Best Online Digital Saving Accounts

What is a Digital Savings Account?

A digital savings account allows you to access your money anywhere, anytime through an electronic deposit of your money. You can use a digital savings account safely and securely. It helps to keep track of your expenses online and can be automated to pay your bills with the click or tap of a button.

Best Digital Saving Accounts

Revolut Savings Vault

Revolut Review

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When you open a Revolut account, you’ll gain access to their Savings Vault, a type of savings account. You may be interested in the Savings Vault if you want to earn interest. It should be noted, however, that there are some online banks that offer higher interest rates.

Spending on a linked prepaid card equal to or greater than the balance in your savings vaults each month will earn you interest on your Savings Vault account. However, a traditional high-rate savings account may be a better option if you don’t spend enough to maximize the savings bonus.

The Revolut Savings Vault offers customers more than competitive interest rates. It also offers real flexibility, no minimum deposit amount, withdrawals at any time, and daily interest payments. The FSCS also protects customers' savings up to £85,000 per account.

By rounding up card payments to the nearest whole number, this product makes it easier for Revolut users to grow their savings. You can also make one-time deposits or recurring deposits and track how far you are towards your savings goal.

Quontic Bank High Yield Savings

Quontic offers consumers two types of savings accounts: high-yield savings accounts and CDs.

There is an interest rate of 1.85% APY on Quontic's High Yield Savings account, which is 18 times the national average rate on savings. There are very few savings accounts that offer such competitive returns as this one.

A minimum deposit of $100 is required to open an account. Over 90,000 surcharge-free ATMs are available to customers, and there are no monthly fees. The interest is compounded daily and credited monthly.

There are five terms of CDs offered by Quontic, ranging from six months to five years. The minimum deposit for opening a CD is $500.

SoFi

SoFi Review

SoFi Bank is yet another digital-only bank that offers its customers a high-yield savings account. In SoFi's savings account, you can designate different subaccounts for different savings goals. These are called Vaults. The Vaults allow customers to earn 2.00% APY not just on the first $50,000 in their checking and savings accounts, but also on an additional $100,000 stored within them.

Additionally, SoFi offers automatic savings programs. Those who have at least one Vault can also set up Roundups, which allows SoFi to deposit the difference from debit card purchases into the customer's preference Vault.

Varo Savings Account

Varo savings account is a premier digital banking service that provides competitive interest rates and various types of savings accounts.

Upon meeting certain conditions, Varo offers 5.00% APY, and 1.20% APY without those conditions. Savings accounts are typically offering only 0.13% APY on average.

For the 5.00% APY, you must receive at least $1,000 in total qualifying direct deposits, keep your balances above zero at the end of each month, and never exceed $5,000 in your Savings Account.

Varo savings accounts have no monthly fees or minimum balance requirements. However, interest is earned only on balances higher than the minimum.

Additionally, Varo offers two automatic savings programs linked to its bank account. With Save Your Pay, you can direct a portion of your direct deposit to your savings account. A second feature, Save Your Change, allows you to save your change from banking transactions.

Savings transfers and withdrawals are unlimited with Varo, which not all banks offer. There is, however, a $5,000 transfer limit per transfer and a $10,000 transfer limit per month for transfers to external accounts.

The Federal Deposit Insurance Corporation (FDIC) insures Varo accounts. Depositors, ownership categories, and institutions are insured up to $250,000 by the FDIC. In other words, your Varo savings and banking accounts are each insured up to $250,000.

Axos Bank High Yield Savings

Axos Bank offers a free savings account with a strong annual percentage yield (APY). A $250 deposit is required to open the High Yield Savings account. There are no monthly fees or minimum balance requirements. For balances under $25,000, it offers a healthy 0.61% annual percentage yield. A balance between $25,000 and $99,999.99 earns 0.25% APY, while a balance over $100,000 earns 0.15% APY. Direct deposits of $1,500 or more earn 0.40% APY.

CIT Bank

Customers with different needs can choose from various kinds of savings accounts at CIT Bank. A Savings Connect account, for instance, offers customers a 1.90% APY and requires a $100 minimum deposit.

The money market account is another savings option CIT Bank has to offer. When you open a money market account, you’ll benefit from 1.30% APY. Regardless of your balance, you'll earn the same rate. In this account, there are higher rates than for other banks that offer money market accounts, which usually require a minimum balance of $2,500. In addition, there are no monthly fees, but you must have $100 to open one.

You might also consider CIT Bank’s Savings Builder account, which offers attractive rates. To qualify for the 0.80% APY, you'll need to you must be able to keep at least $25,000 in your account or deposit at least $100 each month. If you don't, you can receive 0.34% APY. Opening an account requires $100.

Plus, CIT Bank offers above-average CD rates. Five-year CDs pay 0.50% APY. Additionally, the bank offers a CD with an 11-month term that doesn’t charge early withdrawal penalties. A minimum deposit of $1,000 is required. For national banks, this is typical, but some credit unions and online banks have lower minimums. The Term CDs offered by CIT Bank range in length, from six months to five years.

Marcus by Goldman Sachs High-Yield Online Savings Account

Marcus by Goldman Sachs offers a High-Yield Online Savings Account for its clients.

Compared to the national average APY of 0.13%, Marcus' savings rate is 1.70%. The account requires no minimum deposit and there are no monthly fees, but it's not a great option for moving money.

Withdrawing money from the bank is less convenient than with other banks - an ATM withdrawal is unavailable. You can transfer funds to other bank accounts, wire them or request a check. Several methods are available for depositing money into the account, including direct deposits, transfers, checks, and wire transfers.

Unlike some of its competitors, Marcus lets you deposit money for up to six years. Within 10 days of opening your CD, you can receive the highest rate offered by the bank with a $500 minimum deposit.

Make sure you withdraw your money as soon as your Marcus CD matures, as it automatically renews after 10 days. If you want to withdraw early without paying a penalty, Marcus offers three no-penalty CDs.