If you want an easy place to park your money and earn a high interest yield on your deposits into a checking or savings account, check out this list of high APY online banking account rates for the highest interest rates available on basic accounts with no monthly activity requirements.
About High APY Online Banking Rates
Check out these high APY online savings and checking accounts to earn a higher interest rate on your deposits, instead of having your money sit around in a so-called “interest-bearing” account with an extremely low 0.01% APY, like many national and local banks offer.
The Annual Percentage Yield (APY) refers to how much money you will earn on your deposited funds over a year, taking into account compounding interest, so it reflects the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period. The APY is normally higher than the Interest Rate because it assumes that all compounded interest credited to the account will remain on deposit in that account.
These high APY online banking options offer higher interest rates than your average national or local bank, and there are no monthly account maintenance charges for any of these accounts, so you don’t have to worry about paying money in order to save money.
Most of these banks allow you to open an account with very low opening deposits and no minimum balance requirements, plus you can earn their highest interest rate on any balance that you deposit, although some banks do have minimums and balance restrictions, so make sure that you understand their interest tiers before opening an account.
These accounts let you earn the full interest rate on your deposited balances with no other account activity requirements, such as debit card purchases or monthly account transactions, as this list does NOT include Rewards Checking Accounts, which can offer higher interest potential, but also require more work to earn the full rate.
If you’re looking to simply park your money and have it earn a high APY, or earn a higher APY on your balances as you move money between other accounts, these high-yield online banking accounts offer a great way to earn higher interest rates.
13 Best High APY Banking Account Rates
Review this list of the 13 best high-yield online savings accounts and checking accounts to earn better interest rates on your banking deposits.
1. All America Bank – Mega Money Market Checking Account – 1.50% APY
The Mega Money Market Personal Checking Account from All America Bank offers a 1.50% interest rate on balances of up to $35,000 with no minimum balance required after the $50 minimum opening deposit, and it has the added convenience of a debit card to access your funds. This is currently the highest APY in our list right now.
- Earns interest of 1.50% APY calculated on your daily balance of up to $35,000. Amounts over $35,000 earn .50% APY.
- Monthly Statements are received electronically.
- Free All America Bank VISA Debit Card.
- Free Account (No Monthly Maintenance Fee).
- Free Online Banking.
- Free Customer Service.
- No Minimum Balance to Maintain Account.
- Includes 6 Free withdrawals per month. $5 fee for each additional withdrawal.
- This is a variable rate account and the interest rate can change.
- The minimum opening deposit for this account is $50.
- Open Your Account Online.
2. Dollar Savings Direct – Dollar Savings Account – 1.40% APY
Dollar Savings Direct (a division of Emigrant Bank) offers a 1.40% APY on all of your balances, which is one of the higher APYs available, with no minimum balance requirements and no monthly maintenance fees.
- 1.40% APY on All Deposits.
- No Monthly Maintenance Fees. No Minimums.
- No Minimum Balance Requirements to Open or Earn High APY.
- Open your high interest savings account online quickly and easily.
- Your Dollar Savings Account will be linked to your current checking account.
- Access your account 24/7 at DollarSavingsDirect.com.
3. CIT Bank – Premier High Yield Savings Account – 1.30% APY and $100 Bonus
The CIT Bank Premier High Yield Savings Account offers a high APY of 1.30% on balances of up to $100,000 with a minimum deposit of $100 to open, and there are no account opening or maintenance fees, plus you can earn a $100 bonus for opening your new account. Read our CIT Bank Review for more details.
- This is a tiered interest rate account. Earn a 1.30% APY on balances of $100,000 or less, and a 1.25% APY on balances over $100,000.
- Minimum deposit of $100 to open.
- No account opening or maintenance fees.
- Daily compounding interest to maximize your earning potential.
- Free online banking.
- FDIC insured.
4. BankPurely – SavingsPurely Account – 1.30% APY
BankPurely (the online bank of Flushing Bank) is a newer bank that offers one of the highest APYs around right now at 1.30%, and it has no monthly fees or maintenance charges as well as no minimum balance requirement.
- 1.30% APY on All Deposits.
- There is a $1 minimum to open the account.
- $0 monthly fees and maintenance charges.
- Zero minimum balance requirement.
- Competitive interest rate.
- Complimentary ATM card.
- Surcharge-free use of 55,000+ ATMs worldwide.
- iGOBanking Online and Mobile App access.
- Mobile Check Deposit.
- FDIC insurance for peace of mind.
- Minimal carbon footprint (all digital, no branches).
- PayItGreen certified.
- Philanthropic supporting various charities focused on human and eco-related causes).
- One tree will be planted for every SavingPurely account opened.
5. EverBank – Yield Pledge Checking Account – 1.21% APY
The EverBank Yield Pledge Checking Account provides a 1-Year Intro APY of 1.21% on Balances up to $250,000 with a $5,000 minimum balance requirement to open your account and no monthly account fee. This is a great option if you have a very large balance to deposit, but the interest rate is reduced after your 1-year introductory period.
- 1.21% 1-Year Intro APY on Balances up to $250,000.
- Top 5% yields always.
- Mobile check deposits.
- No monthly account fee plus free bill pay.
- Unlimited ATM fee reimbursements with minimum balance.
- Secure and simple mobile payments.
- $5,000 to open.
6. Goldman Sachs Bank – Online Savings Account – 1.20% APY
Goldman Sachs Bank’s Online Savings Account lets you earn a high APY of 1.20% on all balances of $1 or more with no minimum deposit to open an account and no monthly maintenance fees.
- 1.20% APY on All Deposits.
- No minimum deposit to open.
- Maximum customer deposit limits apply.
- No transaction fees.
- Multiple ways to access your money.
- Interest compounded daily, paid monthly.
- Rate is variable and may change after the Account is opened.
- Six withdrawal limit per statement cycle.
- FDIC insurance up to the maximum allowed by law.
7. Synchrony Bank – High Yield Savings Account – 1.20% APY
The High Yield Savings Account from Synchrony Bank provides a high APY of 1.20% on all deposits of $1 or more with no minimum deposit to open and no monthly charges.
- 1.20% APY on All Deposits.
- High interest savings rates that go well beyond the national average.
- Peace of mind through FDIC Insurance.
- No minimum balance or monthly service fee.
- Easy withdrawals online, by phone or ATM card.
- 24/7 online savings account management.
8. Barclays Bank – Online Savings Account – 1.20% APY
Barclays Online Savings Account provides a high APY of 1.20% on all of your balances with no monthly maintenance fees and no minimum balances to open.
- 1.20% APY on All Deposits.
- An award-winning account with rates 15x the national average.
- Secure, 24/7 online access to your funds.
- Online transfers to and from other banks.
- Direct deposit to make saving simple and easy.
- No monthly maintenance fees.
- No minimum balance or deposit required to open.
- Tools to help you save.
9. Discover Bank – Online Savings Account – 1.15% APY
The Discover Bank Online Savings Account is currently providing a high APY of 1.15% on all of your deposited balances with no monthly balance requirements and no monthly fees for maintenance. You may also qualify for a $150/$200 Discover Bank Online Savings Account Bonus when you open your new account.
- 1.15% APY on All Deposits.
- $0 minimum opening deposit.
- $0 monthly fees.
- $0 minimum balance required to waive monthly fee.
- Interest compounded daily and paid monthly.
- View your savings account balance and activity online or with their mobile app.
- Deposit checks on the go or grow your savings with automatic transfers.
- Move money in and out of your savings account easily and securely with just a few clicks or taps.
10. Ally Financial – Online Savings Account – 1.15% APY
The Ally Online Savings Account offers a high interest rate of 1.15% on all balance tiers with no monthly maintenance fees, plus you get access to great online tools to manage your savings.
- 1.15% APY on All Deposits.
- No monthly maintenance fees.
- Earn a higher rate than most savings accounts.
- Deposit checks remotely with Ally eCheck Deposit.
- Grow your money faster with interest compounded daily.
- Six transactions limit per statement cycle.
- Your deposits are insured by the FDIC up to the maximum allowed by law. Maximize your coverage.
- Protect your legacy. Open this account for a Trust.
11. American Express Personal Savings – High Yield Savings Account – 1.15% APY
Link to American Express Personal Savings
The American Express Personal Savings High Yield Savings Account offers a competitive interest rate of 1.15% on all of your balances with no monthly fees or account minimums.
- 1.15% APY on All Deposits.
- Receive a competitive rate with no monthly fees or minimums.
- Your Personal Savings account earns interest daily and is posted to your account monthly.
- Easily move money between your current bank accounts and your Personal Savings account.
- Funds transfers are readily available 24/7. Initiate online or by phone.
- Securely link up to 3 of your current bank accounts.
- Your account is insured to at least $250,000 per depositor.
12. Alliant Credit Union – High Rate Savings Account – 1.11% APY
The High-Rate Savings Account from Alliant Credit Union offers a high yield of 1.11% on all of your balances with no maximum balance limit and no monthly fee if you elect eStatements. Just a $5 initial deposit is required (and Alliant will pay it for you), and anyone can join Alliant Credit Union with a $10 donation to the Foster Care to Success, which serves thousands of foster teens across the U.S.A.
- 1.11% APY on All Deposits.
- Access anywhere with Alliant Mobile and Online Banking.
- Earn more on your money with no maximum balance limit.
- No monthly fee if you elect eStatements.
- Just $5 initial deposit required (and they’ll pay it for you).
- Make deposits and withdrawals at thousands of ATMs nationwide.
13. FNBO Direct – Online Savings Account – 1.10% APY
Earn a great interest rate of 1.10% with the FNBO Direct Online Savings Account, and there are no monthly fees or minimum balance requirements.
- 1.10% APY on All Deposits.
- You can open an account with as little as a $1.
- No monthly fees or minimum balance requirements.
- Get access to your money anytime.
- Easy transfer options to send money to and from your accounts simply.
- Access to Popmoney, a simple, convenient and secure way to send and receive money using your FNBO Direct accounts.
- Set up recurring deposits into your new Online Savings Account.
Take advantage of these online banking accounts to earn higher APYs on your deposits into checking and savings accounts.
If you have a hard time saving your money, then try out these Automated Savings Services that can help you save more money to deposit into your new high APY account.
I have three local banks in St.Louis earning 1.99%. Checking accounts with no minimum. Only drawback is 25 debits have to be done each month. Reliance Bank,Montgomery Bank, and First Community Credit Union. The rates are good up to 20,000,15,000,and 25,000 respectively.