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Monthly fees and excess transaction fees can eat into your earnings. In addition to APY, here are some other features to pay attention to when shopping around: One account may suit your financial goals and banking habits better than another, even if it offers a slightly lower APY. Still, there are other important criteria to keep on your comparison checklist. It’s crucial to find an account that helps you get the most for your money. Instead of making deposits in person, customers can transfer money into their accounts from linked bank accounts, or they can use mobile banking apps to deposit checks.ĪPY may be what catches your eye when shopping for a savings account, and rightfully so. Online saving accounts work just like traditional savings accounts, except online banks generally don’t have physical locations. Fortunately, digital technology makes it easy to transfer money and automate your finances. Keep in mind that the bank or credit union offering an online savings account may have only a few products, which means your checking account may be separate from your savings account. But some banks offer both online and brick-and-mortar savings options. Without the expense of physical branches, online banks can pass those savings on to their customers in the form of higher yields and lower fees. You’ll find that the best online savings accounts are frequently offered by online banks and credit unions, which don’t typically have the costs associated with operating traditional brick-and-mortar banks. These accounts stand out from regular savings accounts in that they tend to pay significantly more than the average savings account rate, which was 0.13% APY as of August 15, 2022, according to the FDIC. Online savings accounts are opened and maintained primarily online. Vio Bank High Yield Online Savings Account Marcus by Goldman Sachs High-Yield Online Savings Account