If you want to be proactive about your savings, a high-yield savings account could be a good choice for earning more interest on your money. A high-yield savings account pays more than traditional savings account, and many accounts have zero monthly services fees.
Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research. But if you prioritize finding the highest rates above all else, then this may have great options to explore.
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 earned 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 1.50% APY or more right now. Keep in mind interest-bearing accounts may change. Savings accounts have a variable interest rate, which means that the rate may fluctuate at any time.
The Federal Reserve has recently increased the federal funds rate for the third time this year, so savings interest rates are also expected to steadily increase throughout 2022.
Best savings account interest rates
The Quontic High Yield Savings Account offers the highest interest rate on our list. You might consider banking with Quontic if you’re looking to open a variety of bank accounts. Quontic has many options, including rewards checking accounts, CDs, and money market accounts.
UFB High Yield Savings and the BrioDirect High-Yield Savings Account also earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay right now.
UFB High Yield Savings could be worthwhile if you’d like easy access to your account — the savings account comes with an ATM card. The BrioDirect High-Yield Savings Account may be appealing if you are able to keep at least $25 in your account daily.
The Bread Savings High-Yield Savings Account is another great high-yield savings account. It could be a good choice if you have at least $100 to get started.
If you haven’t heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.
Meanwhile, CIT Bank might be suitable for you if you plan to open a savings and checking account. The Savings Connect Account requires a minimum opening deposit of $100. You’ll also need to open a CIT Bank checking account to qualify for this savings account.
The Bask Bank Interest Savings Account is also strong high-yield savings account. It doesn’t require a minimum opening deposit and pays 1.61% APY right now.
CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce, and also lets you open checking and money market accounts if you live in Illinois, Michigan, Missouri, and Wisconsin. You may like the CIBC Agility Account if you have at least $1,000 for a minimum opening deposit.
LendingClub offers checking accounts, savings accounts, and CDs. You may 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 into one account, you might consider opening the SoFi Checking and Savings. The hybrid bank account comes with a debit card, and you’ll be able to earn SoFi Checking and Savings if you set up a direct deposit.