BEST OF - Virginia

6 Best Savings Rates of July 2022

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

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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 0.08%.

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 1% APY, a balance of $10,000 would earn about $100 after one year. An average account would earn about $8.

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LendingClub High-Yield Savings

Savings

Member FDIC

5.0

/5
 NerdWallet rating 
APY
1.26%
With $0 min. balance for APY
Bonus
N/A
Learn more

at LendingClub Bank

Why we like it
Rate: The Lending Club online savings account earns 1.26% 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 an automated savings tool.
Discover Bank Online Savings

Savings

Member FDIC

5.0

/5
 NerdWallet rating 
APY
1.10%
With $0 min. balance for APY
Bonus
$200
Requirements to qualify
Learn more

at Discover Bank

Why we like it
Rate: 1.10% 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 09/15/2022).
Bonus offer details from Discover: "To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code NW622 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 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice."
Marcus by Goldman Sachs Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.20%
With $0 min. balance for APY
Bonus
N/A
Learn more

at Marcus by Goldman Sachs

Why we like it
Rate: This online bank’s high-yield savings account earns a 1.20% APY.
Requirements: You can open the account with any amount.
Fees: No monthly fee.
Additional note: This bank doesn’t have ATM access.
American Express® High Yield Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.00%
With $1 min. balance for APY
Bonus
N/A
Learn more

at American Express National Bank

Why we like it
Rate: American Express National Bank offers a 1.00% APY.
Requirements: None.
Fees: There are no monthly fees.
Additional note: American Express does not offer an ATM card or checks with its savings account.
Barclays Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.10%
With $0 min. balance for APY
Bonus
N/A
Why we like it
Rate: 1.10% APY.
Requirements: None.
Fees: No monthly fee.
Additional note: Barclays also offers online CDs.
Synchrony Bank High Yield Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.10%
With $0 min. balance for APY
Bonus
N/A
Learn more

at Synchrony Bank

Why we like it
Rate: Synchrony offers an attractive yield for a savings account without a minimum opening deposit.
Requirements: None. You can fund with any amount and the rate will apply.
Fees: No monthly fee.
Additional note: Synchrony Bank will reimburse domestic out-of-network ATM fees.

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 0.08% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $10 after a year in an account with a 0.10% APY. But that same deposit would earn about $100 in an account with a 1% 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

Institutions with 4.5 stars

  • Bread Savings, 1.65% savings APY (read full review), Member FDIC.

  • SoFi, 1.50% savings APY (read full review), Member FDIC.

  • Lending Club, 1.26% APY (read full review), Member FDIC

  • Quontic Bank, 1.58% savings APY (read full review), Member FDIC.

  • Varo Bank, 1.20% savings APY (read full review), Member FDIC.

  • Barclays, 1.10% savings APY (read full review), Member FDIC.

  • Synchrony, 1.10% savings APY (read full review), Member FDIC.

  • American Express, 1.00% APY, (read full review), Member FDIC.

  • Capital One 360, 1.00% savings APY (read full review), Member FDIC.

  • Ally, 1.00% savings APY (read full review), Member FDIC.

  • Alliant Credit Union, 1.00% savings APY (read full review),funds insured by the NCUA.

Institutions with 4.0 stars

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

  • First Foundation Bank, 1.65% savings APY (read full review), Member FDIC.

  • UFB Savings, 1.66% savings APY (read full review), Member FDIC.

  • TAB Bank, 1.26% savings APY (read full review), Member FDIC.

  • Sallie Mae1.09% savings APY (read full review), Member FDIC.

  • Live Oak Bank, 1.05% savings APY (read full review), Member FDIC.

  • Citibank, 1.01% savings APY (read full review), Member FDIC.

  • ConnectOne Bank, 1.00% savings APY (read full review), Member FDIC.

  • Go2Bank, 1.00% savings APY (read full review), funds insured by the FDIC.

Institutions with 3.5 stars

  • CIBC U.S., 1.27% savings APY (read full review), Member FDIC.

  • Popular Direct, 1.05% savings APY (read full review), Member FDIC.

Unrated Institutions

  • E-TRADE, 1.40% savings APY, Member FDIC.

Last updated on July 1, 2022

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

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

2.09%

With $0 min. balance for APY

at Consumers Credit Union, Federally insured by NCUA

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

1.50%

With $0 min. balance for APY

Bonus

$300

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

Citi Priority Checking

2.5

NerdWallet rating 
Citi Priority Checking

Monthly fee

$30.00

Waived with $50,000 minimum balance

APY

0.01%

With $0 min. balance for APY

Bonus

$300

Requirements to qualify

at Citibank, N.A., 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 Access, 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