What online banks offer the best interest rates?


Quick Answer

As of February 2015, the online banks Synchrony Bank, Ally Bank and EverBank offer the best interest rates on savings accounts, according to the online investing site The Dough Roller. These banks offer annual percentage yields of 1.0%, 0.99% and 1.01%, respectively.

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Full Answer

In a 2014 article, Forbes magazine reported that online banks generally offer the top yields on savings accounts. Traditional brick-and-mortar banks have a network of branches to manage. As a result, these banks have lower interest rates. For example J.P. Morgan Chase offers a rate of only 0.01%. In contrast, online banks do not have the expense of maintaining facilities and pass those savings on to their customers, usually with little or no fees.

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