Highest savings account rates today: August 1, 2022

More and more online banks are increasing interest rates on savings accounts. For example, Bask Bank, BrioDirect, and LendingClub all have savings accounts paying over 2% APY right now.

Our guide to the best savings accounts and our guide to the best high yield savings accounts can be great starting points in your search, as they often include useful features other than high rates for customers. But if you prioritize finding the highest rates, this list is for you.

Highest Savings Account Rates: August 1, 2022

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Editor’s note

4.25/5

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Open an account with at least $100

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4.25/5

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Open and keep at least $25 in your account

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4.25/5

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Open an account with at least $100 and open a CIT eChecking account

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4/5

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4/5

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Open an account with at least $5,000

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4.25/5

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Set up direct deposit to earn 1.80% APY

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4.25/5

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Open an account with at least $100

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4.5/5

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What are savings account interest rates today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate earned by a savings account is currently 0.10% APY.

We checked over a dozen financial institutions to track their new rate offers. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.

The most competitive high-yield savings accounts pay 1.75% APY or more right now. Keep in mind that interest-bearing accounts may change. Savings accounts have a variable interest rate, which means the rate can fluctuate at any time.

The Federal Reserve recently raised the federal funds rate several times this year, so interest rates on savings are also expected to rise steadily throughout 2022.

The best savings account interest rates

Annual Percentage Yield (APY)

2.15% APY

Minimum deposit amount

$25

Annual Percentage Yield (APY)

2.15% APY

Minimum deposit amount

$25

Advantages

  • Minimum opening deposit of $25
  • No monthly service fees

The inconvenients

  • Must maintain at least $25 in your account daily to earn interest

More information

  • Must maintain at least $25 in your account daily to earn interest
  • Interest compounded daily and deposited monthly
  • FDIC insured

The BrioDirect High Yield Savings Account pays the highest interest rate on our list. The BrioDirect High Yield Savings Account can be attractive if you are able to keep at least $25 in your account daily.

UFB High Yield Savings could be useful if you want easy access to your account – the savings account comes with an ATM card. Meanwhile, Bask Bank Interest Savings Account could be a good choice if you want to open an account with $0.

You might consider the Quontic High Yield Savings Account if you are looking to open a variety of bank accounts. Quontic offers many options, including rewards checking accounts, CDs, and money market accounts.

The LendingClub High Yield Savings Account is another great high yield savings account. It might be a good choice if you have at least $100 to start with.

In the meantime, CIT Bank might be right for you if you’re considering opening a savings and checking account. The CIT Bank Savings Connect account requires a minimum opening deposit of $100. You will also need to open a CIT Bank current account to benefit from this savings account.

The TAB High Yield Savings Account is also a strong high yield savings account. There is no minimum opening deposit.

The Citizens Online Access Savings Account is a good high-yielding savings account overall, as long as you have at least $5,000 to open the account.

Finally, if you’re comfortable combining your checking and savings in one account, you might consider opening SoFi Checking and Savings. The hybrid bank account comes with a debit card and you will be able to earn 1.80% APY if you set up direct deposit.

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