DollarGeek Presents:
Best Savings Accounts of June 2023
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When choosing the best savings account you need to look for various perks. Aside from a high interest rate, you want no monthly charge fees, great customer support and technology that makes banking easy.
DollarGeek has researched and analyzed the best high yield online savings account offers so you can start growing your money with confidence. Online savings accounts generally provide you with great accessibility and more interest versus brick-and-mortar banks and credit unions.
You’re unique and your saving account should be no different. Look beyond the typical traditional bank and start earning more interest on your money.
Browse the best saving accounts

Min. Balance
$100
to startMonthly Fee
$0
APY
4.01%
About Bank
Vio Bank is the 82nd largest bank in the nation. It was established in 1911 and as of September of 2019, it had grown to 2,632 employees.
Details
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Domestic Wire Transfer Fee - Outbound:$18
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Min to Open:$100
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Online Banking Required:Yes
-
Online Statements Available:Yes
-
Paper Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Details
-
Domestic Wire Transfer Fee - Outbound:$18
-
Min to Open:$100
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Online Banking Required:Yes
-
Online Statements Available:Yes
-
Paper Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Min. Balance
$0
to startMonthly Fee
$0
APY
3.75%
About Bank
Synchrony Bank (formerly GE Capital Retail Bank) is the personal depository banking component of Synchrony Financial. Synchrony Bank, which also utilizes the Optimizer+plus brand and MyOptimizerPlus.com website for marketing its deposit accounts, has grown to become one of the most prominent online banks in the market. Synchrony is a member of the FDIC, and its accounts are FDIC insured (up to applicable limits).
Details
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ATM Fees Refunded - Amount:$5
-
ATM Fees Refunded - Number:Unlimited
-
ATM Fees Refunded - Transaction Amount:Unlimited
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Domestic Wire Transfer Fee - Outbound:$25
-
Min to Open:$0
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Permitted Monthly Withdrawals:6
Details
-
ATM Fees Refunded - Amount:$5
-
ATM Fees Refunded - Number:Unlimited
-
ATM Fees Refunded - Transaction Amount:Unlimited
-
Domestic Wire Transfer Fee - Outbound:$25
-
Min to Open:$0
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Permitted Monthly Withdrawals:6
Min. Balance
$25K
to startMonthly Fee
$0
APY
1%
About Bank
CIT Bank is a well-capitalized Internet bank offering personal banking products to consumers. The bank’s acronym is an abbreviation for Commercial Investment Trust, which was a name the company used early on. CIT Bank’s holding company, CIT Group, is a leader in middle market lending across a variety of industries. Since 2008, the company has shifted to a more bank-centric business focus and offers very competitive interest rates on its deposits.
Details
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Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$10
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Min to Open:$25,000
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Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Online Statements Available:Yes
Details
-
Domestic Wire Transfer Fee - Inbound:$0
-
Domestic Wire Transfer Fee - Outbound:$10
-
Min to Open:$25,000
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Online Statements Available:Yes
Min. Balance
$0
to startMonthly Fee
$0
APY
0.61%
About Bank
Axos Bank is the 137th largest bank in the nation. It was established in 2000 and as of September of 2019, it had grown to 1,021 employees.
Details
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Allows Beneficiaries:Yes
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Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$35
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Min to Open:$250
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
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Online Billpay Available:Yes
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Online Statements Available:Yes
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Paper Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Details
-
Allows Beneficiaries:Yes
-
Domestic Wire Transfer Fee - Inbound:$0
-
Domestic Wire Transfer Fee - Outbound:$35
-
Min to Open:$250
-
Monthly Service Charge:$0
-
Online Banking Available:Yes
-
Online Billpay Available:Yes
-
Online Statements Available:Yes
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Paper Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Min. Balance
$0
to startMonthly Fee
$0
APY
3.30%
About Bank
In December 2017, Goldman Sachs Bank USA re-branded to Marcus by Goldman Sachs - Goldman Sachs Bank USA. Marcus is the name the company had been using exclusively for their online lending business. The deposit offerings renamed the same, but Goldman rolled out a new and improved mobile experience with the new brand.
Details
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Allows Beneficiaries:Yes
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Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$0
-
Min to Open:$0
-
Online Banking Available:Yes
-
Online Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Details
-
Allows Beneficiaries:Yes
-
Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$0
-
Min to Open:$0
-
Online Banking Available:Yes
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Online Statements Available:Yes
-
Permitted Monthly Withdrawals:6
Min. Balance
$1K
to startMonthly Fee
$3
APY
0.30%
About Bank
Nationwide by Axos Bank is the 137th largest bank in the nation. It was established in 2000 and as of September of 2019, it had grown to 1,021 employees.
Details
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ATM Fees Refunded - Amount:$30
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ATM Fees Refunded - Number:Unlimited
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ATM Fees Refunded - Transaction Amount:Unlimited
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Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$35
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Min Balance to Avoid Service Charge - Min:$300
-
Min to Open:$25
-
Monthly Service Charge:$3
-
Monthly Service Charge is Avoidable:Yes
-
Online Banking Available:Yes
-
Online Billpay Available:Yes
-
Online Statements Available:Yes
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Permitted Monthly Withdrawals:6
Details
-
ATM Fees Refunded - Amount:$30
-
ATM Fees Refunded - Number:Unlimited
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ATM Fees Refunded - Transaction Amount:Unlimited
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Domestic Wire Transfer Fee - Inbound:$0
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Domestic Wire Transfer Fee - Outbound:$35
-
Min Balance to Avoid Service Charge - Min:$300
-
Min to Open:$25
-
Monthly Service Charge:$3
-
Monthly Service Charge is Avoidable:Yes
-
Online Banking Available:Yes
-
Online Billpay Available:Yes
-
Online Statements Available:Yes
-
Permitted Monthly Withdrawals:6
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Recap: Best Savings Accounts of June 2023
DollarGeek is here with you every step of the way when you’re selecting the best savings accounts. Find the best place to start earning the most interest on your money.
Minimum Deposit
Mobile App
APY
Overview: June 2023's Best Online Savings Accounts
Best for those who want a high APY
OVERVIEW
Axos Bank is an online bank that differentiates its financial accounts with higher-than-average interest rates. You can open a high-yield savings account with a minimum deposit of $250 and earn an APY of 0.81%.
Since Axos is an online bank, it offers zero maintenance fee accounts, free ATM card, no monthly balance requirements, and a plethora of digital tools to manage your finances.
Axos Bank savings account comes with additional features, such as account alerts, app-based debit card management, biometric identification, and a virtual assistant to answer any of your concerns.
WHY WE LIKE IT
- No account maintenance fees
- No minimum balance requirements
- Higher than average APY
- ATM fee reimbursement for domestic usage
Best for those who have high balances
OVERVIEW
CIT Bank Savings account aims at providing high-interest rates to account holders through daily compounding interest and no account maintenance or opening charges. CIT Bank is an online bank, which means you can transact right from your home, deposit checks remotely, and earn higher interest rates right from day one.
Savings Builder Account from CIT Bank offers tiered APY of 0.55%. Here is how the APY works for different tiers:
Tier
Balance
APY
Upper-tier
≥ $25,000
0.55%
Upper-tier
< $25,000 but monthly deposit of $100 or more
0.55%
Base tier
< $25,000
0.31%
WHY WE LIKE IT
- No account maintenance fees or minimum balance requirements for the base tier
- Depositing $100 per month gives access to higher interest rates
- Mobile banking and mobile check deposit
Best for high APY and no monthly charges
OVERVIEW
Vio Bank is the digital arm of MidFirst Bank, providing it a strong foundation for offering banking services. The online bank provides some of the highest APYs on its high yield savings accounts, as revealed in our research.
You can open a Vio Bank high yield savings account with a minimum deposit of $100, no monthly charges ($10 if you opt for paper statements and $10 for excessive withdrawals), 0.57% APY on all balances, and FDIC insurance of up to $250,000.
Unlike most online banks, Vio Bank doesn’t come with a branch or ATM network, making it suitable for parking excess cash.
WHY WE LIKE IT
- Competitive interest rate
- No minimum balance requirements for earning top APY
- Low account opening requirements ($100)
- No monthly maintenance charges
Best for competitive APY and user experience
OVERVIEW
Marcus by Goldman Sachs is the online arm of the international bank, Goldman Sachs. The online bank offers some of the best APYs on its savings account, 0.85% as of now. You can open an account with $1 and start earning interest.
Marcus by Goldman Sachs doesn’t charge any maintenance fees for its savings account. However, if you want to keep over a million dollars in your savings account, then this may not be the right account for you.
Marcus by Goldman Sachs has comparatively fewer money transfer or account-linking options when compared to other online banks.
WHY WE LIKE IT
- Competitive APY of 0.85%
- No maintenance or minimum account balance requirements
Best for online money management tools and high APY
OVERVIEW
The US arm of Barclays Bank is a digital-only offering, but the robust financial infrastructure of the London-based bank ensures that account holders receive high-quality services. Aside from their U.S. credit card offerings, Barclays offers an online savings account that earns an APY of 0.45%.
You can open Barclays online savings account with no minimum balance requirements or maintenance charges. The account comes with savvy personal finance tools for money management.
Barclays supports online check deposits, other bank transfers, and direct deposits. However, Barclays doesn’t have branches in the US, which makes it the right choice for individuals seeking online banking services only.
WHY WE LIKE IT
- No maintenance fees or minimum account opening balance requirements
- No balance requirements for earning the highest APY
- Money management tools
Best for online banking services and competitive APY
OVERVIEW
BrioDirect is an online bank from Sterling National Bank, offering financial accounts and other banking products to its customers. You can open a BrioDirect high yield savings account with $25 and earn an APY of 0.60%.
BrioDirect matches other online banks in terms of nil maintenance fees and online banking services. It takes only a couple of minutes to open a savings account with BrioDirect. At the same time, all accounts opened with BrioDirect are held with Sterling National Bank, an FDIC-insured institution.
BrioDirect offers additional banking products, such as high-rate CDs. You can open a CD with BrioDirect bank for $500.
WHY WE LIKE IT
- Low minimum deposit
- No tiered interest rates
- Online banking services
Best for an international bank and online tools
OVERVIEW
HSBC Direct Savings account is an online savings account that offers competitive APY, zero-maintenance fees, and mobile banking facilities. You can open a savings account with a minimum deposit of $1 and start earning 0.50% interest on your deposits.
HSBC Direct Savings account comes with money management tools, including goal creation, income, and expense tracking features. It offers 24/7 online and mobile banking services, along with live chat support.
HSBC offers support for mobile check deposits, online transfers, eStatements, and comes with FDIC insurance.
WHY WE LIKE IT
- Trust of an international bank
- No monthly maintenance charges and $1 minimum account requirements
Best for a high APY
OVERVIEW
Salem Five Direct is one of the top providers of online savings account in terms of competitive APYs. The bank offers an APY of 0.80% with its eOne savings account for any balance up to $1,000,000.
You can open an eOne savings account with a minimum deposit of $100. Salem Five Direct doesn’t charge any account management fee for its online savings account. Also, there are no minimum balance requirements and your money is protected by the FDIC.
The only condition you need to meet is that you should not hold any checking or savings accounts with Salem Five Direct, except eOne checking account, to qualify for this offer. The bank offers a robust online and mobile banking experience.
WHY WE LIKE IT
- Competitive APY when compared with peers
- Low minimum deposit requirements
- No minimum balance conditions for highest APY
Best for unlimited insurance beyond the FDIC limit
OVERVIEW
Bank5 Connect is an online bank that provides different savings account to its consumers versus a traditional savings account. The bank offers 0.75% APY with its high-interest savings account. A distinguishable feature of Bank5 Connect savings account is its 100% unlimited protection of your funds even over the FDIC limit of $250,000.
You only need $10 to open a savings account with Bank5 Connect. In order to earn interest, you will have to maintain a balance of $100 or above. There are no maintenance charges for the account, allowing you to save money on fees. Bank5 Connect offers overdraft protection for savings accounts linked with a high-interest checking account from the bank.
The only cost is that of paper statements ($1 per month) and a $10 fee per withdrawal charges, when exceeding the limit of six free withdrawals.
WHY WE LIKE IT
- Unlimited insurance beyond the FDIC limit
- Low opening deposit and no maintenance charges
- Higher savings account interest rates
Best for all around online bank and APY
OVERVIEW
Synchrony Bank provides a high-interest savings account to its customers, with a current APY of 0.65%. Unlike most savings accounts on our list, Synchrony offers an ATM and free withdrawals through its ATM network. For out-of-network usage, you receive a refund of up to $5 per billing cycle.
You don’t need a minimum balance to open a high-interest savings account with Synchrony or to earn interest. Opening an account is an entirely online experience, requiring you to provide your personal documents digitally to activate your account. The entire process takes only a couple of minutes.
In addition to its savings account, Synchrony Bank also offers money market accounts, CDs, IRAs, Trust, or custodial, non-custodial accounts.
WHY WE LIKE IT
- ATM network for easy withdrawals
- High interest rate and nil maintenance charges
Learn About Savings Accounts
A savings account is a bank account people use for depositing money. Any money in a savings account earns interest. The money you park in a savings account is insured up to $250,000 per account per bank by the FDIC or the NCUA.
The money account holders deposit in an online saving account is insured up to $250,000 per account. Make sure to check whether your bank is insured by the FDIC or the NCUA in the case of credit unions.
Several individuals are worried about keeping the right amount of money in their savings account. It varies from one individual to another. If you’re using your savings account as an emergency fund, save at least six months worth of expenses in your savings account.
Your funds are safe in an online savings account as long as the bank is covered by the FDIC. You can call your customer care and inquire about the same. It is important to understand that you will receive a maximum coverage of up to $250,000 across all the accounts held in a bank.
A high-interest savings account differentiates itself from a traditional savings account by offering high-interest rates. High-interest savings accounts achieve it by operating through an online model, thereby limiting the cost of account servicing.
Money market accounts and higher-interest savings accounts both offer higher interest rates than conventional checking accounts. However, money market accounts offer better access to money in the form of checks and even debit cards.
The interest rates you earn on your savings account is likely to change without prior notice. These changes depend on a variety of factors, including changes in interest rates by the feds, economic factors, and competitive upgrades. For individuals looking to lock a rate, a CD is a better option.
The interest rates on savings accounts or online savings accounts are likely to change in accordance with the overall economic environment. Most banks adjust their savings account rates depending on federal policy changes or similar economic circumstances.
There are limitations on how many times you can access money in your savings account. According to Reg D, you can make a maximum of six withdrawals per month from your savings account. Your additional withdrawals may incur penalties, or your bank may change your account to a savings account.
There is no limit on the number of bank accounts you can have. However, some accounts may come with maintenance charges or minimum deposits, making it difficult to maintain multiple accounts. You can use separate accounts for better financial management.
The FDIC provides insurance of up to $250,000 on your accounts, but it is applicable to all the accounts held within a single bank. If your savings cross this threshold, it is best to move money into different banks.
Having multiple bank accounts is a personal choice. You can use more than one bank account to track your spending, park your savings, or spread out the risk of a bank going bankrupt (if your account balance is over $250,000). However, you may have to pay additional maintenance charges for these accounts.
Savings accounts offer a safe place to store your excess funds. You can also earn interest on these funds. However, the rate of interest is lower on savings accounts, so you may want to invest funds you don’t need in the short term in an account with a better ROI (return on investment).
High yield savings accounts offer better interest than traditional savings accounts. Any money you put in a high-yield savings account is insured by the FDIC, providing protection to your funds.