10 Best Digital Banking Savings Accounts ’22 (With High APY)

digital banks with savings accounts

Most banks offer savings accounts. They’re essential parts of their offering and are federally insured for up to $250k. They also offer an annual percentage yield (APY) that will grow your funds.  

Digital banks offer some of the best APYs in the market, more than ten times the national average, that’s now between 0.16% and 0.21%, depending on who you ask.

Unlike most traditional banks, challenger banks have well-designed mobile apps that let you easily manage and track your account on the go. 

If you are looking to earn a higher interest on your savings and save more money over time, here are the best digital banks’ savings accounts to consider.

1. Varo

varo savings account
  • APY of up to 5%
  • Checking and Savings Account
  • FDIC-insured
  • No minimum balance
  • Save Your Change
  • Save Your Pay
  • No hidden fees

Varo is the first fintech company in the US to obtain the coveted national bank charter. As a fully-fledged bank, it’s one of the most prominent challenger banks in the country, with around 7 million customers. The bank was founded in 2015 and is based in San Fransico.

Customers start earning a 3.00% APY on their savings account, but this can go up to 5.00%, which is one of the highest APYs in the country. 

To earn the 5.00% APY, you have to receive total direct deposits of $1,000+ and keep the checking and savings account balances above zero for the month. 

You get the 5.00% on your balance up to $5,000. Above this limit, you’ll earn 3.00%. 

Varo Savings Account doesn’t have a minimum balance requirement or monthly maintenance fees. Additionally, you can deposit any amount to start earning interest and withdraw it at any time without penalty.

Varo offers nifty automatic savings tools:

  • Save Your Change 
  • Save Your Pay

With Save Your Pay, the Varo will transfer a percentage (of your choice) of your direct deposits into your savings account. 

With Save Your Change, it will round up each of your transactions to the nearest dollar and moves the spare change to your savings account.

The funds in all your Varo accounts are insured by the FDIC up to $250,000 per account type.

2. Current 

current savings account
  • APY of up to 4%
  • Automated Savings
  • Saving Pods
  • Direct deposit
  • No hidden fees
  • Fee-Free ATMs
  • Teen Banking

Current is a fintech company based in New York that was founded in 2015 by Stuart Sopp. Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC.

Current doesn’t offer an actual savings account. On the contrary, it provides simple Savings Pods to encourage saving, and you can create savings goals using this feature. 

The best thing about these pods is that you earn an APY of 4.00% up to a maximum of $6,000, or $2,000 per Savings Pod. 

Additionally, there are automatic savings features that set aside cash from purchases and move the spare change to the pods every time you swipe your debit card.

To sign up for this, customers can use the Current app to turn on round-ups for the pod so that the purchases will be rounded up to the nearest dollar. The difference will be transferred to the pod to grow your future savings.

3. SoFi

sofi savings account
  • APY of up to 3.25%
  • No monthly fees
  • Overdraft protection
  • Products for saving, spending, and investing
  • Loans available
  • Credit score and budgeting assistance
  • Access to thousands of fee-free ATMs
  • Mobile deposits
  • Cash deposits and withdrawals
  • Financial and estate planning

SoFi Technologies is a fintech company from San Francisco that was founded in 2011. 

SoFi has a free membership and only members with direct deposit can earn up to 3.25% APY on savings balances and so-called Vaults and 2.50% APY on checking balances. 

Luckily, there are no minimum direct deposit amounts required to qualify for the high yield 3.25% APY for savings and 2.50% APY for checking balances. 

However, even if you don’t have direct deposits, you can earn a solid 1.20% APY on all account balances in checking and savings accounts. 

Apart from savings accounts, SoFi offers credit cards, mortgages, checking accounts, personal loans, refinancing, investing, and more. 

4. Ally

ally savings account
  • Online Savings account
  • Annual Percentage Yield (APY) of 3.00%
  • No monthly maintenance fees
  • No minimum balance requirements
  • Recurring Transfers
  • Round-Ups
  • Surprise savings
  • Six withdrawals per statement cycle
  • Buckets to organize money

Ally is the oldest bank on our list by far. Its history dates back to the 1920s. The company has successfully transitioned into the modern era and is now a completely digital bank without physical branches.

Ally has plenty of options for checking and savings accounts, as well as CDs, credit cards, and an investing platform. 

The Online Savings Account has no maintenance fees or minimum deposit. You can sign up for this account to earn an APY of 3.00% – one of the best rates in the country. 

This savings account comes with buckets or digital envelopes that help you organize your savings without opening additional accounts. 

Ally lets you make up to 10 savings buckets that coexist in the savings account and earn said interest on the total balance.

Additionally, there are boosters that help you maximize your savings. Boosters include:

  • Recurring transfers
  • Surprise savings
  • Round-ups

Recurring transfers let you move money into the savings account on a regular schedule. You simply set them and forget about them. It’s savings on autopilot.

Round-ups round up your transactions to the nearest dollar and transfer the spare change into your savings account.

Lastly, in surprise savings, Ally analyzes your linked checking accounts and recognizes whether there’s cash that’s safe to save, and moves the amount to your savings account.

Apart from an excellent high-yield savings account, Ally also offers:

  • Money Market account
  • Interest Checking
  • High Yield CD
  • Raise Your Rate CD
  • No Penalty CD
  • IRAs
  • Robo Portfolios
  • Forex
  • Self-Directed Trading
  • Wealth Management

All of these financial products offer excellent rates and can help you save or make more money in the future.  

RELATED: Chime Vs. Ally (Which Is Better For Everyday Banking?)

5. Marcus

  • Savings account with 3.00% APY
  • No minimum balance requirements 
  • No monthly maintenance fees
  • High Yield CDs
  • Savings are FDIC-insured up to $250,000
  • Available in the UK

Marcus is a relatively new digital bank that’s named after the founder of Goldman Sachs, Marcus Goldman. It’s also owned and operated by Goldman Sachs USA. their service is also available in the UK. 

The bank offers many financial products, even more so than other challenger banks, and has one of the best online savings accounts. However, it’s missing a checking account, and you don’t get a debit or ATM card. 

The Marcus online savings account has a high yield of 3.00% APY. That’s in line with other banks on our list.

The are also no fees to open the savings account and no minimum deposits. Plus, it offers same-day transfers of up to $100,000 from and to other banks.  

Although it’s true that the savings account doesn’t include a minimum balance, there is a maximum limit of $1 million per account, and it isn’t supposed to exceed $3 million per account owner.

You can easily deposit money into your Marcus savings account by:

  • Transferring from a linked external account
  • Setting up direct deposit
  • Mailing a check
  • Making a wire transfer

You need to know that the bank allows six withdrawals and transfers for each statement cycle.

6. Capital One 360

capital one 360 savings account
  • 3.00% APY
  • No minimum deposit 
  • No fees
  • FDIC-insured savings
  • Kids savings account
  • CDs, loans, refinancing
  • Checking account

Capital One 360 is the digital division of the well-known Capital One brand that was founded almost 30 years ago in Richmond, VA.

There are three types of savings accounts:

  • 360 Performance Savings Account (3.00% APY)
  • Kids savings account (0.30% APY)
  • 360 CDs (4.00% APY)

The 360 Performance account will earn you a 3.00% APY, one of the nation’s top savings rates. The bank doesn’t charge any fees on this high-yield account, so you keep all that you earn.

To open an account with Capital One 360, you can either use the app, website or visit a Capital One physical branch or café. 

After you open the account, you have 60 days to fund it. You need to keep in mind that you are limited to 6 withdrawals or transfers per month, just like with some other banks on this list, namely Marcus and Discover.

Capital One also offers a Kids savings account with a 0.30% APY. Although the APY is much lower, it’s also fee-free and doesn’t require any minimum amount to open. 

It comes with an automatic savings feature that lets you send the kids’ allowance on a schedule if you make regular deposits. You can also link your account to your children’s savings account or opt to create an account for each of their savings goals.

READ ALSO: 5 Possible Reasons Why Your Zelle Transfer Failed (Resolved)

7. Discover

  • 3.00% APY
  • No fees
  • No minimum deposits
  • Money Market, CDs, IRAs
  • Checking account

Discover Bank is a full-service digital bank and payments services company and a division of Discover Financial Services. The famous Discover card was introduced by Sears in 1985.  

When you open an online savings account, you’ll not get charged a monthly maintenance fee, insufficient funds, or account closure fees. The account earns you an excellent 3.00% APY, and it’s compounded daily and monthly.

Discover also allows you to make six transfers or withdrawals per month from the money market or savings account based on federal regulations limits. 

Additionally, you can qualify for a 1% cash back on up to $3,000 in debit card purchases each month with your checking account.

Apart from their high yield savings account, Discover offers online checking accounts, as well as Money Market accounts, Certificates of Deposit, as well as IRAs. 

8. Aspiration

aspiration savings account
  • Up to 5% APY on your savings with Aspiration Plus
  • Plant trees by swiping your card
  • Get paid two days early
  • Offset your carbon footprint when buying fuel
  • No minimum balance
  • No big bank fees
  • No money given to fossil fuel projects

Aspiration is a fintech company headquartered in Marina del Rey, California that was founded in 2013. It stands out from other financial organizations because of its emphasis on socially and environmentally mindful operations and companies.

The company has partnered with Coastal Community Bank and Beneficial State Bank, both Member FDIC. It has a simple structure that involves a checking and a savings account. 

For the paid Aspiration Plus savings accounts ($7.99/m), you can earn up to 5% APY per month on the first $10,000 as long as you spend $1,000 or more with your Aspiration debit card that month. In the case you don’t meet the spending requirement, the APY for that month will be 0.25% on the first $10,000 and 0.10% on any funds over that amount. 

Free account holders will earn no APY if they spend less than $1,000 per month and an APY of 3.00% if they spend more than $1,000. 

9. Oxygen

oxygen savings
  • Up to 3.00% APY
  • Cashback Rewards
  • No monthly fees
  • Secure Virtual Cards
  • Business Savings

Oxygen was founded in 2018 by Hussein Ahmed. The fintech company has partnered with Bancorp Bank, Member FDIC, to provide banking services. There are four different personal accounts:

  • Earth ($0 Annual Fee)
  • Water ($19.99 Annual Fee)
  • Air ($49.99 Annual Fee)
  • Fire ($199.99 Annual Fee)

The APY% varies depending on which account you choose. Although there’s no minimum balance, each tier has its own deposit and spending requirements that determine the APY. 

Also, the annual fee is waived in the following years when annual qualifications are met. The annual qualifications are $3,000 spend for the Water account, $6,000 for Air, and $12,000 for Fire. 

The lowest APY of 0.50% applies to the Earth tier; the Water tier earns 1.00% APY, the Air tier earns 1.98% APY, whereas the Fire account earns the highest rate at 3.00% APY.

10. Chime

chime savings
  • 2.00% APY
  • Automatic savings features
  • No fees 
  • No minimum account balance
  • Round-Ups
  • Credit builder program
  • Funds are FDIC-insured

Chime is a digital banking app based in San Francisco that was founded in 2013 and is one of the first players in the digital banking business.

The bank offers a 2.00% Annual Percentage Yield (APY) to its customers. They also don’t charge any fees or require a minimum balance on the savings account.

The built-in automatic savings feature enables customers to save cash every time they purchase or pay a bill using the Chime debit card. 

Save When You Spend automatically rounds up customer transactions to the nearest dollar and transfers the cash from the Spending Account into the savings account.

Chime customers can also activate automatic savings, which transfers a percentage of each paycheck to the savings account. 

To enroll for this account, you should start by opening a Checking Account through the mobile app or website. 

You can either transfer cash from the spending one or send 10% of each direct deposit of $500 or more via the Save When I Get Paid feature to fund the savings account. The interest is calculated each day based on the account balance.

Conclusion

Most top digital banks provide savings accounts for their customers. These accounts come with different APY percentages that determine how much cash you will earn. 

I showed you only the best online savings account with high yields that will help you build wealth and attain your savings goal much faster. 

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