Best Savings Accounts for Digital Banking
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If you’re not doing at least some of your banking online, you’re missing out on a world of convenience. Mobile banking on your phone or computer is fast, easy, and can be done from anywhere.
Online banks often pay some of the highest interest rates through high-yield savings accounts without charging monthly service fees. While some banks are online only, some that offer digital banking still have physical branches where you can walk in and get help for the financial services you need.
We review some of the best savings accounts for digital banking, focusing on banks’ mobile apps and the features that make them worth using.
All are savings accounts where you can withdraw your money at any time. They’re not Certificates of Deposit, or CDs, where your money is tied up for a set amount of time, such as 12 months, and you may pay a fee for withdrawing from a CD before it matures. For an emergency fund, a savings account that doesn’t limit withdrawals and lets you take money out at any time can be much better than a CD, since emergencies can happen, of course, at any time.
Related: Best Online Banks – Our Top Picks
Jump To
Overview of the best savings accounts for digital banking
Bank | Best for |
|---|---|
Capital One | Physical branches |
Marcus by Goldman Sachs | Insights from Goldman Sachs |
CIT Bank | High interest rate |
American Express | American Express customers |
Barclays | Help setting savings goals |
Discover Online Savings Account | Discover customers |
Synchrony Bank | Easy to use app |
SoFi | Direct deposit rate bonus |
UFB Direct | High APY |
LendingClub | Finance toolkit |
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Best savings accounts for digital banking
Digital banking on your phone or computer is a great service, but where you keep your savings shouldn’t entirely depend on which online savings account has the best banking app. You should also consider other services that you’d expect from traditional savings accounts.
These include low deposit requirements, a competitive APY, low minimum balance requirements, no monthly service fees, being FDIC insured, free overdraft protection, and any financial products you need, such as a checking account or credit cards.
The annual percentage yield (APY) we list for each bank is accurate as of June 28, 2024, and may be changed at any time by the bank.
All the mobile apps listed are available in the Apple Store or Google Play and, of course, can be accessed on a computer at each bank’s website.
Capital One
Capital One’s 360 Performance Savings is a high-yield savings account that pays 4.25% APY. It also has other benefits that may send you to a Capital One physical branch, if there’s one in your area.
The savings account is fee-free with no monthly maintenance fees or minimum deposit amount. The account also comes with an ATM card that can be used at such stores as CVS and 7-Eleven.
Capital One has physical branches and cafes, so having one in your area can be a bonus to being a Capital One customer. But its mobile app offers services that may mean you don’t need a physical branch nearby to meet your savings goals or just get done your basic banking needs. Its mobile app includes services such as:
- Easy account transfers between linked Capital One accounts and external bank accounts.
- Multiple savings accounts for each of your financial goals.
- Automatic savings plan to keep online savings accounts growing with automatic transfers.
- Mobile check deposit by taking a photo of a check with your phone.
- Sign in with Face ID and Touch ID.
- Check your credit score in the mobile app.
- Pay bills and loans.
- Enable alerts and purchase notifications.
- Instantly lock your credit card from anywhere.
- Get answers from Eno, your Capital One assistant.
Marcus by Goldman Sachs
Marcus by Goldman Sachs offers an online savings account that pays 4.40% APY, has no fees or minimum deposit, and allows same-day transfers of $100,000 or less to and from other banks.
One thing that stands out about the Marcus online savings account is that its banking app provides Marcus Insights tools and trackers to help you see how your money is performing in any savings, lending, and investing accounts you have with Marcus and helps you make strategic decisions. You can easily see how much interest you’ve earned this year.
The mobile app also helps anyone, even users who aren’t Marcus customers, with its free smart tools and trackers to link external accounts to track their finances in one place.
CIT Bank
The CIT Bank Savings Connect account pays 4.65% APY with a minimum deposit of $100. If you expect to keep a balance of $5,000 or more, then the Platinum Savings account pays a higher rate of 0.25% - 5.00% APY, but it drops to 0.25% APY if the balance falls to less than $5,000.
CIT Bank also offers a money market account that pays 1.55% APY on a minimum opening deposit of $100.
The bank’s mobile banking app and website are fairly basic and may not be the best digital experience of your banking life. Its account rates make it one of the best high-yield online savings accounts, but it looks like something from the first days of online banking.
Still, that may be enough for some people. The app lets you do all of the main things you’d expect from a banking app, including:
- Taking a photo of your check and depositing it.
- Moving funds between CIT Bank account.
- Transferring money to outside accounts.
- Check account balances and transaction history.
- View and download statements.
- Make quick, secure payments online or at Apple Pay and Samsung Pay stores.
The company notes that not all features may be available in the iPad application.
American Express
The 4.25% APY, no fees, and no minimum balance requirement are all plusses of the American Express High-Yield Savings Account.
Those may be helpful for any savings customer, but anyone with an American Express credit card may like it the most because the app easily works with both the credit card and savings account.
The Amex App can be accessed through a computer, tablet, or phone. It can be added to the Home screen of any device as a shortcut icon.
American Express savings account holders can manage their accounts on the app using their American Express user ID and password. Savings account holders who are also Amex card members can use the same Amex login credentials to manage their card accounts. Users with a card and savings account can set up different logins for each account.
Customers can make payments online, see statements and account activity, get a free credit score and report, transfer funds, and get 24/7 customer service.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Barclays
The Barclays Online Savings Account pays 4.35%APY, has no monthly fees, and doesn’t have a minimum amount needed to open an account.
It allows unlimited withdrawals or monthly transfers from its savings account, which isn’t uncommon in banking. Many banks limit transfers from a savings account to six per month.
The Barclays website has a savings assistant to help you set and fund savings goals. It calculates how long it will take to reach your savings goals based on monthly contributions, current savings, and the total amount you want to save. You set the amount you want to save each month and your savings goal. The savings assistant calculates how long it will take to achieve each goal, based in part on a constant APY.
The Barclays banking app looks basic and easy to use. You can do many basic tasks that you’d expect from a banking app, including:
- Viewing account balances, recent transactions, statement balances, interest, and other account information.
- Make one-time transfers to and from verified linked accounts.
- Use your camera to deposit checks remotely.
Discover Online Savings Account
Like American Express, Discover is another company known mostly for its credit cards, and it also offers an online savings account that pays 4.25% APY.
The Discover Online Savings Account also doesn’t charge monthly service fees or have a minimum deposit requirement, among other services for which it doesn’t charge fees.
It doesn’t heavily promote its banking app on the high-yield savings account webpage, but it does offer a mobile app that can be used for many financial services, including:
- Mobile check deposit by uploading a photo of a check.
- ATM finder to withdraw cash from more than 60,000 no-fee ATMs in the U.S.
- Online bill payment.
- Transfer money between bank accounts seamlessly through a Discover or external personal accounts.
- Pay with the digital wallet so your debit card number is never shared with the merchant.
- Secure, fast log into your account with Touch or Face ID or a 4-digit passcode.
- Freeze your debit card temporarily to prevent new purchases and transactions if your card is lost.
- Set mobile alerts on balance, deposit, and rewards.
- Discover App works on a variety of wearable devices.
Synchrony Bank
The Synchrony Bank High Yield Savings account pays 4.75% APY. It doesn’t charge monthly maintenance fees or require a minimum deposit.
Withdrawing money is easy, starting with a free ATM account that can be used in the Plus or Accel networks. For ATM access at other banks, Synchrony refunds ATM fees charged by other banks of up to $5 per statement cycle.
Money can also be moved via phone or online. The Synchrony Bank app has a welcoming interface that’s easy to use, with variable font sizes and optional colors to make reading easier. You can open an account on the app in minutes and then use it to:
- Check balances at a glance with a widget, or simply ask Siri.
- Link and manage a Synchrony Mastercard.
- Seek support from customer service or open a chat in the app.
- Deposit checks with a mobile device.
- Get account information from the dashboard.
- Link to external accounts to transfer money.
- Track all of your account activity anytime.
SoFi
The SoFi high-yield savings account pays 4.50% APY, but only with direct deposit. Without it, the rate drops to 1.20% APY. It doesn’t charge monthly service fees or have a minimum opening deposit.
SoFi gives you a checking account whether you want one or not when you open a savings account, making it easy to use for daily expenses.
The SoFi app is easy on the eyes, with fonts, colors, and quick views of accounts that make using it easy. SoFi rewards points can be earned each day for using the app. Points can be redeemed for cash, stocks, and statement credits.
SoFi offers many financial services and products, including insurance, loans, investments, estate planning, credit cards, and the combined checking and savings account. All can be viewed in the app, where you can also invest and trade, manage your money, check loan rates, and apply for loans.
UFB Direct
UFB Premier Savings pays 5.25% APY, the highest APY among the best savings accounts for digital banking. UFB Direct doesn’t charge monthly maintenance fees or have a minimum initial deposit requirement.
The UFB Direct Mobile app can be used to:
- Check account balances.
- View transaction history.
- Transfer funds between eligible accounts.
- Contact customer service.
- Deposit checks with your phone’s camera or with a computer and scanner.
LendingClub
The high-yield savings account that LendingClub offers pays 5.00% APY. It doesn’t charge monthly service fees but requires an opening deposit of $100.
Customers get a free ATM card and unlimited external transfers online and through the mobile banking app. Features in its mobile app include:
- Mobile deposit of checks.
- LendingClub debit card that can be added to Apple Pay, Google Pay, and Samsung Pay.
- Schedule and make payments to businesses or people.
- Finance toolkit to manage your finances, including creating a budget and analyzing spending habits.
- Check account balances.
- Set custom alerts,
- Update password and security settings.
- Chat with support and send and receive secure messages.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Best savings accounts for digital banking summary
Bank | APY | Monthly Service Fees | Opening Deposit |
|---|---|---|---|
Capital One | 4.25% | $0 | $0 |
Marcus by Goldman Sachs | 4.40% | $0 | $0 |
CIT Bank | 4.65% | $0 | $100 |
American Express | 4.25% | $0 | $0 |
Barclays US Savings | 4.35% | $0 | $0 |
Discover | 4.25% | $0 | $0 |
Synchrony Bank | 4.75% | $0 | $0 |
SoFi Bank | 4.50% | $0 | $0 |
UFB Direct | 5.25% | $0 | $0 |
LendingClub | 5.00% | $0 | $100 |
FAQs
Is digital banking secure?
Yes, according to the banks. Check the website of the bank you’re considering for the types of security it provides for mobile banking or an online savings account. LendingClub, for example, uses 256-bit encryption to ensure that data is protected with what it says is the highest level of security. That level of encryption is the most secure after 128- and 192-bit encryption, and is used in most modern encryption technologies. That said, data breaches can happen. Cyberattackers break into servers and steal the personal information of customers. If this happens at your bank, your contact information could be sold to thieves for identity theft. If your money is stolen, most bank accounts are FDIC insured for up to $250,000 per depositor per account.
When can I use the money I deposited?
Since online transfers are the most common way to open accounts at online banks, you should check with your bank on how long it will hold your money before allowing you to access it. The best high-yield savings accounts let you use it on the same day you transfer money from an outside financial institution to your new online bank. Some may hold an initial deposit for five business days. Once an account is opened, future deposits may have a shorter hold period. If you have direct deposit, you may get access to your funds as soon as they’re sent. Direct deposit can also lead to your paycheck being deposited two days earlier than if you received a paper paycheck.
Will my bank ever email me asking for my personal information?
No, it shouldn ’t. Check with a bank before opening an account how it will contact you.
Discover Bank, for example, says it will ever send an email asking you to reply directly in an email with any personal information. This includes asking for your account numbers, user ID or password, birth date, and Social Security number. If you get a suspicious email, Discover asks that you call the company. Find the phone number online, and don’t use the phone number if one is listed in the suspicious email.
Why you should use savings accounts for digital banking
Digital banking is an easy way to do most, if not all, of your banking, including setting up a savings account. Online banks usually pay higher APYs than traditional banks because they have lower overhead costs and can pass the savings on to customers.
Mobile banking should be easy to set up and use. If you need help, all of the financial institutions we reviewed will let you call, chat online or email the bank for assistance.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
The bottom line
With competitive rates and mobile apps, online banks make it easy and worthwhile to open an online savings account where you can earn higher interest rates and have access to your money from anywhere at any time on your phone, tablet or computer.
Even if you need a bank with physical branches for your other financial needs, an online bank just for a savings account can make your life much easier.
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Writer
Aaron Crowe is a freelance journalist who specializes in personal finance writing and editing. He has worked at newspapers, where he won a Pulitzer Prize, and has written for numerous online publications. These include AOL, US News & World Report, WiseBread, Bankrate, AARP, and many websites focusing on housing, credit and insurance. He lives in California with his wife and daughter.
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