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More online banks are raising interest rates on savings accounts. For example, UFB Direct, Bread Savings, BrioDirect, and Bask Bank all have savings accounts paying over 2.75% APY right now.
Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research if you’re looking for bank accounts with unique perks or features. But if you prioritize finding the highest rates above all else, this list is for you.
What are the interest rates for savings accounts today?
The FDIC keeps tabs on national rates for interest-earning bank accounts. The average interest rate paid by a savings account right now is 0.17% APY.
We’ve been checking over a dozen financial institutions to keep up with their new rate offerings. Our list includes accounts with much higher interest rates than the national average, since online institutions tend to offer high-yield bank accounts.
The most competitive high-yield savings accounts pay up to 3.01% APY right now. Keep in mind interest rates may change. Savings accounts have variable interest rates, which means that the rates can fluctuate at any time.
The Federal Reserve has increased the federal funds rate several times this year, so savings interest rates are also expected to steadily increase throughout 2022.
Highest savings account rates: October 3, 2022
Editor’s rating
4/5
Open an account with at least $100
Editor’s rating
4.25/5
Open an account with at least $500
Editor’s rating
4.25/5
Editor’s rating
4/5
Open an account with at least $100
Editor’s rating
4.25/5
Editor’s rating
4.5/5
Open an account with at least $100
Editor’s rating
4.25/5
Editor’s rating
4.5/5
Editor’s rating
4.25/5
Learn more
On Quorom Federal Credit Union’s website
Best savings account interest rates
UFB Elite Savings: up to 3.01% APY
Annual Percentage Yield (APY)
up to 3.01% APY
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
up to 3.01% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
up to 3.01% APY
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No monthly service fee
No minimum opening deposit
ATM card included
May not be easy to deposit cash
Highlights
Earn up to 3.01% APY*.
No monthly maintenance fees.
No minimum deposit required to open an account.
Access your funds 24/7 with easy-to-use digital banking tools.
* The Annual Percentage Yield (APY) is accurate as of 9/30/2022. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
UFB Elite Savings could be worthwhile if you’d like easy access to your account — the savings account comes with an ATM card. UFB Direct only offers types of online savings accounts. If you’re planning on opening a checking account or CD as well, you might consider other options.
Must maintain at least $1 in account to earn interest
Interest compounded daily and deposited monthly
FDIC insured
The BrioDirect High-Yield Savings Account may be appealing if you can open an account with at least $500. Most high-yield savings accounts at online banks have lower minimum opening deposits, though.
Bask Bank Interest Savings Account: 2.75% APY
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
2.75% APY
Minimum Deposit Amount
$0
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
2.75% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.75% APY
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No minimum opening deposit
No monthly service fees
No joint bank accounts
May not be easy to deposit cash
Highlights
Interest compounded daily and deposited monthly
FDIC insured through Texas Capital Bank
Bask Bank could be a good fit if you’d like to open an account with $0. However, keep in mind that the online-only bank only offers two types of savings accounts. If you’re also looking for a checking account or CD, you’ll want to consider other financial institutions.
CIT Bank Savings Connect: 2.70% APY
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
2.70% APY
Minimum Deposit Amount
$100
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
2.70% APY
Minimum Deposit Amount
$100
Deposit Details
Annual Percentage Yield (APY)
2.70% APY
Minimum Deposit Amount
$100
Pros & Cons
Competitive APY
No monthly service fees
No minimum monthly balance requirement
$100 minimum opening deposit
Highlights
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
The CIT Bank Savings Connect Account is straightforward savings account with a high-interest rate. CIT Bank might be ideal if you’re searching for CDs or money market accounts, too. CIT Bank is currently offering a unique promotional offer through its money market account, and the bank offers a wide range of CD options.
TAB Bank High-Yield Savings Account: 2.66% APY
TAB High-Yield Savings Account
Annual Percentage Yield (APY)
2.66% APY
Minimum Deposit Amount
$0
TAB High-Yield Savings Account
Annual Percentage Yield (APY)
2.66% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
2.66% APY
Minimum Deposit Amount
$0
Pros & Cons
High APY
No minimum opening deposit
No monthly service fees
No physical branch locations
$5 paper statement fee
Highlights
Must maintain $1 minimum daily balance to earn APY
Interest compounds daily to maximize earnings
FDIC insured
Additional Reading
Read our review
You might consider banking with TAB Bank if you’re looking to open other accounts along with your high-yield savings account. TAB Bank pays competitive rates on CDs along with its high-yield savings account.
TAB Bank doesn’t have an ATM network, though, so when you use any ATM, the bank will charge you a fee.
LendingClub High-Yield Savings Account: 2.65% APY
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
2.65% APY
Minimum Deposit Amount
$100
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
2.65% APY
Minimum Deposit Amount
$100
Deposit Details
Annual Percentage Yield (APY)
2.65% APY
Minimum Deposit Amount
$100
Pros & Cons
No monthly service fees
Free ATM card included
$100 minimum opening deposit
Interest compounds monthly
Highlights
Online banking institution with 1 branch in Boston, Massachusetts
Earn 2.65% APY regardless of your account balance
Interest compounded monthly, deposited monthly
Member FDIC
Additional Reading
Read our review
The LendingClub High-Yield Savings Account might be ideal if you have at least $100 to open an account. LendingClub also has a solid cash-back checking account.
Quorom Federal Credit Union: 2.50% APY
Annual Percentage Yield (APY)
2.50% APY
Minimum Deposit Amount
$0
Fees
No monthly service fees
Annual Percentage Yield (APY)
2.50% APY
Minimum Deposit Amount
$0
Fees
No monthly service fees
On Quorom Federal Credit Union’s website
On Quorom Federal Credit Union’s website
Deposit Details
Fees
No monthly service fees
Annual Percentage Yield (APY)
2.50% APY
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
No minimum opening deposit
No monthly service fee as long as you get online statements
ATM card option
$10 paper statement fee
Interest compounds monthly, not daily
Highlights
Online credit union with 1 location in NY
To become a member, you or a family must work at a Select Employee Group OR you must join the American Consumer Council or Select Savers Club
Interest compounded and deposited monthly
NCUA insured
The High Q Savings Account might be a good option if you prefer being part of a credit union over a bank. To become a member at Quorom Federal Credit Union, you or a family member need to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.
SoFi Checking and Savings: 1.20% to 2.50% APY
SoFi Checking and Savings
Annual Percentage Yield (APY)
1.20% to 2.50% APY
Minimum Deposit Amount
$0
SoFi Checking and Savings
Annual Percentage Yield (APY)
1.20% to 2.50% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
1.20% to 2.50% APY
Rates as of 9/30/22.
Show more
Minimum Deposit Amount
$0
Pros & Cons
High interest rate
Earn a higher interest rate if you set up direct deposit
May deposit cash at Green Dot locations but there’s a $4.95 fee
Highlights
Free access to 50,000+ Allpoint ATMs worldwide
Hybrid checking/savings account
Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking
Earn 2.50% APY with direct deposit
Earn 1.20% APY if you do not have direct deposit
Earn up to a $300 bonus from 10/1/2022 to 12/31/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days;
Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation
$4.95 fee each time you deposit cash at a Green Dot location
To get no-fee overdraft coverage you must have at least $1,000 in direct deposits
FDIC insured
Additional Reading
Read our review
If you’re comfortable combining your checking and savings into one account, you might consider opening SoFi Checking and Savings. The hybrid bank account comes with a debit card, and you’ll be able to earn 2.50% APY if you set up a direct deposit.
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