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7 Best High-Yield Online Savings Accounts of October 2022

Our list of the best high-interest 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. 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 best high-yield savings accounts help you grow funds faster than average accounts. The products featured on this page have annual percentage yields, or APYs, of around 2%. That is many times more than the national average of 0.21%. Because of the recent Federal Reserve rate increases, APYs are going up, making now a good time to open a high-yield savings account. The accounts featured below can help you boost your emergency fund or save up for big purchases. Check the bottom of the page for more information about how these financial products work. APYs shown are current as of October 24, 2022. All other information is current as of October 1, 2022. 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 best high-yield savings accounts help you grow funds faster than average accounts. The products featured on this page have annual percentage yields, or APYs, of around 2%. That is many times more than the national average of 0.21%. Because of the recent Federal Reserve rate increases, APYs are going up, making now a good time to open a high-yield savings account. The accounts featured below can help you boost your emergency fund or save up for big purchases. Check the bottom of the page for more information about how these financial products work. APYs shown are current as of October 24, 2022. All other information is current as of October 1, 2022.

Best High-Yield Online Savings Accounts From Our Partners

Bank/institutionNerdWallet 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.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 Citizens Online Savings AccountLearn more at Citizens, Member FDIC 4.0/53.00%With $5,000 min. balance for APY N/ALearn more at Citizens, 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 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 FDIC UFB Elite SavingsLearn more at UFB Direct, Member FDIC 4.5/53.11%With $0 min. balance for APY N/ALearn more at UFB Direct, 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 hybrid bank account that pays a strong APY. If you set up direct deposit, the rate is higher (APY is variable and subject to change). You could also earn a bonus of up to $300 for setting up direct deposit. There’s no minimum deposit requirement to open an account.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 3.12% APY on all balances. There are also no monthly service fees. You can open an account for as little as $100.Read Full ReviewLearn more at Citizens, Member FDIC

Citizens Online Savings 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.APY3.00% With $5,000 min. balance for APY BonusN/A View details Learn moreat Citizens, Member FDIC View details Why we like it Citizens has a savings account that offers 3.00% APY. You need $5,000 to open an account, which is high compared to some other banks, but there are no monthly fees.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’s Savings Connect account pays 3.00% APY. The account has a minimum opening deposit of $100. There are no monthly service fees.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 Discover Bank's APY is strong and its website is easy to navigate. Both the iOS and Android apps receive high ratings. There is one branch in Delaware and customer support is available by phone 24/7. Discover also 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 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 Marcus by Goldman Sachs does not charge monthly fees, and there is no minimum balance required to earn interest. You'll be able to access your account through a mobile app, along with several other options. Be advised that the bank doesn’t offer a checking account. Read Full ReviewLearn more at UFB Direct, Member FDIC

UFB Elite 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.APY3.11% With $0 min. balance for APY BonusN/A View details Learn moreat UFB Direct, Member FDIC View details Why we like it The UFB Direct Elite Savings account has no monthly maintenance fee and no minimum deposit requirement. It offers a mobile app where you can access standard banking functions, including mobile check deposits and initiating funds transfers.Read Full Review

More about high-yield savings accounts

What is a high-yield savings account

A high-yield savings account is a type of federally insured savings product that earns rates that are much better than the national average. They can earn around 1.50% APY. By comparison, the national savings average is 0.21% APY. » Looking for the top overall online-only banks? Check out NerdWallet's picks for best online banks

How much interest will I get on $10 000 after a year in a high-interest savings account

If your money is in an account that earns a strong rate, your balance will grow faster without any additional effort on your part. With a 2% APY, a savings balance of $10,000 would earn a bit more than $200 after a year. It may not make you rich, but the earnings are much better than an account with a 0.10% APY, which would earn about ten dollars.

How do I choose the best high-interest savings accounts

Look for accounts that have high interest rates and low service charges. You want to make sure you don’t have to pay a fee each month. Some institutions don’t charge monthly fees, while others do but will waive them if you meet a balance minimum. Be willing to look beyond the larger, well-known banks. Many smaller institutions — including online banks and apps — feature good rates and low deposit requirements. » Want to explore checking accounts instead? Take a look at NerdWallet’s best checking accounts

The highest APY savings accounts are easy to access

With online banking, you can access your account securely day or night. Online banks, credit unions and nonbank providers offer some of the best savings rates on the market while charging fewer fees than traditional banks. They also often offer good websites and mobile apps that typically let customers deposit checks and pay bills.

How to open an account with the best interest rates

Depending on the type of financial institution, you can open an account either online or in person. You’ll need to provide your Social Security number and contact information, along with at least one form of identification, such as a driver’s license or a passport. (For a joint account, everyone wanting access to the account must provide this information and ID.) You will often be required to deposit money into the new account right away. You can do that by depositing cash or checks, or through a wire transfer. » Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts

What to do if you can t open a high-interest savings account

Occasionally, your application to open an account may not be approved. This is likely because of issues with your previous banking history. Unpaid bank fees and bounced checks can result in a negative file on ChexSystems, a consumer reporting agency that financial institutions use to evaluate a prospective customer’s banking history. There are options for customers who have a ChexSystems file, including opportunities to open alternative accounts. For more information, read our primer on what to do if you have a ChexSystems record.

Are high-yield savings accounts safe

In short, yes. High-yield savings accounts at banks and credit unions are federally insured up to $250,000 per depositor, and many nonbank providers partner with banks for insurance. Accounts at banks are backed by the Federal Deposit Insurance Corp., while credit union accounts are backed by the National Credit Union Administration. This means that even if the financial institution fails, the government makes sure your money is safe and accessible. Read NerdWallet's primer on FDIC insurance to learn more.

High-yield savings account terminology

Here’s a look at some important savings terms to know. Savings account: A deposit account from a financial institution that earns interest. Money market account: A type of savings account that often offers higher interest rates in return for a steep minimum deposit. (Think $5,000 or more.) 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 APY, or annual percentage yield, is the amount of compound 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. A savings account with the highest APY grows faster than an account with a lower yield. » Read more about 10 essential banking terms you need to know

Full list of editorial picks best high-yield online savings accounts

When selecting the best high-yield online savings accounts, NerdWallet uses multiple data points, including monthly fees, minimum balance requirements, APY, mobile app ratings and customer service availability. Click the financial institution’s name in the table below to read a full review. Financial Institution NerdWallet Overall Institution Rating APY Minimum balance to open Alliant Credit Union, funds insured by the NCUA. 5.0. 2.20%. $5 minimum to open account. Ally, Member FDIC. 4.5. 2.35%. No minimum to open account. American Express, Member FDIC. 4.5. 2.25% APY (annual percentage yield) as of 10/20/2022. No minimum to open account. Barclays, Member FDIC. 4.5. 2.40%. No minimum to open account. Bread Savings, funds insured by FDIC. 4.5. 2.90%. $100 minimum to open account. BrioDirect, Member FDIC. 4.0 2.80%. $500 minimum to open account. Capital One 360, Member FDIC. 4.5 2.35%. No minimum to open account. CIBC U.S., Member FDIC. 3.5. 2.51%. $1,000 minimum to open account. CIT Bank, Member FDIC. 4.0. 3.00%. $100 minimum to open account. Citibank, Member FDIC. 4.0. 2.20%. No minimum to open account. Citizens, Member FDIC. 3.5. 3.00%. $5,000 minimum to open account. ConnectOne Bank, Member FDIC. 3.5. 1.25%. $2,500 minimum to open account. Discover Bank, Member FDIC. 5.0. 2.35%. No minimum to open account. E*TRADE, Member FDIC. Not rated. 2.75%. No minimum to open account. First Foundation Bank, Member FDIC. 4.0. 3.10%. $1,000 minimum to open account. GO2Bank, funds insured by FDIC. 4.0 2.50%. No minimum to open account. LendingClub, Member FDIC. 4.5. 3.12%. $100 minimum to open account. Live Oak Bank, Member FDIC. 4.0. 2.30%. No minimum to open account. Marcus by Goldman Sachs, Member FDIC. 5.0. 2.35%. No minimum to open account. Popular Direct, Member FDIC. 3.5. 2.50%. $5,000 minimum to open account. Quontic Bank, Member FDIC. 4.5. 2.30%. $100 minimum to open account. Salem Five Direct, Member FDIC. 4.0. 2.50%. $10 minimum to open account. SoFi, Member FDIC. 4.5. 2.50%. No minimum to open account. Synchrony Bank, Member FDIC. 4.5. 2.45%. No minimum to open account. TAB Bank, Member FDIC. 4.0. 2.66%. No minimum to open account. UFB Direct, Member FDIC. 4.0. 3.11%. No minimum to open account. Varo, Member FDIC. 4.5 2.00%. No minimum to open account. » Interested in getting money from banks? See NerdWallet's best bank account promotions and bonuses Last updated on October 24, 2022

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 High-Yield Online Savings Accounts of October 2022

SoFi Checking and Savings: 2.50% APYLendingClub High-Yield Savings: 3.12% APYCitizens Online Savings Account: 3.00% APYCIT Bank Savings Connect: 3.00% APYDiscover Bank Online Savings: 2.35% APYMarcus by Goldman Sachs Online Savings Account: 2.35% APYUFB Elite Savings: 3.11% APY

Frequently asked questions

Is my money safe in an online savings account? In short, yes, online accounts are safe. Most online financial institutions are federally insured by the Federal Deposit Insurance Corp., up to $250,000 per depositor. If the account is with a credit union, the account will likely be insured through the National Credit Union Administration, also for $250,000 per depositor. This means that if a provider were to fail and go out of business, you would not lose the money you have in the account, up to the insured amount.What is a high-interest savings account? High-interest savings accounts are deposit accounts from financial institutions that earn above-average yields. Typically, the rates are also better than those offered by checking accounts. Some of the best savings interest rates come from online banks and providers. They don't have the cost of maintaining branches and are able to pass the savings on to customers with better returns.What is the difference between a high-interest savings account and a money market account? Money market accounts are a type of savings account. They generally come with high APYs, high minimum deposit requirements and some check-writing privileges. NerdWallet’s guide on money market accounts can help you learn more about these products and help you decide if a money market account is a good place to stash your funds. A high-interest savings account, on the other hand, typically does not come with checks, though it will still offer a strong APY.How often do high savings rates change? Institutions typically don’t change savings rates on an hourly, daily or even weekly basis. In fact, it’s common to see some rates remain unchanged 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 financial institutions increase or decrease their APYs at around the same time, especially if the Federal Reserve recently hiked or cut rates,. To get the best yield for your money, check out the best rates on a regular basis.Do the best online savings accounts have fixed rates? No, rates are variable and can change over time. The accounts featured in this article are among those with the consistently highest rates.How often can I take money out of a savings account? Financial institutions usually limit the number of certain kinds of withdrawals to a maximum of six per month. These include online withdrawals, overdraft protection transfers and transfers initiated by telephone. If you have more than six of these transactions each statement cycle, your provider may levy an excess withdrawal fee each time you go over the limit. On April 24, 2020, the Federal Reserve allowed providers to eliminate this cap. Contact your financial institution's customer service line to find out if it has eased restrictions. If it has not done so, keep in mind that withdrawing cash from an ATM does not count toward the limit. Read more in our primer on Regulation D.

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

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