• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Credit Card and banking reviews

AllCards.com

Credit Cards, Banking, and Cash Back

  • Best Credit Cards
    • Best Overall Credit Cards
    • Interest Free Credit Cards
    • 5 Best Balance Transfer Credit Cards–No Interest Until 2024
    • 7 Best Secured Credit Cards To Build Credit (August 2022 Update)
    • 6 Best Credit Cards for Streaming Services
    • 6 Best Student Credit Cards for August 2022
    • Credit Card Signup Bonuses
    • 8 Best Credit Cards for 500 Credit Score (Bad Credit)
    • 6 Best Credit Cards for a 600 Credit Score (With Approval Odds)
    • 7 Best Credit Cards for Average Credit (Score of 650 to 700)
    • Best Credit Cards for Credit Scores of 700 to 749
  • Banking
    • Best Savings Accounts (Updated August 2022)
    • Best Money Market Accounts (August 2022)
    • The Best Bank CD Rates (August 2022)
      • Best 3-Month CD Rates (August 2022)
    • 12 Best Checking Accounts of August 2022
    • Best High Yield Checking Accounts (August 2022)
    • 6 Best Free Business Checking Accounts of 2022 (Ranked & Reviewed)
    • Best Bank Accounts for Kids (Checking and Savings)
    • 11 Best Online Banks Ranked & Reviewed (August 2022)
  • Calculators
    • Emergency Fund Calculator: Here’s How Much You Should Save for a Rainy Day
    • Simple CD Interest Calculator
    • A Simple Yet Powerful Savings Calculator
    • A Really Simple Credit Card Payoff Calculator
    • Debt Payoff Calculator
    • Loan Payment Calculator
You are here: Home / Banking / Best Savings Accounts (Updated August 2022)

Best Savings Accounts (Updated August 2022)

July 8, 2022 by Rob Berger

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.

Featured Offer: Patriot Bank 17-Month No Penalty CD

Open an Account
  • 17-Month No-Penalty CD
  • APY: 2.55%
  • Min. Deposit: $1
  • No early withdrawal penalty
  • FDIC Insured

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 August 2022 Update

With inflation now at 9.1%, 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 some cases, banks are offering cash bonuses to attract new customers.

Here are the APY changes we’ve tracked over the past 30 days:

08/08/2022
High-Yield Savings Account
Old APY
1.51%
New APY
1.85%
08/02/2022
High-Yield Savings
Old APY
1.65%
New APY
2.15%
08/01/2022
Marcus Online Savings Accout
Old APY
1.20%
New APY
1.50%
08/01/2022
Barclays Online Savings
Old APY
1.40%
New APY
1.65%
08/02/2022
Discover Online Savings Account
Old APY
1.30%
New APY
1.50%
08/08/2022
360 Performance Savings
Old APY
1.30%
New APY
1.50%
08/03/2022
Personal Capital Cash account
Old APY
1.40%
New APY
2.02%
08/03/2022
Online Savings
Old APY
1.65%
New APY
2.02%
08/03/2022
Ivy Bank High-Yield Savings Account
Old APY
1.90%
New APY
2.15%
08/05/2022
Online Savings Account
Old APY
1.40%
New APY
1.60%
08/04/2022
American Express High Yield Savings
Old APY
1.25%
New APY
1.40%
07/26/2022
Synchrony Bank High-yield Savings
Old APY
1.40%
New APY
1.65%
07/28/2022
High-Yield Savings Accounts
Old APY
1.80%
New APY
2.15%
07/20/2022
Interest Savings Account
Old APY
1.61%
New APY
2.02%
07/18/2022
High Yield Savings Account
Old APY
1.70%
New APY
1.85%
07/14/2022
Savings Account
Old APY
1.66%
New APY
1.81%
07/29/2022
Cash Account
Old APY
1.40%
New APY
2.00%
07/13/2022
Chime Savings Account
Old APY
0.50%
New APY
1.00%
07/29/2022
My Banking Direct High Yield Savings Account
Old APY
2.02%
New APY
2.20%
07/30/2022
High Yield Savings Account
Old APY
1.68%
New APY
1.92%
07/26/2022
High Yield Savings
Old APY
1.40%
New APY
2.00%
07/18/2022
Vio Bank High Yield Online Savings Account
Old APY
0.60%
New APY
0.75%
07/28/2022
Savings Connect
Old APY
1.65%
New APY
1.90%

List of Savings Accounts

Here is a complete list of savings accounts from our database:

North American Savings Bank
Premium Savings Account
APY
2.50%
Min. Dep.
$25,000
FitnessBank
Fitness Savings Account
APY
2.30%
Min. Dep.
$100
My Banking Direct
My Banking Direct High Yield Savings Account
APY
2.20%
Min. Dep.
$500
BrioDirect
High-Yield Savings Accounts
APY
2.15%
Min. Dep.
$25
Bread Bank
High-Yield Savings
APY
2.15%
Min. Dep.
$100
Ivy Bank
Ivy Bank High-Yield Savings Account
APY
2.15%
Min. Dep.
$2,500
LendingClub Bank, N.A.
High-Yielding Savings
APY
2.07%
Min. Dep.
$100
Bask Bank
Interest Savings Account
APY
2.02%
Min. Dep.
-
Personal Capital
Personal Capital Cash account
APY
2.02%
Min. Dep.
$1
First Foundation Bank
Online Savings
APY
2.02%
Min. Dep.
$1,000
Wealthfront
Cash Account
APY
2.00%
Min. Dep.
$1
State Exchange Bank
High Yield Savings
APY
2.00%
Min. Dep.
$1
TAB Bank
High Yield Savings Account
APY
1.92%
Min. Dep.
$1
CIT Bank
Savings Connect
APY
1.90%
Min. Dep.
$100
Liberty Savings Bank
High-Yield Savings Account
APY
1.85%
Min. Dep.
$1
Quontic Bank
High Yield Savings Account
APY
1.85%
Min. Dep.
$100
UFB Direct
Savings Account
APY
1.81%
Min. Dep.
$1
SoFi Bank, N.A
Checking and Savings
APY
1.80%
Min. Dep.
-
Synchrony Bank
Synchrony Bank High-yield Savings
APY
1.65%
Min. Dep.
$1
Barclays Bank
Barclays Online Savings
APY
1.65%
Min. Dep.
-
Ally Bank
Online Savings Account
APY
1.60%
Min. Dep.
-
Marcus by Goldman Sachs
Marcus Online Savings Accout
APY
1.50%
Min. Dep.
-
Discover Bank
Discover Online Savings Account
APY
1.50%
Min. Dep.
-
Capital One Bank
360 Performance Savings
APY
1.50%
Min. Dep.
-
American Express Bank
American Express High Yield Savings
APY
1.40%
Min. Dep.
-
Varo Bank
Varo Savings Account
APY
1.20%
Min. Dep.
-
Chime
Chime Savings Account
APY
1.00%
Min. Dep.
-
CIT Bank
Savings Builder
APY
0.80%
Min. Dep.
$100
Vio Bank
Vio Bank High Yield Online Savings Account
APY
0.75%
Min. Dep.
$100
Axos Bank
High Yield Savings
APY
0.61%
Min. Dep.
$250
Axos Bank
Axos Bank Business Savings
APY
0.20%
Min. Dep.
$1,000
TD Bank
Signature Savings
APY
0.01%
Min. Dep.
-

BrioDirect High-Yield Savings Account

BrioDirect

BrioDirect is an online bank with a high-yield savings account offering one of the highest APYs available. There is no monthly maintenance fee and the minimum deposit to open an account is only $25.

  • APY: 2.15%
  • Minimum Deposit: $25
  • Monthly Fee: $0
  • FDIC #: 18221

UFB Direct Savings Account

UFB Direct

UFB Direct is an online bank with a savings account offering 1.81% APY. There’s no monthly maintenance fee and no minimum deposit needed.

  • APY: 1.81%
  • Minimum Deposit: $0
  • Monthly Fee: $0
  • FDIC #: 35546

Bread Savings High Yield Savings Account

Bread Savings is a part of Comenity Capital Bank which is also a part of Bread Financial, established in 2003. Bread Savings is an online bank and its High Yield Savings Account is offering 1.65% APY.

  • APY: 1.65%
  • Minimum Deposit: $100
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 57570

Bask Bank Interest Savings Account

Bask Bank

Bask Bank, established in 1997, also offers an excellent savings rate. You can get an Interest Savings Account with a 2.02% APY. Bask Bank is an online bank and a division of Texas Capital Bank.

  • APY: 2.02%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 34383

SoFi Checking and Savings

SoFi is an online bank offering an impressive 1.80% APY on its Checking and Savings account. Even more impressive, you can get a bonus of up to $300 when you open an account and set up direct deposit.

  • APY: 1.80%
  • Minimum Deposit: $0
  • Compounded: Monthly
  • Monthly Fee: $0
  • FDIC #: 26881

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: 2.02%
  • Minimum Deposit: $1
  • Compounded: Daily
  • Monthly Fee: $0
  • Credit Check: No
  • FDIC #: 32242
Open an Account

TAB Bank High Yield Savings Account

TAB Bank offers one of the highest APYs on a savings account today. Established in 1998, the bank is located in Ogden, Utah but also offers its high yield savings account online.

  • APY: 1.92%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 34781

CIT Bank Savings Connect

CIT Bank is available nationwide online. The CIT Savings Connect account offers one of the highest APYs today. It only takes a $100 deposit and a few minutes to open an account.

APY: 1.90%
Minimum Deposit: $100
Monthly Fee: $0
FDIC #: 58978


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: 1.50%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 33124

Barclays Online Savings

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

  • APY: 1.65%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 57203

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: 1.50%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 5649

Liberty Savings Bank High Yield Savings Account

You can get a Liberty Savings High Yield Savings Account via SaveBetter with a 1.51% APY. SaveBetter is an online platform offering users a one-stop shop for several FDIC-insured savings accounts.

  • APY: 1.85%
  • Minimum Deposit: $1
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 32242

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: 1.50%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 33954

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: 1.60%
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • FDIC #: 57803

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: 1.75%
  • Minimum Deposit: $1
  • Compounded: Daily
  • Monthly Fee: $0
  • Credit Check: No
  • FDIC #: 31189
Open an Account

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.

  • APY: 0.61%
  • Minimum Deposit: $250
  • Compounded: Daily
  • Monthly Fee: $0
  • Credit Check: No
  • FDIC #: 35546
Open an Account

Chime Savings Account

Chime is not a bank, but it combines the best of online banking with the technology of a startup. It pairs an award-winning app and debit card with an FDIC-insured checking account. It pays one of the highest APYs available on it’s optional savings account. A Chime Checking Account is required to be eligible for a Savings Account. And it does this with virtually no fees1 and fee-free ATMs.2

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

  • APY: 1.00%+
  • Minimum Deposit: $0
  • Compounded: Daily
  • Monthly Fee: $0
  • Credit Check: No
  • FDIC #: 4091 (Stride Bank) and 35444 (The Bancorp Bank)
Open an Account

1There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

2 Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

+The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of July 13th, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.


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 withdrawals 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 August 2022, the highest interest rate we can find on an FDIC-insured savings accounts is 2.20% from My Banking Direct. 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.

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

Primary Sidebar

Advertiser Disclosure

AllCards has partnered with CardRatings for our coverage of credit card products. AllCards and CardRatings may receive a commission from card issuers.

Featured High Yield Bank Accounts

17-Month No-Penalty CD
APY: 2.55%
14-Month No Penalty CD
APY: 2.50%

Money Market Account
APY: 1.75%

Savings Account
APY: 1.81%

Rewards Checking
APY: 1.25%

 

Featured Bank Bonuses

See bank websites for details:

Rewards Checking
Bonus: Up to $100

Credit Cards by Category

  • Balance Transfer
  • 0% APR Cards
  • Cash Back
  • Travel
  • Miles
  • Business
  • Gas Rewards
  • Supermarket Credit Cards
  • Secured Credit Cards
  • Student Credit Cards
  • Prepaid Debit Cards

Credit Cards by Credit Score

  • 700 – 749
  • 650 – 700
  • 600 – 650
  • Under 600

Banking

  • Best Online Banks
  • Best Online Savings Accounts
  • Best CD Rates
  • Best Checking Accounts

Credit Cards by Issuer

  • American Express
  • Capital One
  • Chase
  • Citibank
  • U.S. Bank
  • Wells Fargo

About Allcards.com

Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad.

  • Best Credit Cards of 2022
  • 0% Credit Cards
  • Best Cash Back Credit Cards
  • Best Travel Rewards Credit Cards
  • Credit Cards with Signup Bonuses
  • About
  • Contact
  • Privacy Policy
  • Terms of Use
  • RSS Feed

© 2022 A.R. Roberts LLC All Rights Reserved

Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering financial product comparisons. We are compensated when users click links to or apply for sponsored financial products including, but not limited to, credit cards or bank/brokerage accounts. Credit card reviews and listings express the opinions of the author alone, and not those of any credit card issuer. The content has not been reviewed, approved or otherwise endorsed by the credit card advertisers. This compensation may impact how or where links appear on this site. This site does not include all available financial companies or offers.

Banking Content Disclosure: Content is not provided or commissioned by the bank advertiser(s). Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, approved or otherwise endorsed by the bank advertiser(s). This site may be compensated through the bank advertiser(s) Affiliate Program(s).

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT