Best 10 Online Banks to Save and Invest your Money

Several years ago, finding a bank to save and invest your money was not quite easy. You would have to select and compare the banks available that will fully guarantee the safety of your money. Nowadays, the internet has reduced the importance of saving and investing money at physical bank branches. You can save or invest your money from anywhere and at any time. In this article, I cover the top 10 online banks you can save and invest your money. Let’s read on.

Online Banks to Save & Invest your Money | 10 Best Banks

These are the 10 best online banks to save and invest your money just at your fingertips:

1. American Express National Bank

This online bank has a firm yield on all your balances with $0 maintenance fees, a $0 minimum opening deposit, and a $0 minimum balance. At the American Express National Bank, your saving interest will be a 2.00% annual percentage yield (APY). You have access to your money every 24 hours (customer service). Also, you could get personal credit products including premium credit cards like the Platinum Card from American Express.

2. CIT Bank

CIT bank offers different levels of accounts with different yields. These include Savings Connect (2.40% APY), Savings Builder (1.00% APY), and the CIT Bank Money Market account (1.55% APY). Other benefits you can derive from the CIT bank are no monthly service fees, no ATM fees in-network, and no early withdrawal penalty, among others.

3. Wealthfront

The Wealthfront bank is one of the best online banks for investors. Wealthfront money account offers no account fees, 2.55% APY on all balances, FDIC insurance on balances up to $1 million, high-interest checking, and many others. Also, you can open an account with $1 only.

4. Albert

Albert bank is the best online bank that offers customer support. This bank has three (3) sections, Albert Cash, Albert Savings, and Albert Investing. Depending on what you want to do with your money, you can choose any section. The Albert Cash is where you can manage how you spend your money daily. You can earn up to 20% back on all your debit card purchases. Also, you can save your money in the Albert Savings section, and invest your money in the Albert Investing section.

5. Go2Bank

Go2Bank is an online bank with a mobile-friendly bank account and a yield of 1.00% APY on savings of up to $5000. Here, there is no minimum opening deposit and no monthly fee. Also, you can get paid up to two days early with ASAP Direct Deposit, among other benefits.

6. Rewards Checking via Upgrade

This bank is one of the best online banks that offer users 100% No-Account fees that include annual fees, overdraft fees, transfer fees, ATM fees, etc. Also, you will get 2% cash back on your purchases at convenience stores, restaurants, utility bills, and others. You will receive discounts on your loans, FDIC insurance up to $250,000, and other benefits.

7. Tellus

Tellus bank also falls among the top 10 online banks to save and invest your money. As a customer in Tellus bank, you will get 0% account fee charges, payment of interest daily, and bank-level account security, among others. Also, the Tellus online bank is the best for overall potential returns.

8. Douugh

Douugh is a cash management app that allows you to keep track of all your daily financial tasks. With an account on Douugh, you can make purchases online and receive cash back. Also, you will enjoy a free checking account with a Mastercard debit card.

9. SoFi Checking and Savings

SoFi Checking and Savings is the best online bank for debt refinancing (student loans). Opening an account with SoFi bank grants you a minimum opening deposit, rate discount on SoFi loans, free peer-to-peer transfers, and 1.80% APY on eligible balances. Also, if you set up a direct deposit of $1000 into your account, you can earn a $100 opening bonus, among other benefits.

10. Copper Banking

The copper bank is one of the best online banks for teens and young people. With an account on the Copper online bank, you can withdraw cash for free at over 55,000 ATMs, and you will get FDIC insurance for up to $250,000 through Evolve Bank and Trust. Also, the Copper bank comes with an automatic saving feature that encourages you to save.

Frequently Asked Questions

Which Online Banks are the Best for Saving?

Here are the best online savings accounts for saving:

1. CIT Bank
2. Citizens
3. Synchrony Bank
4. Capital One
5. Marcus by Goldman Sachs
6. Bread Savings (formerly Comenity Direct)
7. Ally Bank

Which Bank is the Best Bank to Invest your Money?

Best Overall: Goldman Sachs

Goldman Sachs is arguably the most prestigious investment bank. It is a public company that’s more than 150 years old; it had nearly $2.5 trillion in assets under supervision at the end of 2021.

Which Banks have the Highest Return on Savings?

The best high-yield savings account rates

1. UFB Direct
2. CIT Bank
3. LendingClub Bank
4. Bask Bank
5. Citizens
6. CIBC Bank USA
7. Synchrony Bank
8. TAB Bank

Which is the Safest Bank to Put your Money in?

These are the safest banks in the U.S.:

1. JPMorgan Chase
2. Capital One
3. Wells Fargo
4. U.S. Bank
5. PNC Bank

Conclusion

Online banks are the best for you to save and invest your money. You will need to take a look at the bank’s features like rewards checking, account yield, withdrawal terms, etc before saving or investing your money. Simply go through the best 10 online banks and pick any one of your choices.

Best regards!