Quick and Easy. These are the best online savings and money market accounts for October 2018. Don’t settle for anything less. Out of the top online savings accounts, CIT Bank has some of the highest rates with the lowest minimum deposit and no monthly fees.
CIT Bank High-Yield Savings 1.85% APY
Top Rated- APY1.85%
- Monthly Fee$0.00
- Minimum Deposit$100
- Transfer FeeFree
- Mobile AppYes
- FDIC Insurance$250,000
Highlights
- Click “Open Account” to open a high-yield savings account on Nationwide’s website
- Free online personal finance management tool
- Access 77,000 ATMs surcharge-free
- No hidden fees, no monthly fees, free incoming and outgoing ACH transfers
- $10,000+ deposit needed to unlock 1.55% APY, otherwise APY is 1.15%
- Access you account on your phone or online 24/7
- Every account is FDIC insured up to $250,000 (maximum US federal insurance limit)
- APY1.55%
- Monthly Fee$8.00
- Minimum Deposit$1,000
- Transfer Fee$10
- Mobile AppYes
- FDIC Insurance$250,000
Highlights
- Click “Open Account” to open a high-yield savings account on Nationwide’s website
- Rated best online bank account of 2018
- One of the highest APYs for savings, CD, and money market accounts in the country
- No hidden fees, no monthly fees
- Free incoming and outgoing ACH transfers
- Access you account on your phone or online 24/7
- Every account is FDIC insured up to $250,000 (maximum US federal insurance limit)
- APY1.85%
- Monthly Fee$0.00
- Minimum Deposit$10,000
- Transfer Fee$20
- Mobile AppYes
- FDIC Insurance$250,000
Highlights
- Click “Open Account” to open a high-yield savings account on Capital One’s website
- Very competitive APY, although the minimum to get the APY is $10,000
- Below $10,000 gets just 0.85% APY
- No hidden fees, no monthly fees
- Keep your savings growing with automatic transfers
- Access you account on your phone or online 24/7
- Every account is FDIC insured up to $250,000 (maximum US federal insurance limit)
High Yield Savings & Money Market Accounts
What Are They?
Savings accounts are the same thing as money market accounts, neither can lose any money.
Documents
You’ll have to provide identification and your social security number for federal tax purposes.
Interest Income
The best part about earning interest from the bank is that it’s passive income.
What Are Money Market Accounts?
There’s no need to be alarmed if you’re trying to open an online savings account and you see the term “money market account.”
Money market accounts are virtually the same thing as savings accounts. Neither bank accounts can lose any money due to changes in market conditions. However, historically, money market accounts have always had higher interest rates than traditional savings accounts at banks like JP Morgan Chase and Bank of America.
All of the savings accounts listed on this page are FDIC insured for the maximum amount ($250,000). Meaning, if the bank were to ever fail, the United States government guarantees that you will get your money back.
Reasons To Have a High-Yield Savings Account
Regardless of the amount of cash you have, there’s no reason to NOT have it in a high-yield APY account. Here are some convincing reasons as to why everyone should earn at least 1.50% interest:
- Most mainstream banks pay 0.01% APY
- You can’t lose your money, and are guaranteed to earn the APY
- Interest income is passive income, you don’t have to work for it
- Depositing just $5,000 into a high-yielding account can generate over $9 per month, the same price as a Spotify subscription
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OptionsBro.com is an online financial information site dedicated to providing simple tutorials, reviews, and comparisons on all things finance.
Collectively, we’ve spent thousands of hours examining the most popular financial products and tools. Bottom line, we simplify and explain the myriad of consumer financial options available today, so you can make decisions with ease.
Updated: October 28, 2018