If you’re looking for ways to earn more interest on your money, a high-yield savings account might be an ideal choice. Several
who earn more than 1.25% APY.
Our guide to the best savings accounts and our guide to the best high-yield savings accounts can be great starting points in your search. But if you prioritize finding the highest rates, this list is for you.
What are the interest rates for savings accounts today?
The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate earned by a savings account is currently 0.07% APY.
We’ve checked over a dozen financial institutions to track new rate offerings. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.
The most competitive high-yield savings accounts currently pay around 1% APY. Keep in mind that interest-bearing accounts may change. Savings accounts have a variable interest rate, which means the rate can fluctuate at any time.
also recently raised the federal funds rate for the third time this year, so interest rates on savings are also expected to rise steadily through 2022.
The best interest rates of the savings account
Minimum deposit amount
Minimum deposit amount
- High interest rate
- No monthly service fees
- May have limited access to your account
- Must be at least 18 years old to open an account
- Must maintain a positive balance to gain interest
- Interests composed and deposited monthly
- FDIC member
CIBC Bank USA is the American division of the Toronto-based Canadian Imperial Bank of Commerce. The bank has an online savings account and CDs that you can open anywhere in the United States.
The CIBC Agility Account has the most competitive interest rate on our list, as CIBC USA recently increased its savings rate to 1.27% APY this week. You might like the CIBC Agility Account if you have at least $1,000 for a minimum opening deposit.
If you are looking for a high yield savings account with a lower minimum opening deposit, you may consider exploring the TAB High Yield Savings Account or the Live Oak Bank Online Savings Account. Both of these accounts always pay high interest rates and you can open an account with $0.
The Bread Savings High Yield Savings Account is also a great high yield savings account if you have at least $100 to start with. If you haven’t heard of bread saving, you may be familiar with direct commenity. Comenity Direct recently changed its name because its parent company, Bread Financial, expanded to include lending options.
LendingClub, BrioDirect and CIT Bank feature in our guide to the best high yield savings accounts.
You might like the LendingClub High Yield Savings Account if you have at least $100 for an initial deposit.
The CIT Bank Savings Connect account also requires a minimum opening deposit of $100 – however, you will need to open a CIT Bank checking account to qualify for this savings account.
Finally, the high-yield BrioDirect savings account completes the group. This could be ideal if you want a savings account with no monthly service fees and a competitive interest rate. Just make sure you have at least $25 in your account to earn interest.