7 Best Savings Accounts of October 2022 - NerdWallet Advertiser disclosure
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Our list of the best savings accounts.Margarette Burnette Oct 24, 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. ALSO CONSIDER: Best checking accounts Best CD rates Best high-interest accounts 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 0.21%. APYs shown are current as of October 24, 2022. All other information is current as of October 1, 2022. ALSO CONSIDER: Best checking accounts Best CD rates Best high-interest accounts 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 0.21%. APYs shown are current as of October 24, 2022. All other information is current as of October 1, 2022.Show best offers available in Best Savings Accounts From Our Partners
Bank/institutionNerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APYBonusLearn more SoFi Checking and SavingsLearn more at SoFi, Member FDIC 5.0/52.50% SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rates of 2.50% APY (with direct deposit) and 1.20% APY (without direct deposit) are current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheetWith $0 min. balance for APY$300Earn up to $300 with direct deposit. Terms apply.Learn more at SoFi, Member FDIC LendingClub High-Yield SavingsLearn more at LendingClub Bank, Member FDIC 4.5/53.12%With $0 min. balance for APY N/ALearn more at LendingClub Bank, Member FDIC CIT Bank Savings ConnectLearn more at CIT Bank, Member FDIC 4.5/53.00%With $100 min. balance for APY N/ALearn more at CIT Bank, Member FDIC Discover Bank Online SavingsLearn more at Discover Bank, Member FDIC 5.0/52.35% Annual Percentage Yield (APY) is accurate as of 10/20/2022With $0 min. balance for APY$200 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.Requirements to qualifyLearn more at Discover Bank, Member FDIC Capital One 360 Performance SavingsLearn more at Capital One, Member FDIC 5.0/52.35% Earn 2.35% APY on All BalanceWith $0 min. balance for APY N/ALearn more at Capital One, Member FDIC American Express High Yield Savings AccountLearn more at American Express National Bank, Member FDIC 4.5/52.25% 2.25% APY (annual percentage yield) as of 10/20/2022With $1 min. balance for APY N/ALearn more at American Express National Bank, Member FDIC Marcus by Goldman Sachs Online Savings AccountLearn more at Marcus by Goldman Sachs, Member FDIC 5.0/52.35% 2.35% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 10/14/2022.With $0 min. balance for APY N/ALearn more at Marcus by Goldman Sachs, Member FDICLearn more at SoFi, Member FDIC SoFi Checking and Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.50% SoFi members with direct deposit can earn up to 2.50% annual percentage yield (APY) interest on all account balances in their Checking and Savings accounts (including Vaults). Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. Rates of 2.50% APY (with direct deposit) and 1.20% APY (without direct deposit) are current as of 09/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet With $0 min. balance for APY Bonus$300 Earn up to $300 with direct deposit. Terms apply. View details Learn moreat SoFi, Member FDIC View details Why we like it SoFi Checking and Savings offers a combined checking and savings account that earns 2.50% 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 1.20% on all balances. There’s no minimum deposit requirement to open an account and no monthly maintenance fees.Read Full ReviewLearn more at LendingClub Bank, Member FDIC LendingClub High-Yield Savings
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY3.12% With $0 min. balance for APY BonusN/A View details Learn moreat LendingClub Bank, Member FDIC View details Why we like it LendingClub’s online savings account earns a 3.12% 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 ReviewLearn more at CIT Bank, Member FDIC CIT Bank Savings Connect
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY3.00% With $100 min. balance for APY BonusN/A View details Learn moreat CIT Bank, Member FDIC View details Why we like it CIT Bank's Savings Connect account is a solid option that pays 3.00% 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 ReviewLearn more at Discover Bank, Member FDIC Discover Bank Online Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.35% Annual Percentage Yield (APY) is accurate as of 10/20/2022 With $0 min. balance for APY Bonus$200 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. Requirements to qualify View details Learn moreat Discover Bank, Member FDIC View details Why we like it This account earns 2.35% 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. Read Full ReviewLearn more at Capital One, Member FDIC Capital One 360 Performance Savings
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.35% Earn 2.35% APY on All Balance With $0 min. balance for APY BonusN/A View details Learn moreat Capital One, Member FDIC View details Why we like it The Capital One 360 Performance Savings account earns 2.35% APY across all balances. There is no monthly service fee and no minimum deposit required. You can start earning interest from your first deposit, even if you’re starting small.Read Full ReviewLearn more at American Express National Bank, Member FDIC American Express High Yield Savings Account
4.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.25% 2.25% APY (annual percentage yield) as of 10/20/2022 With $1 min. balance for APY BonusN/A View details Learn moreat American Express National Bank, Member FDIC View details Why we like it American Express is known for its credit cards, but American Express National Bank also offers a savings account that earns 2.25% APY (annual percentage yield) as of 10/20/2022 on all balances and there is no monthly fee.Read Full ReviewLearn more at Marcus by Goldman Sachs, Member FDIC Marcus by Goldman Sachs Online Savings Account
5.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.APY2.35% 2.35% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 10/14/2022. With $0 min. balance for APY BonusN/A View details Learn moreat Marcus by Goldman Sachs, Member FDIC View details Why we like it The Wall Street firm’s online bank has a strong savings option with a rate of 2.35% 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 0.21%. 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 $8. 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. » Learn more about NerdWallet's favorite high-yield online savings accounts. 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. » Read more about 10 essential banking terms you need to know. 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, 2.20% savings APY with $5 minimum to open account (read full review), funds insured by the NCUA. Ally, 2.35% savings APY with no minimum to open account (read full review), Member FDIC. American Express, 2.25% APY (annual percentage yield) as of 10/20/2022 with no minimum to open account (read full review), Member FDIC. Barclays, 2.40% savings APY with no minimum to open account (read full review), Member FDIC. Bread Savings, 2.90% savings APY with $100 minimum to open account, (read full review), Member FDIC. BrioDirect, 2.80% savings APY with $500 minimum to open account (read full review), Member FDIC. Capital One, 2.35% savings APY with no minimum to open account (read full review), Member FDIC. CIT Bank, 3.00% 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, 2.35% savings APY with no minimum to open account (read full review), Member FDIC. First Foundation Bank, 3.10% savings APY with $1,000 minimum to open account (read full review), Member FDIC. GO2Bank, 2.50% savings APY with no minimum to open account (read full review), funds insured by the FDIC. LendingClub, 3.12% savings APY, $100 minimum to open account (read full review), Member FDIC. Live Oak Bank, 2.30% savings APY with no minimum to open account (read full review), Member FDIC. Marcus, 2.35% savings APY with no minimum to open account (read full review), Member FDIC. Quontic Bank, 2.30% savings APY with $100 minimum to open account (read full review), Member FDIC. Salem Five Direct, 2.50% savings APY with no minimum to open account (read full review), Member FDIC. Sallie Mae Bank, 2.50% savings APY with no minimum to open account (read full review), Member FDIC. SoFi, 2.50% savings APY (variable and subject to change) with no minimum to open account (read full review), Member FDIC. Synchrony Bank, 2.45% 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 October 24, 2022 You may also like these
People often identify opening a checking account as their next money move. Chase Total Checking
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$12.00 Waived with direct deposit or $1,500 minimum balance Bonus$200 New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking account and set up direct depositRequirements to qualifyLearn more at Chase, Member FDIC Citigold Checking Account
4.0NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$0 Bonus$200 Earn up to $2,000 in cash bonus. The eligible bonus amount depends on the amount of the balance that’s deposited. You can earn a cash bonus of $200, $500, $1,000, $1,500, or $2,000Requirements to qualifyLearn more at Citibank, N.A. TD Bank TD Convenience Checking℠
3.5NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.Monthly fee$15.00 Waived with $100 minimum balance Bonus$200 New customers who apply online for a TD Convenience Checking℠ account can earn a $200 cash bonus after receiving direct deposits of $500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA.Requirements to qualifyLearn more 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. How we rate banks and credit unions To recap our selections... NerdWallet' s Best Savings Accounts of October 2022
SoFi Checking and Savings: 2.50% APYLendingClub High-Yield Savings: 3.12% APYCIT Bank Savings Connect: 3.00% APYDiscover Bank Online Savings: 2.35% APYCapital One 360 Performance Savings: 2.35% APYAmerican Express High Yield Savings Account: 2.25% APYMarcus by Goldman Sachs Online Savings Account: 2.35% APY Frequently asked questions
What is a savings account? A savings account is a deposit bank account that lets you securely store funds while also typically earning interest. You can deposit your money at your financial institution through cash, check or bank transfer, and it will safely earn interest while it is in your account. With savings accounts, money is insured up to $250,000 per depositor, so your funds are safe.Is my money safe in an online savings account? Yes. Most savings accounts are insured by the Federal Deposit Insurance Corporation and others are insured by the National Credit Union Administration. Both cover up to $250,000 per depositor, per institution and per account type, in case your bank fails. All of the best savings accounts in NerdWallet's analysis are insured, just like bank accounts at national institutions.How much money should I keep in my savings account? A savings account holds money that you don’t need for daily spending. It can be a great spot to park your emergency fund or money that you're setting aside for a specific purchase, like a vacation or a down payment on a house. Since everyone's savings goals are different, the amount of money that you should keep in your savings account varies depending on your situation. Unlike most checking accounts, savings accounts earn interest — that’s money you receive in your account just for keeping it with the institution. The higher your savings account interest rate, the faster your balance will grow. You can find accounts with the highest rates in NerdWallet's list of the best savings accounts. About the author
Margarette Burnette
Margarette is a savings account expert at NerdWallet. Her work has been featured in USA Today and The Associated Press. Read moreTwitterEmail