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- Regional banks are in turmoil as depositors withdraw their money from their bank accounts.
- Remember that up to $250,000 per depositor is safe at financial institutions that are FDIC- or NCUA-insured — whether they're local, regional, or national.
- These three national brands offer competitive savings rates and are good options if you're considering switching banks.
Three regional banks — First Republic Bank, Signature Bank, and Silicon Valley Bank — have collapsed in the last two months. Other mid-sized and small financial institutions are also facing challenges with people taking out money from their bank accounts due to concerns of more bank failures.
If you're worried about keeping your money in any bank account, know that up to $250,000 is safe in any bank that is federally insured by the Federal Deposit Insurance Corporation and any credit union insured by the National Credit Union Administration. When a financial institution fails, the FDIC or NCUA will protect your insured deposits and make sure your money is available generally within two business days of the institution closing.
Savings rates have also been steadily rising throughout 2022 and 2023. You might be re-evaluating where you're keeping your savings right now because of everything happening in the banking industry. If you think it might be time to switch banks, consider these three national brands featured in our best online banks guide that are FDIC insured and offer competitive savings rates.
Ally
Ally Bank offers a variety of bank accounts, including a high-yield savings account, interest-earning checking account, money market account, and several types of CDs.
Ally could be a good choice if you don't have much money to get started, because every account has a minimum opening deposit of $0. The Ally High Yield Savings Account also includes a savings buckets feature that helps you save for individual goals.
You also might find Ally worthwhile for specialty CDs. It has a no-penalty CD, which is a CD that doesn't charge early withdrawal penalties. You could also get a Raise Your Rate CD, which lets you request a rate increase once during your term if the bank's rates go up.
The Better Business Bureau gives Ally an A rating. BBB ratings range from A+ to F so Ally's grade shows that its customer relationships and transparency are generally positive.
Here are the current rates for Ally bank accounts:
- Ally Savings Account: 4.20% APY
- Ally Spending Account: 0.10% to 0.25% APY
- Ally High Yield CD: 3.00% to 5.00% APY
- Ally Raise Your Rate CD: 3.75% APY
- Ally No Penalty CD: 4.00% APY
- Ally Money Market Account: 4.20% APY
Capital One
Capital One 360 is the online operation of Capital One. You might like Capital One if you prioritize an online bank with a savings account, checking account, and CDs. All of its accounts have a $0 minimum opening deposit.
Capital One is also featured in our guides for best kids savings accounts and best teen checking accounts.
Capital One 360 has an A+ rating from the BBB, which shows its customer relationships and transparency are relatively strong overall.
Here are the current rates for Capital One bank accounts:
- Capital One 360 Performance Savings: 4.25% APY
- Capital One 360 Checking: See website for details
- Capital One 360 CD: 3.90% to 5.00% APY
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Info icon Rate as of 4/11/24Feesno monthly service fee
Annual Percentage Yield (APY)4.25%
Minimum Opening Deposit$0
BonusN/A
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to save for various goals
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 live chat
- con icon Two crossed lines that form an 'X'. Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Performance Savings Product Details- Over 280 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Discover Bank
Discover® Bank (FDIC Insured) is a solid option for a high-yield savings account, money market account, or CDs. The Discover Online Savings Account is competitive with the high-yield savings accounts at Ally and Capital One — it has no minimum opening deposit, zero monthly service fees, and a similar APY.
For the CDs account, you'll need at least $2,500 to get started and you can open the Money Market Account with $0 opening deposit. With the Discover Money Market Account, the rate may vary depending on your account balance. You'll earn 4.00% APY if your balance is under $100,000. If your balance is $100,000 or higher, the rate goes up to 4.05% APY.
Here are the current rates for Discover bank accounts:
- Discover® Online Savings Account: 4.25% (as of 3/14/24) APY
- Discover® CD: 2.00% to 5.10% APY
- Discover® Money Market Account: 4.00% to 4.05% APY
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFeesno monthly service fee
Annual Percentage Yield (APY)4.25% (as of 3/14/24)
Minimum Opening Deposit$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No insufficient funds fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No excess withdrawal fee
- con icon Two crossed lines that form an 'X'. Only 1 branch location
- con icon Two crossed lines that form an 'X'. No debit card unless you open a checking account
The best high-yield savings accounts offer competitive interest rates and low fees, and the Discover Online Savings Account comes with both. The minimum opening deposit might be especially attractive to new savers who don't meet the higher initial deposits some banks require.
Discover Online Savings Account Product Details- No monthly balance requirements
- 100% US-based customer service available 24/7
- No hidden fees
- Interest compounded daily, paid monthly
- FDIC insured
Discover Bank received an A+ rating from the BBB, so its customer service and transparency is broadly positive.
Ally, Capital One, and Discover are all federally insured and pay high interest rates. All three of these online national banks are good options if you're considering switching institutions.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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