Introduction
Sick of your traditional bank giving you 0.01% interest? It’s time to switch to online banks. They offer high-yield savings accounts with rates up to 5% APY—and you don’t even have to leave your couch.
Why Choose an Online Bank?
- Higher interest rates: They don’t have physical branches, so they pass the savings on to you.
- No monthly fees: Most accounts are free to open and maintain.
- Easy access: Mobile apps, 24/7 access, instant transfers.
Top High-Yield Savings Accounts in 2025
- SoFi High-Yield Savings
- APY: Up to 4.60%
- $0 monthly fees
- Includes checking with rewards
- Ally Bank
- APY: 4.25%
- Trusted brand, great mobile app
- No minimum balance
- Marcus by Goldman Sachs
- APY: 4.50%
- No fees, easy to link external accounts
- FDIC insured
- Discover Online Savings
- APY: 4.35%
- $0 monthly fees, 24/7 customer support
- Easy to use, solid mobile experience
- Capital One 360 Performance Savings
- APY: 4.30%
- No minimums, easy to open
- Great for beginners
How to Choose the Right One
- Compare APY (Annual Percentage Yield)
- Check for hidden fees or withdrawal limits
- Look for mobile features and customer reviews
- Make sure it’s FDIC insured
Tips to Grow Your Savings Faster
- Set up auto-deposits each payday
- Don’t touch the savings account—use checking for daily expenses
- Use goal-based saving features (like savings buckets)
Conclusion
If your money isn’t earning you interest, it’s losing value. Online banks make it easy to grow your savings passively. All you need is a few minutes and an internet connection.
Still parking your cash in a dead account? It’s time to make the switch.