Best Savings Account Interest Rates

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When you’re choosing a bank to park your savings, you want one with low fees and good customer service, of course. But you also want to find the best savings account interest rates so your money will grow faster.

GOBankingRates evaluated top online and brick-and-mortar banks to find the best savings account interest rates of December 2022.

Financial Institutions With the Best Savings Account Interest Rates

These banks provide much higher interest rates than the national savings rate of 0.24%, as reported by the FDIC.

  • UFB Direct: UFB Best Savings — APY
  • Bask Bank: Bask Interest Savings — APY
  • Citizens Access: Citizens Access Savings — APY
  • CIT Bank: Savings Connect — APY
  • LendingClub: High-Yield Savings — APY
  • SmartyPig: SmartyPig — APY
  • Varo Bank: Varo Savings Account — to APY

Especially in today’s times of high inflation, you want to find a bank with interest rates of 3% to 5% or higher. It still won’t keep pace with inflation, but the benefit of a savings account is that the money is easily accessible if you need it in a hurry. You can usually withdraw funds instantly without fees or penalties, unlike a certificate of deposit.

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UFB Direct

Why it stands out: UFB Direct’s UFB Best Savings account offers an APY of in December 2022, with no minimum deposit and no monthly maintenance fees. Unlike some savings banks that require a minimum daily balance to receive the highest rates, you can earn on any balance, whether you have less than $10,000 in your account or more than $100,000.


  • No monthly maintenance fees
  • No minimum deposit
  • Earn the same APY on all balances
  • Access your money 24/7 with online banking tools


  • Must be 18 years or older to open an account
  • No brick-and-mortar branch locations

What to look for: You should be aware that UFB Direct is an online financial services company and funds are held and FDIC-insured through Axos Bank. You must be a U.S. citizen or legal resident to open an account.

Bask Bank

Why it stands out: Bask Bank’s Interest Savings account has a high APY with no monthly account fees. You also have an option to choose the Bask Mileage Savings Account, which delivers 2 American Airlines AAdvantage miles for every $1 in your account annually.

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  • No monthly account fees
  • Choose to earn points or miles — or both
  • No minimum deposit required to open an account


  • No ATM cards or debit cards
  • No brick-and-mortar locations
  • Government-ID, SSN and cell phone required to open an account

What to look out for: Be aware that if you don’t fund your account within 15 days of opening, Bask Bank may close the account.

Citizens Access

Why it stands out: With a high APY on your full balance, Citizens Access is a solid choice for a high yield savings account. Plus, there are no fees and the minimum opening deposit is just $0.01.



  • No branch or ATM access available
  • No cash deposits or wire transfers

What to look out for: Citizens Access is entirely online, so you won’t be able to access your account at a branch or through at ATM — you can access you money by linking an account at another financial institution or requesting that Citizens send you a check.

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CIT Bank

Why it stands out: Online-only CIT Bank offers APY on its Savings Connect account, with no monthly service fees.


  • No monthly fees
  • Deposit checks through the mobile app
  • Backed by FDIC-insured First-Citizens Bank & Trust Company


  • $100 minimum deposit required to open an account

What to look out for: CIT Bank and First Citizens Bank fall under the same FDIC insurance, so you cannot have separately-insured accounts at each institution — up to $250,000 in combined balances for each depositor is insured in each account category.


Why it stands out: Earn APY, with no monthly fees and free unlimited transfers to external accounts. You can pay bills, deposit checks and track your spending easily through the mobile app.


  • No monthly fees
  • No fees for external transfers
  • Earn the same APY on your entire balance


  • $100 minimum opening deposit

What to look out for: You’ll need a $100 minimum deposit to open an account, but there’s no minimum balance required after that.


Why it stands out: SmartyPig, offered through Sallie Mae Bank, offers APY on all balances, with no minimum deposit required. SmartyPig makes saving money fun by allowing you to set up savings goals and track your progress. You can also earn a $10 referral reward for every friend who opens and funds an account using your link.


  • No monthly fees
  • FDIC-insured by Sallie Mae Bank
  • $10 referral reward, up to $1,000
  • No minimum opening deposit


  • No brick-and-mortar locations
  • No debit card

What to look out for: You’ll need to be 18 years old and have another checking or savings account to fund your SmartyPig account.

Varo Bank

Why it stands out: If you have direct deposits totaling $1,000 or more and keep your Varo account balances positive in any given month, you can earn APY on up to $5,000 in your Varo Bank savings account. Otherwise, you’ll earn .


  • Earn exceptional APY when you meet requirements
  • No fees
  • No minimum balance required


  • APY only available on up to $5,000 of your balance
  • Must have Varo Bank savings and checking accounts to qualify

What to look out for: Make sure you meet the monthly requirements to earn the highest interest rate.

More on Interest Rates

GOBankingRates’ Best Banks 2023


Here are the answers to some common questions about savings account interest rates.
  • What bank currently has the highest savings interest rate?
    • Out of all U.S.-based online and brick-and-mortar banks, UFB Direct is currently offering the highest interest rate on any balance. Varo Bank's APY is higher, but only on some of your balance.
  • Which bank gives 7.00% interest on savings account?
    • There are currently no U.S. banks that offer 7.00% interest on savings accounts.
  • Where can I get 5.00% interest on my money?
    • You can earn 5.00% APY with a Varo Bank savings account on your balance up to $5,000, as long as you have a positive balance in your Varo Bank Account and Savings Account and direct deposits totaling $1,000 or more in that month.
  • Which bank is best for savings account interest rate?
    • Varo Bank offers the best interest rate on balances up to $5,000, but you must meet the requirements and the rate drops on higher balances. You can find the highest interest rate on all balances right now with a UFB Direct UFB Best Savings account.

Amber Barkley contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 16, 2022.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her two kids and husband. Find her on Twitter, @DawnAllcot.
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