The Marcus account also stands out due to its new cell banking app, which is straightforward to use and allows you to set up recurring deposits, observe your savings objectives and see how a lot interest you’ve got earned this yr. Whereas the accounts we selected in this text consistently rank as having a few of the best APY charges, we also compared every savings account on a variety of features, together with ease of use and account accessibility, in addition to factors comparable to insurance policies and buyer evaluations when out there. Varo gives a high APY of 0.40% to all financial savings account holders, as well as a checking account choice. The higher your annual proportion yield (APY), the quicker your cash grows and you get a better return than you would with a conventional savings account. We discovered that although most on-line banks do not have physical branch locations, they sometimes supply greater APYs, decrease charges and total higher benefits than nationwide brick-and-mortar banks.