Top Best 12 High Yield Savings Account in 2022

high yield savings account

The national average interest rate on savings account balances in the United States is now insufficient to keep up with inflation. The good news is that one of the high yield savings accounts highlighted here can help you perform better—a lot better. In June 2022, the best high yield savings account will be revealed. We looked at hundreds of online banks, traditional banks, and credit unions to find the nine best high yield savings accounts on the market right now.

Chime provides a monthly fee-free online checking account. When you sign up for a direct deposit, you’ll get paid two days earlier and your savings will grow automatically with their 0.50 percent APY savings account.

Top Best 12 High Yield Savings Account in 2022

Of course, a high yield savings account should be a small component of your entire financial portfolio. Consider how you’ll use the account to supplement your existing savings and investing techniques, and then figure out how much cash you need to keep liquid in your specific scenario. Is the savings account, for example, intended to be used as an emergency fund? Most financial experts say that in this situation, you should have three to six months’ worth of living expenses on hand.

Chime is free to join. These accounts all yield more than the national savings account average. They’ll help you save more quickly for an emergency fund and battle inflation. Each one also excels in one area above the others, whether it’s paying the most interest yield, offering the best initial account incentive, or seamlessly automating the savings process.

What’s the Difference Between a High Yield Savings Account and a Regular Savings Account?

A high yield savings account pays 20 to 25 times the national average for a conventional savings account. People have traditionally kept their savings account at the same bank as their checking account, making transfers between the two simple and rapid. But since internet-only banks and traditional banks let people from all over the country open accounts online, savings rate competition has exploded. This has led to the creation of a new category of “high yield savings accounts.”

Given the difference between the rate on a high yield savings account and the average rate on a savings account, the increase in earnings is pretty big. If you have $5,000 in savings and the national average annual percentage yield is 0.10 percent, you will receive only $5 a year. You’d make $100 if you deposited the same $5,000 in a 2 percent-earning account.

1. GO2Bank

GO2Bank

If you have a GO2Bank account, you can get up to 7% cash back on eGift Card purchases made in the app. Amazon gift cards earn 3% cash back. Furthermore, with ASAP Direct Deposit, you can earn 1.00 percent APY2 on savings of up to $5,000 and be paid up to two days early. This promotion is valid throughout the United States.

Extra features include:

  • With a qualified direct deposit, you may avoid the $5 monthly cost.

2. Marcus Online Savings Account

Marcus Online Savings Account

The Marcus Online Savings Account is the best option for same-day money transfers. For anybody who needs to move large amounts of money quickly, the Marcus Online Savings Account is the perfect option. Marcus permits up to $100,000 in same-day transactions. Simply set your transfer for 12 p.m. Eastern time on a work day, and the receiver should receive the cash by 5 p.m. Eastern time the same day.

Extra features include:

  • On qualified balances, you’ll get 0.70 percent APY.
  • There are no account fees.
  • There is no obligation to make a minimum deposit.

3. Capital One 360 Performance Savings

Capital One 360 Performance Savings

Capital One 360 Performance Savings offers the best mobile experience. Do you like to conduct all of your banking on your phone? You’re covered with Capital One 360 Performance Savings.

The following are some of the account’s useful mobile features:

  • Transfers between Capital One and external accounts are simple.
  • Automatic savings planning that is simple to use.
  • For certain savings goals, there are many mobile-friendly accounts.
  • Mobile check deposit is a breeze.

Extra features include:

  • On all qualified balances, earn 0.60 percent.
  • There are no monthly or annual fees.
  • There is no minimum balance requirement to open an account.
  • Checking accounts, credit cards, loans, and more are all available (credit qualification may be required).

4. American Express Savings

American Express Savings

American Express Savings offers the best customer service. For consumers who need account service at any time, anyplace, American Express Savings is the ideal high yield savings account choice. That’s due to a thorough self-help page with solutions to the vast majority — if not all — of the queries that arise throughout the course of a normal online banking relationship.

Extra features include:

  • On qualified accounts, earn up to 0.65% Annual Percentage Yield (APY) (as of May 25, 2022).
  • As of May 25, 2022, you can combine your account with a CD that pays up to 2.40 percent APY (a 60-month CD).
  • There are no account fees or minimum balance requirements.
  • Up to $250,000 in FDIC insurance is available per account type.

5. Discover Bank Online Savings Account

Discover Bank Online Savings Account

With a Discover Bank Online Savings Account, you’ll never have to pay a fee or have a certain amount in your account. It also doesn’t charge fees for excessive withdrawals, overdrafts, NSFs, or bank checks.

Extra features include:

  • Get 0.70 percent APY on all qualified balances (rate current as of May 31, 2022).
  • This promotion is valid throughout the United States.

6. Aspiration Spend & Save Account

Aspiration Spend & Save Account

The Aspiration Spend & Save Account is the best check-and-savings combo. To manage your checking and savings balances, use your combined Aspiration Spend & Save Account. Plus, when you upgrade to Aspiration Plus, you may earn up to 5% cash back with Conscience Coalition retailers and up to 10% cashback.

Extra features include:

  • You can earn up to 5.00 percent APY* on your savings account balances after upgrading to Aspiration Plus.
  • To get a $100 incentive, spend at least $1,000 in total debit card purchases within 60 days of creating your Aspiration Spend & Save Account (terms apply).
  • This promotion is valid throughout the United States.

7. Chime

Chime

Chime is the best option for automating savings. Chime allows you to automate your savings in two ways. To begin with, use “When I Get Paid” to automatically set aside 10% of each paycheck. Second, using Save When You Spend, automatically round up debit card transactions to the closest $1 and save the difference.

Extra features include:

  • On all qualified savings balances, you will earn APY*.
  • This promotion is valid throughout the United States.

8. Citi® Accelerate Savings

Citi® Accelerate Savings

High yield (APY) savings accounts are the best option for high yield. You can earn up to 0.60 percent annual percentage yield (APY) on all balances of at least $1 in your Citi® Accelerate Savings account (in select markets). That’s 12 times the interest rate on a national savings account.

Extra features include:

  • To grow your emergency fund faster, use Citi’s Auto Save function to automate your savings.
  • More than 65,000 fee-free ATMs are available around the country.
  • When you link your Accelerate Savings account to a qualified Citi bank account, you can redeem your ThankYou Rewards points for gift cards, cash, and other items.

9. Ally Bank Online Savings Account

Ally Bank Online Savings Account

Ally Bank Online Savings Account is the best option for tax-advantaged account options (IRAs). Your Ally Bank Online Savings Account can be set up as a regular, Roth, or SEP IRA. Ally IRAs receive the same competitive interest rate as traditional savings accounts (currently 0.75 percent APY).

Extra features include:

  • Earn up to Yield: Earn 0.25 percent APY on connected balances in your Ally Bank Interest Checking Account.
  • This promotion is valid throughout the United States.

10. PNC Virtual Wallet®

PNC Virtual Wallet®
PNC Virtual Wallet(R) Logo. (PRNewsFoto/PNC Bank)

PNC Virtual Wallet ® offers the best account opening bonus. To earn up to $400, open a new PNC Virtual Wallet before February 28, 2022, and perform qualifying activities. Simply open a new PNC Virtual Wallet with Performance Select and make a total qualifying direct deposit (s) of $5,000 or more to the Spend account to qualify for the $400 incentive.

Extra features include:

  • Get three accounts in one: spending for daily expenses, reserving for short-term savings, and growth for long-term savings.

11. Varo

Varo

Varo has the best conditional yield. The Varo Bank Account is a simple online checking account with no monthly fees, no minimum deposit, and no minimum balance requirements. When you open a Varo Savings Account and meet Varo’s three simple requirements**, you may receive a 5.00 percent Annual Percentage Yield (APY)* on balances of $5,000 or less. That is one of the finest returns in the industry.

Simply follow these steps:

  • Make at least five qualifying purchases with your Varo Bank Visa® Debit Card and receive a $1,000 or more direct deposit.
  • Do not exceed a daily savings balance of $5,000 for the whole calendar month.
  • Maintain an account of $0.00 in your checking and savings accounts.
  • Otherwise, the balance in your Varo Savings Account will earn 0.50 percent APY*.

Additional characteristics include:

  • If your payer files with the Federal Reserve to begin the direct deposit procedure, you will get an early direct deposit.
  • There is no requirement for a minimum deposit or balance.
  • There are no monthly payments for upkeep.
  • There are no costs for international transactions.

You haven’t found what you were looking for yet? For those looking for something a little different, consider our top two HYSA options.

12. Discover Bank Cashback Debit Account

Discover Bank Cashback Debit Account

The Discover Bank Cashback Debit Account is the best rewards checking account. Every month, the Discover Bank Cashback Debit Account gives you 1% cash back on your first $3,000 in qualifying debit card transactions. There’s also no requirement for a minimum balance or transaction to receive cash back.

Extra features include:

  • There is no monthly fee for maintenance.
  • There are no hidden account fees.
  • From the Discover mobile app, you may freeze and unfreeze your account.
  • This promotion is valid throughout the United States.

13. Quontic High Interest Checking

Quontic High Interest Checking

The Quontic High-Interest Checking Account is the best high-yield checking account. Make 10 or more qualifying Quontic High Interest Checking debit card point-of-sale transactions worth $10 or more in a statement cycle.

You’ll get:

  1. 1.01 percent APY on balances up to $150,000
  2. Complete eligible activities on balances between $100,000.01 and $1,000,000 to earn 0.45 percent to 1.01 percent APY.

Extra features include:

  • There are no ATM fees at ATMs in the AllPoint®, MoneyPass®, and SUM® networks, as well as Citibank® ATMs.
  • This promotion is valid throughout the United States.

How Do We Choose the Best High Yield Savings Accounts?

We rate high yield savings accounts based on eight important criteria that can make or break your account experience. We chose the account that outperforms all other rivals in each statistic, giving you the confidence you need to buy the product that is right for you.

High-profit yield (High APY)

When assessing a savings account, the first thing you typically ask yourself is, “What is the interest rate?” Your money will increase more quickly if the interest rate, or yield, is higher. When inflation is high, your best protection against losing purchasing power is to increase your yield.

Fees are low

You’re up against account fees. The best high yield savings accounts don’t charge fees for keeping the account open or keeping a certain amount of money in it. They should have minimal or no overdraft costs, as well as no fees for peer-to-peer transactions.

Account Opening Bonus

Savings account starting bonuses are more difficult to come by than checking account opening bonuses, but they do exist if you know where to search. On our list of the best deals for opening a new bank account, you can find deals like the PNC Virtual Wallet deal shown here.

Checking and Savings Combo

Many banks offer both checking and savings accounts, but only a handful excel at both. The Aspiration Spend & Save Account, our top option, offers a category-leading yield (1.00 percent APY with Aspiration Plus) and up to 10% cash back on select check purchases.

Automated Savings

You already have a lot on your mind. Choose a bank that saves more of your money without your permission. That may involve rounding up your debit card transactions, putting aside a percentage of each paycheck automatically, or using an algorithm to determine how much you can comfortably save each week — or all of the above.

Experience with Mobile Devices

Through your bank’s mobile app, you should be able to accept mobile check deposits, make free P2P cash transfers, pay your bills, manage your savings plan, and more. It also has to look decent on a small screen.

Options for Tax-Advantaged Accounts

Savings IRAs aren’t offered by many banks. Those that do so assist risk-averse savers in preserving and growing their savings. And the true standouts, such as Ally Bank, give the same competitive rates on tax-advantaged and taxable savings.

Coverage for your deposits

If your bank collapses, your savings are protected by deposit insurance. (It’s uncommon, but it does happen.) FDIC insurance has a set maximum of $250,000 per account type and per institution, although some banks go above and beyond. Deposit insurance coverage of $1 million or more is offered by standouts like SoFi Checking and Savings.

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