I’m a huge proponent of online savings accounts (also called high yield or high interest savings accounts) as part of our overall financial strategy. My clients and I have used them again and again to finally start saving and keep our savings safe from ourselves. Wonderful bonus - they also earn a bit of interest!
The next question I get is which banks do you recommend. So, naturally, I went on a mission to find you the best online savings accounts.
First, here were my minimum requirements:
Free and no hidden fees
FDIC insured up to $250,000 (at least)
Interest rate above 2%
No minimum balances
Ability to open multiple accounts (for multiple goals)
Some type of customer support
And some bonus criteria:
24/7 phone support (vs. just business hours)
I personally called each of these banks to confirm what research I found online and include any anecdotes of my experience and my clients’ experiences below. If clients had negative experiences, I brought them up on the phone to learn if changes or updates have been made as these companies are often releasing updates.
I’d love to hear which accounts you are using and what your experience is like!
My picks in alpha order…
Pros: I’ve used this account for many years and so have many of my clients. Mobile check and direct deposit available.
Cons: Phone support from 8 am - 8 pm ET 7 days per week (not 24/7). They don’t provide a wait time when you call on the phone which makes it harder to plan.
Note: Make sure to use the correct app - it’s Barclays US Savings (not Barclays US).
Pros: Clients have had good experiences. 24/7 phone support. Mobile check and direct deposit available.
Cons: Slightly lower interest rate than other banks on this list.
Note: They said chat support is coming soon. If you have a Discover credit card, you can keep the login separate from savings (which I recommend!).
Pros: Clients have had good experiences. Chat support available.
Cons: No mobile check or direct deposit available. Not 24/7 but long phone support hours - Monday to Friday from 8 am - 10 pm ET and Saturday to Sunday from 9 am - 7 pm ET.
Note: The corresponding app is called Clarity Money.
Pro: If you have investments with Personal Capital, you can have investments and savings all in one place.
Con: No mobile check or direct deposit available. Phone support hours Monday through Friday, 8 am - 9 pm ET. No weekend hours.
Pro: Clients have had good experiences. Fun goal feature in the account.
Con: No mobile check or direct deposit available. Phone support from 9 am - 7 pm ET Monday through Friday, and 10 am - 5 pm ET on Saturdays. Phone support closed on holidays and Sundays.
Pro: Chat support available. Mobile check and direct deposit available.
Con: Not 24/7 support but long support hours - Monday through Friday 7 am - midnight ET and Saturday - Sunday 8 am to 5 pm ET.
Pro: Highest interest rate on this list.
Con: No mobile check or direct deposit available. Phone support is only available once you have an account. They get back to you via phone or email within 24 hours.
Note: If you have investments with Wealthfront, you cannot have investments and savings all in one place but they say it’s coming soon.