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Best high-yield savings accounts for 2022 Grow your money faster

Many banks compete for your business but the best high-yield savings accounts for 2022 remain at online banks.

Online banks don’t have to worry about the costs of maintaining branch locations and paying salaries to staff at multiple locations. Due to less overhead, online banks can pass their savings onto you in the form of high-yield savings accounts.

Big banks like Chase pay a measly 0.01% APY. According to the Federal Deposit Insurance Corporation. the national average savings rate is currently 0.08% APY.

Online banks are currently paying up to 20 times or more yearly interest (or what’s called APY: annual percentage yield) than a physical bank. This means if you placed $10,000 in savings at Chase paying 0.01% APY you’d earn $1 in interest over a year.  People would earn much more interest in an online high-interest checking account, oftentimes much more than an online high-interest savings account.

Best high-yield savings accounts for 2022

Online high-yield savings accounts typically offer the best place to save your money. If you’re growing tired of the slow growth and low-interest rates of your traditional savings account, you might consider moving your funds into a high-yield savings account. This kind of account can help you reach your savings goals faster.

Take a look at our picks for the best high-yield savings accounts to determine which product works best for your financial situation.

Our top picks for high-yield savings accounts

1. Current Savings – 4.00% APY


The Current Savings Account offers an APY of 4.00% but you can only earn that rate on funds up to $6,000. However, you can grow $6,000 of your savings 60x faster than the current national savings rate average. With Current Savings Pods, you can organize your savings goals while making money on your cash. The more you put in, the more you’ll make. It’s that simple.

Minimum opening deposit: $10.00
Monthly fee: $0
Requirements: You must open the Current Spend Account which is essentially a checking account to be eligible to earn a 4.00% Annual Percentage Yield (APY) — a rate that’s 60x higher than the national average.


2. Quontic Bank High Yield Savings — 1.25 percent

free-high-interest-checking

Quontic Bank is one of the best online savings accounts offering a stellar interest rate. It only requires a minimum deposit of $100 to open an account. Quontic Bank does not charge a monthly fee. Customers receive an ATM card and access more than 90,000 surcharge-free U.S. ATMs. Quontic has an A+ rating with the Better Business Bureau.

Minimum opening deposit: $100
Interest rate: 1.25 percent
Monthly fee: None


3. CIT Bank Savings Connect Account — 1.35 percent


CIT Bank has been in operation for over 100 years. Recently, CIT Bank became a division of First-Citizens Bank & Trust Company, a top 20 U.S. financial institution (based on assets), with more than $100 billion in assets. Customers earn over 17x the national average with a Savings Connect account and enjoy the convenience of easy access to your funds with the linked CIT eChecking account. Customers get up to $30 in other U.S. banks’ ATM fees reimbursed per month on your eChecking account.

Minimum opening deposit: $100
Interest rate: 1.35 percent
Monthly fee: None
Requirement to earn 1.35% APY: CIT Savings Connect works in conjunction with the eChecking account. You can access both the Savings Connect and eChecking funds through any ATM using your eChecking debit card.


4. UFB Direct Savings Account — 1.66 percent



UFB Direct UFB Direct is a division of Axos Bank, offering branchless banking to customers that desire exceptional high-interest rates on savings and money accounts. Accounts at UFB Direct are FDIC insured to the maximum allowable limits ($250,000) per depositor.

Minimum opening balance: $100
Interest rate: 1.66 percent
Monthly fee: None


5. Axos Bank High Yield Savings — 0.61 percent

With an APY of 0.61%, Axos Bank offers one of the most competitive interest rates, and it only requires a minimum deposit of $250 to open an account. What’s more, Axos charges no monthly fee and allows users six free monthly withdrawals. And there’s an ATM card with this account upon request. Axos customers have access to approximately 91,000 surcharge-free ATMs throughout the U.S.

Minimum opening deposit: $250
Interest rate: 0.61% APY
Monthly fee: None


Consider a Money Market Account

Money market accounts are very similar to savings accounts in that they are interest-bearing accounts. But some money market accounts allow limited check-writing ability and a debit card. Account-holders get the benefits of both savings and checking accounts. A money market account can be great for earning a high annual percentage yield (APY).

CIT Bank Money Market Account — 1.00 percent

The money market account from CIT Bank is also a good option for high-yield earnings.

Minimum balance: $100 to open
Interest rate: 1.00% APY
Monthly fee: None


Consider a Certificate of Deposit (CD) for high-yield savings

Saving money can take time to yield decent returns but it’s one of the safest ways to grow your money. There are more effective ways to build wealth, however, your money will not be as liquid as a savings account.

A certificate of deposit or CD can help you meet savings goals. CDs are long-term savings instruments that have a fixed interest rate and fixed date of withdrawal.

CDs are issued by banks and insured by the FDIC for up to $250,000 per depositor. You can expect a higher rate but cashing out before the fixed date of withdrawal (maturity date) can cost you.

The only way to get past the penalty of early withdrawal is with a No-Penalty Certificate of Deposit.

Quontic Bank 5-year CD — 2.86 percent

Quontic Bank’s 5-year Certificate of Deposit offers one of the highest CD rates at 2.86% APY.

Minimum Deposit Required: $500
Automatic Rollover: No. There is a 10-day grace period during which you may withdraw principal without penalty or renew your CD with the same term. You may also close your CD and open a new one with a different term.
Monthly Fee: None

Final thoughts on high-yield savings accounts

Consistent investing in a savings account over a long period of time can be an effective strategy to build wealth. Even small deposits to a high-yield savings account can add up over time.

Start your snowball now by earning compound interest in a high-yield savings account today. You’ll never regret it.

Once your high-yield savings account grows, the next step is to consider higher-risk investments. Savings accounts are best for:

  • Emergency funds.
  • Saving for a downpayment for home or car.
  • Unexpected expenses.
  • Quick access to money when life throws you a curveball.

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