Highest savings account rates today: August 8, 2022

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More and more online banks are increasing interest rates on savings accounts.

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 8, 2022

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Editor’s note

4.25/5

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Open an account with at least $100

Editor’s note

4/5

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A five pointed star

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A five pointed star

Editor’s note

4.25/5

A five pointed star

A five pointed star

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A five pointed star

Open and keep at least $25 in your account

Editor’s note

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Open an account with at least $100

Editor’s note

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Open an account with at least $100

Editor’s note

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Editor’s note

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Open an account with at least $100

Editor’s note

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Open an account with at least $1,000

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 1.81% 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.

The best savings account interest rates

Annual Percentage Yield (APY)

2.15% APY

Minimum deposit amount

$100

Annual Percentage Yield (APY)

2.15% APY

Minimum deposit amount

$100

Advantages

  • Competitive interest rate
  • No monthly service fees
  • Free incoming transfers

The inconvenients

  • Minimum opening deposit of $100
  • $25 outgoing transfer fee

More information

  • Hold up to $1 million in one account
  • Interest compounded daily, paid monthly
  • FDIC insured

The BrioDirect High Yield Savings Account and the Bread Savings High Yield Savings Account offer 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.

Meanwhile, the Bread Savings High Yield Savings Account requires at least $100 upfront. 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.

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.

CIT Bank may be right for you if you are considering opening a savings and checking account. 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 allows you to open checking and money market accounts if you live in Illinois, Michigan, Missouri and Wisconsin.

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