Best High-Yield Online Savings Accounts of September 2021

Last Update: September 1, 2021 Banking Save Money Studies
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With interest rates currently stuck in neutral, the search for yield among investors has become even more difficult. And while capital market participants have to endure increased volatility to earn a higher return, we have a list of savings options that can help grow your money without taking any risk.

To present the most valuable options, we first analyzed savings account offerings from several online banks. Next, we narrowed our recommended list to those that offer the highest interest rate and provide the most favorable account terms.

Best High-Yield Online Savings Accounts of September 2021

Marcus: By Goldman Sachs

  • Annual Percentage Yield (APY): 2.15%
  • Minimum Balance Required: $0
  • Monthly Service Fees: $0

As a subsidiary of one of the most prestigious investment banks on Wall Street, Marcus By Goldman Sachs offers brand power few can rival. And by offering an extremely competitive rate of 0.50% APY, this online bank provides a great avenue to park your money.

To set up deposits or make withdrawals, you first need to link your Marcus account to an external bank account. You can use any checking, savings, or investment account you currently own. Deposits can also be made using a domestic wire transfer or mailing a check.

A great feature of a Marcus savings account is compounded daily and credited monthly to your account. It ensures your savings balance grows as quickly as possible with compounding interest.

Citizens Access

    • Annual Percentage Yield (APY): 0.40% for over $5,000 ; 0.25 for over $5,000
    • Minimum Balance Required: 0
    • Monthly Service Fees: 0

With a 0.40% APY, Citizens Access offers one of the good-paying savings yields in the marketplace today. However, the main downside is that for this APY, the bank requires a minimum balance of $5,000. If you plan to deposit less than $5,000, you still can, but your APY will be 0.25%.

HSBC Direct Savings

  • Annual Percentage Yield (APY): 0.15%
  • Minimum Balance Required: $1
  • Monthly Service Fees: $0

HSBC Direct Savings offers a 0.15% APY and includes several account add-ons that complement its competitive yield. You receive 24/7 access to your online savings account when becoming a new client, including live chat assistance. Moreover, all customers receive access to HSBC’s Money Management Tools that help organize their finances and create savings goals.

There you can:

  • Track your savings progress by comparing your average monthly income to your average monthly spending.
  • Create email alerts to notify you about important dates or savings milestones.
  • Create custom goals to help you plan for specific savings objectives.

The one minor drawback of HSBC Direct Savings is that interest is compounded and paid monthly instead of daily.

Synchrony High Yield Savings

  • Annual Percentage Yield (APY): 0.60%
  • Minimum Balance Required: $0
  • Monthly Service Fees: $0

As another attractive savings option, Synchrony High Yield Savings offers a 0.60% APY. There are also no minimum balance requirements and no monthly fees.

To make an initial deposit or execute a withdrawal, you have plenty of options to choose from:

  • You can make an internal transfer from another Synchrony Bank Account.
  • You can transfer funds from an external account using an electronic funds transfer (EFT).
  • You can use its mobile check deposit service and add funds using your smartphone or tablet.
  • You can set up a direct deposit.
  • You can initiate a wire transfer.
  • You can mail them a personal check.

Like the options above – excluding HSBC – interest at Synchrony is compounded daily and credited to your account monthly. As a side benefit, the bank also reimburses ATM fees up to $5 per statement cycle. On its own, Synchrony does not charge any ATM fees. However, fees charged by external ATM owners/operators qualify for reimbursement.

How Do Online High-Yield Savings Rates Compare to Traditional Bank Savings Rates?

If you open traditional brick-and-mortar savings accounts at institutions such as Bank of America, Wells Fargo, or Citibank, you’ll notice their APYs barely keep your money above water.

High-yield accounts are well known for their higher rates. Most of them have no minimum income requirements and no fees. If we also add that all of them are insured of up to $250,000 by the Federal Deposit Insurance Corp, we can conclude that they are a great place for your money.

See how traditional banks’ account rates compare them with the APY values that we provided above.

Here is what we have for 2021:

Bank: Average Savings Rate: Average Checking Rate: Average CD Rate:
Bank of America 0.03% 0.01% 0.04%
Wells Fargo 0.01% 0.01% 0.01%
Citibank 0.08% 0.03% 0.12%
Chase 0.01% 0.01% 0.03%
HSBC 0.06% 0.01% 0.29%
US Bank 0.01% 0.01% 0.01%
SunTrust 0.01% 0.01% 0.05%
PNC Bank 0.01% 0.01% 0.04%
Huntington National 0.02% 0.01% 0.15%
TD Bank 0.03% 0.01% 0.10%
Capital One 0.40% 0.01% 0.30%

As you can see, savings rates at traditional banks are rather pedestrian. Moreover, with the current national average savings rate of 0.05%, traditional banks have little incentive to raise their yields.

So why is there such a difference between traditional and online banks?

Well, it all comes down to costs.

Traditional banks incur significant overhead expenses from operating their vast network of branches. Expenses like rent, utilities, labor costs, and insurance. Conversely, online banks run a much leaner operation. There are no physical branches, and they operate with minimal staff. As such, these cost savings provide them with more leeway to offer higher interest rates.

How Often Can I Make Withdrawals From My Online High-Yield Savings Account? 

To ensure compliance with the Federal Reserve’s Regulation D, all online high-yield savings accounts limit withdrawals to 6 per month. These include online withdrawals, telephone transfers, and overdraft protection transfers.

If you exceed the limit of 6 per month, you can be charged an excessive withdrawal fee. If the behavior continues, the institution reserves the right to close your account.

Keep in mind that there are ways around the limit. By making most of your withdrawals through an ATM or bank teller, you can access your funds while maintaining compliance because these transactions do not count toward your 6 per month.

Is My Online High-Yield Savings Account FDIC Insured?

Absolutely. All balances held within the accounts listed above are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

And what is the FDIC?

As an independent agency of the U.S. federal government, the FDIC promotes public confidence by guaranteeing deposits if a member institution defaults. The agency also examines and supervises roughly 4,000 banks and savings institutions to ensure operational safety.

How We Conducted The Study

ElitePersonalFinance provides 100% correct and always up-to-date studies.

To present the most accurate information, we went directly to the source. We combed through several online banks’ official websites, then narrowed our results to institutions that offer the highest savings yield and the most favorable account terms.


With national average savings rates barely above record lows, online banks provide the only avenue to earn competitive interest. Online banks allow your money to keep pace with inflation while still providing the same FDIC protection as traditional banks.

So, if you’re looking for a short-term investing solution that makes the most out of your money, the institutions above are a great place to start.

Read Also

Average Bank Interest Rates 2021

Average Savings Account Interest Rates 2021

Average Checking Account Interest Rates 2021

Want more? OK, here are the top financial sites with updated lists on high-wield accounts in September 2021:

Best High-Yield Online Savings Accounts of 2021 by NerdWallet

Best high-yield savings accounts in 2021 by Bankrate

Best online savings accounts for 2021 by Bankrate

Best High-Yield Online Savings Accounts in 2021 by MagnifyMoney

Best Online & High-Yield Savings Accounts of 2021 by Fool

The Best Online Savings Accounts 2021 by Forbes

Best High-Yield Savings Accounts for by Investopedia

Best High Yield Savings Accounts 2021 by TheCollegeInvestor

The best online high-yield savings accounts of 2021 by BusinessInsider

Best Savings Account Interest Rates of 2021 by TheBalance

Best High-Yield Savings Accounts in 2021 by Time and NextAdvisor



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