Online banks are overall offering better savings account interest rates than local banks and credit unions. The primary reason for this is that online banks have much lower overhead costs, and do not need to maintain a brick and mortar physical locations. Often you'll be able to find better savings rates in local community credit unions. However, as interest rates continue to stay low, online banks have been the place to go to find the best savings rates.
Top Money Market and Savings Rates from Online Banks:
- SallieMae’s Online Savings Account: 1.30% APY with no fees or minimum balance requirements. Sallie Mae dropped it’s rate last week to 1.30% APY from 1.40% APY.
- Ally Bank’s Online Savings Account: 1.19% APY with no fees or minimum balance requirements.
- Discover Bank’s Online Savings Account: 1.15% APY with a $10,000 minimum balance required.
- GiantBank’s Online Savings Account: 1.01% APY with a $1,000 minimum balance required.