Purse Ho
Savings interest rates have continued to rise throughout 2022. If you’re looking for a place to keep your money, a high-yield savings account might be a good choice.
Our guide to the best savings accounts and our guide to the best high-yield savings accounts can be great starting points in your search. But if you prioritize finding the highest rates above all else, this might have some serious contenders for you.
Find a savings account
What are savings account interest rates today?
The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate earned by a savings account is currently 0.08% APY.
We checked over a dozen financial institutions to track their new rate offers. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.
The most competitive
high yield savings accounts
pay 1.40% APY or more right now. Keep in mind that interest-bearing accounts may change. Savings accounts have a variable interest rate, which means the rate can fluctuate at any time.
The
Federal Reserve
also recently raised the federal funds rate for the third time this year, so interest rates on savings are also expected to rise steadily through 2022.
The best savings account interest rates
Annual Percentage Yield (APY)
1.80% APY
Minimum deposit amount
$25
- Minimum opening deposit of $25
- No monthly service fees
- Must maintain at least $25 in your account daily to earn interest
- Must maintain at least $25 in your account daily to earn interest
- Interest compounded daily and deposited monthly
- FDIC insured
The BrioDirect High Yield Savings Account offers the highest interest rate on our list and could be ideal if you can keep at least $25 in your account daily.
The Bread Savings High Yield Savings Account is another great high yield savings account. It might be a good choice if you have at least $100 to start with.
If you haven’t heard of Bread Savings, you may be familiar with Comenity Direct. Comenity Direct was recently renamed because its parent company, Bread Financial, expanded to include lending options.
The Bask Bank Interest Savings Account is also a solid high-yield savings account. It does not require a minimum opening deposit and pays 1.61% APY right now.
If you are looking for a high yield savings account with a low minimum opening deposit, you may consider exploring UFB High Yield Savings or the Synchrony High Yield Savings Account These savings accounts pay an interest rate high and you can open an account with $0.
These institutions only have savings accounts, not
check accounts
, so you’ll need to link an external bank account to access your money. You can consider other banking options if you also want to open a checking account or at least have a debit card option.
For example, LendingClub offers checking accounts, savings accounts, and CDs. You might like the LendingClub High Yield Savings Account if you have at least $100 for a minimum opening deposit.
If you’re comfortable combining your checking and savings in one account, you might consider opening SoFi Checking and Savings. The hybrid bank account comes with a debit card and you will be able to earn 1.50% APY if you set up direct deposit.
Quontic Bank also offers a variety of online bank accounts. You might like the Quontic High Yield Savings Account if you have at least $100 for an initial deposit.