BEST OF

7 Best High-Yield Online Savings Accounts of September 2022

Our list of the best high-interest savings accounts.

Sep 26, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

The best high-yield savings accounts help you grow funds faster than average accounts. The products featured on this page have annual percentage yields, or APYs, of around 1.50%. That is many times more than the national average of 0.17%.

Because of the recent Federal Reserve rate increases, APYs are going up, making now a good time to open a high-yield savings account. The accounts featured below can help you boost your emergency fund or save up for big purchases. Check the bottom of the page for more information about how these financial products work.

Note: APYs shown are current as of September 26, 2022. All other information is current as of September 1, 2022.

🤓Nerdy Tip

The Federal Reserve has raised interest rates for the fifth time this year, which is good news for your bank account. Take advantage of rising interest rates with one of the accounts below.

Best High-Yield Online Savings Accounts

SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

2.00%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Learn more

at SoFi, Member FDIC


Why we like it

SoFi Checking and Savings offers a hybrid bank account that pays a strong APY. If you set up direct deposit, the rate is higher (APY is variable and subject to change). You could also earn a bonus of up to $300 for setting up direct deposit. There’s no minimum deposit requirement to open an account.

Read Full Review

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

2.40%

With $100 min. balance for APY

Bonus

N/A

Why we like it

CIT’s Savings Connect account pays 2.40% APY. The account has a minimum opening deposit of $100. There are no monthly service fees.

Read Full Review
Citizens Online Savings Account
Learn more

at Citizens, Member FDIC

Citizens Online Savings Account

4.0

NerdWallet rating 
Citizens Online Savings Account

APY

2.35%

With $5,000 min. balance for APY

Bonus

N/A
Learn more

at Citizens, Member FDIC


Why we like it

Citizens has a savings account that offers an excellent APY. You need $5,000 to open an account, which is high compared to some other banks, but there are no monthly fees.

Read Full Review
LendingClub High-Yield Savings
Learn more

at LendingClub Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

2.65%

With $0 min. balance for APY

Bonus

N/A
Learn more

at LendingClub Bank, Member FDIC


Why we like it

LendingClub’s online savings account earns 2.65% APY on all balances. There are also no monthly service fees. You can open an account for as little as $100.

Read Full Review
Discover Bank Online Savings
Learn more

at Discover Bank, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

2.10%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

Learn more

at Discover Bank, Member FDIC


Why we like it

Discover Bank's APY is strong and its website is easy to navigate. Both the iOS and Android apps receive high ratings. There is one branch in Delaware and customer support is available by phone 24/7. Discover also offers a $150 or $200 bonus for opening your first Discover Online Savings Account (expires 12/15/2022).

Bonus offer details from Discover: "To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover app or by phone. Enter Offer Code NW922 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200."

"What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice."

Read Full Review
Barclays Online Savings Account
Learn more

at Barclays, Member FDIC

Barclays Online Savings Account

4.5

NerdWallet rating 
Barclays Online Savings Account

APY

2.25%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Barclays, Member FDIC


Why we like it

Barclays' savings account offers a solid interest rate, and there are no monthly fees or minimum balance requirements. The account also has a tool for setting savings goals.

Read Full Review
Marcus by Goldman Sachs Online Savings Account
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs Online Savings Account

4.5

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

2.15%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Marcus by Goldman Sachs, Member FDIC


Why we like it

Marcus by Goldman Sachs does not charge monthly fees, and there is no minimum balance required to earn interest. You'll be able to access your account through a mobile app, along with several other options. Be advised that the bank doesn’t offer a checking account.

Read Full Review

More about high-yield savings accounts

What is a high-yield savings account?

A high-yield savings account is a type of federally insured savings product that earns rates that are much better than the national average. They can earn around 1.50% APY. By comparison, the national savings average is 0.17% APY.

» Looking for the top overall online-only banks? Check out NerdWallet's picks for best online banks

How much interest will I get on $10,000 after a year in a high-interest savings account?

If your money is in an account that earns a strong rate, your balance will grow faster without any additional effort on your part. With a 1.50% APY, a savings balance of $10,000 would earn a bit more than $150 after a year. It may not make you rich, but the earnings are much better than an account with a 0.10% APY, which would earn about ten dollars.

How do I choose the best high-interest savings accounts?

Look for accounts that have high interest rates and low service charges. You want to make sure you don’t have to pay a fee each month. Some institutions don’t charge monthly fees, while others do but will waive them if you meet a balance minimum.

Be willing to look beyond the larger, well-known banks. Many smaller institutions — including online banks and apps — feature good rates and low deposit requirements.

» Want to explore checking accounts instead? Take a look at NerdWallet’s best checking accounts

The highest APY savings accounts are easy to access

With online banking, you can access your account securely day or night. Online banks, credit unions and nonbank providers offer some of the best savings rates on the market while charging fewer fees than traditional banks. They also often offer good websites and mobile apps that typically let customers deposit checks and pay bills.

How to open an account with the best interest rates

Depending on the type of financial institution, you can open an account either online or in person. You’ll need to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and ID.) You will often be required to deposit money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer.

» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts

What to do if you can’t open a high-interest savings account

Occasionally, your application to open an account may not be approved. This is likely because of issues with your previous banking history.

Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history.

There are options for customers who have a ChexSystems file, including opportunities to open alternative accounts. For more information, read our primer on what to do if you have a ChexSystems record.

Are high-yield savings accounts safe?

In short, yes. High-yield savings accounts at banks and credit unions are federally insured up to $250,000 per depositor, and many nonbank providers partner with banks for insurance. Accounts at banks are backed by the Federal Deposit Insurance Corp., while credit union accounts are backed by the National Credit Union Administration. This means that even if the financial institution fails, the government makes sure your money is safe and accessible. Read NerdWallet's primer on FDIC insurance to learn more.

High-yield savings account terminology

Here’s a look at some important savings terms to know.

Savings account: A deposit account from a financial institution that earns interest.

Money market account: A type of savings account that often offers higher interest rates in return for a steep minimum deposit. (Think $5,000 or more.)

Interest: Money a financial institution pays into an account over time.

Compound interest: Compound interest is the interest you earn on both your original money and on the interest you keep accumulating. In an account that pays compound interest, the return is added to the original principal at the end of every compounding period, typically daily or monthly. Each time interest is calculated and added to the account, the larger balance earns more interest.

Annual percentage yield: The APY, or annual percentage yield, is the amount of compound interest an account earns in a year. The calculation is based on the account's interest rate and the number of times interest is paid during the year. A savings account with the highest APY grows faster than an account with a lower yield.

Full list of editorial picks: best high-yield online savings accounts

When selecting the best high-yield online savings accounts, NerdWallet uses multiple data points, including monthly fees, minimum balance requirements, APY, mobile app ratings and customer service availability. Click the financial institution’s name in the table below to read a full review.

Financial Institution

NerdWallet Overall Institution Rating

APY

Minimum balance to open

Alliant Credit Union, funds insured by the NCUA.

5.0.

1.80%.

$5 minimum to open account.

Ally, Member FDIC.

4.5.

2.10%.

No minimum to open account.

American Express, Member FDIC.

4.5.

2.00% APY (annual percentage yield) as of 9/29/2022.

No minimum to open account.

Barclays, Member FDIC.

4.5.

2.25%.

No minimum to open account.

Bread Savings, funds insured by FDIC.

4.5.

2.15%.

$100 minimum to open account.

BrioDirect, Member FDIC.

4.0

2.80%.

$500 minimum to open account.

Capital One 360, Member FDIC.

4.5

2.15%.

No minimum to open account.

CIBC U.S., Member FDIC.

3.5.

2.32%.

$1,000 minimum to open account.

CIT Bank, Member FDIC.

4.0.

2.40%.

$100 minimum to open account.

Citibank, Member FDIC.

4.0.

2.20%.

No minimum to open account.

Citizens, Member FDIC.

3.5.

2.35%.

$5,000 minimum to open account.

ConnectOne Bank, Member FDIC.

3.5.

1.25%.

$2,500 minimum to open account.

Discover Bank, Member FDIC.

5.0.

2.10%.

No minimum to open account.

E*TRADE, Member FDIC.

Not rated.

2.00%.

No minimum to open account.

First Foundation Bank, Member FDIC.

4.0.

2.75%.

$1,000 minimum to open account.

GO2Bank, funds insured by FDIC.

4.0

1.00%.

No minimum to open account.

LendingClub, Member FDIC.

4.5.

2.65%.

$100 minimum to open account.

Live Oak Bank, Member FDIC.

4.0.

2.00%.

No minimum to open account.

5.0.

2.15%.

No minimum to open account.

Popular Direct, Member FDIC.

3.5.

2.25%.

$5,000 minimum to open account.

Quontic Bank, Member FDIC.

4.5.

2.15%.

$100 minimum to open account.

Salem Five Direct, Member FDIC.

4.0.

1.65%.

$10 minimum to open account.

SoFi, Member FDIC.

4.5.

2.00%.

No minimum to open account.

Synchrony Bank, Member FDIC.

4.5.

2.25%.

No minimum to open account.

TAB Bank, Member FDIC.

4.0.

2.66%.

No minimum to open account.

UFB Direct, Member FDIC.

4.0.

2.85%.

No minimum to open account.

Varo, Member FDIC.

4.5

2.00%.

No minimum to open account.

» Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses

Last updated on September 26, 2022

You may also like these

People often identify opening a checking account as their next money move.

U.S. Bank Easy Checking

3.5

NerdWallet rating 
U.S. Bank Easy Checking

Monthly fee

$6.95

Waived with direct deposit or $1,500 minimum balance

at U.S. Bank, Member FDIC

Chase Total Checking®

4.0

NerdWallet rating 
Chase Total Checking®

Monthly fee

$12.00

Waived with direct deposit or $1,500 minimum balance

Bonus

$200

Requirements to qualify

at Chase, Member FDIC

TD Bank TD Convenience Checking℠

3.5

NerdWallet rating 
TD Bank TD Convenience Checking℠

Monthly fee

$15.00

Waived with $100 minimum balance

Bonus

$200

Requirements to qualify

at TD Bank, Member FDIC

Methodology

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Republic Bank, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.

To recap our selections...

NerdWallet's Best High-Yield Online Savings Accounts of September 2022

Frequently asked questions