Best Online Savings Accounts 2021

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Did you know you don’t have to pay to have a checking account? In fact, some financial institutions will pay you to have your checking with them. So why are you sticking with a bank or even a credit union that charges you monthly fees, debit card fees, and statement fees along with increased fees on ATM surcharges and NSFs?

There are many financial services companies offering free checking accounts that include online account access, a mobile app, mobile deposit, access to thousands of ATMs, online bill pay and more.

Here are my favorite free checking accounts. Look them over, try one or all of them and find the one that fits your needs.

SoFi Money: Best cash management account

SoFi Money offers a cash management account that’s a hybrid saving and checking with a highly competitive rate. With this “savings” account you’ll get a debit card as well. But you can surely use SoFi Money to simply save to take advantage of the higher rates and other member benefits.

Rates: 1.60% APY (as of 2/1/20)

Fees: No account fees.

Minimum Balance: $0

Get Started with SoFi Money

Aspiration: Best for the socially conscious saver

Aspiration Save is a high interest, fee-free and fossil-fuel-free savings account where you get to choose your monthly fee. Aspiration shares 10% of the profits from its product offerings to charity.

Rates: 1.00% APY (as of 2/1/20)

Fees: No mandatory fee. Choose how much the service is worth to you.

Minimum Balance: $10

Get Started with Aspiration Save

Capital One 360 Performance: Best for conveniences

Capital One offers a no-fee and competitively high-interest rates with online, mobile and branch access.

Rates: 1.70% APY (as of 2/1/20)

Fees: No monthly fees.

Minimum Balance: $0

Get Started with Capital One 360 Performance Savings

Acorns: Best for micro-investing your savings

Acorns help you save money by rounding up purchases to the nearest dollar and investing those savings once you’ve reached $5 into an index fund.

Rates: No interest offered. Savings are invested.

Fees: $1-3 per month.

Minimum Balance: $5

Get Started with Acorns

My Smile Summary: Which Online Savings Account is Best for You?

I currently use all of these online savings accounts for various reasons. These are great options for many people who are looking to save money in a different bank not associated with their checking accounts.

All these online savings accounts made the list because they are easy to sign up for, set up one-time and automatic transfers, have little to no fees, highly competitive interest rates, and exceptional mobile experience.

Unsure of which account to use? Try them all and find the online savings account that works best for you.

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