Savings accounts and money market accounts are meant to hold your liquid assets, or funds that you expect to use within a year. You may think "If you've seen one high-yield savings account, you've seen them all" - but, actually, higher interest rates and certain features can make one account a better choice than another.

So we monitor the rates of more than 500 financial institutions (banks, credit unions, and savings and loan associations) and display the top 50 highest rates in the table below. These are weekly updates to help you find the best online high-yield savings account and money market account rates currently available.

Best high-interest savings and money market accounts

Finding the best savings rates is easy! Simply change the search criteria to look for the type of account you're interested in (either "Savings Accounts" or "Money Market Accounts"), select the amount you'd like to deposit, and click "Update." [Article continues below ...]


Online high-yield savings account and money market account rates

An online savings account is a helpful tool in your financial life. When you want to set up an emergency fund or other savings account for short-term liquidity, an online savings account usually offers higher interest rates than many brick-and-mortar banks.  In addition, many consumers think online banking is much more convenient.

While money market accounts are similar to savings accounts, they used to earn higher interest rates and their restrictions were more stringent than they appear to be today. Our research is showing that, in some respects, the differences between the two types of accounts are blurring. In your search for the best money market account, you may find that interest rates are quite similar to savings account rates, and the minimum balance requirements and number of withdrawal transactions allowed may be on par with savings accounts these days as well. All of this underscores the need to personally investigate the specifics of any account you open.

Even though rates are low right now, they will eventually rise as the economy recovers. Regardless, it is important to develop the habit of saving. Keeping track of the latest interest rates is the research part of that habit, but the payoff is that the best interest rates and services can help you make the most of your savings in any economic environment.

When it comes time to research which online high-yield savings account or money market account is best for you, take a look at the information we consistently maintain on this page and bookmark it. Plan to come back frequently to check that your accounts are still performing the way you want them to in light of any new rates and terms being offered.


Comparing high-interest account features

An online savings account or money market account is a safe and convenient way to earn interest on funds that you may need easy access to, and either is a far better choice than simply keeping extra sums in cash or in a checking account. And with the advent of online banking, many accounts offer some pretty nifty bells and whistles. But each bank is different, and so it pays to shop for the best rates, the best service, and the best policies regarding their fees and services.

Safety
Banks are not required to be insured by the Federal Deposit Insurance Corporation (FDIC), but most are FDIC-insured up to the legal limit of “$250,000 per depositor, per insured bank, for each account ownership category.”

Fee structure
Monthly maintenance fees, statement fees, and ATM charges are just a few of the ways banks charge for their services. Since these costs can quickly exceed the interest you earn in your account, it is very important to compare each bank’s fee structure to find the most competitive terms.

Minimum deposit requirements
Banks may require that a certain amount of money be deposited when you first open a new savings account, but many now waive that requirement and allow you to fund your new account with whatever balance you choose. A minimum deposit requirement is more common with money market accounts, however.

Minimum balance requirements
Likewise, some banks require that you maintain a certain minimum balance in your account at all times in order to avoid paying their monthly maintenance fee.

Transaction limits
You can make up to six withdrawals or transfers without charge from your savings account during any statement cycle according to Regulation D of the Code of Federal Regulations, Title 12, Part 204.

Even though many money market accounts allow check-writing privileges and debit-card transactions, Regulation D applies to this type of account as well.

Linking accounts
Many online banks make it easy to transfer money between your various accounts – even if they are with a different bank – which is especially convenient when you open your new online savings or money market account.

24-hour access
One of the best features of online accounts is that you can manage your money whenever you like – 24/7/365. You don’t have to travel to a branch or wait for it to open.

Mobile banking apps
It is possible to do your banking from anywhere with some of the mobile banking applications available at an online bank as well. In addition, online banks invest heavily in making sure that every transaction is secure.


Featured bank offerings

It takes time to research banks, so here is a synopsis of what some of the major banks offer with a direct link to their individual website. That way you can easily learn more and open an account when you are ready.

GE Capital High yield savings account

GE Capital Bank’s Online Savings Account offers a 1.05% Annual Percentage Yield or APY (rate as of May 3, 2015) with no minimum deposit to open and no transaction fees. GE Capital Bank also tied for “Best Savings Account” by Money Magazine in 2013. Interest is compounded daily, funds are accessible 24/7 online, and external accounts can be linked. Deposits are FDIC-insured.


Synchrony high yield savings account

Synchrony Bank’s Optimizer Plus High-Yield Savings Account offers a 1.05% APY (rate as of May 3, 2015) and no monthly service charge with a minimum balance of $50. You can register up to ten external accounts to manage your balances electronically and deposits are FDIC-insured.


Barclays high yield savings account

Barclays’ Online Savings Account offers a 1.00% APY (rate as of May 3, 2015) with no minimum deposit to open and no monthly maintenance fees. Barclays also tied for “Best Savings Account” by Money Magazine in 2013. Interest is compounded daily, funds can be moved electronically to external accounts, and deposits are FDIC-insured. Barclays is a large bank that has been around for over 300 years and operates in 50 different countries.


Ally high yield savings account

Ally Bank’s High-Interest Online Savings Account offers a 0.99% APY (rate as of May 3, 2015) with no minimum deposit to open and no monthly feesAlly Bank won top honors in the MoneyRates survey of “Best Savings Accounts for 2014″ which recognizes banks that consistently offer high rates over an entire year. In addition, it was also rated the “Best Online Bank” by Money Magazine in both 2012 and 2013. The bank’s other consumer-friendly policies include daily compounded interest, 24/7 customer service, and no charges for ATMs.  (Ally actually reimburses ATM fees charged by other U.S. banks at the end of each statement cycle.) They also have an award-winning-mobile-banking application. Deposits are FDIC-insured.


CIT Bank high yield savings account

The CIT Bank Savings Account offers 0.95% APY on deposits of $25,000 or above, so if you have a large balance, they are a good option to consider. Even if you don’t have $25,000 or more to deposit, their 1.00% APY on deposits of $100 to $24,999 (rate as of May 3, 2015) is still very competitive. They have no monthly fees. Interest is compounded daily. CIT Bank’s online savings accounts offer 24/7 access via the Internet, online statements, and linking to external accounts. CIT Bank was founded in 1908 by Henry Ittleson to provide financing for businesses. Throughout the 20th century, CIT expanded its product lines (including CDs, IRAs, and custodial accounts) to consumers and many business sectors and small businesses. Deposits are FDIC-insured.


We would like to find the best possible savings account rates and money market account rates to share with the readers of Get Rich Slowly. Do your homework and choose an online savings or money market account that works for you, and then share that knowledge with others in the comments.

Do you use an online bank for savings? Have you been able to find savings or money market account rates that are even better than what we have listed here? If so, please let us know. Don’t forget to include all the details: name of the bank, state, rate, when you opened this account with this rate and whether you can open an account online or have to go to a branch in person.

GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, GE Capital Bank, and more.