Discover Bank is one of the newer online savings accounts on our list. While they are better known for their credit cards, you should also consider them for your online banking accounts. Much like Chase, Discover Bank offers plenty of excellent financial products to accompany your online savings account.
Discover has some of the best interest rates and have even more competitive CD account rates, but you should be aware that the minimum deposit required to open up an account is $500. After you open the account, there is no minimum or penalty for going under $500, but you have to deposit that much to open the account.
In contrast to Discover’s large minimum deposit is BBVA Compass’s low minimum deposit of only $25, but this isn’t their only nice thing about BBVA Compass. While you may not have heard of BBVA Compass, you should consider them when opening up an online banking account.
BBVA has a unique benefit if you open up a checking account and savings account. If you open up a checking account with your savings account, you can set up automatic transfers between the accounts, and BBVA will match 1.0% of the total transfer amounts. If you have a 12-month savings plan, you can match up to $50, free money!
Best Online Savings Account
If you don’t mind not having the ability to walk into a local bank and talk face-to-face with a teller, then opening up an online savings account is the best option. They give you all the benefits of a traditional savings account with the convenience of being able to do it all from your computer or smartphone. There is no “best online savings account”, each one has different pros and cons. The best one will depend on each person’s preferences and what they value most.