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6 Best Savings Accounts of September 2022

Our list of the best savings accounts.

Sep 26, 2022

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Savings accounts are federally insured financial products that can help your money grow. The best savings accounts have high annual percentage yields, or APYs. The higher the APY, the more money you'll earn over time.

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.

In 2022, banks began to increase the interest rates on their savings accounts after a period of rate cuts in response to financial conditions. The accounts featured in this article are among those with the consistently highest rates. They can help you bolster your emergency fund faster than an account with an average APY, which is currently just 0.17%.

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

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🤓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 Savings Accounts From Our Partners

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 combined checking and savings account that earns 2.00% if you set up direct deposit (APY is variable and subject to change). If you don’t have direct deposit, the savings rate is still a strong 1.00% on all balances. There’s no minimum deposit requirement to open an account and no monthly maintenance fees.

Read Full Review
CIT Bank Savings Connect
Learn more

at CIT Bank, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

2.40%

With $100 min. balance for APY

Bonus

N/A
Learn more

at CIT Bank, Member FDIC


Why we like it

CIT Bank's Savings Connect account is a solid option that pays 2.40% APY. Note that you'll have to open a linked eChecking account with the bank, too. Each of the accounts require a minimum deposit of $100 to open.

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 a 2.65% APY on any balance. You will need $100 to open an account. After that, there is no minimum balance requirement, and no monthly service fee.

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

This account earns 2.10% APY. There is only one Discover bank branch, in Delaware, but customer support is available by phone “24/7.” In addition, its mobile banking apps receive high ratings. Discover also offers a cash-back rewards checking account.

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

2.00%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Barclays, Member FDIC


Why we like it

You can open this account with any amount and you won't be charged monthly maintenance fees.

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

The Wall Street firm’s online bank has a strong savings option with a rate of 2.15% APY and there is no minimum balance requirement to start earning interest. Its online CDs also have top yields. You can access the account several ways, including via desktop and mobile app.

Read Full Review

What you need to know about the best savings accounts

What do the best savings accounts have in common?

The best savings account interest rates are around 2%. At a brick-and-mortar bank, you'll often find savings rates closer to the national average, which is currently 0.17%.

If you have a $5,000 savings balance, choosing an account that pays 2% will earn you about $100 in a year, while an account paying you the average would earn about $7. The difference increases the more you deposit and the longer you keep it in the account.

Why should I care about the best savings account rates?

If you have money left in your checking account each month — or you can adjust your budget so that you do — you should have a savings account with a high rate. (Again, think around 2%.) It's always helpful to have money set aside for emergencies, and it'll earn you much more in an account that pays one of the best savings account rates than in a checking account.

Just make sure you can keep enough in your savings account to avoid monthly fees. Most online savings accounts don't charge these, but many traditional accounts do.

What monthly fees do savings accounts usually have?

The best savings accounts typically don’t charge monthly fees. You make your deposit and watch your balance grow as your money earns interest.

» Find out how your savings could add up with NerdWallet’s compound interest calculator.

Why does NerdWallet pick online savings accounts as the best savings accounts?

It's easy to find a savings account at your local bank, but if you want to earn a high rate and pay the lowest fees, you should consider storing your savings in an online account. Without the added expenses of large branch networks, online banks and nonbank providers are able to offer more favorable returns than national brick-and-mortar banks.

Is my money safe in a savings account?

Yes. Unlike investment accounts, savings accounts are guaranteed not to lose money — provided your money is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. Whatever you put in an FDIC- or NCUA-insured account will stay there, unless your account charges fees (and, of course, unless you withdraw money).

» Dig deeper: Learn more about FDIC and NCUA insurance for deposit accounts.

Do the best savings account interest rates change over time?

Yes, rates are variable and can change over time. If you are looking for a fixed rate account, and can set aside funds for a specific time period without making a withdrawal, consider opening a certificate of deposit. NerdWallet's list of best CD rates features top options.

How often do interest rates change?

Financial institutions generally don’t change savings rates on an hourly, daily or even monthly basis. In fact, under normal circumstances, it’s common to see APYs remain the same for several months.

It’s important to note, however, that rates are variable and theoretically can change at any time. In addition, many providers will change their rates based on what their competitors are doing. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently increased or cut rates.

To get the best yield for your money, it’s a good idea to check out the best savings rates on a regular basis — at least once a month.

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

Savings account terms you need to know:

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

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 annual percentage yield, or APY, is the amount of 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.

How can I earn high interest rates besides a savings account?

Here are a few options:

Money market accounts: These accounts are a type of savings account, but they might have higher minimum balances and offer perks such as check-writing, which is rare for savings accounts.

Certificates of deposit: These accounts lock your balance away for a specified period of time — often between one year and five years — in exchange for a higher interest rate. But if you withdraw any money during the term, you'll typically have to pay a penalty. CDs are also covered by FDIC insurance.

» Find out more about your savings account options.

Is savings account interest taxable?

Yes, savings account interest is generally taxable. Your provider will probably send you a form reporting it if you earned more than $10 during the tax year. Note that you are likely to earn more interest with a high-yield savings account.

Full list of editorial picks: best savings accounts

Here are all of NerdWallet's picks for the best savings accounts.

  • Alliant Credit Union, 1.80% savings APY with $5 minimum to open account (read full review), funds insured by the NCUA.

  • Ally, 2.10% savings APY with no minimum to open account (read full review), Member FDIC.

  • American Express, 1.90% APY (annual percentage yield) as of 9/15/2022 with no minimum to open account (read full review), Member FDIC.

  • Barclays, 2.00% savings APY with no minimum to open account (read full review), Member FDIC.

  • Bread Savings, 2.15% savings APY with $100 minimum to open account, (read full review), Member FDIC.

  • BrioDirect, 2.61% savings APY with no minimum to open account (read full review), Member FDIC.

  • Capital One, 2.15% savings APY with no minimum to open account (read full review), Member FDIC.

  • CIT Bank, 2.40% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Citibank, 2.20% savings APY with no minimum to open account (read full review), Member FDIC.

  • Discover Bank, 2.10% savings APY with no minimum to open account (read full review), Member FDIC.

  • First Foundation Bank, 2.75% savings APY with $1,000 minimum to open account (read full review), Member FDIC.

  • GO2Bank, 1.00% savings APY with no minimum to open account (read full review), funds insured by the FDIC.

  • LendingClub, 2.65% savings APY, $100 minimum to open account (read full review), Member FDIC.

  • Live Oak Bank, 2.00% savings APY with no minimum to open account (read full review), Member FDIC.

  • Marcus, 2.15% savings APY with no minimum to open account (read full review), Member FDIC.

  • Quontic Bank, 2.15% savings APY with $100 minimum to open account (read full review), Member FDIC.

  • Salem Five Direct, 1.65% savings APY with no minimum to open account (read full review), Member FDIC.

  • Sallie Mae Bank, 2.05% savings APY with no minimum to open account (read full review), Member FDIC.

  • SoFi, 2.00% savings APY (variable and subject to change) with no minimum to open account (read full review), Member FDIC.

  • Synchrony Bank, 2.25% savings APY with no minimum to open account (read full review), Member FDIC.

  • TAB Bank, 2.66% savings APY with no minimum to open account (read full review), Member FDIC.

  • Varo Bank, 2.00% savings APY with no minimum to open account (read full review), Member FDIC.

» 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 Savings Accounts of September 2022

Frequently asked questions