Best High Yield Savings Accounts

High-yield savings accounts are one of the best ways to save money. They offer much higher interest rates than traditional savings accounts, making them an ideal place to park your money – whether it’s for an emergency fund or to set aside for a major purchase.

In this post, I’ve listed the best high-yield savings accounts today – and their most attractive features to help you decide which bank can take your savings to the next level.

Best High-Yield Savings Rates For October 01, 2022

*As determined from the banks and credit unions which we monitor. Does not represent all available offers. Rates provided by
ProductAPYMin Deposit
up to 4.00% APY $0
UFB Direct
Elite Savings
3.01% APY $0
Bread Savings™ (formerly Comenity Direct)
High-Yield Savings
2.90% APY $100
CIT Bank
Savings Connect
2.70% APY $100
Barclays Bank
Online Savings
2.25% APY $0
Citi® Accelerate Savings
2.20% APY $0
Bask Bank
Bask Mileage Savings
2.20% APY $
High-Yield Savings
2.15% APY $0
Synchrony Bank
High-Yield Savings
2.15% APY $0
Marcus by Goldman Sachs®
Marcus Online Savings Account
2.15% APY $0

10 Best High-Yield Savings Accounts

Here are the top 10 high-yield savings accounts for October 2022:

1. CIT Bank Savings Connect

  • Interest rate: 2.70% APY
  • Minimum balance requirement: $100
  • Monthly fees: $0

CIT Bank – an online bank owned by CIT Group (a financial holding company established in 1908) has two high-yield savings options: CIT Savings Builder and CIT Savings Connect.

Savings Connect from CIT Bank offers the highest rates and is the latest and most exciting product from CIT Bank.

2. Chime Savings

  • Interest rate: 1.50% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Chime presents itself as “Banking Made Awesome”. They pride themselves on their lack of fees and innovative features.

For example, no overdraft fees, no minimum balance, no monthly fees, no foreign transaction fees, and 38,000+ fee-free MoneyPass® and Visa Plus Alliance ATMs.

With their Early Deposit feature, you can receive your paycheck up to 2 days early. Their Automatic Savings feature will round up Chime debit card purchases and place the roundup in your savings account, for free.

3. Discover Online Savings Account

  • Interest rate: 2.00% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Discover Bank is one of my favorite online banks because it offers simplicity and great rates at no cost. It’s the definition of hassle-free banking!

With the Discover Online Savings Account, you can earn a solid APY on all balances. There are no minimum balance requirements – and you can easily bank on-the-go with Discover Bank’s top-rated mobile banking app, Discover Mobile.

4. Axos Bank High Yield Savings

  • Interest rate: up to 1.25% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Axos Bank is one of the pioneers in digital banking. They offer a complete line of personal and business checking and savings accounts as well as mortgages and CDs.

You only need $250 to open an Axos Bank’s High Yield Savings Account. There are no monthly fees and no minimum balance requirements.

5. Barclays Online Savings Account

  • Interest rate: 2.25% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Barclays is a London-based bank with an online banking operation in the U.S.

With Barclays Online Savings Account, you can earn a moderate APY on your savings – but still among some of the highest rates on the market.

One of the things worth pointing out about Barclays is that you won’t find many physical bank branches in the US, so it’s ideal for those who don’t mind mainly managing their account online.

Also, the bank doesn’t offer a checking account, so you will need to use another provider for that.

6. Marcus by Goldman Sachs Online Savings Account

  • Interest rate: 2.15% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

This account frequently gets a mention here – but that’s because Marcus by Goldman Sachs High Yield Savings Account is an account with a first-class rate.

There are no fees, no minimum balances – and you can earn high APY on all balances. This account is somewhere between a savings account and a money market account because it has features of both.

Where Marcus by Goldman Sachs falls short is the lack of a mobile app – so you can only access your accounts online or over the phone.

7. Betterment Cash Reserve

  • Interest rate: 2.25% APY
  • Minimum balance requirement: $0
  • Monthly fees: $0

Cash Reserve is the high-interest saving account offered by Betterment, one of the most respected goal-based robo-advisors who currently have over $16 billion under management.

Betterment’s Cash Reserve is one of the best high yield savings accounts. There also aren’t any fees at all with this savings account. All ATM fees worldwide are reimbursed and there are no overdraft or account fees. Making this account completely free.

Another benefit of the Betterment Cash Reserve is that it’s easy to move your money between a Betterment investing and Betterment savings account, so you can ensure that you’re getting the best return on your money while you pursue your investing goals.

8. Bank5 Connect High-Interest Savings Account

  • Interest rate: 1.50% APY
  • Minimum balance requirement: $10; $100 to earn interest
  • Monthly fees: $0 (if you choose paperless statements)

Bank5 Connect is an online bank that offers an online savings account with a competitive interest rate on balances of $100 or more. You only need $10 to get started, which is pretty great if you’re just embarking on your wealth-building journey.

You can manage your Bank5 Connect High-Interest Savings Account online (e.g., review your balances, use your savings to cover overdrafts of checking account, etc.) on the bank’s mobile app.

9. CIBC Bank USA Agility Savings

  • Interest rate: 2.08% APY
  • Minimum balance requirement: $1,000
  • Monthly fees: none

Offering attractive interest rates at no monthly cost, CIBC Bank USA Agility Savings is another excellent high-yield savings account option.

Its APY is one of the highest on the market – especially because you earn it on all balances.

You will need $1,000 to open a savings account with CIBC Bank USA, but the APR won’t change –even if your balance dips below $1,000.

10. Vio Bank High Yield Savings Account

  • Interest rate: 2.10% APY
  • Minimum balance requirement: $100
  • Monthly fees: $0

If you’re just starting to think about building your savings, Vio Bank is a good place to start.

Vio Bank High Yield Savings Account offers some of the best interest rates on all balances – and you only need $100 to open an account.

This high-interest savings account offered by Vio Bank – an online division of MidFirst Bank – is a great way to grow your savings with the flexibility of being able to access your money whenever you need to.

There’s a minimum opening balance of $100, but that’s fairly reasonable (when some banks require a $1,000 to get started).

Other Top High Yield Savings Accounts

While these HYSA options did not make our list, they are worth your time to look into:

How Do High-Yield Savings Accounts Work?

HYSAs are similar to certificates of deposit (CDs), but your money isn’t necessarily locked up for a set period. That said, CDs may offer a higher rate because you agree to let your bank use your money for a set period, without access to it.

High-yield savings accounts have many advantages over more traditional accounts – often because these accounts are offered by online banks. Since online banks have lower overhead, they are able to offer more attractive interest rates at a lower cost.

That said, several traditional banks also have high-yield savings accounts worth checking out.

Frequently Asked Questions

What Does APY Mean?

APY is an acronym for Annual Percentage Yield. It tells you the total amount of interest you will earn over the course of one year, assuming you don’t make any additions or withdrawals to your initial contribution. APY also takes into account compounding interest, based on how frequently compounding happens within an account. It is the best way to compare different HYSA’s with varying interest rates, using an apples to apples metric.

How Much Interest Will I Earn On $10,000 Invested for 1 year in a HYSA?

Let’s say you put $10,000 into a high yield savings account that offers a 2.0% APY. If you left this money invested for exactly 1 year, you would earn $200 in interest.

As you can see, high yield savings accounts will not make you rich. But they are a great alternative to holding cash in a checking account that earns you 0% interest.

Are High Yield Savings Accounts Safe?

Yes. As long as you open a high yield savings account at a legitimate bank that is FDIC-insured, your money is safe. The FDIC protects your deposit (typically up to $250,000) if an insured bank fails or becomes insolvent, making HYSAs virtually risk free.

Can I Take My Money Out of an HYSA at Anytime?

Your money is never “locked in” to a high yield savings account, so you can withdraw it at anytime. However, banks place some restrictions on the frequency of withdrawals and offer different methods to withdraw money from an account.

Typically, savings accounts have a maximum of 6 allowable withdrawals per month, no matter the size. Money can be taken out via WIRE transfer, ACH transfer to a checking account, or possible a check withdrawal. Every bank works slightly differently so be sure to check all the withdrawal limits and options before opening an account.

Are High-Yield Savings Accounts Worth It?

Having a growing savings account is one of the stepping stones to achieving financial freedom.

A substantial savings account provides a financial cushion – and once you have that, you can begin thinking about creating passive income through investing.

Remember that the higher the earning potential, the higher the risk – so you must have some savings to fall back on before you begin your investment journey.

If your goal is to earn risk-free interest, an online savings account is definitely a great alternative to a traditional checking account.

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  • Comment Author image blank
    Kristopher Franklin
    Capital One 360 also has a 1.5% apy. I've been with them for years and have always been very happy there.
  • Comment Author image blank
    James D Riley
    Great article! Many people don't realize just how little their cash is earning in interest rates. Would be nice to have a bank that offered interest rates like these, along with a debit card, ATM rebates and no foreign transaction fees when using the debit card for overseas purchasing. But then, a debit card attached to a savings account isn't really a savings account, is it? So-Fi sounds pretty good for the services it provides, despite not offering the highest rates of the accounts on your list. Thanks!
  • Comment Author image blank
    You should add First Foundation Bank to this list. They have had their Online Savings Account since August and are offering 2.00% with no cap. Decent size bank at over $6 billion in assets and they provide an ATM card with reimbursement up to $20 per cash withdrawal from any ATM in the US. Worth checking out.
  • Comment Author image blank
    Joseph DePillo
    You should add First Foundation Bank to this list. They have been offering a 2.40% online savings since August. They also provide ATM fee reimbursements up to $20 for any ATM in the country.