Best Savings Accounts (Updated May 2022)

We’ve tracked savings accounts for the past 15 years. During that time rates have changed dramatically, while fees have come down. Today, rates are low, but on the rise. Here are our latest findings of the best savings accounts based on rates and fees.

What follows is an extensive list of the online savings accounts that pay the best rates. I’ve included information on monthly fees and any signup bonuses these accounts offer.

Saving Account Rates May 2022 Update

With inflation now raging at 8.5%, rates on savings and money market accounts are nudging upward. The banks are still stingy, but at least we are moving in the right direction. In same cases, banks are offering cash bonuses to attracted new customers.

Here’s a quick summary of some of the best rats on savings and money market accounts.

• Liberty Bank: This bank just increased the APY on its high-yield savings account to 1.06% via SaveBetter. SaveBetter offers multiple FDIC-insured savings accounts all in one place.
• mph.bank: Yes, that’s the name of the bank. It’s FDIC insured through Liberty Savings Bank and is offering 0.85% APY on its money market account.
• Axos Bank: 0.61% APY.
• Ponce Bank: 0.75% APY on its money market account (min. $1 to open account). FDIC-insured with no fees.
• Quontic Bank: This bank is new to our list. It offers 0.75% APY on its high yield savings account.

List of Savings Accounts

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Ponce Bank Money Market Account

Ponce Bank is a Federal Savings Bank established on March 31, 1960. This offer is through SaveBetter, an online banking platform that enables you to open and manage high-yield accounts at multiple, FDIC-insured banks.

APY: 0.75%
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 31189

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mph.bank Money Market Account

mph.bank is part of Liberty Savings Bank, F.S.B. The bank was established on September 14, 1984, with office and branches in Florida, however, this account is available nationwide. This offer is through SaveBetter, an online banking platform that enables you to open and manage high-yield accounts at multiple, FDIC-insured banks.

APY: 0.85%
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 32242

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Axos Bank High Yield Savings

Axos Bank offers some of the highest rates available on deposit accounts, including high yield savings accounts. Formerly Bank of Internet, Axos Bank has more than $14 billion in assets. It’s also offering up to a $200 signup bonus (offer valid until 4/31/2022)

APY: 0.61%
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 35546

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Chime Bank Savings Account

Chime is not a bank, but it combines the best of online banks with the technology of a startup. It pairs an award-winning app and debit card with an FDIC-insured bank. It pays one of the highest APYs available on a savings account. And it does this with virtually no fees and free ATMs.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

APY: 0.50%
Minimum Deposit: $0
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 4091 (Stride Bank) and 35444 (The Bancorp Bank)

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Vio Bank High Yield Online Savings Account

Vio Bank was established in 1911 as the Oklahoma National Bank of Chickasha. Today it’s the online bank division of MidFirst Bank, which has 81 branches and $24 billion in assets.

• APY: 0.50%
• Minimum Deposit: $100
• Compounded: Daily
• Monthly Fee: $0
• Credit Check: Soft pull
• FDIC #: 4063
• About: Vio Bank is the online division of MidFirst Bank, established on February 28, 1911.

Marcus Online Savings Account

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, which was established in 1990. It offers same-day transfers of $100,000 or less to and from other banks. Its contact center is available 24/7.

• APY: 0.60%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 33124

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American Express High Yield Savings

American Express National Bank was established in 1989. The bank has about $114 billion in total deposits and offers deposit accounts nationwide. It allows up to nine withdrawals/transfers per month.

• APY: 0.60%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 27471

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Barclays Online Savings

While Barclays traces its roots back to 1690, the U.S. bank was established in 2001.

• APY: 0.55%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 57203

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Discover Online Savings Account

Discover Bank traces its roots to 1911, then the Greenwood Trust Company. Discover acquired Greenwood in 1985 and changed the name to Discover Bank in 2000.

• APY: 0.60%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 5649

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Ally Bank Online Savings Account

Ally Bank was first established in 2004 as GMAC Automotive Bank. It changed its name to Ally in 2009. It has 2.5M deposit customers with $142.5 billion in total deposits.

• APY: 0.50%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 57803

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Capital One 360 Performance Savings

Capital One Bank was established in 1994. Headquartered in McLean, VA 10 miles from Washington, D.C., the bank has more than $400 billion in total assets.

• APY: 0.60%
• Minimum Deposit: $0
• Compounded: Daily
• Monthly Fee: $0
• FDIC #: 33954

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