Best Online Savings Accounts Ranked (See Who’s #1)

Hey there,

If your savings account is still paying you pennies, it’s time to make your money work harder. The good news? Online banks are competing for deposits right now, which means higher APYs, fewer fees, and better perks.

Here are five of the best options worth a look:

SoFi – High rates + cash bonus

SoFi has quickly become one of the most popular online banks, and for good reason. Their savings account pays up to 4.50% APY, and new customers can snag up to a $300 bonus when they set up direct deposit. The app is smooth, you can manage checking and savings in one place, and everything is FDIC insured. If you want a mix of strong rates and a bonus, this is a top pick.

👉 Sign up for a SoFi Checking and Savings Account

Western Alliance Bank – Top-tier rates through Raisin

Western Alliance Bank might not be a household name, but it’s consistently ranked among the top-performing banks in the U.S. Their savings accounts are available online through the Raisin platform, currently offering 4.30% APYs. Backed by FDIC insurance and supported by a strong balance sheet, it’s a great option if you’re chasing maximum yield without sacrificing safety.

👉 Sign up for a Western Alliance HYSA

Marcus by Goldman Sachs – Simple and no-nonsense

Marcus is the consumer banking arm of Goldman Sachs, and their savings account is built for people who want a solid rate with no extra fluff. You’ll get 3.65% APY, no fees, and no minimum deposit requirements. It’s a clean, straightforward way to put your cash to work without worrying about gimmicks.

👉 Sign up for a Marcus HYSA

Discover Bank – Trusted name, competitive rates

Discover isn’t just about credit cards; they also offer a savings account with a strong 3.50% APY. What sets them apart is customer support (available 24/7) and the reassurance of banking with a well-known national brand. There are no monthly fees, and you can open an account in minutes.

👉 Sign up for a Discover Bank Savings Account

Ally Bank – Great digital experience

Ally has been around since the early days of online banking, and they’ve earned their reputation as one of the best all-around choices. Their savings account pays 3.50% APY, plus you get a user-friendly app, customer service that’s available 24/7, and helpful tools like “buckets” to organize your savings goals. If ease of use and reliability matter most, Ally delivers.

👉 Sign up for an Ally Bank Savings Account

Why it matters:

Even a small rate bump makes a big difference. On $10,000 in savings, a 4.00% APY earns about $400 a year. Compare this to just $1 at a traditional bank paying 0.01%.

What to do next:

👉 Compare these accounts and move your savings where it can actually grow.
👉 If your current bank isn’t keeping up, don’t leave money on the table.

The bottom line?

High-yield savings accounts are one of the easiest ways to make your money work harder. No risk, no stress, just better returns.

Until next time,

-Sean Bryant
Founder, One Smart Dollar
Publisher of The Banking Edge

P.S. Know someone still earning 0.01% on their savings? Forward this email and encourage them to sign up for The Banking Edge newsletter.