The 20 Best Savings Accounts of 2022

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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.

GOBankingRates’ Top Picks: Best Checking Accounts of 2022
And More: Best CD Accounts of 2022

To determine the best available savings accounts, 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: Its SmartyPig Account offers a nice annual percentage yield of 0.70%. On top of that, it comes with no minimum balance and no monthly fee. It also offers other perks such as rewards for referring others.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.70% APY
  • Earn a $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 minimum deposit, no monthly fee and no minimum balance to avoid fees. With this savings account, you'll earn an APY of 0.70%.You can also earn a reward for every friend you refer who opens a SmartyPig account, sets and goal and contributes to it.

READ OUR FULL REVIEW
Grow Your Savings Today

More of the Best Savings Accounts 2022

Axos Bank: High Yield Savings

Why it stands out: Its High Yield Savings Account comes with a competitive 0.61% APY, with interest compounded daily, making this a nice account to earn money on.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.61% APY
  • Free ATM card
  • 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% here, with interest compounded daily, and receive a free ATM card as well.

READ OUR FULL REVIEW

monifi bank logo

Monifi: Save Balance

Why it stands out: Its Save Balance has an annual percentage yield of 0.60%, which is pretty competitive compared to other banks on this list. Its lack of fees also make it a good option.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.60% APY
  • Goal-based banking

Cons:

  • Online-only bank

What to look for: Monifi's savings account has no minimum deposit, no monthly fee, no minimum balance to avoid a fee. It also has an APY of 0.60% and can help you with goal-based banking to achieve your financial goals.

READ OUR FULL REVIEW
Grow Your Savings Today

Marcus by Goldman Sachs: Online Savings

Why it stands out: Its Online Savings account comes with no fees and no minimum deposit, as well as a competitive APY -- all of this adds up to you keeping and making more money.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.50% APY
  • Contact Center available seven days per week

Cons:

  • Online-only bank

What to look for: This savings account offers an APY of 0.50%. It also comes with no minimum balance to avoid fees, no monthly fee and no minimum deposit. You also have the Contact Center available for your needs seven days a week.READ OUR FULL REVIEW

Quontic Bank: High Yield Savings

Why it stands out: Its High Yield Savings account offers a 0.55% APY and no monthly service fees. Although not the highest APY on the list, these factors keep it a strong option for your savings.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.55% APY

Cons:

  • $100 minimum deposit to open account
  • Limit of 6 withdrawls per statement cycle

What to look for: Quontic Bank's savings account does come with a higher minimum deposit than some others at $100. It doesn't have a monthly fee or minimum balance to avoid fees. It's APY is similar to the others at the top of the list at 0.55%.

READ OUR FULL REVIEW
Grow Your Savings Today

Synchrony Bank: High Yield Savings

Why it stands out: Its High Yield Savings account offers a 0.50% APY with no minimum balance, putting this account pretty in line with many of the others.

Pros:

  • No minimum balance to avoid fees
  • No monthly fee
  • 0.50% APY
  • Optional ATM card

Cons:

  • Online-only bank

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 to avoid fees and no minimum deposit. It's APY is a bit lower than some others at 0.50%, but it does offer an optional ATM card.

READ OUR FULL REVIEW

    Comenity Bank: High Yield Savings

    Why it stands out: Its High Yield Savings account has no hidden fees and comes with a 0.55% APY, which is a strong APY on this list.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.55% APY

    Cons:

    • $100 minimum to open account
    • Online-only bank

    What to look for: Comenity's savings account doesn't have a monthly fee or minim balance to avoid fees, but it does have a higher minimum deposit at $100. It also has a competitive APY at 0.55%.

    READ OUR FULL REVIEW
    Grow Your Savings Today

    Ally Bank: Online Savings

    Why it stands out: Its Online Savings account has an APY of 0.50%, which is lower than some but not by much. It also has a lack of fees, which is a good benefit.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.50% 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 account that doesn't have a monthly fee. It also doesn't have a minimum deposit or minimum balance to avoid fees. It comes in with an APY of 0.50%, which is competitive but below some of the higher-earning accounts.

    READ OUR FULL REVIEW

    Chime: High Yield Savings

    Why it stands out: Chime's1 High Yield Chime Savings account has an APY of 0.50% and comes with no fees, keeping it competitive with other savings account options.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.50% APY

    Cons:

    • Online-only

    What to look for: Chime's savings account offers a competitive APY of 0.50%. It also is competitive in regards to fees as it comes with no fees, including no overdraft fee and no monthly fee.

    READ OUR FULL REVIEW
    Grow Your Savings Today

    TAB Bank: High Yield Savings

    Why it stands out: Its High Yield Savings account is competitive with other accounts here as it has an APY of 0.50% and comes with no fees.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.50% APY
    • No balance caps

    Cons:

    • Online-only bank

    What to look for: TAB Bank's High Yield Savings account doesn't come with no fees and an APY of 0.50%. There are also no balance caps with this savings account. However, you do need $1 to earn interest, which is more than others but still not much.

    READ OUR FULL REVIEW

    Capital One: 360 Performance Savings

    Why it stands out: The 360 Performance Savings account comes with an APY of 0.40%. And Capital One offers over 300 branch locations, which is a good perk if you like in-person banking.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.40% APY
    • 337 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, minimum balance to avoid fees or a minimum deposit. Its APY is slightly lower than some of the other top accounts at 0.40%. It does offer more branch locations as opposed to some of the online-only banks.

    READ OUR FULL REVIEW
    Grow Your Savings Today

    JPMorgan Chase Bank: Chase Savings

    Why it stands out: With almost 5,000 locations, the Chase Savings account comes with lots of bank and ATM access compared to other options on this list.

    Pros:

    • 4,960 branch locations
    • Access to Zelle
    • Online and mobile banking

    Cons:

    • Low APY
    • Monthly service fee
    • Minimum deposit

    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 monthly fee, low APY and minimum balance to avoid fees and minimum deposit requirements.

    READ OUR FULL REVIEW

    Discover: Online Savings

    Why it stands out: Its Online Savings account has a somewhat competitive APY of 0.40%, but is equal with many other accounts in that it has no fees.

    Pros:

    • No minimum balance to avoid fees
    • No monthly fee
    • 0.40% APY
    • Mobile check deposit

    Cons:

    • Online-only bank

    What to look for: This Discover savings account offers a decent APY at 0.40%, and it also comes with no monthly fee, minimum deposit or minimum balance to avoid fees. It also comes with the option for mobile check deposits.READ OUR FULL REVIEW

    CIT Bank: Savings Connect

    Why it stands out: Its Savings Connect account has no account maintenance fees and comes with an APY of 0.42%, which is a fairly good APY.

    Pros:

    • No account opening or maintenance fees
    • 0.42% APY
    • Earn more when you make a qualifying deposit in your linked eChecking account.

    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 0.42%. You can also earn more with this account when you make a qualifying deposit in your linked eChecking account. This savings account does require a $100 minimum deposit.

      READ OUR FULL REVIEW

      American Express: High Yield Savings

      Why it stands out: Its High Yield Savings account comes with no monthly fees and an APY of 0.40%, keeping it somewhat competitive.

      Pros:

      • No monthly fees
      • No minimums
      • 0.40% APY
      • 24/7 customer service

      Cons:

      • Online-only bank
      • Limit of 9 withdrawals/transfers per month

      What to look for: This account has no monthly fees and no minimums required. It also has a good APY of 0.40%, along with 24/7 customer service. However, with this account, you are limited to nine withdrawals or transfers per month.

      READ OUR FULL REVIEW

      TIAA, FSB: Basic Savings

      Why it stands out: Its Basic Savings account has a competitive APY of 0.50%. This APY is one of the stronger ones on the list, plus the account has no monthly fee.

      Pros:

      • 0.50% APY
      • No monthly fee

      Cons:

      • $25 minimum to open account

      What to look for: This account comes with a minimum deposit that is higher than some of the others at $25. However, it has a competitive APY at 0.50%. There is also no monthly fee for this savings account or a minimum balance required to avoid fees.

        READ OUR FULL REVIEW

        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 if you like to do some banking in person.

        Pros:

        • ATM card
        • 5,024 Wells Fargo branches
        • Optional 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 does have a $5 monthly fee and higher minimum deposit and minimum balance to avoid fees requirements. You also won't earn as high of an APY here as it sits at 0.01%.

        READ OUR FULL REVIEW

        Barclays: Online Savings

        Why it stands out: The Barclays Online Savings account comes with an APY of 0.40% and no monthly maintenance fees.

        Pros:

        • 0.40% APY
        • No monthly maintenance fees
        • No minimum deposit to open account
        • Direct deposit

        Cons:

        • Online-only bank

        What to look for: Barclays' savings account comes with direct deposit and a good APY at 0.40%. You also won't have any monthly maintenance fees with this account, as well as no minimum deposit requirement or a minimum balance to avoid fees.

        READ OUR FULL REVIEW

        FNBO Direct: Online Savings

        Why it stands out: Its Online Savings account comes with an APY of 0.35% and offers digital payments.

        Pros:

        • 0.35% APY
        • No monthly fees or minimum balance requirements
        • Digital payments like Apple Pay
        • Direct deposit

        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 to avoid fees. It does, however, require a minimum deposit of $1, and it has a lower APY at 0.35%. You will have accuess to things like direct deposit and Apple Pay with this savings account.

        READ OUR FULL REVIEW

        lendingclub bank logo

        LendingClub Bank: High Yield Savings

        Why it stands out: The High Yield Savings account comes with no monthly fee, so you can keep more of your money in your account.

        Pros:

        • No monthly fee

        Cons:

        • Online only bank
        • Higher required minimum deposit

        What to look for: LendingClub's High Yield Savings account is competitive with the others on this list as it also has no monthly fee. It has a lower APY than the others at 0.325%. Along with that, it has a higher minimum deposit requirement at $100.

        READ OUR FULL REVIEW

        How 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.

        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, certain savings account transactions — including pre-authorized, automatic, check or debit card transactions — are limited to six withdrawals per month by federal law.
        • 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.

        More From GOBankingRates

        Dawn Alcott and John Csiszar contributed to the reporting for this article.

        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.

        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. All data is up to date as of Jan. 3, 2022. Rates and fees are subject to change.

        About the Author

        Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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