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High-yield savings accounts are a low-risk, low-effort way to reward your saving. The Federal Reserve’s most recent rate hike moved the target federal funds rate range to 4.25% – 4.50%. As a result, rates on your savings account could grow even higher in the new year. Now is a great time to make sure you’re earning a competitive rate and that you have the best savings account for your goals. There’s never been a better time to save Another rate hike from the Federal Reserve means savings account interest rates will continue to climb. These are some of some of our best rates available right now.  Advertiser Disclosure With high-yield savings accounts right now, you can make around 3.50% APY (annual percentage yield, which is the expected rate of interest earned over a year) on average. Some high-yield savings accounts earn closer to 4.00% APY or even more. These extra earnings can make a big difference in your savings balance over time. For example, a traditional savings account that has an APY of 0.01% with $1,000 in it will earn 10 cents over the course of a year. That same $1,000 will earn $35 in a high-yield account with a 3.50% APY — a much higher rate of return. Here’s everything you should know about high-yield savings accounts, along with the accounts we think are the best. Best High-Yield Savings Accounts of December 2022
Ally BankGood for Overall Banking and Service Ally Bank Review Editor’s Score: (4.49/5) Editor’s Score: (4.49/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Overall Banking and Service Ally Bank Review Editor’s Score: (4.49/5) Editor’s Score: (4.49/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Ally Bank is one of our top-rated banks for its all-around great customer service, range of products, and competitive interest rates. It’s best for anyone looking for one online bank to handle all of their financial needs, from checking to savings and investing. NextAdvisor’s TakePros
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Ally Bank Online Savings AccountAlly’s savings account currently offers 3.30% APY. You won’t pay any monthly fees and don’t need to meet any minimum balance requirements to open or maintain the account. American Express National BankGood for Amex Cardholders American Express National Bank Review Editor’s Score: (4.0/5) Editor’s Score: (4.0/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Amex Cardholders American Express National Bank Review Editor’s Score: (4.0/5) Editor’s Score: (4.0/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: American Express offers some solid banking products, especially if you’re already an existing cardmember with the bank’s credit card division. It offers a high-yield savings account, CDs with varying terms, and an interest-earning checking account, though some banking features (like mobile app access) are reserved for customers who are also Amex cardholders. NextAdvisor’s TakePros
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American Express High Yield SavingsYou can earn 3.30% APY with the American Express online savings account, with no minimum deposit requirements and no monthly fees. Barclays BankGood for No Fees and Minimums Barclays Bank Review Editor’s Score: (3.05/5) Editor’s Score: (3.05/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for No Fees and Minimums Barclays Bank Review Editor’s Score: (3.05/5) Editor’s Score: (3.05/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Barclays Bank’s U.S. online banking division can be a great choice for earning competitive rates on savings accounts and CDs. No fees and no minimum balances boost this account’s standing, but if you’re looking for a robust app or multiple account types, consider comparing other options. NextAdvisor’s TakePros
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Barclays Online Savings AccountBarclays currently offers 3.40% APY for online savings balances under $100,000. There are no monthly fees, and you only need to maintain a balance of $0.01 to earn interest. Bask BankGood for Savings Accounts Bask Bank Review Editor’s Score: (3.00/5) Editor’s Score: (3.00/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Savings Accounts Bask Bank Review Editor’s Score: (3.00/5) Editor’s Score: (3.00/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review.
Overview: Bask Bank offers two types of savings accounts and a limited number of CD options. It charges no fees and has competitive interest rates, but there are some disadvantages to keep in mind, especially if you’re looking for many account types or no CD minimums. NextAdvisor’s TakePros
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Bask Interest Savings AccountBask offers one of the highest rates available right now on savings, at 4.03% APY. There’s no minimum to open the account, no minimum balance requirements, and no monthly fees. However, you must fund your account with some amount within 15 days of opening to keep it active. Bread SavingsGood for Competitive Rates Bread Savings Bank Review Editor’s Score: (3.18/5) Editor’s Score: (3.18/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Competitive Rates Bread Savings Bank Review Editor’s Score: (3.18/5) Editor’s Score: (3.18/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Bread Savings is a good choice if you’re looking for great interest rates and straightforward online banking. It has a high-yield savings account, CDs, and you can also open a credit card or personal loan through Bread Financial. However, it doesn’t offer checking or money market accounts. NextAdvisor’s TakePros
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Bread Savings High Yield Savings AccountFor a $100 minimum opening deposit, you can earn up to 3.50% APY with Bread’s high yield savings option. You’ll need to maintain the $100 in your account, but there are no monthly maintenance fees. However, if you ever need to request a paper statement, you will incur a $5 fee. Capital OneGood for Hybrid Banking Capital One Bank Review Editor’s Score: (3.93/5) Editor’s Score: (3.93/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Hybrid Banking Capital One Bank Review Editor’s Score: (3.93/5) Editor’s Score: (3.93/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Capital One is a good bank if you’re looking for a one-stop-shop for deposits and lending. Capital One’s online banking division offers a suite of account options with competitive rates and features. It even offers an interest checking account — but you’ll find less variety of CD options than some other banks have. NextAdvisor’s TakePros
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Capital One 360 Performance SavingsCapital One’s online savings account offers 3.30% APY on any balance. There’s no monthly maintenance fees, no minimum to open, and no minimum balance requirements. CIT BankGood for Larger Deposits CIT Bank Review Editor’s Score: (3.95/5) Editor’s Score: (3.95/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Larger Deposits CIT Bank Review Editor’s Score: (3.95/5) Editor’s Score: (3.95/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: CIT Bank is a good fit if you want to earn a return on both savings and checking. The bank offers two types of high-yield savings accounts, checking accounts, a money market account, and several types of CDs with competitive rates. Unlike some banks, each CIT account does require a minimum deposit, which varies based on your account type. NextAdvisor’s TakePros
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CIT Bank Savings Connect AccountThe Savings Connect account from CIT Bank earns 3.85% APY right now. There are no maintenance fees to keep your account, but you will need at least a $100 deposit upon opening. Discover BankGood for Multiple Accounts in One Place Discover Bank Review Good for Multiple Accounts in One Place Discover Bank Review Overview: Discover Bank offers competitive rates on a few different account types and flexibility in how you bank. Between high-yield savings, cash back checking, money market accounts with debit card access, and CDs, there are plenty of options for saving and earning a return on your cash. NextAdvisor’s TakePros
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Discover Online Savings AccountThe online savings option from Discover currently has an APY of 3.30% APY. There’s no minimum deposit to open the account, no minimum account balance, and no monthly fees. Dollar Savings DirectGood for Online Only Dollar Savings Direct Bank Review Editor’s Score: (2.83/5) Editor’s Score: (2.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Online Only Dollar Savings Direct Bank Review Editor’s Score: (2.83/5) Editor’s Score: (2.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Dollar Savings Direct doesn’t have the bells and whistles of some other online banking options, but it has the interest rates to make up for it. You can choose between the online-only bank’s high-yield savings account or CD, both of which consistently offer among the highest rates of banks we track. NextAdvisor’s TakePros
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Dollar Savings Direct Dollar Savings AccountYou’ll earn a very high 3.50% APY with a Dollar Savings high yield account. There are no fees and no minimums required to open or maintain your account. FNBO Direct: Good for Checking OptionGood for Checking Option FNBO Direct Bank Review Good for Checking Option FNBO Direct Bank Review Overview: FNBO Direct is an online bank with high-yield savings and checking account options. You’ll earn interest on both account types, and there are no monthly fees or minimum balance requirements. This bank doesn’t offer the highest rate available, but it’s an easy-to-use online banking option. NextAdvisor’s TakePros
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FNBO Direct Online Savings AccountFNBO Direct’s high yield savings account offers a 2.15% APY. You’ll need at least $1 minimum deposit to open the account, and maintain at least $0.01 in your account to earn interest. There are no monthly maintenance fees. Lending Club BankGood for Communication LendingClub Bank Review Editor’s Score: (3.83/5) Editor’s Score: (3.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Communication LendingClub Bank Review Editor’s Score: (3.83/5) Editor’s Score: (3.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: LendingClub is a solid choice for its high interest rates, top-notch customer service, and an robust mobile app. It offers a high-yield savings account and traditional CDs with competitive rates. LendingClub also has personal loans, life insurance, a rewards checking account, and refinancing for auto loans. NextAdvisor’s TakePros
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Lending Club Bank High Yield Savings AccountLending Club Bank’s high yield savings currently offers a great 3.60% APY. To earn that, you will need a minimum $100 deposit when you open your account, but there are no minimum account balance requirements after that and no monthly fees. Live Oak BankGood for Personal and Business Savings Live Oak Bank Review Editor’s Score: (2.83/5) Editor’s Score: (2.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Personal and Business Savings Live Oak Bank Review Editor’s Score: (2.83/5) Editor’s Score: (2.83/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Live Oak Bank is a no-frills online-only bank with competitive interest rates on its limited product suite of high-yield savings and traditional CDs for personal banking. It’s not as robust as some other banking options, and carries some account fees and minimums. NextAdvisor’s TakePros
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Live Oak Bank Savings AccountLive Oak Bank’s savings account has a 3.10% APY with no minimum required deposit to open. There are no monthly fees and no minimum balance requirement, but you will need at least $0.01 in your account to earn the APY. Marcus by Goldman SachsGood for CD Types and Access Bank Review Editor’s Score: (4.2/5) Editor’s Score: (4.2/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for CD Types and Access Bank Review Editor’s Score: (4.2/5) Editor’s Score: (4.2/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Marcus by Goldman Sachs is a great online banking option for anyone looking for a great savings account, multiple CD types, reliable customer service, and an easy-to-use online site and mobile app. Marcus’ account options are somewhat limited, though: there are no money market accounts or checking accounts offered. NextAdvisor’s TakePros
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Marcus Online Savings AccountMarcus’ online savings account currently has an APY of 3.30%. There are no fees and no minimum deposit to open your account. Prime Alliance BankGood for Full Service Banking Prime Alliance Bank Review Good for Full Service Banking Prime Alliance Bank Review Overview: Prime Alliance has plenty of accounts to choose from (high-yield savings, money market, checking, and CDs) and earn interest on your balances. You’ll pay no monthly maintenance fees and no minimum balances (except for CDs, with a $500 minimum) and can do everything online or via mobile app. NextAdvisor’s TakePros
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Prime Alliance Bank Personal SavingsThe personal savings high yield account from Prime Alliance earns a very high 3.65% APY, with no monthly fees and no minimum balance or deposit requirements. Salem Five DirectGood for High Rates with Minimum Salem Five Direct Bank Review Good for High Rates with Minimum Salem Five Direct Bank Review Overview: Salem Five Direct is an online bank with competitive interest rates for high-yield savings and CDs. There’s also a checking account that earns cash back. While you will need a minimum deposit for checking and savings accounts (and a very high deposit for CDs), this bank can make a good option for boosting your balances, especially with savings. NextAdvisor’s TakePros
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Salem Five Direct eOne SavingsWith Salem Five Direct’s savings account, you can earn a huge 4.10% APY on balances up to $1 million. You’ll need at least a $10 deposit to open the account, but there is no other minimum balance requirement and no monthly fees. Synchrony BankGood for Multiple Savings Options Synchrony Bank Review Editor’s Score: (3.9/5) Editor’s Score: (3.9/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for Multiple Savings Options Synchrony Bank Review Editor’s Score: (3.9/5) Editor’s Score: (3.9/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: Synchrony is a great bank if you’re looking for simple savings options. It pays consistently competitive interest rates on a variety of account types that don’t require any minimum balance. Plus, Synchrony’s unique loyalty program offers a few extra benefits. NextAdvisor’s TakePros
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Synchrony Bank High Yield SavingsYou’ll earn 3.75% APY with Synchrony Bank’s high-yield savings, and there’s no minimum deposit or minimum balance requirement, as well as no fees. TAB BankGood for an Existing Savings Balance TAB Bank Review Editor’s Score: (3.8/5) Editor’s Score: (3.8/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for an Existing Savings Balance TAB Bank Review Editor’s Score: (3.8/5) Editor’s Score: (3.8/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: TAB Bank began as a financial solution for transportation industry workers, but today offers online banking for any saver looking for high-yield savings, money market accounts CDs, and checking accounts. There are no monthly fees, but look out for the minimum balances some accounts require. NextAdvisor’s TakePros
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TAB Bank High Yield Savings AccountWith a TAB Bank high-yield savings, you can earn a great 3.64% APY. There’s no minimum deposit to open and no monthly fees, though you’ll need to maintain a daily balance of at least $1 to earn interest. UFB DirectGood for High Rates UFB Direct Bank Review Editor’s Score: (3.5/5) Editor’s Score: (3.5/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Good for High Rates UFB Direct Bank Review Editor’s Score: (3.5/5) Editor’s Score: (3.5/5) Last updated December 23, 2022 All reviews are prepared by NextAdvisor staff. Opinions expressed therein are solely those of the reviewer. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Overview: UFB Direct is a solid online bank with competitive APYs on both money market and high-yield savings accounts. But UFB Direct’s other account options are limited, with no checking accounts or CDs. NextAdvisor’s TakePros
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UFB Best SavingsUFB Direct‘s high yield savings account earns 4.11% APY. There’s no minimum deposit or balance requirement, and no monthly fees. Varo BankGood for Boosting APY Varo Bank Review Good for Boosting APY Varo Bank Review Overview: Varo Bank is a digital bank with checking and savings accounts. These accounts work together; you must open a Varo bank account to open a high-yield savings. The bank offers competitive interest rates which you can boost with certain account activities. NextAdvisor’s TakePros
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Varo Savings AccountVaro’s savings account has a tiered APY. There are no monthly fees and there’s no minimum to open your account. However, to earn the account’s 3.00% APY, you’ll need to maintain a balance of at least $4.95 in any 31-day month and $5.12 over 30-day months. You can increase your APY to 5.00% by meeting certain conditions, including receiving direct deposits of at least $1,000 monthly, keeping no more than $5,000 in your account, and more. What Is a High-Yield Savings Account?A high-yield savings account is a savings account that offers a competitive APY, or interest rate. A high interest rate can yield tens or hundreds of dollars in earned interest, depending on how much money you have saved. Interest rates are always changing, and were very low after the start of the COVID-19 pandemic in 2020. However, the Federal Reserve this year began raising the federal funds rate (which many bank account APYs are based on) at a rapid pace. Today, interest rates are still increasing across the board. A great interest rate for a high-yield savings account is relative and based on how it compares with other available options. At the moment, interest rates for high-yield savings accounts average around 3.43%, though exact rates vary across banks. In comparison, brick-and-mortar banks tend to have traditional savings accounts with rates as low as 0.01%. The national average savings account rate according to the FDIC is currently 0.24%. Emergency funds are one of the most popular reasons people save. Most experts we talk to recommend building a fund of about six months’ expenses, even as you pay down debt. Given that emergency savings should be kept on reserve in an account with easy access, putting that money into a low-risk vehicle like a high-yield savings account is a smart move. While the accounts we featured here are standouts, there are many good options available. As long as it has a competitive APY, is FDIC-insured, and doesn’t charge any monthly fees, you’ll be better off than you would be leaving your savings in a conventional account with a low APY. How We Chose the Best High-Yield Savings AccountsOur top high-yield savings accounts are based on criteria we also use to determine the accounts on our list of best savings account rates, and are updated regularly alongside that page. To get a comprehensive overview of the online bank landscape, we analyze more than 30 of the most commonly reviewed and searched-for high-yield savings accounts, as well as the top 25 commercial U.S. banks. We then evaluate them based on factors including APY, minimum opening deposit, minimum balance requirement, customer service options, availability, and what other accounts each bank offers. None of the banks we recommend charge any monthly service or maintenance fees. Because so many reputable banks offer good APYs on free accounts, we think people should take a hard pass on any banks that do charge a monthly maintenance fee to keep a savings account. For the greatest amount of accessibility, we also excluded accounts that require more than $100 as a minimum deposit. Many of the accounts on our list require much less or nothing at all as an opening deposit. In addition, all of the contenders and final picks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects your money up to $250,000 in the event a bank goes out of business. While all the accounts we chose offer competitive interest rates compared to traditional savings accounts, we didn’t set any hard criteria for APY. This is because interest rates are constantly in flux and can change based on market conditions. Pro TipFind a bank that charges $0 in monthly maintenance fees. You shouldn’t have to pay to use your bank account. The Case For an Online BankOnline bank accounts have considerable perks, and typically offer among the highest APYs. Compared to national bank chains with a network of physical locations, online-only banks have far less overhead. This helps explain why they offer more competitive interest rates, and typically charge fewer and lower fees. Many of them also forgo common fees (such as monthly maintenance fees) or offer other benefits (such as early direct deposit), in line with their role as banking industry disruptors. Are High-Yield Savings Accounts Safe?Yes. High-yield savings accounts are offered by FDIC-insured banks and NCUA-insured credit unions. This backing by the federal government means that if the bank were to shutter, you would be able to recover up to $250,000. Avoid any banks or credit unions that aren’t federally insured. What to Consider When Choosing a High-Yield Savings AccountThere are many factors to consider when reviewing the marketplace of savings accounts:
Best Uses for a High-Yield Savings AccountHigh-yield savings accounts are all-purpose, allowing you to save for both short-term and long-term goals. They offer competitive interest rates while also keeping your funds liquid in case of an emergency. Here are some ideas for how you can use your high-yield savings account:
High-Yield Savings Account FAQsWhat is a good savings rate?Many of the top high-yield savings accounts today offer more than 3.00% APY, though some are closer to 4.00% right now. The average among high-yield accounts we track is about 3.37% APY, which is a solid rate to aim for. What is the highest yielding savings account right now?UFB Direct offers the highest savings interest rate we can find right now. For no monthly fees or minimum deposits, you’ll earn a 4.11% APY. Is a high-yield savings account worth it?A high-yield savings account is one of the best foundations you can have for your financial plan. You can contribute toward your emergency fund or other savings while earning a great interest rate on your balance. Plus, these accounts are safe and easy to access when you need. Further ReadingWe have covered savings accounts at length. We like to think we’re experts. Read on for more of our savings account coverage: Who is the best bank to bank with?Here are the top national banks in 2022:. 🏆 Chase Bank: Best Bank Bonuses.. Citi: Best for Savings.. US Bank: Best for Low Fees.. Discover Bank: Best Cash Back.. Capital One: Best Customer Satisfaction.. PNC Bank: Best Banking Bundle.. Bank of America: Best Online Banking.. TD Bank: Best Customer Service.. Which bank is the best bank to save money?Here are the best online savings account interest rates. Popular Direct – APY: 4.01%, min. ... . CIT Bank – APY: 3.85%, min. ... . Citizens Access – APY: 3.75%, min. ... . Synchrony Bank – APY: 3.50%, min. ... . Bread Savings – APY: 3.50%, min. ... . Barclays Bank – APY: 3.40%, min. ... . Citibank – APY: 3.40%, min.. Should I have a checking and savings account with the same bank?There are some benefits to having both accounts at the same bank or credit union. Doing so makes it easy to manage your money and make near-instant transfers between accounts. Some banks also waive monthly fees if you link checking and savings, though they may also require a minimum balance in the combined accounts.
Can a bank account be both savings and checking?Opening an account at a bank is one of the first things you do to start your financial life, and many people have accounts from childhood. Frequently, banks will offer joint checking and savings accounts so you can have all your money in one place.
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