Best High-Yield Savings Accounts

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Interest rates are a hot topic these days. Inflation is high, and when that happens, the Federal Reserve Board of Governors often raises the primary interest rate to slow it down. Major investment banks are predicting the Fed will raise rates six to seven times this year, going up 0.25%, or 25 basis points, each time.

When the Fed raises rates, banks often follow. This doesn’t mean that your savings account that’s now paying 0.05% APY will be paying 1.55% APY by the end of the year, but banks could raise rates a bit to stay competitive. In the meantime, opening a high-yield savings account now will get you started making money on your money.

GOBankingRates looked at the savings accounts that pay the highest interest rates. In this comparison, there’s a comparison of rates, minimum opening balances, fees and other features or restrictions. Here are some of the best high-yield savings accounts to consider.

The Best High-Yield Savings Accounts

Take a look at some of the top high-yield savings accounts available.

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Bread Savings High-Yield Savings Account

  • % APY
  • $100 minimum opening balance
  • No monthly maintenance fees

This is the highest interest rate that was found. Bread Savings offers an online account, and there are no maintenance or other monthly fees. You will be charged for paper statements — $5 each, official checks — $15 each and outgoing wire transfers — $25 each, however.

TAB Bank

  • % APY
  • No minimum opening balance
  • No monthly service fees

TAB Bank offers an online-only high-yield savings account with no minimum — or maximum — deposit requirements.

CIBC Agility Online Savings Account

  • % APY
  • No monthly account maintenance fees
  • $1,000 minimum opening balance

The CIBC Agility Online Savings Account is an online-only account, but CIBC Bank USA has some brick-and-mortar locations for personal banking in Illinois, Michigan, Missouri, and Wisconsin. The bank also has commercial banking locations in 17 states.

American Express High-Yield Savings Account

  • 0% APY
  • No monthly fee
  • No minimum balance

On the High-Yield Savings Account from American Express National Bank, Member FDIC, there is a limit of nine withdrawals or debits per statement cycle — higher than many banks which limit you to six withdrawals a month.

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Citi Savings

  • % APY
  • No fees if conditions are met

Rates for savings accounts with Citibank will depend on the type of package you open. With the Basic Banking package, your savings rate is set at %. With owning a checking account as well, you’ll have to maintain a minimum balance of $500 or you’ll be charged $4.50 a month and $2.50 for using a non-Citi ATM.

Marcus Online Savings Account

  • 0% APY
  • No fees
  • No minimum deposit

With the Online Savings Account from Marcus by Goldman Sachs, you can transfer money same day to or from other banks, up to $100,000.

Synchrony Bank High-Yield Savings Account

  • 0% APY
  • No minimum balance
  • No monthly fees

With a Synchrony Bank High-Yield Savings account, you can request a debit card so you can access your funds from an ATM. Synchrony does not charge ATM fees, and refunds up to $5 per month in other banks’ ATM fees.

Vio Bank High Yield Savings Account

  • 0% APY
  • $100 minimum to open
  • No monthly fee

This account limits depositors to six free withdrawals per month. If you exceed that number, you’ll pay $10 for each withdrawal after six. There is a $5 fee per month if you opt for paper statements.

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Bank5 Connect High-Interest Savings

  • 0% APY
  • $10 minimum to open, $100 to earn interest
  • No maintenance fees

Bank5 Connect offers Depositors Insurance Fund insurance for balances above the FDIC limit of $250,000 per depositor.

BrioDirect High-Yield Savings

  • 0% APY
  • $25 minimum to open
  • No monthly maintenance fee

BrioDirect also offers a Money Market Account that pays % APY, with a monthly limit of six transactions.

Capital One 360 Performance Savings Account

  • 0% APY
  • No minimum balance
  • No monthly or maintenance fees

Capital One has brick-and-mortar locations and ATMs, but you can also open your account online.

FNBO Direct Online Savings Account

  • % APY
  • $1 minimum to open
  • No monthly maintenance fees

FNBO Direct offers Popmoney as a peer-to-peer money transfer service.

How To Open a High Yield Savings Account

Generally, the highest interest rates are paid by online banks. They don’t have the expenses of brick-and-mortar banks, so they can pay higher interest. Opening an online savings account is a little different than walking into your neighborhood bank to open an account, but it’s not difficult. Here’s what you need to know.

You Need Identification

You’ll be asked to provide your name, address, email address, social security number and phone number. You may also be asked the name and address of your employer. You’ll need a government ID — most people use a driver’s license, but if you don’t have one, you can use a state-issued ID or a passport.

Deposit Funds

Once you’ve provided all the required information, you’ll need to deposit some money into the account. To do this, you’ll need to move money from somewhere else, so you’ll need the information for the account you’re moving the funds from. You’ll link this other account, which can be a checking, savings, or another account at the same or another bank, to your new savings account.

Once you’ve linked your accounts, you can move funds from one to the other whenever you want. If you’ve linked a checking account into which you have your paycheck direct deposited, you can set up a recurring transfer to put a little money into savings each time you get paid. Then watch your money grow!

Watch Your Rate

While rising interest rates usually mean that savings account interest rates will also go up, there’s no guarantee. And most high-yield savings accounts have a provision in the account agreement that says the bank can change the rate at any time. So watch your statement so you’ll know how much you’re earning.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of April 20, 2022. Additional requirements may apply. Offers and terms are subject to change.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by American Express.

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.

About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

Best Bank Accounts of May 2022

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