BEST OF - Virginia

10 Best Savings Rates of October 2022

List of the best savings rates available from a large pool of providers.

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.

The best savings interest rates might mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.17%.

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 institutions below offer some of the highest interest rates on savings accounts. With a rate of 2% APY, a balance of $10,000 would earn about $200 after one year. An average account would earn about $17.

APYs shown are current as of October 3, 2022. All other information is current as of October 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 Rates 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

2.50%

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

Rate: This hybrid checking and savings account earns 1.20% APY; if you set up direct deposit, you’ll earn 2.50% (APY is variable and subject to change).

Requirements: None. There is no minimum deposit. You can earn interest on any balance.

Fees: No monthly fee.

Additional note: You can earn a bonus of up to $300 for setting up direct deposit into this account.

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

Rate: The Lending Club online savings account earns 2.65% APY on all balances.

Requirements: You need at least $100 to open an account.

Fees: No monthly fee.

Additional note: LendingClub offers a mobile app with budgeting tools.

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

2.70%

With $100 min. balance for APY

Bonus

N/A
Learn more

at CIT Bank, Member FDIC


Why we like it

Rate: 2.70% APY.

Requirements: The account requires a $100 minimum deposit.

Fees: No monthly fee.

Additional note: CIT Bank offers an eChecking account that earns interest.

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

2.15%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

Learn more

at Discover Bank, Member FDIC


Why we like it

Rate: 2.15% APY.

Requirements: No minimum to open.

Fees: There’s no monthly fee.

Additional note: Discover 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
UFB Elite Savings
Learn more

at UFB Direct, Member FDIC

UFB Elite Savings

4.5

NerdWallet rating 
UFB Elite Savings

APY

3.01%

With $0 min. balance for APY

Bonus

N/A
Learn more

at UFB Direct, Member FDIC


Why we like it

Rate: UFB’s savings account earns a 3.01% APY.

Requirements: There’s no minimum deposit requirement.

Fees: No monthly fee.

Additional note: UFB Direct also offers a money market account with a competitive rate and the ability to write checks, though it also comes with a monthly fee.

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

Rate: 2.35% APY.

Requirements: You need $5,000 to open the account.

Fees: There is no monthly fee.

Additional note: Citizens also offers online CDs.

Read Full Review
Capital One 360 Performance Savings™
Learn more

at Capital One, Member FDIC

Capital One 360 Performance Savings™

5.0

NerdWallet rating 
Capital One 360 Performance Savings™

APY

2.15%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Capital One, Member FDIC


Why we like it

Rate: 2.15% APY.

Requirements: Earns the same rate on all balances.

Fees: No monthly fee.

Additional note: The bank also offers a strong checking account.

Read Full Review
American Express® High Yield Savings Account
Learn more

at American Express National Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

2.00%

With $1 min. balance for APY

Bonus

N/A
Learn more

at American Express National Bank, Member FDIC


Why we like it

Rate: American Express National Bank offers a 2.00% APY (annual percentage yield) as of 9/29/2022.

Requirements: None.

Fees: There are no monthly fees.

Additional note: American Express does not offer an ATM card or checks with its savings account.

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

Rate: This online bank’s high-yield savings account earns a 2.15% APY.

Requirements: You can open the account with any amount.

Fees: No monthly fee.

Additional note: This bank doesn’t have ATM access.

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

Rate: 2.25% APY.

Requirements: None.

Fees: No monthly fee.

Additional note: Barclays also offers online CDs.

Read Full Review

More about best savings rates

Benefits of the best savings rates

The best savings rates are much higher than the national average rate, which is just 0.17% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $17 after a year in an account with a 0.17% APY. But that same deposit would earn about $200 in an account with a 2% APY.

Here's how to choose the highest interest rates

Look for accounts that have the highest APY. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Fees cancel out the benefits of high interest rates.

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

Where can I earn the most interest on my money?

Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.

Why you earn interest on savings accounts

You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”

Full list of editorial picks: best savings rates

Here are all of NerdWallet's picks for the best savings account interest rates, arranged by their institution's overall NerdWallet rating. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.

Institutions with 5.0 stars

  • Alliant Credit Union, 2.00% savings APY (read full review), funds insured by the NCUA.

  • Discover, 2.15% APY (read full review), Member FDIC.

  • Marcus, 2.15% APY (read full review), Member FDIC.

Institutions with 4.5 stars

  • Ally, 2.10% savings APY (read full review), Member FDIC.

  • American Express, 2.00% APY (annual percentage yield) as of 9/29/2022, (read full review), Member FDIC.

  • Barclays, 2.25% savings APY (read full review), Member FDIC.

  • Bread Savings, 2.90% savings APY (read full review), Member FDIC.

  • Capital One 360, 2.15% savings APY (read full review), Member FDIC.

  • LendingClub, 2.65% APY (read full review), Member FDIC

  • Quontic Bank, 2.15% savings APY (read full review), Member FDIC.

  • SoFi, 2.50% savings APY (read full review), Member FDIC.

  • Synchrony, 2.25% savings APY (read full review), Member FDIC.

Institutions with 4.0 stars

  • Bank5 Connect, 1.50% APY (read full review), Member FDIC.

  • BrioDirect, 2.80% APY (read full review), Member FDIC.

  • Chime, 1.50% savings APY (read full review), funds insured by the FDIC.

  • CIT Bank, 2.70% savings APY (read full review), Member FDIC.

  • Citibank, 2.20% savings APY (read full review), Member FDIC.

  • Citizens, 2.35% savings APY (read full review), Member FDIC.

  • First Foundation Bank, 2.75% savings APY (read full review), Member FDIC.

  • FNBO Direct, 1.90% savings APY (read full review), Member FDIC.

  • Live Oak Bank, 2.00% savings APY (read full review), Member FDIC.

  • Salem Five Direct, 1.65% savings APY (read full review), Member FDIC.

  • Sallie Mae, 2.25% savings APY (read full review), Member FDIC.

  • TAB Bank, 2.66% savings APY (read full review), Member FDIC.

  • TIAA Bank, 2.30% savings APY (read full review), Member FDIC.

  • UFB Direct, 3.01% savings APY (read full review), Member FDIC.

Institutions with 3.5 stars

  • Bank7, 1.80% APY, (read full review), Member FDIC.

  • CIBC U.S., 2.32% savings APY (read full review), Member FDIC.

  • Popular Direct, 2.25% savings APY (read full review), Member FDIC.

Unrated Institutions

  • E-TRADE, 2.00% savings APY, Member FDIC.

Last updated on October 3, 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.

Frequently asked questions