Benefits of top savings accounts include higher than average interest rates, as well as no minimum balance requirements or minimum deposits for savers, according to Forbes. Additionally, top savings accounts often do not charge monthly fees to account holders.
Savings accounts at large traditional banks are subject to significantly lower interest rates. Online savings options are more competitive and offer savers the opportunity to earn, in some cases, several times the rate of return on saved funds, as depicted by the analysis of the online savings market on the Forbes website.
Additionally, top online savings options offer the same FDIC insurance to account holders that traditional banks offer.