Top Ten Savings Accounts: A Quick Summary of Some of the Best Online Banks & What They Offer

If you’re someone who is looking for a safe, yet potentially profitable way to put your money, then the best solution is a high-yield savings account from a reliable, strong financial institution. You don’t necessarily have to choose a traditional bank, either. There are some good online banks to choose from these days, although not all of them are equal. Here are the top ten savings accounts to look into (no specific order):

Capital One

This one is great for fast transfers. Even though Capital One is mostly known for its credit cards, it’s still a good choice for an account. There are a variety of options, including Kids’ Savings Accounts (1.00% APY) and 360 Performance Savings (1.90 APY).

SoFi Money

Even though this is a newer institution, it’s still offers a good cash management account that pays up to 2% APY, and doesn’t charge much in terms of fees – if any at all (no ATM fees, overdraft fees, monthly pays, etc… ). The APY varies from 1.80% – 2.0% and is subject to change.


While its APY is lower than the other banks on this list of top ten savings accounts, HSBC has the advantage of longevity. Its roots go back to 1865. It’s also one of the largest and most robust banks that offers various online accounts.

American Express

Like Capital One, American Express is most-often thought of as a lender of credit cards, but the financial giant now also offers savings accounts online, with an average of 1.90% APY. The account has no monthly fees or minimum balance to worry about.

Barclays Bank

This organization definitely deserves to be among the top ten savings accounts due to its excellent support and services for online customers, as well as its no minimum balance requirement to start an account. Not only does Barclays boast some fairly high APY for its accounts, it also offers CD options that have some of the highest rates right now.


Some of the benefits of signing up for an account with Citi is that is requires no minimum opening deposi, offers the convenience of mobile check deposit, and the ability to easily transfer money between your Citi accounts and non-Citi accounts.

Popular Direct

If you have at least $5,000 to start with, then you can expect an APY of 2.40% if you create an account with Popular Direct. This offer is for those who create a new “Ultimate Savings” account and went into effect Sept. 9 2019. Like the others mentioned on this top ten savings accounts list, you get a peace of mind when Popular Direct thanks to FDIC-insured deposits.


There are no monthly fees to worry about with WebBank and it requires a minimum balance of just $1,000. The interest compounds daily, and you can easily manage your account online. The APY averages around 2.20% for savings accounts.

CIT Bank

If this WAS a ranked list of top ten savings accounts, CIT Bank would definitely be #1. You can easily skip a branch and just deposit a minimum of $100 into an online “Savings Builder” account, which is FDIC-insured and has an APY % of around 2.20.


Retail Banks – The New Customer Contract

As the rumbles begin to fade it is clear that the retail banking industry has been through exceptionally turbulent times. The long-standing contract between banks and their retail customers has been shattered.

Those of us who are long in the tooth remember the long gone branch Bank Manager whose steadiness represented the reliability of his bank, and the long term trust that his customers placed with them. It truly was ‘relationship banking’ – building and retaining engaged customers using face to face contact.

We have seen massive job losses and big changes to the branch structures already but have yet to see the regulatory structural outcomes from the recent turmoil. What is as clear as day is that we will continue to see flatter organisational structures.

Retail banking has seen the technology-enabled rush to supply customers with services at less cost – and this trend will continue. Will your bank see that the technology can – if harnessed correctly and coupled to good strategic moves – also help in rebuilding that vital engagement with your customers?

In contrast to this cost cutting approach your customers need your bank to be faster and more flexible in your interactions. They want to be able to tell you how they want to access services, and what types of services those should be, rather than being managed down a systematised straightjacket of rigid processes.

Their needs will change – and change is happening faster than ever – as the pace of development of the enabling technologies shows no sign of slacking. Significantly, the cost of hardware, software and communications is also falling extending the reach of technology to groups who were outside its reach so opening up further opportunities.

The ‘bleeding edge’ of this is the rapid rise in mobile apps and the influence of on-line Social Media. Customers talk about your bank on their terms and on their choice of media. Yes, social media is growing in influence as an advertising medium, but it is the interaction that will become the key to building those long term relationships. Research has shown that your customers would prefer this on-line discussion space to be provided by your bank so that their views could be more certainly heard – and responses provided.

Another blow to banks’ fortunes is that the loss of trust in individual banks means that customers now tend to spread their financial activity over a wider set of suppliers. This puts immediate pressure on your operating margins and has already signalled the demise of ‘free banking’.

If the retail banks are not careful about the way they move forward you could easily become merely ‘white label’ money transactors.

So how can this embattled industry begin to make sense of the new world order – and make a profit too? All marketers know the truism that it is far more effective for both parties to sell more products to an existing customer, so a clear strategy is needed to underpin the rebuilding of your customers’ trust and a route to profit is needed to sustain your business over the very long term.

The answer lies well within your grasp and is with your engaged customers, not with internal management introspection. It is these valuable individuals who hold the key and know what is wanted. By finding out what drives their engagement with you and then mobilising your banking skills to provide it in an attractive and cost effective way you can rebuild that bond of trust. You can use it to find more customers to whom you can provide services effectively and at lower cost.

This will lead to flexible customer segmentation. A segmentation that can adapt to a customer’s current wants and enable different services as those needs change with time. You can only manage this by a regular, vigilant and pro-active review of changing customers’ needs with time.

Measuring the Customer Engagement Index (TM), and then acting on the results of a detailed analysis of those measurements, at both a strategic and operational level, will be the key to rebuilding your strong retail banking service that so underpins your customers’ daily life.