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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.
The average interest rate paid by a savings account right now is 0.21% APY, according to the FDIC.
The best online institution for getting a competitive interest rate on a high-yield savings account is UFB Direct. UFB Direct pays 3.11% APY on UFB Elite Savings. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, Bank of America pays 0.01% to 0.04% on the Bank of America Advantage Savings Account.
We’ve been checking over a dozen financial institutions to keep up with their new rate offerings. While our best savings accounts guide and best high-yield savings account guide can be great starting points in your research, if you prioritize finding the highest rates above all else, this list is for you.
Highest savings account rates: October 17, 2022
Editor’s rating
Editor’s rating
Open an account with at least $100
Editor’s rating
Open an account with at least $100
Editor’s rating
Open an account with at least $100
Editor’s rating
Open an account with at least $500
Editor’s rating
Must have an account balance of at least $0.01
Editor’s rating
To earn 2.70% APY you must be a Personal Capital advisory client
Editor’s rating
Editor’s rating
Best savings account interest rates
UFB Elite Savings: 3.11% APY
Annual Percentage Yield (APY)
3.11% APY
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
3.11% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
3.11% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
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 banks.
Bask Bank Interest Savings Account: 3.05% APY
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
3.05% APY
Minimum Deposit Amount
$0
Bask Bank Interest Savings Account
Annual Percentage Yield (APY)
3.05% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield (APY)
3.05% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Bask Bank might 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 savings accounts and CDs. If you’re also looking for a checking account, you’ll want to consider other financial institutions.
CIT Bank Savings Connect: 3.00% APY
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
3.00% APY
Minimum Deposit Amount
$100
CIT Bank Savings Connect Account
Annual Percentage Yield (APY)
3.00% APY
Minimum Deposit Amount
$100
Deposit Details
Annual Percentage Yield (APY)
3.00% APY
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
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.
Bread Savings: 2.90% APY
Bread Savings High-Yield Savings Account
Annual Percentage Yield (APY)
2.90% APY
Minimum Deposit Amount
$100
Bread Savings High-Yield Savings Account
Annual Percentage Yield (APY)
2.90% APY
Minimum Deposit Amount
$100
On Bread Savings’s website
Deposit Details
Annual Percentage Yield (APY)
2.90% APY
Minimum Deposit Amount
$100
Pros & Cons
Highlights
The Bread Savings High-Yield Savings Account is another solid high-yield savings account. It could be a good choice if you have at least $100 to get started.
If you haven’t heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.
LendingClub High-Yield Savings Account: 2.85% APY
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
2.85% APY
Minimum Deposit Amount
$100
LendingClub High-Yield Savings Account
Annual Percentage Yield (APY)
2.85% APY
Minimum Deposit Amount
$100
Deposit Details
Annual Percentage Yield (APY)
2.85% APY
Minimum Deposit Amount
$100
Pros & Cons
Highlights
Additional Reading
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.
BrioDirect High-Yield Savings Account: 2.80% APY
BrioDirect High-Yield Savings Account
Annual Percentage Yield (APY)
2.80% APY
Minimum Deposit Amount
$500
BrioDirect High-Yield Savings Account
Annual Percentage Yield (APY)
2.80% APY
Minimum Deposit Amount
$500
Deposit Details
Annual Percentage Yield (APY)
2.80% APY
Minimum Deposit Amount
$500
Pros & Cons
Highlights
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.
Credit Karma Save Account: 2.73% APY
Credit Karma Money Save Account
Annual Percentage Yield (APY)
2.73% APY
Minimum Deposit Amount
$0
Credit Karma Money Save Account
Annual Percentage Yield (APY)
2.73% APY
Minimum Deposit Amount
$0
On Credit Karma’s website
Deposit Details
Annual Percentage Yield (APY)
2.73% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
The Credit Karma Money Save Account has no minimum opening deposit or monthly fees. This account may a good option if you find Credit Karma’s instant feature appealing. Credit Karma’s Instant Karma feature allows you to earn rewards when you use your Credit Karma debit card.
Keep in mind Credit Karma only has a save account and spend account. If you’d like to open a CD or money market account too, you might consider other institutions.
Personal Capital Cash Account: 2.60% to 2.70% APY
Personal Capital Cash Account
Annual Percentage Yield (APY)
2.60% to 2.70% APY
Minimum Deposit Amount
None
Personal Capital Cash Account
Annual Percentage Yield (APY)
2.60% to 2.70% APY
Minimum Deposit Amount
None
On Personal Capital’s website
Deposit Details
Annual Percentage Yield (APY)
2.60% to 2.70% APY
Minimum Deposit Amount
None
Pros & Cons
Highlights
Although Personal Capital is primarily an investment platform, you may also earn a high interest rate on your cash by opening the Personal Capital Cash Account. Anyone can open an account as long as they’re a US citizen or a US permanent resident who is over the age of 18 and doesn’t have any IRA backup withholdings.
To earn 2.70% APY, you must be a Personal Capital advisory client. Otherwise, you’ll earn 2.60% APY.
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
Highlights
Additional Reading
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.
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