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.
- Saving Account Rates May 2022 Update
- List of Savings Accounts
- Ponce Bank Money Market Account
- mph.bank Money Market Account
- Axos Bank High Yield Savings
- Chime Bank Savings Account
- Vio Bank High Yield Online Savings Account
- Marcus Online Savings Account
- American Express High Yield Savings
- Barclays Online Savings
- Discover Online Savings Account
- Ally Bank Online Savings Account
- Capital One 360 Performance Savings
- FAQs
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
Ponce Bank Money Market Account

APY: 0.75%
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 31189
mph.bank Money Market Account

APY: 0.85%
Minimum Deposit: $1
Compounded: Daily
Monthly Fee: $0
Credit Check: No
FDIC #: 32242
Axos Bank High Yield Savings

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

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)
Vio Bank High Yield Online Savings Account

- 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

American Express High Yield Savings

Barclays Online Savings

Discover Online Savings Account

Ally Bank Online Savings Account

Capital One 360 Performance Savings

Resource: If you are looking for a savings account with a signup bonus, check out our list here.
FAQs
How many withdraws can I make from a savings account each month?
Savings accounts are limited by federal regulation to 6 withdraws per month. If you exceed this amount, your bank could charge you a fee or close your account. Note that making a withdrawal through a teller does not count toward this limit.
Are online savings accounts FDIC insured?
Yes. The banks in our list are all FDIC insured.
Are online savings accounts safe?
Yes. As noted above, online savings accounts are FDIC insured. In addition, online banks use the same internet security protocols as brick and mortar banks use for their online access.
What bank has the highest interest on savings account?
As of May 2022, the highest interest rate we can find on an FDIC-insured savings accounts is 1.25% from Bask Bank and SoFi Bank. You will, however, find higher rates on certain checking accounts or savings accounts with savings caps and/or other requirements. These may include setting up direct deposit of a certain amount or use of a debit card.