The BanksBestRates.com List of the Best Online Savings Accounts for August 2020

To compile our monthly listings of the best savings accounts, our finance and editorial teams consider factors including annual percentage yield (APY), convenience and minimum balance requirements.

Each account we present is FDIC insured or by the National Credit Union Share Insurance Fund. None of the banks or credit unions here are given placement for payment nor are they consulted when we build our ratings lists.

When selecting the best savings accounts, we look for the highest yield while also considering introductory rates, minimum balances and accessibility to your money and account information.

Here are some factors to consider before you open your account:

• The highest savings rates
• Ease of use before opening a savings account
• Savings account customer service
• The benefits, risks and suitability of a savings account
• The choice between a savings account or a money market account or a mutual fund

At or above 1% Savings Account Return:

Near 1% Savings Account Return:

CIT Bank – up to 0.95% APY
WebBank – 0.85% APY
PurePoint Financial – 0.80% APY
Synchrony Bank – 0.75% APY
HSBC Direct – 0.70% APY

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The Top Banks For High-Yield Savings Accounts 2020 The Best Bank and Credit Union Savings Account Rates for July 2020 The Best Banks in America 2020 Is An Online Only Bank Right for You? Review of Chime Bank