Deciding where to put your money is an important decision. Of course, you want to have your savings in an account where it is protected, but you would also like to earn interest. Unfortunately, there are so many banks to choose from when it comes to online savings accounts, it’s not an easy pick. So how do you choose the right one to help you set and keep your savings goals?

In this article, we will discuss nine different savings accounts that might be right for you in 2022, discussing their stats and benefits as an account holder. 

Why Put Your Money in an Online Savings Account?

Savings accounts are one of the safest and most reliable ways to save money for the future. While mutual funds or investing in the stock market can have many risks, savings accounts are highly consistent in terms of their interest rate. 

Savings accounts also have an extremely low risk of being corrupted and are usually protected by higher financial agencies. So you know your money is safe and insured in the event of a robbery. 

Lending Club High-Yield Savings

Lending Club is an online banking service that allows you to access your money info straight from your phone. Their high-yield savings accounts offer unlimited 1.52-percent APY (annual percentage yield), meaning that you earn 1.52-percent interest on all money deposited into the account during the year. 

Additionally, Lending Club has no monthly fees, and you get a free ATM card upon opening the account. Customer support is constantly available through phone, email, or online chat, and your balance is FDIC protected up to $250,000. 

Discover Bank Online Savings

Right now is the perfect time to open a Discover Bank online savings account, as they offer bonuses of either $150 or $250 for first-time savings customers. For example, if you deposit $15,000 within 30 days of your account opening date, you will earn $150, while if you deposit $25,000 in those first 30 days, you will get a bonus of $250. 

Discover Bank online savings offers an APY of 1.20 percent with a $0 monthly fee, $0 insufficient funds fee, and $0 minimum opening deposit, meaning you can open this savings account regardless of how much you have to deposit initially. 

Marcus by Goldman Sachs Online Savings

Goldman Sachs is one of the world’s most prominent financial and banking institutions, headquartered in New York City. One of their banking divisions, Marcus, is currently offering an online savings account with 1.20 percent APY, which is four times the national average. 

The accounts are always backed by Goldman Sachs HQ’s financial expertise, and the savings accounts don’t require fees or minimum deposits. Additionally, a Marcus account will allow you to make same-day transfers from bank to bank for transactions less than $100,000. Finally, their customer service is available 24/7, 365 days a year, so you will never be without help. 

Citizens Online Savings Account

If you need to open a savings account ASAP, the best option for you may be Citizens Bank. In under five minutes, you can apply for and open a Citizens Online High-Yield Savings Account with an APY of 1.75 percent. 

No fees or hidden costs are associated with this account, and you won’t be fooled by any promotional or teaser rates. A $5,000 minimum deposit is needed to open the account, so this option is for those who already have some significant savings. Still, the high APY makes it a great choice if you can swing it. 

American Express High-Yield Savings Account

An American Express High-Yield Savings Account is a perfect option for those who want to grow their own money with the help of an APY rate that’s higher than the national average. 

American Express offers a current APY of 1.15 percent, which is significantly less than some of the other options on this list, but still much higher than the national average. In addition, there are no minimums or monthly fees associated with this account, and the bank offers 24/7 access to customer service. 

Barclays Online Savings Account

The APY rates at Barclays Bank are consistently some of the highest rates in the country, and this online savings account is no exception, with an APY of 1.40 percent. 

Aside from an outstanding APY, you will also get additional features and benefits with Barclays Bank, including secure 24/7 online access to your money, easy online transfers to and from other banks, easy direct deposit features, no monthly fees, no minimum balances, and monthly saving tools to help you stay consistent. 

Alliant Credit Union High-Rate Savings

If you are a big saver, Alliant Credit Union wants to help you reward that habit with a high-rate online savings account. When you deposit $10,000 or more into an online savings account with Alliant, you will receive a reward of $100 deposited into your account. 

Alliant is one of the largest and most reputable credit unions in the US, with more than 650,000 members worldwide. They are 100 percent digital and offer account holders some unique benefits, including 1.20 percent APY, which is significantly higher than the national average. Additionally, you’ll have $0 monthly service bills with eStatements and 24/7 access to your online banking services. 

Acorns Account (App)

Acorns is a website and mobile app available for iOS and Android devices. The app allows users to save money using strategic investments Acorns sets up for them. When you deposit money into an Acorns account, you can decide how risky you want your investments to be. 

While pretty much all investment portfolios have some risk attached, Acorns is pretty consistent. They use tried-and-true mutual funds and bond investments, so you don’t need to worry about your money disappearing. A personal Acorns account will cost you $3.00 per month.

Side Hustles Can Help You Put More in Savings

What if you have no money to put into a savings account? Consider investing some time into a side hustle! A side hustle is a job or hobby generating additional cash flow outside your regular income. 

While a side hustle is usually not enough money to support you entirely on its own, it can supplement your paychecks and allow you to invest in things like savings accounts, passion projects, or rainy day funds. Some examples of side hustles are delivering food or groceries, selling digital products, or taking paid online surveys. 

Branded Surveys 

Branded Surveys is one of the best and most popular websites for those who want to take paid online surveys. Branded Surveys is free to join and requires minimal personal information, consistently protecting and encrypting the data of its users. The platform connects people with researchers who will pay for reviews and opinions.  

Branded usually pays between $.50 and $2 or more for every online survey you do. That means you can earn some fast cash to start building a new savings account!