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.
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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.
List of Savings Accounts
Here is a complete list of savings accounts from our database:
Saving Account Rates October 2022 Update
With inflation now 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 some cases, banks are offering cash bonuses to attract new customers.
Here are the APY changes we’ve tracked over the past 30 days:
Ponce Bank Money Market Account
Liberty Savings Bank High Yield Savings Account
UFB Elite Savings Account
UFB Direct is an online bank with a savings account offering 3.01% APY. There’s no monthly maintenance fee and no minimum deposit needed.
Bask Bank Interest Savings Account
Bask Bank, established in 1997, also offers an excellent savings rate. You can get an Interest Savings Account with a 2.75% APY. Bask Bank is an online bank and a division of Texas Capital Bank.
BrioDirect High-Yield Savings Account
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.
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.
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.
SoFi Checking and Savings
SoFi is an online bank offering an impressive 2.50% 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.
mph.bank Money Market Account
CIT Bank Savings Connect
Ally Bank Online Savings Account
Marcus Online Savings Account
Barclays Online Savings
Discover Online Savings Account
Capital One 360 Performance Savings
Axos Bank High Yield Savings
Chime Savings Account
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: 1.50%+
- Minimum Deposit: $0
- Compounded: Daily
- Monthly Fee: $0
- Credit Check: No
- FDIC #: 4091 (Stride Bank) and 35444 (The Bancorp Bank)
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.
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 September 2022, the highest interest rate we can find on an FDIC-insured savings accounts is 2.50% from Ponce Bank and Liberty Savings Bank via SaveBetter. 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.