Overview

• Rising interest rates have allowed online banks to offer significantly higher yields on savings vehicles like high-yield savings accounts and certificates of deposit compared to brick-and-mortar banks.
• Many reputable online banks offer simple account opening, no fees, and free ATM access in addition to strong yields.
• Opening a high-yield savings account at an online bank is an easy process that typically only takes a few minutes.
• Competitive yields, low overhead costs, and streamlined digital operations allow online banks to pass savings onto customers.
• For yield-hungry savers, online banks represent an opportunity to earn over 12 times the national average on savings.