Savings interest rates have steadily gone up throughout 2022. Several online banks now have high-yield savings accounts paying 2.05% APY or more.
Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research, as they often include helpful features other than just high rates for customers. But if you prioritize finding the highest rates above all else, this list is for you.
What are the interest rates for savings accounts today?
The FDIC keeps tabs on national rates for interest-earning bank accounts. The average interest rate paid by a savings account right now is FDIC National Deposit Savings Rates.
We’ve been checking over a dozen financial institutions to keep up with their new rate offerings. Our list includes accounts with much higher interest rates than the national average since online institutions tend to offer high-yield bank accounts.
The most competitive high-yield savings accounts pay over 2.05% APY or more right now. Keep in mind interest rates may change. Savings accounts have variable interest rates, which means that the rates may fluctuate at any time.
The Federal Reserve has increased the federal funds rate multiple times this year, so savings interest rates are also expected to steadily increase throughout 2022.
Best savings account interest rates
UFB Rewards Savings offers the highest interest rate on our list. UFB Rewards Savings could be worthwhile if you’d like easy access to your account — the savings account comes with an ATM card.
Bask Bank has raised the interest rate of the Bask Bank Interest Savings Account to Bask Bank Interest Savings Account. It could be a good fit if you’d like to open an account with Bask Bank Interest Savings Account.
The Redirect High-Yield Savings Account may be appealing if you are able to keep at least Redirect High-Yield Savings Account in your account daily.
The Bread Savings High-Yield Savings Account requires at least Bread Savings High-Yield Savings Account upfront. If you haven’t heard of Bread Savings, you might recognize the name Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.
You might consider banking with LendingClub, CIT Bank, or Quontic Bank if you’re looking to open multiple bank accounts.
LendingClub has a solid cash-back checking account, and Quontic has several types of rewards checking accounts. The LendingClub High-Yield Savings Account and Quontic High Yield Savings Account both require a minimum of $100 for an initial deposit.
Meanwhile, CIT Bank might be ideal if you’re searching for CDs or money market accounts, too. CIT Bank is currently offering a unique promotional offer through its money market account, and the bank offers a wide range of CD options.
The Citizens Online Access Savings Account is a another great high-yield savings account. However, keep in mind you’ll need at least $5,000 to open an account.
The CIBC Agility Account is a good high-yield savings account overall, as long as you have at least CIBC Agility Account to open the account. CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce, and it lets you open checking and money market accounts if you live in Illinois, Michigan, Missouri, or Wisconsin.