8 Best Savings Rates of May 2022
List of the best savings rates available from a large pool of providers.
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ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
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 0.07%.
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 0.60% APY, a balance of $10,000 would earn about $60 after one year. An average account would earn about $6.
ALSO CONSIDER: Best checking accounts || Best CD rates || Best high-interest accounts
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 0.07%.
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 0.60% APY, a balance of $10,000 would earn about $60 after one year. An average account would earn about $6.
Best Savings Rates From Our Partners
| Bank/Institution | NerdWallet Rating | APY | Bonus | Learn More |
|---|---|---|---|---|
 Marcus by Goldman Sachs Online Savings Account Learn more at Marcus by Goldman Sachs, Member FDIC | 0.70% With $0 min. balance for APY | N/A | Learn more at Marcus by Goldman Sachs, Member FDIC | |
 LendingClub High-Yield Savings Learn more at LendingClub Bank, Member FDIC | 0.85% With $0.01 min. balance for APY | N/A | Learn more at LendingClub Bank, Member FDIC | |
 American Express® High Yield Savings Account Learn more at American Express National Bank, Member FDIC | 0.60% With $1 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC | |
 Synchrony Bank High Yield Savings Learn more at Synchrony Bank, Member FDIC | 0.85% With $0 min. balance for APY | N/A | Learn more at Synchrony Bank, Member FDIC | |
 Barclays Online Savings Account Learn more at Barclays, Member FDIC | 0.70% With $0 min. balance for APY | N/A | Learn more at Barclays, Member FDIC | |
 Discover Bank Online Savings Learn more at Discover Bank, Member FDIC | 0.60% With $0 min. balance for APY | $200 Requirements to qualify | Learn more at Discover Bank, Member FDIC | |
 Chime High Yield Savings Learn more at Chime, Deposits are FDIC Insured | 0.50% With $0.01 min. balance for APY | N/A | Learn more at Chime, Deposits are FDIC Insured | |
 Axos Bank® High Yield Savings Learn more at Axos Bank®, Member FDIC | 0.61% With $0 min. balance for APY | N/A | Learn more at Axos Bank®, Member FDIC |
at Marcus by Goldman Sachs, Member FDIC
Marcus by Goldman Sachs Online Savings Account
APY
0.70%With $0 min. balance for APY
Bonus
N/Aat Marcus by Goldman Sachs, Member FDIC
at LendingClub Bank, Member FDIC
LendingClub High-Yield Savings
APY
0.85%With $0.01 min. balance for APY
Bonus
N/Aat LendingClub Bank, Member FDIC
at American Express National Bank, Member FDIC
American Express® High Yield Savings Account
APY
0.60%With $1 min. balance for APY
Bonus
N/Aat American Express National Bank, Member FDIC
at Synchrony Bank, Member FDIC
Synchrony Bank High Yield Savings
APY
0.85%With $0 min. balance for APY
Bonus
N/Aat Synchrony Bank, Member FDIC
at Barclays, Member FDIC
Barclays Online Savings Account
APY
0.70%With $0 min. balance for APY
Bonus
N/Aat Barclays, Member FDIC
at Discover Bank, Member FDIC
Discover Bank Online Savings
APY
0.60%With $0 min. balance for APY
Bonus
$200Requirements to qualify
at Discover Bank, Member FDIC
at Chime, Deposits are FDIC Insured
Chime High Yield Savings
APY
0.50%With $0.01 min. balance for APY
Bonus
N/Aat Chime, Deposits are FDIC Insured
at Axos Bank®, Member FDIC
Axos Bank® High Yield Savings
APY
0.61%With $0 min. balance for APY
Bonus
N/Aat Axos Bank®, Member FDIC
Benefits of the best savings rates
The best savings rates are much higher than the national average rate, which is just 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 $50 in an account with a 0.50% 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.”
More strong savings rates
Here are additional options for good 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 4.5 stars
Alliant Credit Union, 0.60% savings APY (read full review), funds insured by the NCUA.
SoFi, 0.70% savings APY (read full review), member FDIC.
Bread Savings, 1.00% savings APY (read full review), Member FDIC.
Quontic Bank, 1.01% savings APY (read full review), Member FDIC.
Ally, 0.60% savings APY (read full review), Member FDIC.
TIAA Bank, 0.50% savings APY (read full review), Member FDIC.
Varo Bank, 0.50% savings APY (read full review), Member FDIC.
Vio Bank, 0.50% savings APY (read full review), Member FDIC.
Institutions with 4.0 stars
Go2Bank, 1.00% savings APY (read full review), funds insured by the FDIC.
Sallie Mae, 0.70% savings APY (read full review), Member FDIC.
ConnectOne Bank, 0.70% savings APY (read full review), Member FDIC.
TAB Bank, 0.75% savings APY (read full review), Member FDIC.
Live Oak Bank, 0.80% savings APY (read full review), Member FDIC.
Pentagon Federal Credit Union, 0.70% savings APY (read full review), funds insured by the NCUA.
First Foundation Bank, 1.00% savings APY (read full review), Member FDIC.
Bank5 Connect, 0.40% APY (read full review), Member FDIC.
BrioDirect, 0.40% APY (read full review), Member FDIC.
Zynlo Bank, 0.40% APY (read full review), funds insured by FDIC.
Institutions with 3.5 stars
Affirm, 0.65% savings APY, (read full review), funds insured by the FDIC.
CIBC U.S., 0.72% savings APY (read full review), Member FDIC.
Last updated on May 2, 2022
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Axos Bank® Rewards Checking
Monthly fee
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Axos Bank®, Member FDIC
Consumers Credit Union Free Rewards Checking
Monthly fee
APY
With $0 min. balance for APY
at Consumers Credit Union, Federally insured by the NCUA
Alliant Credit Union High-Rate Checking
Monthly fee
APY
With $0 min. balance for APY
at Alliant Credit Union, Federally insured by the NCUA
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, 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, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 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, State Employees’ Credit Union of North Carolina, SoFi, 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 Rates of May 2022
- Marcus by Goldman Sachs Online Savings Account: 0.70% APY
- LendingClub High-Yield Savings: 0.85% APY
- American Express® High Yield Savings Account: 0.60% APY
- Synchrony Bank High Yield Savings: 0.85% APY
- Barclays Online Savings Account: 0.70% APY
- Discover Bank Online Savings: 0.60% APY
- Chime High Yield Savings: 0.50% APY
- Axos Bank® High Yield Savings: 0.61% APY
Frequently asked questions
A savings account is an account at a bank, credit union or nonbank provider that typically earns interest. The money in a savings account is federally insured. Certain types of transactions in savings accounts are often limited to a maximum of six per month.
No, rates are variable. That means that they can change over time. The accounts featured in this article have the highest savings rates in our survey this month.
Institutions usually don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see rates at some providers remain unchanged for months.
It’s important to note, however, that rates are variable and theoretically can be changed at any time. You will often see groups of providers increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates. Many will change their rates based on what their competitors are doing. This happened in March 2020, when many online providers lowered their savings rates in reaction to the Federal Reserve's rate cuts.
To get the best yield for your money, it’s a good idea to check out the best rates on a regular basis. See this month's best rates.
You can generally access your funds by initiating an electronic transfer from the provider’s secure website or mobile app, day or night. You could transfer the money to your checking account or to another financial institution. This is often the easiest way to access money at an online provider. Other options include withdrawing cash from ATMs and setting up a transfer by phone.
Providers typically limit the number of certain types of withdrawals to a maximum of six per month. These transactions, called convenient withdrawals, include online transfers, overdraft protection transfers and transfers initiated by telephone. If you have more than six withdrawals in a statement cycle, the institution may charge an excess withdrawal fee each time. Getting cash from an ATM does not count toward this limit.
On April 24, 2020, the Federal Reserve gave providers the option to eliminate this cap. To find out if yours has eased restrictions, call its customer service line. To learn more, read our primer on Regulation D.
If you want the ability to withdraw your money on short notice, use the flexibility of a savings account. You can earn interest and have fast access to your funds. If you won't need to take out money for a set time period, generally a few months or years, then you could earn higher rates by putting your money in a CD. To compare yields, take a look at NerdWallet's best CD rates this month.
