The 20 Best Savings Accounts of 2022
Whether you’re saving for a particular goal or building up an emergency fund, putting your money in a savings account can keep your funds accessible and secure, while also growing through accrued interest. But with so many options available, it can be hard to know where to put your money.
To determine the best available savings accounts (some of which are from our partners), GOBankingRates ranked nearly 80 bank and credit union accounts based on a number of factors, including:
- Total assets
- Number of branch locations
- Minimum deposit to open an account
- Monthly fee
- Minimum deposit needed to avoid monthly fee
- Minimum balance needed to earn interest
- APY
- Average mobile app rating
Here’s a look at GOBankingRates’ Best Savings Accounts of 2022.
Our Best Savings Account
Sallie Mae Bank's SmartyPig Account
Why it stands out: The SmartyPig Account offers a highly competitive annual percentage yield to help you reach your savings goals. On top of that, it has no minimum balance and no monthly fee. The account offers other perks such as rewards for referring others.
Pros:
- No minimum balance to avoid fees
- No monthly fee
- 0.70% APY on balances up to $10,000
- $10 reward for every friend you refer who opens a SmartyPig account, sets a goal and contributes to it
Cons:
- Online only
What to look for: This account comes with no minimums and no monthly fee. After your balance reaches over $10,000, your 0.70% APY drops to 0.65% APY. You can earn a $10 reward for every friend you refer who opens a SmartyPig account, sets a goal and contributes to it.
READ OUR FULL REVIEWMore of the Best Savings Accounts 2022
Axos Bank: High Yield Savings
Why it stands out: The Axos Bank High Yield Savings Account comes with a competitive APY and has no minimum balance requirements or monthly fees, making this a nice account to earn money on.
Pros:
- No minimum balance to avoid fees
- No monthly fee
- 0.61% APY on balances up to $24,999.99
- Free ATM card upon request
- Suite of digital money management tools
Cons:
- $250 minimum deposit to open account
What to look for: You'll have a minimum deposit requirement of $250 with this account, but no monthly fee. You'll earn an APY of 0.61% on balances of up to $24,999.99, with interest compounded daily. The account comes with a free ATM card upon request.
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Monifi: Save
Why it stands out: The Monifi Save account lets you create personalized savings goals, transfer money between goals and create rules for how to apply deposits. No fees and a very competitive APY help you reach your goals faster.
Pros:
- No minimum balance
- No monthly fee
- 0.70% APY
- Goal-based banking
Cons:
- Online-only bank
What to look for: Monifi's savings account has no minimum deposit, no monthly fee, and no minimum balance to avoid a fee. It offers an APY of 0.70% on your entire balance.
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Marcus by Goldman Sachs: Online Savings
Why it stands out: The Marcus by Goldman Sachs Online Savings account has no fees, no minimum deposit and a competitive APY — all of which add up to you keeping and making more money. Customer service is available 24/7.
Pros:
- No minimum balance
- No monthly fee
- 1.00% APY
- Contact Center available seven days per week
Cons:
- Online-only bank
What to look for: This savings account offers an APY of 1.00%. There is no monthly fee or minimum deposit.
Quontic Bank: High Yield Savings
Why it stands out: Quontic's High Yield Savings account offers a competitive rate and has no monthly service fees.
Pros:
- No minimum balance
- No monthly fee
- 1.25% APY
Cons:
- $100 minimum deposit to open account
What to look for: Quontic Bank's savings account comes with a higher minimum deposit than some others at $100. Its 1.25% APY is highly competitive.
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Synchrony Bank: High Yield Savings
Why it stands out: Synchrony's High Yield Savings is an online account that offers the same competitive rate no matter what your account balance.
Pros:
- No minimum balance
- No monthly fee
- 1.10% APY
- Optional ATM card
Cons:
- Online-only bank
- Slow to complete transfers
What to look for: Synchrony Bank's High Yield Savings is on par with some of the top accounts as it also has no monthly fee, no minimum balance and no minimum deposit. Its APY is a bit lower than some others at 1.10%, but it does offer an optional ATM card. Be aware that transfers into the account typically take three days to complete.
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Bread Savings: High Yield Savings
Why it stands out: This High Yield Savings account has a very competitive rate and no monthly fee.
Pros:
- No minimum balance
- No monthly fee
- 1.65% APY
Cons:
- $100 minimum to open account
- Online-only bank
What to look for: Bread Savings' savings account doesn't have a monthly fee or minimum balance, but it does have a higher minimum deposit at $100. However, it also has a competitive APY at 1.65%.
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Ally Bank: Online Savings
Why it stands out: Ally Bank's Online Savings is a free account with a competitive rate that's higher than what most brick-and-mortar banks offer.
Pros:
- No minimum balance
- No monthly fee
- 1.00% APY
- 24/7 support
Cons:
- Online-only bank
What to look for: Ally Bank's Online Savings account offers 24/7 monthly support for its free savings account. It has no minimum deposit or minimum balance requirement. The account has an APY of 1.00%, which is competitive but below some of the higher-earning accounts.
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Chime: High Yield Savings
Why it stands out: Chime's1 High-Yield Savings account has no minimum or maximum balance requirements and no fees. An automatic savings feature makes saving painless. Chime's mobile app has over 450,000 five-star reviews.
Pros:
- No minimum balance
- No monthly fee
- Automated savings
- 0.50% APY
- Highly rated mobile app
Cons:
- Online-only
What to look for: Chime's savings account offers a competitive APY of 0.50%. It also is competitive in regard to fees — there are none.
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TAB Bank: High Yield Savings
Why it stands out: This High Yield Savings account is competitive with other accounts here as it has a good APY, no minimum opening deposit requirements and no monthly fees.
Pros:
- No minimum balance
- No monthly fee
- 1.26% APY
- No balance caps
Cons:
- Online-only bank
What to look for: TAB Bank's High Yield Savings account has no monthly fees and offers an APY of 1.26%. There are no balance caps with this savings account. However, you do need $1 to earn interest.
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Capital One: 360 Performance Savings
Why it stands out: Capital One offers over 400 branch locations, which is a good perk if you like in-person banking. The 360 Performance Savings account is free of fees and minimums, and you can create a separate account for each of your savings goals.
Pros:
- No minimum balance
- No monthly fee
- 1.00% APY
- Over 400 branch locations
Cons:
- Cannot withdraw directly from this account using an ATM
What to look for: Capital One's savings account doesn't have a monthly fee or minimum deposit. Its 1.00% APY is slightly lower than some of the other top accounts'. Branches are located in the Northeast, South and Southwest.
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JPMorgan Chase Bank: Chase Savings
Why it stands out: With over 4,700 locations, the Chase Savings account comes with lots of bank access compared to other options on this list.
Pros:
- Extensive branch locations
- Access to Zelle
- Online and mobile banking
Cons:
- Low APY
- Monthly service fee
What to look for: This savings account has online and mobile banking, plenty of branch locations and access to Zelle. However, it ranks lower due to its low 0.01% APY and monthly fee, although you can avoid the fee by maintaining a $300 balance, setting up at least $25 in Autosave or other repeating automatic transfers per month or linking an eligible Chase account.
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Discover: Online Savings
Why it stands out: The Discover Online Savings account has no fees and comes with a rate that's over five times higher than the national average. Customer service is based in the U.S. and available 24/7.
Pros:
- No minimum balance
- No minimum opening deposit
- No monthly fee
- 1.00% APY
Cons:
- Online-only bank
What to look for: This Discover savings account offers a decent APY at 1.00%, and it has no monthly fee, minimum deposit or minimum balance requirement.
CIT Bank: Savings Connect
Why it stands out: Savings Connect is a high-yield account that works in conjunction with an eChecking account you open at the same time. If you already have an eChecking account, CIT will automatically link it to your new Savings Connect account.
Pros:
- No account opening or maintenance fees
- 1.20% APY
- Offering 17 times the national average on savings accounts
Cons:
- Online-only bank
- Minimum deposit required
What to look for: The CIT Bank saving account has no maintenance fees and comes with a good APY of 1.20%. When linked with an eChecking account, you can enjoy competitive rates, no ATM fee charges and reimbursements up to $30 in fees when using other U.S. banks ATMs. Savings Connect and eChecking accounts both require a $100 minimum deposit.
American Express: High Yield Savings
Why it stands out: The High Yield Savings account from American Express National Bank, Member FDIC, is a free account that allows nine withdrawals or transfers per month — three more than most banks allow.
Pros:
- No monthly fees
- No minimums
- 0.90% APY
- 24/7 customer service
- Allows nine withdrawals per month
Cons:
- Online-only bank
What to look for: This account has no monthly fees and no minimums. It also has a good APY along with 24/7 customer service.
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TIAA, FSB: Basic Savings
Why it stands out: TIAA Bank's Basic Savings account has no monthly fees. Rhode Island residents can open the account with no minimum deposit required. TIAA doesn't charge customers for out-of-network ATM use, and it will reimburse $15 in ATM fees charged by other financial institutions each month if your balance is less than $5,000. It'll reimburse all your ATM fees if your balance is $5,000 or more.
Pros:
- 0.80% APY
- No monthly fee
- At least $15 in reimbursed ATM fees per month
Cons:
- $25 minimum to open account
What to look for: This account comes with a $25 minimum opening deposit for customers who live outside of Rhode Island. However, it has a competitive APY at 0.80%. There is no monthly fee or minimum balance for this savings account.
Wells Fargo Bank: Way2Save Savings
Why it stands out: The Way2Save Savings account comes with an ATM card and access to over 5,000 branches in case you like to do some banking in person. Automatic transfers each time you make a debit card purchase or complete a bill pay transaction help you build your savings faster.
Pros:
- ATM card
- Over 5,000 Wells Fargo branches
- Can link to checking account for overdraft protection
Cons:
- Low APY
- Minimum deposit required
- Monthly fee
What to look for: This Wells Fargo savings account comes with access to over 5,000 branches for your banking needs. The account has a $5 monthly fee you have several ways to waive, including by maintaining a $300 minimum daily balance. The APY is low at 0.01%.
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Barclays: Online Savings
Why it stands out: You don't need a minimum deposit to open the Barclays Online Savings account. It comes with a competitive rate and no monthly maintenance fees.
Pros:
- 1.10% APY
- No monthly maintenance fees
- No minimum deposit to open account
Cons:
- Online-only bank
What to look for: Barclays' savings account comes with a respectable 1.10% APY. It's a free account offering tools to help you build your savings.
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FNBO Direct: Online Savings
Why it stands out: FNBO Direct's Online Savings account has a lower APY than other online accounts on this list. However, it's a free account with no minimum balance requirements, and you can open one with just $1.
Pros:
- 0.85% APY
- No monthly fees or minimum balance requirements
- Mobile app compatible with Apple Pay, Visa SRC, Samsung Pay
Cons:
- Online-only bank
What to look for: This savings account is in line with many of the other top accounts with no monthly fee and no minimum balance requirement. It does, however, require a minimum deposit of $1, and it has a lower APY at 0.85%.
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LendingClub Bank: High Yield Savings
Why it stands out: The High Yield Savings account from LendingClub offers a very competitive rate and no monthly fee, so you can keep more of your money in your account.
Pros:
- No monthly fee
- 1.26% APY
- ATM card
Cons:
- Online-only bank
- $100 minimum opening deposit
What to look for: LendingClub's High Yield Savings account earns 1.26% APY on all balances. It has a higher minimum opening deposit requirement at $100, but no minimum balance after that.
READ OUR FULL REVIEWHow To Choose a Savings Account
A savings account is usually a simple parking place for money that’s being accumulated toward a goal, such as an emergency fund or a vacation. As such, savings accounts don’t necessarily need all of the bells and whistles that other accounts might offer. What you should really look for in a savings account is security, a high yield, no fees and easy access to your funds.
Since most savings accounts have the same Federal Deposit Insurance Corp. insurance and many charge no fees, the deciding factor might come down to two simple acronyms: APY and ATM. You’ll want an account with a high APY, and you’ll also want an account that doesn’t charge fees to access your funds at an ATM. It’s up to you to decide which of these is a priority, but they are not mutually exclusive. Many of the accounts on this list offer both high yields and no ATM fees, so your search might be shorter than you think.
FAQs About Savings Accounts
Here are the answers to some common questions about savings accounts.- What is the difference between a savings account and a money market account?
- Savings accounts and money market accounts are both places to hold your money, but they serve different purposes and typically offer different terms.
- Money market accounts are generally designed to be more accessible, and they often come with check-writing capabilities. Money market accounts also typically pay higher yields than savings accounts but might require higher minimum balances. Savings accounts are for customers who may not require frequent access to their funds but want to earn the highest yields available, preferably in a no-fee wrapper.
- What are the advantages of savings accounts?
- Advantages of savings accounts can include the following:
- — Access to cash via ATMs: Some savings accounts offer you access to your cash anywhere in the world via an ATM network.
- — Access to online and mobile banking: The vast majority of modern savings accounts offer the ability to check your account information via your smartphone or the web.
- — FDIC insurance: Savings accounts are insured by the FDIC for up to $250,000 per covered bank.
- Advantages of savings accounts can include the following:
- What are the disadvantages of savings accounts?
- In some cases, a savings account may not be the best type of account for your needs. These are some of the disadvantages of savings accounts you should take into consideration:
- — Not particularly liquid: Although you can usually access your savings account via an ATM, many banks limit certain savings account transactions -- including pre-authorized, automatic, check or debit card transactions -- to six withdrawals per month.
- — Accounts generally have some type of fees: Most modern online savings accounts don't charge monthly maintenance fees, but that doesn't mean they're completely free of fees. Most still have fees for certain transactions, such as wire transfers, overdrafts or out-of-network ATM transactions.
- — ATM withdrawal limitations: If you're withdrawing money from your savings account at an ATM, you may only be able to access a few hundred dollars per day, depending on the rules of your particular bank. If you're banking at an online-only institution, you won't even be able to go into a branch to take out additional funds.
- — May have minimum balance requirements to avoid monthly fees: Although there are many banks that offer free savings accounts, they might come with restrictions. You may need to maintain a certain minimum balance to keep your account "free" -- or even keep your account open at all.
- In some cases, a savings account may not be the best type of account for your needs. These are some of the disadvantages of savings accounts you should take into consideration:
Daria Uhlig, Dawn Alcott and John Csiszar 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 June 24, 2022.
Methodology: To determine rankings, GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) minimum balance needed in account to earn APY; (7) savings APY; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), (5) and (6) were weighed 1.5 times, factor (2) was weighted 2 times, and factor (7) was weighted 4 times.
1Chime 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.
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.
Editorial Note: This content is not provided or commissioned by the bank advertiser. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. This site may be compensated through the bank advertiser Affiliate Program.
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