Highest savings account rates today: August 15, 2022

High yield savings accounts pay higher interest rates than traditional savings accounts. For example, UFB Direct, Bread Savings and BrioDirect all have savings accounts paying 2.15% or more.

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.

What are savings account interest rates today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate paid 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 1.90% APY or more right now. Keep in mind that interest rates may change. Savings accounts have variable interest rates, which means rates 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.

Highest Savings Account Rates: August 8, 2022

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Editor’s note

4/5

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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

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4.25/5

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4/5

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Open an account with at least $100

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4.25/5

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4.5/5

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Open an account with at least $100

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4.25/5

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Open an account with at least $1,000

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3.75/5

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Set up direct deposit to get the highest interest rate

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4.25/5

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The best savings account interest rates

Annual Percentage Yield (APY)

up to 2.21% APY

Minimum deposit amount

None

Annual Percentage Yield (APY)

up to 2.21% APY

Minimum deposit amount

None

Advantages

  • High interest rate
  • No monthly service fees
  • No minimum opening deposit
  • Credit card included

The inconvenients

  • May not be easy to deposit money

More information

  • Earn up to 2.21% APY*
  • No monthly maintenance fees
  • No minimum deposit required to open an account
  • To deposit money, you will need to go to an ATM
  • Access your funds 24/7 with easy-to-use digital banking tools
  • Interest compounded daily and deposited monthly
  • FDIC insured

UFB Rewards Savings offers the highest interest rate on our list. UFB Rewards Savings could be useful if you want easy access to your account – the savings account comes with an ATM card.

Meanwhile, the BrioDirect High Yield Savings Account can be attractive if you are able to keep at least $25 in your account daily.

The Bread Savings High Yield Savings Account requires at least $100 up front. If you haven’t heard of Bread Savings, you may recognize the name Comenity Direct. Comenity Direct was recently renamed because its parent company, Bread Financial, expanded to include lending options.

You might consider the Bask Bank Interest Savings Account if you want to open an account with $0.

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.

CIT Bank may be right for you if you are planning multiple bank accounts. The CIT Bank Savings Connect account requires a minimum opening deposit of $100.

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

The CIBC Agility Account is a good high-yield savings account overall, as long as you have at least $1,000 to open the account. CIBC Bank USA is the US division of the Canadian bank Imperial Bank of Commerce, based in Toronto, and it allows you to open checking and money market accounts if you live in Illinois, Michigan, Missouri or Wisconsin .

If you’re comfortable combining your checking and savings in one account, you might consider opening the SoFi Checking and Savings Account. The hybrid bank account comes with a debit card and you will be able to earn 2% APY if you set up direct deposit.

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