6 of the Best Online Savings Accounts with Free ATM Access

Online savings accounts offer some of the highest APY (annual percentage yield) rates you’ll find in the U.S. They also make saving quick and easy with online and mobile banking, automatic deposits from your checking account, and electronic transfers between accounts.

I recently had a conversation with my mother-in-law about high-yield savings accounts. She was excited to be earning something like half a percent APY on her checking account, but the bank requires her to make a lot of debit purchases per month to receive that rate. I had to break it to her that an online savings account could earn her ten times that rate, without requiring her to spend money.

That said, one drawback is that your money might not always be accessible. Savings accounts don't usually offer debit cards, and many online savings accounts don’t offer ATM cards, which can make withdrawing cash more difficult.

The good news is that I’ve found six of the best savings accounts with free ATM access. You can earn great rates on your savings while still being able to take out money when you need it.

How we evaluate products

To choose the best online savings accounts with free ATM access, we compared key features important to consumers such as APYs, minimum balance requirements, monthly fees, and special features. We did not include all available options.

APY: We chose only online savings accounts that are currently offering at least 3.00% APY on savings balances, and most of them are between 4.00% and 5.00% (as of September 23, 2024).

Minimum balance requirements: For this roundup, we chose savings accounts that either have no minimum balance requirements to earn the optimum APY, or a relatively low minimum balance (nothing above $500 to earn high rates and avoid fees).

Ease of withdrawals: We chose online savings accounts that make it simple for you to withdraw your money, and also focused on only those accounts offering a free ATM card. Each account provides a large network of fee-free ATMs, and some also reimburse a certain amount of out-of-network ATM fees per month.

The best online savings accounts with free ATMs

• Citi High-Yield Savings
• Synchrony Bank High-Yield Savings
• Quontic High-Yield Savings
• UFB Portfolio Savings
• Alliant Credit Union High-Rate Savings
• Digital Federal Credit Union Primary Savings Account

Compare high-yield savings accounts with free ATMs

	Great for…	What you'll earn
Citi High Yield Savings7	Large national footprint	4.30% (as of November 21, 2024) APY8
Synchrony Bank High Yield Savings	ATM fee reimbursements	4.30% (as of 11/18/24) APY on all balances
Quontic High Yield Savings	Mobile banking	4.50% (as of Mar. 27, 2024) APY
UFB Portfolio Savings	SMS banking	Up to 4.57% APY 9
Alliant Credit Union High-Rate Savings	Great for multiple savings accounts	3.10% (as of 10/28/24) APY on all balances
Digital Federal Credit Union Primary Savings Account	Community benefits	6.17% (as of 06/27/24) APY on balances up to $1,000

Citi High Yield Savings

Citi is a national bank that offers a range of products, including Citi credit cards, loans, and bank accounts. I like it for the impressive rate you can earn on your savings, and you only need a minimum balance of $500 to waive the monthly service fee. Plus, you don’t need a minimum balance to open an account.

If you don’t maintain at least $500 in the savings account, you can still waive the monthly fee by holding a Citi checking account in addition to savings. You also get access to a network of over 65,000 ATMs with this savings account.

To apply for an account online, you must be a U.S. citizen or resident and have a Social Security number.

Visit Citi

Synchrony Bank High Yield Savings

Synchrony is an online bank that offers a lot of products for growing your cash, from Certificates of Deposit (CDs) and money market accounts to IRA (Individual Retirement Account) and high-yield savings accounts.

One of my top choices for a high-yield savings account is Synchrony because it’s easy to earn a great rate. (No need to worry about your balance dipping below or above a certain amount and then losing out on earnings.) Interest is compounded daily and reported monthly, which brings in more cash for you.

There are no fees with this account and no minimum balances, but if your account balance is at $0 for 60 days, your account may be closed (which makes sense). Managing your money is easy using the mobile app with check deposit capabilities, online and phone banking, and both electronic and wire transfers.

Although Synchrony provides a free ATM card, it isn’t automatically issued. You have to contact the bank and request one. Synchrony cards can be used at any ATM worldwide that has the Accel or Plus logo. If the financial institution or ATM operator charges you, Synchrony will reimburse you up to $5 per statement cycle. So you’ll want to avoid using ATMs with fees very often.

Visit Synchrony | Read our Synchrony Bank review

Quontic High-Yield Savings

If you’re looking for a straightforward online savings account with free ATM access, Quontic is a hard one to beat. Quontic is an adaptive digital bank that offers ATM withdrawals at over 90,000 fee-free locations across the U.S. (I checked my area in central Kentucky and found 19 in my town alone.)

Plus, earn with a significant rate as well, with interest compounded daily and credited to your account monthly.

You can earn 4.50% (as of Mar. 27, 2024) APY on your savings at any balance level, but you do need to make an initial deposit of at least $100 to start that savings journey. Pay no monthly fees or overdraft fees.

Other features include remote check deposit, bill pay, and account transfers. Plus, your Quontic account is compatible with Zelle, Apple Pay, Google Pay, and Samsung Pay.

Visit Quontic Bank | Read our Quontic Bank Review

UFB Portfolio Savings

UFB Direct, a division of Axos Bank, offers a high APY for its high-yield savings account without balance restrictions, making this savings account a good choice regardless of the amount of money you're keeping in it.

I’m always going to pick an account that pays a high rate without requiring crazy-high balances, and UFB Direct’s Portfolio Savings is a great option. Plus, if you’re interested in checking with UFB Direct, you can bundle the two accounts.

Mobile banking seems to be a strong suit for UFB Direct, which offers a mobile app and SMS messaging capabilities for account management. Moving money into your savings account is easy, as you can have funds added via direct deposit, by transferring funds from a linked account, or by depositing checks using your smartphone.

During the application process, you can request an ATM card for your account. This card can be used at virtually any ATM worldwide. Though UFB Direct doesn’t charge any fees to use your ATM card, you’ll have to pay any fees charged by the ATM.

Visit UFB

Alliant Credit Union High-Rate Savings

While the APY isn’t quite as high with Alliant Credit Union accounts, you can still earn a decent rate and get free ATM access. Like many credit unions, Alliant is a not-for-profit financial cooperative that’s owned by its members — essentially its customers.

You must first qualify for membership before opening an account with Alliant, but I don’t mind the requirements as they’re fairly easy to meet. First, if you or a family member has worked with one of Alliant’s partner businesses or organizations, you may already qualify.

If not, you can contribute $5 to the Alliant Credit Union Foundation to become eligible. (I actually like this feature — it’s a small dollar amount, and serves the Foundation’s purpose to expand digital access to populations that tend to be underserved.)

To open a high-rate savings account, you’ll need a $25 deposit, and Alliant will tack on an extra $5 for you. You won’t pay monthly fees if you choose electronic statements, but you must maintain at least a $5 balance for your account to stay open and a daily average balance of at least $100 to earn the current APY of 3.10% (as of 10/28/24).⁸

Alliant offers online and mobile banking, remote deposit, and more than 80,000 ATMs where you can use your card. And in addition to a high-yield savings account, you can also open up to 19 supplemental savings accounts, which you can even name for specific goals.

Like most other credit unions, Alliant's deposit accounts are federally insured by the NCUA rather than the FDIC. ATMs in-network are free, and Alliant reimburses up to $20 in out-of-network ATM fees per month

Visit Alliant Credit Union

Digital Federal Credit Union Primary Savings Account

Here’s another credit union to add to our list of the best online savings accounts. Digital Federal Credit Union (DCU) asks you to apply for membership before opening an account. You might be eligible based on where you live, where you work, or a relative who’s already a member.

Much like Alliant Credit Union, you can also join DCU by joining a participating organization and paying the membership fee. The lowest option listed is $10 for Reach Out For Schools, so you’re doing some good for students by using this route to join the credit union.

Every member gets a DCU Primary Savings Account, which offers both an amazing APY of 6.17% (as of 06/27/24) and a 6.00% dividend on a balance up to $1,000, with a 0.05% APY applied to anything above that amount. I love seeing a rate above 6%, and if you’re saving a smaller amount, why not take advantage of these excellent returns?

Like Alliant Credit Union, the minimum deposit to open a Primary Savings Account is only $5, and there’s no minimum balance to earn. You’ll also have to request an ATM card for your account.

Visit Digital Federal Credit Union

What to look for in an online savings account

Savings accounts are deposit accounts that are typically used for an emergency fund or to save for other financial goals. Online high-yield savings accounts are especially good because they typically offer an APY that's well above the national average.

It’s always a good idea to research the options available and understand everything involved with opening a new savings account before making any decisions. You don’t want any surprises when it comes to where you put your money.

How much can you earn on your savings?

The main factor I check when considering a new savings account is definitely the rate. While this can fluctuate (and any time the Federal Reserve lowers interest rates, that typically lowers rates on savings accounts), there are plenty of options paying well over 4.00% APY on savings.

Check on any potential new accounts for what their high-yield savings rate is, and be sure there aren’t any major caveats that disqualify you. Red flags include a high minimum balance that you can’t reasonably meet or having to make a certain amount of direct deposits to earn the APY. If it requires a $10,000 balance and you’re only keeping $7,000 in that account, it won’t work for you.

What are the fees?

The second main feature I look at are the fees. While some banks charge monthly account fees, you can find online savings accounts that are fee-free (and most of those on this list fit that criterion).

Check on fees for ATM usage, out-of-network withdrawals, and fees tied to your minimum balance. If it’s too complicated or there are lots of fees, you can take your business elsewhere.

FAQs

Bottom line

Some of the best banks make their own rules when it comes to ATM transactions and limitations. Make sure you understand the terms and conditions of using your ATM card and any fees that may be imposed before opening the savings account.

Because high-yield savings accounts are such powerful tools for growing your cash reserves with higher interest rates and meeting your savings goals, it may be a good idea to open more than one savings account, either at the same or at multiple banks. Review the best savings accounts available and decide which ones work best for you.

Many online banks, like Alliant Credit Union, allow you to have more than one savings account open at a time. Staggering your savings for various purposes or in accounts that are either easier or more difficult to access can help you take advantage of high APY rates and lessen the temptation to spend.