Highest savings account rates today: August 29, 2022

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Savings interest rates have risen steadily throughout 2022. Several online banks now have high-yield savings accounts paying 2.05% APY or more.

Our guide to the best savings accounts and our guide to the best high yield savings accounts can be great starting points in your search, as they often include useful features other than high rates for customers. But if you prioritize finding the highest rates, this list is for you.

Highest Savings Account Rates: August 8, 2022

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Editor’s Note

4/5
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Open and keep at least $25 in your account

Editor’s note

4.25/5
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Editor’s note

4/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Open an account with at least $100

Editor’s note

4.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Open an account with at least $100

Editor’s note

4.25/5
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Open an account with at least $1,000

Editor’s note

3.75/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Open an account with at least $100

Editor’s note

4.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Open an account with at least $5,000

Editor’s note

4/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Open an account with at least $100

Editor’s note

4.25/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

What are savings account interest rates today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate paid by a savings account is currently 0.13% APY.

We checked over a dozen financial institutions to track their new rate offers. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.

The most competitive high yield savings accounts currently pay over 2.05% APY or more. Keep in mind that interest rates may change. Savings accounts have variable interest rates, which means rates can fluctuate at any time.

The Federal Reserve has raised the federal funds rate several times this year, so interest rates on savings are also expected to rise steadily throughout 2022.

The best savings account interest rates

Annual Percentage Yield (APY)

up to 2.21% APY

Minimum deposit amount

None

Annual Percentage Yield (APY)

up to 2.21% APY

Minimum deposit amount

None

Advantages
  • High interest rate
  • No monthly service fees
  • No minimum opening deposit
  • Credit card included
The inconvenients
  • May not be easy to deposit money
More information
  • Earn up to 2.21% APY*
  • No monthly maintenance fees
  • No minimum deposit required to open an account
  • To deposit money, you will need to go to an ATM
  • Access your funds 24/7 with easy-to-use digital banking tools
  • Interest compounded daily and deposited monthly
  • FDIC insured

UFB Rewards Savings offers the highest interest rate on our list. UFB Rewards Savings could be useful if you want easy access to your account – the savings account comes with an ATM card.

Bask Bank has raised the interest rate on the Bask Bank Interest Savings Account to 2.20% APY. It could be a good choice if you want to open an account with $0.

The BrioDirect High Yield Savings Account can be attractive if you are able to keep at least $25 in your account daily.

The Bread Savings High Yield Savings Account requires at least $100 up front. If you haven’t heard of Bread Savings, you may recognize the name Comenity Direct. Comenity Direct was recently renamed because its parent company, Bread Financial, expanded to include lending options.

You may consider doing business with LendingClub, CIT Bank, or Quontic Bank if you are looking to open multiple bank accounts.

LendingClub has a solid cash back checking account and Quontic offers several types of rewards checking accounts. The LendingClub High Yield Savings Account and the Quontic High Yield Savings Account both require a minimum of $100 for an initial deposit.

Meanwhile, CIT Bank could be ideal if you are also looking for CDs or money market accounts. CIT Bank is currently offering a one-time promotional offer through its money market account, and the bank offers a wide range of CD options.

The Citizens Online Access Savings Account is another great high-yield savings account. However, keep in mind that you will 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 $1,000 to open the account. CIBC Bank USA is the US division of the Canadian bank Imperial Bank of Commerce, based in Toronto, and it allows you to open checking and money market accounts if you live in Illinois, Michigan, Missouri or Wisconsin .

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