Online banks are booming right now. With no brick and mortar locations, online banks offer everything a traditional bank does, like checking and savings accounts. And because they have no overhead, online banks also offer higher interest rates.

For seniors on fixed incomes who don’t want to take a risk on their money, a high-interest bank account from an online bank is a smart investment. These accounts and banks can help you grow your money – without worrying about any potential loss.

Seniors who are looking to increase their savings should consider opening an account that’ll earn more interest. And these five online banks offer some of the nation’s highest interest rates right now. 

1. Ally Bank

High-Interest Options

  • Online Savings Account: 2.10 percent interest on any balance.
  • Interest Checking Account: 0.10 percent interest on balance below $15,000 and 0.60 percent interest with a $15,000 minimum daily balance.

Why It’s a Great Choice for Seniors

Open an Ally savings or checking account, and you can earn as much as 20 times the national average in interest. Interest is compounded daily, which means your money is hard at work every day – and you can earn interest on a balance of any amount. 

Ally also doesn’t charge any monthly maintenance or account fees. This allows seniors to bank without worry. Your hard-earned and saved money will earn interest, without you having to hand any of it over for silly fees. And managing where your money is going is easy with a simple, senior-friendly website.

Seniors will also benefit from Ally’s highly-rated customer support. Customer service representatives are available 24/7, so you can call, chat online, or email someone at the bank any time you need help.

2. Discover

High-Interest Options

  • Online Savings Account: 2.10 percent interest, with no minimum balance.
  • Money Market Account: 1.95 percent interest on balances below $100,000 and 2.00 percent interest on balances $100,000 and higher.

Why It’s a Great Choice for Seniors

Discover is so much more than a credit card company. With online savings and money market account options, seniors can deposit money into a Discover account and watch it grow. The account terms are simple and straightforward, and you’ll reap big rewards as you earn up to 2.50 percent APY back in long-term interest.

With zero fees – including no monthly fees, no overdraft or insufficient funds fees, and no minimum balance – Discover’s online banking is a great choice for seniors on fixed incomes. You don’t have to pay a cent to access any of the online bank’s benefits, like more than 60,000 ATMs and mobile check deposit.

Seniors will also enjoy friendly customer service that’s available 24/7. You can call or contact customer service online to get answers fast. You can also easily navigate the Discover customer portal, which lets you move money between different banks and accounts so you can make the most out of your money.

3. CIT Bank

High-Interest Options

  • Savings Builder High Balance: Earn 2.30 percent interest if you maintain a balance of $25,000 or more.
  • Savings Builder Monthly Savers: Earn 1.26 percent interest if you open an account with a $100 deposit and make a new $100 deposit each month.
  • Money Market: 1.85 percent interest with a $100 minimum opening deposit.
  • Premier High Yield Savings: 1.55 percent interest with a $100 minimum opening deposit.

Why It’s a Great Choice for Seniors

With a sizable selection of different accounts that all offer high interest, CIT Bank is an excellent choice for any senior. Whether you choose to save large or small amounts of money, CIT offers an account that’ll maximize your money. The Savings Builder account lets you determine the interest you earn based on the amount of money you’d like to keep in the account, which offers great flexibility for seniors who are still growing their savings.

Additionally, CIT Bank is a top-10 online bank with more than 100 years of experience in finances. Seniors can rest easy knowing this online bank protects their savings – your money is backed by FDIC insurance and years of customer expertise. 

On top of these great benefits, CIT also gives seniors savings with zero fees. You’ll enjoy daily compounding interest, which will help you grow your savings faster. You can fund your new CIT account with a $100 deposit, which makes these high interest rates accessible for nearly every senior.

4. PNC

High-Interest Options

  • High Yield Savings: 2.35 percent interest with no minimum balance.
  • Virtual Wallet: Earn either 2.35 or 2.40 percent interest on your Growth account within a PNC Virtual Wallet with a minimum balance of $1.

Why It’s a Great Choice for Seniors

With more than 160 years of expertise as one of the country’s best-known banks, PNC Bank is a great choice for seniors who are looking for high interest and big earnings. With a high yield savings account and a unique online offering called Virtual Wallet, PNC helps seniors take charge of their money – and make more with no risks at all. 

Seniors will love how easy it is to manage money with PNC’s website. You can set up automatic savings plans and goals, create automatic transfers to move money into your savings, and mobile check deposits so you never have to leave home to manage your money. With the PNC Virtual Wallet, you can also increase your interest earnings by setting up regular transfers to your Growth category for long-term savings.

PNC also waives service and account fees just for seniors. If you’re age 62 or older, you won’t have to pay the usual $7 per month fee – your banking will be completely free. There are no monthly service charges, no fees for transfers or deposits, and no penalties for moving money between accounts.

5. American Express

High-Interest Options

  • High Yield Savings Account: Earn 2.10 percent interest when opening this savings account.

Why It’s a Great Choice for Seniors

Although American Express only offers one banking option that’s great for seniors – a high yield savings account – this credit company brings plenty of perks. Seniors will love the higher-than-average interest rate American Express offers. And you can start earning with no minimum balance. The more you deposit, the more you’ll earn. You can customize your investment period, calculate earnings, and set targeted savings goals for your money.

It’s also easy to manage and add to your account with this online banking choice. There are no monthly fees, and you can easily link your current bank accounts in seconds. You’ll have 24/7 access to your account, and a customer service team that’s just a click or phone call away any time day or night.

And for seniors who aren’t tech-savvy, using American Express online banking is easy. You can actually mail in checks if you don’t want to use the mobile app to make a deposit. And with the option to link up to 3 other banks, you never have to worry about having access to your money. Even making a transfer back and forth between different accounts is effortless.