Online savings accounts are deposit accounts that allow you to keep and grow your savings without needing to visit a brick-and-mortar bank. These accounts may offer competitive rates for the interest you earn in the form of annual percentage yield, often higher than the national average.  This can help your money can grow faster. Additionally, online savings accounts are typically FDIC-insured, which means your deposits are protected by up to $250,000 per depositor, per insured bank.