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What online banks offer the best high-yield savings accounts?

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Quick Answer

Online banks that offer some the best high-yield savings accounts include MySavingsDirect, Synchrony, Ally, Barclays and Discover, according to the Simple Dollar. These banks offer annual percentage yields of between 0.95 and 1.25, which are higher than the national average rate of 0.09 percent, as of 2015.

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Full Answer

MySavingsDirect, which is an online division of Emigrant bank, offers an interest rate of 1.25 percent on its high interest savings accounts, notes the Simple Dollar. The bank does not charge monthly maintenance or other hidden fees and allows clients to access their funds through externally linked checking accounts. Synchrony bank offers an annual percentage yield of 1.05 and does not require a minimum amount to open an account. However, clients have to maintain a balance of $30 to avoid incurring a monthly maintenance fee of $5.

Ally offers annual returns of 0.99 percent on its online savings account, reports the Simple Dollar. The bank does not set a minimum account balance, does not charge a monthly maintenance fee, and offers full-time customer support. The U.S. division of Barclays bank offers an online savings account with an annual percentage yield of 1.00. Discover bank, which requires a minimum of $500 to open an online savings account, yields 0.95 percent annually.

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