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Best High-Yield Savings Accounts In 2022

Having a high yield savings account is one sure way to make extra passive income for yourself. It is cool because you’ll make a few more bucks just for having your money sit in the bank undisturbed.

About two decades ago, putting money into a savings account for a given time was an investment strategy people used to grow their money.

But currently, savings accounts in all banks worldwide give little to no money as an interest to their customers. According to, the average savings account gives a 0.06% annual percentage yield (APY).

But that shouldn’t discourage you from putting some money aside to save in your bank account. You, like many people, want to keep some money stored in the bank as an emergency fund. And in doing so, you may want to benefit from compound interest. That is fine.

There are still some US banks with good high-interest savings accounts. People are still making money from depositing money into savings accounts.

In this article, we will consider the 5 best high yields savings accounts, especially in the USA. But before we reveal those precious banks that offer high yield savings accounts, let us consider the meaning of savings account.

What is a High-Yield Savings Account?

A savings account is a bank account with the typical functionalities of a commercial bank. It enables registered users to be able to deposit money into their respective bank accounts and withdraw it whenever they want.

Bank account owners can also request a loan, pay for service directly from their bank accounts, send and receive funds from other bank accounts.

Savings accounts are the commonest type of bank accounts owned by millions of people globally.

Read: Checking Account Vs Savings Account: Difference And How To Choose

What to consider when choosing a high-yield savings account

1. Interest Rate and Annual Percentage Yield (APY) 

The interest rate that a bank provides on the savings account of its millions of customers is an important factor to consider. Interest rate is the percentage of your total that will be awarded to you as monetary interest.

The interest rate of most US banks often falls within the range of 0.01 to 0.05%

The annual percentage yield (APY) on the other hand, is the interest earned on your bank savings account compounded on a yearly basis. So the percentage yield on your initial deposit every year in addition to the interest accrued over the years is the compound interest.

The higher the APY, the better for you.m you will certainly see higher gains on your savings account if you choose a bank with a reasonable interest rate or APY.

You can use this free online compound interest calculator to assist you.

2. Service fees

Several banks charge a monthly maintenance fee which is otherwise called service fees. You have to beware that these deductions will affect your expected compound interest earnings.

Make necessary inquiries and choose savings accounts that charge lesser service fees.

3. Minimum deposit required

Some savings accounts require no minimum deposit, some require a small amount while a few require as high as a $10,000 minimum deposit.

Do some research on the minimum deposit required to open the savings account affiliated with your chosen bank.

4. Minimum balance required

You may make some findings on the minimum balance your desired bank allows on their savings accounts.

About two decades ago, putting money into a savings account for a given period was an investment strategy people used to grow their money.

Currently, savings accounts in all banks worldwide give little or no money as an interest to their customers.

In countries like Japan, the interest rate on money kept undisturbed in a savings account is negative – meaning that you are not awarded any interest but rather charged on that money.

For that, financial advisors usually prefer that people fix their savings into Certificates of Deposits or CDs.

CDs provide much higher interest rates on your initial deposit than traditional savings accounts. But don’t lose hope because savings accounts offer benefits that CDs don’t.

The foremost of which is the flexibility and easy withdrawal options. Let us now consider the best 10 high-interest savings accounts in 2022. 

Read: How to make money from savings in 2022 | True Advice

 Best 10 High Yield Savings Accounts in September 2022

1. LendingClub Bank 0.6%

LendingClub Bank currently has the highest APY (0.6%) in America. The bank was formed from the acquisition of Radius Bank in February 2022.

So the reason for their generous rate may be linked to the fact that the new bank is attracting new customers. There is no service fee charged at the end of the month.

But there is a $100 minimum deposit requirement and the only hitch is that balances below $2,500 will earn 0.05% APY. Therefore, the minimum balance for a high yield savings account is $2,500.

2. Alliant Credit Union 0.55%

Alliant Credit Union was formerly called United Airline Credit Union was before its founding in 1935.

It offers a 0.55% APY for its millions of savings accounts in the US. you will need to make a minimum deposit of $5 to open a savings bank account with them. You will also need to keep a minimum balance of $100 for APY to apply.

3. Comenity Direct 0.55%

Comenity Direct launch their savings products two years ago to include the five terms of CDs. To benefit from the high-yield savings account, you must have a minimum deposit of $100. 

4. Quontic Bank 0.55%

Quontic Bank offers a 0.55% APY for its millions of savings accounts in the US. you will need to make a minimum deposit of $5 to open a savings bank account with them.

You will also need to keep a minimum balance of $100 for APY to apply.

5. CIBC Bank USA 0.52%

CIBC Bank USA is a Chicago-based bank that was founded in 1991. It was previously The PrivateBank and Trust Company now rebranded into CIBC Bank USA. Savings account affiliated with the bank can provide 0.52% APY.

However, a minimum opening deposit of $1,000 is required to open the Agile Savings Account.

One of the perks is that customers are not charged any monthly service fees.

6. Vio Bank 0.51%

Vio Bank is a tributary of the old renowned MidFirst Bank. The Vio Bank was established in 2018 and has one of the best high yield savings accounts in the US.

They have consistently kept their rate at 0.51%.

Although been near-perfect, you should watch out for the $5 fee to get paper bank statements and $10 on any withdrawal made after your 6th one in a month.

Read: CIT Savings Builder Review 2022: How it Works | is it Legit or Scam

7. Ally Bank 0.50%

Ally Bank has over 2 million customers with its headquarter located in Sandy, Utah. The upside with this bank is that it offers checking accounts, non-penalty CDs, and money market/investment account.

You don’t need to deposit anything to open its high-yield savings account.

There are also no monthly maintenance fees and free withdrawal options and official checks.

8. Citibank 0.50%

This is by far the most popular bank on this list. Citibank is an old financial institution offering a 0.5% APY for all savings accounts.

There is a $0 minimum opening deposit required and no minimum balance required to keep the account running actively.

There is a $4.50 monthly service fee if you haven’t linked your savings account to a Citi checking account.

You can dodge that by linking the high-interest savings account with a Citi checking account. Or by keeping at least $500 as a balance at all times.

9. Live Oak Bank 0.5%

Live Oak Bank was founded in 2008 with its headquarter located in Wilmington, North Carolina. It is a bank that channels almost all operations online. Live Oak Bank offers a competitive APY on its savings account.

You don’t need to make a deposit before you open an Online Savings account. Other perks include no monthly service fee and seven terms of CDs. 

10. TIAA Bank 0.5%

This commercial bank is a division of TIAA, FSB. All TIAA banks are located in Florida, USA and thus a majority of their customers are based there.

But there is a preference for Rhode residents in that they don’t need a minimum deposit to open a bank account at TIAA bank.

TIAA Bank offers a 0.5% APY for its millions of savings accounts in the US. you will need to make a minimum deposit of $25 to open a Basic Savings bank account with them.

You will also need to keep a minimum balance of $25 for APY to apply.

Read: How Much is a $100 Savings Bond Worth? Best Evaluations

FAQs on Best High-Yield Savings Accounts

What is the difference between a high-yield savings account and other types of bank accounts?

There are three main types of bank accounts in existence in most countries: savings account, current account, and fixed deposit account.
A savings account especially a high-yield savings account provides a considerable annual percentage yield (APY).
Other account types don’t offer any interest on your bank balance except fixed deposits which have an average APY of 0.06.
The difference between a savings account and a money market account is that a money market account may offer the flexibility of being able to write checks from the account. This depends on the bank. Both of them are FDIC-insured banks.

How do I find the best high-yield savings account?

You can easily find the best high yield savings account in your state by checking the monthly report published by reputable sites like
However, you should bear in mind that the rates vary monthly and so you must get the latest updated list of the best high yield savings interest of that month.
And be sure to use calculate how many potential earnings you can make with this free savings calculator.

Are savings accounts still worth it?

Most professional financial advisors will discourage you from keeping your hard-earned money in a savings account just to make a measly annual return of less than 1%.
Savings account are only worth it if you just want to keep cash for unexpected miscellaneous use.
Best Author Robert Kiyosaki once said that “savers are losers” in the current economy because the interest rate is now at an all-time low and inflation will eat up any yield you make.

Can you lose your money in a high-yield savings account? 

A high-yield savings account is a safe financial tool. You can only lose your money if you registered with a bank that isn’t FDIC or NCUA insured and in that case, you’ll be scammed.

Are high yield savings safe investments?

Yes, they are.


We hope you enjoyed reading about the 10 best high yield savings account. This is for information purposes to help you get value for your money.