Best High Yield Online Savings Account 2022


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Interest rates are a hot topic right now. Inflation is high, and when it does, the Federal Reserve Board of Governors often raises the primary interest rate to curb it. The last rate hike was in May, when the Fed hiked rates by half a percentage point – the highest rate hike in more than two decades.

When the Fed hikes rates, banks often follow suit. That doesn’t mean your savings account, which is now paying 0.05% APY, will be paying 1.55% APY by the end of the year, but banks might hike rates a bit to stay competitive. In the meantime, you can start making money with your money by opening a high-yield savings account.

GOBankingRates looked at the savings accounts that pay the highest interest rates. In this comparison there is a comparison of courses, minimum opening balances, fees and other features or limitations. Here are some of the best high-yield savings accounts to consider.

The best high-yield savings accounts

Take a look at some of the best high-yield savings accounts available.

High return bread savings account

  • 1.15% APY
  • $100 minimum opening balance
  • No monthly maintenance fees

Brotsparen offers an online account and there are no maintenance or other monthly fees. However, you will be charged $5 each for paper statements, $15 for official checks, and $25 for outgoing wire transfers.

TAB bank

  • 0.75% APY
  • No minimum opening balance
  • No monthly service fees

TAB Bank offers a high-yield, online-only savings account with no minimum or maximum deposit requirements.

CIBC Agility Online Savings Account

  • 0.72% APY
  • No monthly account maintenance fees
  • $1,000 minimum opening balance

The CIBC Agility Online Savings Account is an online-only account, but CIBC Bank USA has a few brick-and-mortar personal banking locations in Illinois, Michigan, Missouri, and Wisconsin. The bank also has commercial banking locations in 17 states.

American Express savings account with high returns

  • 0.65% APY
  • No monthly fee
  • No minimum balance

FDIC member American Express National Bank’s High Yield Savings Account has a limit of nine withdrawals or debits per statement cycle — higher than many banks, which limit you to six withdrawals per month.

Marcus online savings account

  • 0.85% APY
  • No fees
  • No minimum deposit

With the Marcus by Goldman Sachs online savings account, you can transfer up to $100,000 to or from other banks in the same day.

Synchrony Bank High Yield Savings Account

  • 0.85% APY
  • No minimum balance
  • No monthly fees

With a high-yield savings account from Synchrony Bank, you can request a debit card so you can access your funds at an ATM. Synchrony charges no ATM fees and refunds up to $5 per month in ATM fees from other banks.

Vio Bank high-yield online savings account

  • 0.50% APY
  • Minimum $100 to open
  • No monthly fee

This account limits depositors to six free withdrawals per month. If you exceed that number, after six, you pay $10 for each payout. If you opt for paper statements, there is a fee of $5 per month.

Bank5 Connect High Yield Savings

  • 0.40% APY
  • Minimum $10 to open, $100 to interest
  • No maintenance fees

Bank5 Connect offers Depositors Insurance Fund insurance for balances above the FDIC limit of $250,000 per depositor.

BrioDirect High Yield Savings

  • 1.00% APY
  • Minimum $25 to open
  • No monthly maintenance fee

BrioDirect also offers a money market account that pays 0.70% APY, with a monthly limit of six transactions.

Capital One 360 ​​Performance Savings Account

  • 0.70% APY
  • No minimum balance
  • No monthly or maintenance fees

Capital One has brick and mortar locations and ATMs, but you can also open your account online.

FNBO Direct Online Savings Account

  • 0.35% APY
  • Minimum $1 to open
  • No monthly maintenance fees

FNBO Direct offers Popmoney as a peer-to-peer money transfer service.

How to open a high-yield savings account

In general, the highest interest rates are paid by online banks. You do not have the costs of stationary banks and can therefore pay higher interest rates. Opening an online savings account is a little different than going to your local bank to open an account, but it’s not difficult. Here’s what you need to know.

You need ID

You will be asked to provide your name, address, email address, social security number, and phone number. You may also be asked for your employer’s name and address. You need government issued ID – most people use a driver’s license but if you don’t have one you can use government issued ID or a passport.

Deposit money

Once you have provided all the required information, you need to deposit some funds into the account. To do this, you’ll need to transfer money from somewhere else, so you’ll need the information for the account you’re transferring the money from. You link that other account, which may be a checking account, savings account, or other account with the same or a different bank, to your new savings account.

Once you have linked your accounts, you can move funds from one account to another at any time. If you’ve linked a checking account that you deposited your paycheck directly into, you can set up a recurring transfer to save a little money on every payout. Then watch your money grow!

Watch your rate

While rising interest rates usually mean interest rates on savings accounts will also rise, there are no guarantees. And most high-yield savings accounts have a provision in the account agreement that says the bank can change the interest rate at any time. So keep an eye on your payroll so you know how much you’re making.

High Yield Savings Account Frequently Asked Questions

Here are answers to some of the most frequently asked questions about interest accounts.

  • Is a high-yield savings account worth it?
    • If you’re looking for a safe place to park your money for the short or long term, then a high-yield savings account is a great choice. You have access to your money at all times, unlike a CD which has a penalty if you withdraw money before the term expires, or an investment account which could lose money if your investments fall in value. Just make sure you don’t pay fees that erode the interest you earn.
  • Can You Lose Money With a High Yield Savings Account?
    • As long as your account is with an insured bank or credit union, you won’t lose your money. Bank savings are insured by the Federal Deposit Insurance Corporation and credit union deposits are insured by the National Credit Union Administration for up to $250,000 per depositor.
  • How Much Interest Can I Earn on $1,000 in a Year in a High Yield Savings Account?
    • Savings account interest is referred to as a percentage annual return. This is the amount your account will earn in a year based on the interest rate and how often it is compounded. To find out how much you will earn, multiply the amount of your deposit by the APY. For example, if you deposit $1,000 into an account that pays 0.50% APY, your account will be worth $1,005 at the end of a year (1,000 x 0.005 = 1,005). If you leave the money in the account without adding more, you will have $1,010 at the end of the second year.

Cynthia Measom contributed to the coverage of this article.

Prices are subject to change; Unless otherwise stated, prices are updated regularly. All other promotional information is correct as of May 30, 2022. Additional requirements may apply. Offers and conditions are non-binding.

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About the author

Karen Doyle is a personal finance writer with over 20 years of experience writing about investing, money management and financial planning. Her work has been featured on numerous news and financial websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, and more.


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