Best High-Yield Savings Accounts - MagnifyMoney

Best High-Yield Savings Accounts in November 2022

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Some savings accounts are designed to provide the best possible interest rates on the balance. These high-yield savings accounts are often featured by online-only banks and credit unions, which may have fewer physical branch locations and banking services than traditional banks.

Why trust us: MagnifyMoney is a free service providing information on bank accounts and other financial products since 2014. We maintain editorial independence to ensure that readers will be presented with the best possible recommendations. Read our methodology for choosing the best high-yield savings accounts.

Best high-yield savings account rates in November 2022

High-yield savings APYMinimum deposit to open an account
DollarSavingsDirect Dollar Savings3.50% on all balances $1
UFB Direct Elite Savings3.16% on all balances$0
Bread Savings High-Yield Savings4.50% on balances of $100 and up$100
LendingClub High-Yield Savings4.25% on all balances$100
BrioDirect High-Yield Savings3.75% on all balances$500
Bask Bank Interest Savings4.45% on all balances$0
First Foundation Bank Online Savings 4.50% on balances up to $5 million $1,000
Prime Alliance Bank Personal Savings4.05% on all balances$0
American Heritage FCU High-Yield Savings3.25% on balances of $10,000 up to $1 million$10,000

DollarSavingsDirect Dollar Savings


on DollarSavingsDirect’s secure website

Member FDIC

APY: 3.50% on balances $1 and up
Minimum balance to open: $1
Monthly fee: $0

DollarSavingsDirect is a division of Emigrant Bank. It only offers a few products, including CDs and home loans, but they’re leading the way with the highest APY among high yield savings accounts. After the small initial deposit into the bank’s Dollar Savings account, there is no required balance to keep it open or earn interest. Interest is compounded daily and credited at the end of each month.

Although the bank doesn’t offer physical locations, a mobile app or many features on its website, you can access your account 24/7 through its online portal. Customer service is available all week between 8:00 a.m. and 11:30 p.m. ET.

UFB Direct Elite Savings


on UFB Direct’s secure website

Member FDIC

APY: 3.16% on all balances
Minimum balance to open: $0
Monthly fee: $0

UFB Direct is an online bank that offers standard deposit accounts and home loans. It’s a division of Axos Bank, so all your deposits are held with Axos.For the UFB Direct Elite Savings account, you earn 3.16% APY on all balances. Access your account via online banking, SMS banking and mobile deposit. The account also features a complimentary ATM card. It should only take about 15 minutes to apply for the account online.

Bread Savings High-Yield Savings


on Bread Financial’s secure website

Member FDIC

APY: 4.50% on balances of $100 and up
Minimum balance to open: $100
Monthly fee: $0

Bread Savings is a product of Comenity Capital Bank, which is a part of Bread Financial. This online-only bank is offering a decent APY on their high-yield savings account. Interest is accrued and compounded daily.After your initial deposit to open the savings account, you can make unlimited deposits via mobile check capture and ACH transfer. Cards and checks are not offered on this account. Other than the high-yield savings account, Bread Savings also offers lines of credit, loans and competitive rates on CDs.Customer service is available via chat or phone during the week.

LendingClub High-Yield Savings


on LendingClub’s secure website

Member FDIC

APY: 4.25% on all balances
Minimum balance to open: $100
Monthly fee: $0

LendingClub is a fintech marketplace bank that provides services such as deposit accounts, loans and investment accounts. In addition to their high-yield savings accounts, CDs and a rewards checking account are available through LendingClub.After your initial deposit, there is no minimum balance to earn the top APY. Unlike some other high-yield savings accounts, LendingClub High-Yield Savings comes with an ATM card and doesn’t charge ATM fees.

BrioDirect High-Yield Savings


on BrioDirect’s secure website

FDIC Insured

APY: 3.75% on all balances
Minimum balance to open: $500
Monthly fee: $0

BrioDirect is a division of Webster Bank. The BrioDirect High-Yield Savings account offers 3.75% APY on all balances with no monthly fee.

Account holders can access their money via BrioDirect’s mobile app, which has a 4.9-star rating in the Apple App Store and a 4.6-star rating in the Google Play Store; although there are very few reviews.

Bask Bank Interest Savings


on Bask Bank’s secure website

Member FDIC

APY: 4.45% on all balances
Minimum balance to open: $0
Monthly fee: $0

Bask Bank is a division of Texas Capital Bank. Bask offers only two accounts — this Interest Savings account with a 4.45% APY on all balances, and a Mileage Savings account that earns you American Airlines AAdvantage® miles with every dollar you save.

First Foundation Bank Online Savings


on First Foundation Bank’s secure website

Member FDIC

APY: 4.50% on balances up to $5 million
Minimum balance to open: $1,000
Monthly fee: $0

This First Foundation Bank Online Savings account is for new First Foundation customers — meaning this account cannot be funded through existing First Foundation Bank accounts. There is no fee for transfers to or from any digital bank accounts, but if you close the account within 90 days of opening, there will be a $20 fee.

After depositing the opening balance into this high-yield savings account, you’ll start earning the 4.50% APY. Interest is compounded daily and credited monthly. Customers can request an ATM card with this account, which can be used at 30 branches across California, Florida, Hawaii, Nevada and Texas, as well as ATMs nationwide (they’ll reimburse any ATM fees up to $20 per visit).

Prime Alliance Bank Personal Savings


on Prime Alliance Bank’s secure website

Member FDIC

APY: 4.05% on all balances
Minimum balance to open: $0
Monthly fee: $0

Prime Alliance Bank is headquartered in Woods Cross, Utah, and has been offering personal and business checking, savings, retirement and loans products since 2004. While Prime Alliance Bank isn’t as well-known, it stands out for its decent APYs, low balance requirements and no monthly fees on most of their accounts.

The bank’s personal savings account is offering 4.05% APY on all balances. You can make unlimited deposits and deposit checks for free via Prime Alliance’s mobile banking app.

American Heritage FCU High-Yield Savings


on American Heritage Federal Credit Union’s secure website

NCUA Insured

APY: 3.25% on balances of $10,000 up to $1 million
Minimum balance to open: $10,000
Monthly fee: $10 (waivable)

Although American Heritage FCU’s High-Yield Savings account requires a higher minimum balance than other options on this list, you’ll get one of the highest APYs out there right now. And if you maintain the $10,000, you’ll avoid the monthly fee.As an unusual downside, the credit union restricts withdrawals from this account to one per monthly statement and charges $25 for going over the limit. Members can only have one high-yield savings account, but there are several other savings options with competitive APYs, including:

  • Money markets
  • Share Savings
  • CDs
  • Identity Protecting Savings
  • Holiday Club account
  • Vacation Club account
  • Little Patriots account
  • Educational Savings

Through the mobile app, the credit union gives members access to a video advisor service called VANA (Video Advisor Network Associates) for live financial help. If you live outside of Philadelphia, you can easily join American Heritage FCU by becoming a member of the Kids-N-Hope Foundation.

Best savings account rates for low balances

  • Blue FCU Accelerated Savings: Blue’s Accelerated Savings account pays 5.00% APY on balances up to $1,000. Balances above that earn a strong blended APY.
  • Workers Credit Union SaveUp Savings: The SaveUp Savings account allows you to earn a strong 3.56% base APY on balances below $1,000. While the rate drops for some balances above $1,000, the blended APY is still competitive.
  • Affinity FCU SmartStart Savings: Affinity has broad membership eligibility and allows you to join with a donation to one of two partner nonprofits. The SmartStart Savings account pays 4.00% APY on balances under $5,000.

What is a high-yield online savings account?

Savings accounts are a type of deposit account designed to store money and earn interest. A “high-yield” account doesn’t necessarily have different features than a standard savings account (which comes with some withdrawal limits) but they tend to offer better interest rates on the balance.

Even in an environment of low interest rates, high-yield accounts are built to pay out the best possible rates. Often, the financial institutions that offer those types of accounts tend to pare down the rest of their services, including those for in-person banking, in order to boost interest rates and limit fees.

Currently, the average rate on a savings account is just 0.17%, and the best high-yield accounts identified by MagnifyMoney earn at least 10 times that amount. If your primary goal with a savings account is to earn the best possible interest rate, a high-yield account offered by an online-only bank, fintech or credit union is probably a better option than the savings accounts offered at the largest banks.

How do high-yield savings accounts earn interest?

Interest accrues to savings accounts on a regular compounding schedule. On a daily, monthly or even quarterly basis, banks will pay the interest earned on a savings account balance into the account. That account will then start earning interest according to the new balance.

For example, if an account earns 1.00% APY on a $10,000 balance over the course of a year, it will start earning 1.00% APY on a balance of $10,100 at the start of the next year (as long as no money was deposited or withdrawn during that time).

Some financial institutions set certain conditions for earning the top APY, such as requiring a direct deposit from an employer, though generally savings accounts don’t have those requirements. However, some financial institutions offer tiered or blended APY rates, meaning that different balances earn different interest rates. Be sure to check whether the advertised APY will actually apply before opening an account.

Which high-yield savings account is right for me?

Beyond the interest rate offered on a high-yield savings account, there are some other factors to consider when choosing which account is best for you:

  • ATM use: While savings accounts aren’t typically used for everyday banking transactions, ATM availability might be a prerequisite if you know you’ll need to deposit or withdraw cash from the account. Quite a few high-yield savings accounts don’t offer ATM access.
  • Fees: Many savings accounts don’t charge a monthly maintenance fee, but some do. There are also sometimes fees for balance transfers, out-of-network ATM use, debit card replacement, paper account statements and other services.
  • Minimums: Again, many savings accounts don’t require a minimum balance to keep an account open, but some do. Minimum required balances in order to earn the best APY tend to be more common.
  • Relationship banking: Some people prefer to keep all their bank accounts with one financial institution, while others pick and choose different institutions for their checking account, savings account and other accounts. Sometimes financial institutions incentivize relationship banking with better interest rates, but the minimums to earn those rates tend to be higher.
  • Online platforms and mobile apps: Nowadays, most people use online and mobile banking for most of their basic banking transactions. Those platforms are very common, but some are better than others. Check a bank’s reviews on the Apple App or Google Play Store, for example, to see if other customers like or dislike their app.
  • Customer service: Those reviews and others available online can help determine what a bank’s customer service reputation may be like. Some offer 24/7 chat support and other resources, but some may have more limited customer service. If you think you may need in-person customer service, a high-yield online account may not be the best fit for you.

Ultimately, there are considerations that go beyond the interest rate when you’re deciding which high-yield savings account to open. If you think you might have more unique banking needs, be sure to check which features are available with a financial institution and their savings account offerings.

Summary of the top high interest savings accounts in November 2022

  • DollarSavingsDirect Dollar Savings: 3.50% APY on all balances
  • UFB Direct Elite Savings: 3.01% APY on all balances
  • Bread Savings High-Yield Savings: 2.90% APY on balances of $100 and up
  • LendingClub High-Yield Savings: 2.85% APY on all balances
  • BrioDirect High-Yield Savings: 3.75% APY on balances $25 and up
  • Bask Bank Interest Savings: 4.45%APY on all balances
  • First Foundation Bank Online Savings: 4.50% APY on balances up to $5 million
  • Prime Alliance Bank Personal Savings: 4.05% APY on all balances
  • American Heritage FCU High-Yield Savings: 2.55% APY on balances of $10,000 up to $1 million

Methodology: How we chose the best high-yield savings accounts

Using information from DepositAccounts, which surveys more than 11,000 banks and credit unions, we sourced a list of the best high-yield savings rates for balances of $15,000. These accounts are all available nationwide and have reasonable minimum balance requirements. Each institution also has FDIC or NCUA insurance.

Frequently asked questions

There is nothing inherently unsafe about a high-yield savings account. As long as you make sure you’re depositing your money into an FDIC-insured bank or NCUA-insured credit union, your money will be insured up to legal amounts in case your institution fails.

The primary difference: money market accounts tend to have higher rates than traditional savings accounts. Some money market accounts offer a debit or ATM card and/or check-writing capabilities –– better access to your money than with regular savings accounts.

Savings account earnings are taxed. Typically, if you made $10 or more in interest, your institution should send you and the Internal Revenue Service (IRS) a copy of Form 1099-INT, which details the interest you’ve earned in a year. Even if you don’t receive that form, the IRS will, and they will expect you to report your interest income on your tax return.

Thanks to the Federal Reserve’s Regulation D, you can withdraw up to six times per statement cycle from a high-yield savings account. This includes pre-authorized and automatic withdrawals and transfers, and transfers made by debit card, check or other similar ways. Due to the COVID-19 pandemic, those limits are currently waived, but banks still may choose to enforce them.

Online banks don’t incur the costs of maintaining brick-and-mortar branches. These costs include rent, building maintenance, staff salaries and the cost of keeping physical cash safe. Without these expenses weighing them down, online banks reap big savings — savings they then pass on to their customers in the form of high interest rates.