Best Online Savings Accounts (Including APYs) – 2022

After years of low-interest rates, there is a pricing war for online savings accounts. Capitalize by signing up the best online savings account.

Online banks with high interest rates — especially online savings accounts —  have become increasing in numbers over the past few years.

In fact, the online banking market size is expected to reach 29 million in 2023 from 7.3 million in 2016, growing at a CAGR of 22.6% from 2017 to 2023 according to a recent report.

So, why are online savings accounts growing in number?

Benefits of Online Banking

After years of low interest rates, there is a pricing war for online savings accounts. You can capitalize on this by signing up the best high interest savings account. Long gone are the days of 0.01% APY. If you are willing to open an online savings account (which is FDIC insured), you can now easily get a 1.90% APY or higher. Interest rates are only increasing online: traditional brick and mortar banks continue to pay very low rates. A typical savings account at a big bank only pays 0.01% APY.

The best online banks offer perks like no minimum balance, ATM access and much higher interest rates than the average savings account. Here are the best online savings accounts and promotions (and this post is updated regularly).

Comparing the Best Banks

Finance Blog’s Top Banking Pick

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CIT Bank offers three main depository product types: a savings builder account, Certificates of Deposit (CDs), and IRA CDs. Each of its products typically comes with one of the top interest rates available nationwide, helped by the fact that the bank does not have the overhead costs associated with operating branch locations because of its wholly online system.


Visit CIT Bank

CIT Bank Promotions are available nationwide online with some of the highest interest rates available.

You earn .50% APY Money Market, .30% APY No Penalty CD, and .45% Savings Builder account, and many other CD Terms Rates.

All of these high-interest rate accounts have a very low minimum requirement of only $100.

About CIT Bank: Through their nationwide direct bank, CIT Bank offers consumers competitive deposit products to advance their savings strategies, including a range of CDs, a high-yield savings product and IRAs.

CIT Bank has been recognized by personal finance sources including MyBankTracker, MoneyRates, and GOBankingRates for its products that drive value for banking customers.

Finance Blog is very confident that CIT Bank is a great option for our readers.

CIT Bank Promotions for 2022

#1.) Best for Online Savings Account: .45% APY Savings Builder


  • Make a surefire investment with CIT Bank’s Savings Builder
  • Enjoy a high savings rate and more!
  • There is a minimum deposit of $100 to open a CIT Bank Savings Builder Account.
  • The Savings Account has no monthly maintenance fees and it comes with free online banking.
  • Your money is FDIC insured and the interest is compounded daily to maximize your earning potential.
  • Learn more at CIT

Promo: .55% APY Savings Builder


Details >
On CIT Banks’ Secure Website

#2.) Best Money Marking Account: .50% APY Money Market


  • CIT Bank is offering you the chance to earn a .50% APY Rate that is higher than traditional banks and you can access your money easily.
  • With a low minimum opening deposit of $100, it’s an ideal online account for building an emergency fund or saving for a large purchase.
  • The money market account has no monthly maintenance fees, you can enjoy 6 transfers per monthly statement cycle and it comes with free People Pay service that allows you to send money to almost anyone with an email address or mobile phone number!
  • Learn More at CIT 


Details >
On CIT Banks’ Secure Website

#3.) Best No-Penalty CD Account: .30% APY 11-Month No Penalty CD


  • By far one of the best No Penalty CD on the market with this CIT Bank’s 11-Month CD.
  • Enjoy a rate of .30% APY and withdraw anytime during the 11 months with no penalty!
  • There is a minimum deposit of $1,000 to open a CIT Bank High Yield Certificate of Deposit.
  • The CD account has no monthly maintenance fees and easy to open.
  • Your money is FDIC insured and the interest is compounded daily to maximize your earning potential.
  • Learn More at CIT

Promo: .30% APY 11-Month No Penalty CD


Details >
On CIT Banks’ Secure Website

Other Top Savings Rates:

Here are additional options that feature good savings account interest rates:

  1. Best Overall Rate: Synchrony Bank – 0.60% APY
  2. High Rate: Comenity Direct – 0.60% APY
  3. High Rate: Popular Direct – 0.60% APY
  4. High Rate: Vio Bank – 0.57% APY
  5. High Rate: Ally Bank – 0.50% APY
  6. High Rate: American Express National Bank – 0.50% APY
  7. High Rate: Citibank – 0.50% APY
  8. High Rate: Discover Bank – 0.50% APY
  9. High Rate: Marcus by Goldman Sachs – 0.50% APY
  10. High Rate: CIT Bank – up to 0.45% APY
  11. High Rate: Barclays Bank – 0.40% APY
  12. High Rate: Capital One – 0.40% APY
  13. High Rate: Citizens Access – 0.40% APY
  14. High Rate: PurePoint Financial – 0.40% APY

Note: The APYs (Annual Percentage Yields) shown are as of Jan. 15, 2020. Finance Blog’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The APYs for some products may vary by region.

Drawbacks of Online Banking

Banking with an online bank also has its share of drawbacks and pitfalls.

Less Opportunity for Personal Relationships

When money is involved — there are opportunities that funds can get stolen, transactions missing, or you may face a scam and being able t0 head to your local branch is invaluable. With an online bank — there is no option to stroll into a local branch and get a personalized customer service experience. This is because all of the transactions are done online and customer service is handled by phone or live chat support. While this may not be an issue for many people — it is something to be aware before signing up for an online savings account with an online bank.

Less Flexibility With Transactions

With traditional brick and mortar banks, think your Bank of America and Wells Fargo — you have a plethora of options. With online banks, depending on what services they offer, you may be limited in certain transactions. Want to scan a paycheck to your account, get your documents notarized, set up a brokerage or insurance account or get a mortgage? Make sure that the online bank you sign up for provides the services you are accustomed to.

The Absence of Their Own ATMs

Many times online banks do not have ATMs scattered around the nation like most regular banks. You may have to pay ATMs fees to access quick cash. However, some online banks do offer ATM rebates at the end of the month to compensate for this.

Combining Online Banks with Traditional Banks

It is common for many people to have a traditional bank account and an online bank to take advantage of the higher interests rates offered. If you like the idea of getting interest rates of over 2% APR then it makes sense for most Americans. Consider finding an online bank that has the services and features you need — and learn more. Signing up usually takes a couple minutes and everything is done — you guessed it — online.

How to Open a New Online Savings Account

Here’s how to open an online savings account now.

  1. Choose a reputable online bank that caters to all your requirements. Virtually all online banks offer some type of savings account, so your first step is to select an online bank (we recommend CIT Bank’s Savings Builder account).
  2. Gather basic information.
  3. Open the account and make your deposit.

Start Saving!

You should be all set on finding the best online savings account and earning the best returns on your cash as possible with online banks. Make sure you are able to find ways to save money and build your cash reserves in 2022!

Do you know of any other of the best online savings accounts that we may have missed? Let us know below!

Finance Blog Staff
Finance Blog Staff
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