High-Yield Savings
Maximize your savings with APYs up to 4.60%. Compare the best high-yield savings accounts.
View RankingsCompare high-yield savings accounts, no-fee checking, and trusted digital banks. Independent reviews backed by real data.
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Maximize your savings with APYs up to 4.60%. Compare the best high-yield savings accounts.
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Read Guide →Step-by-step guide to seamlessly transitioning to a new bank in 2026.
Read Guide →Everything you need to know about FDIC insurance and online banking security.
Read Guide →Comprehensive breakdown of the pros and cons of digital-first banking.
Read Guide →Yes, online banks are just as safe as traditional banks when they are FDIC-insured (which all banks on our list are). Your deposits are protected up to $250,000 per depositor, per account category. Online banks often use advanced encryption and security measures that match or exceed traditional banks.
Online banks have significantly lower overhead costs than traditional banks (no physical branches, smaller staff). They pass these savings to customers through higher APYs on savings accounts and lower fees. This business model has proven sustainable since the early 2000s.
Cash deposits are limited at most online banks. Some options include: using a partner ATM network (like Chime or Capital One 360), mobile check deposit after converting cash to a money order, or maintaining a local bank account solely for cash deposits and then transferring funds electronically.
ACH transfers typically take 1-3 business days. However, many online banks now offer instant transfers between accounts at the same bank, and some (like SoFi and Chime) offer early direct deposit, giving you access to paychecks up to 2 days early.
If your online bank is FDIC-insured and fails, the FDIC will either transfer your account to another bank or send you a check for your insured balance (up to $250,000) typically within a few days. This is the same process as traditional banks.