Best High-Interest Savings Accounts for 2022

A savings account is a safe way to grow money regardless of the yield. It is a federally insured product that is economic and easy to manage. People prefer this financial product for many reasons. For one, they help you earn interest on your savings without any effort on your part. So, it is more like a passive income but you need to pay tax for the earnings.Other benefits include more liquidity and ease of use when compared to other money-saving methods. With a higher annual percentage yield, you can earn more.  Want to know more about how you can benefit and which institution/bank offers the best earning potential? Read our detailed guide on the financial product and our list of the best savings accounts in 2022.

1. TechBerry

Techberry is the most innovative online social trading tool that puts your savings to a new level. While cooperating with major financial institutions, the platform accumulates data from 100 thousand financial market pros, to grow your account in a very efficient manner. For a subscription with TechBerry you receive a sustainable high income on your account, hardly comparable to any other providers. FDIC insured bank account for loss reimbursement fund and AI-based technological solution, available straight in your web browser. 

Key features

  • Offers a simple and easy-to-use web subscription with 11.2% average monthly return.
  • 24/7 live customer support via online chat and phone
  • FDIC-based loss insurance fund
  • Deposit and withdrawals via, AMEX, Visa, MasterCard, wiretransfer and even Bitcoin


  • Relies on AI, uses data science
  • Free Trial
  • High ROI, and stable income


  • Does not provide ATM access

TechBerry Review

2. American Express

The American Express National Bank offers personal banking products ideal for people of different income levels.

Key features

  • Offers only online banking feature
  • 24/7 customer support
  • Many digital features available
  • Provides high-yield savings account


  • No monthly fees or minimum balance needed
  • Allows a maximum of 9 withdrawals per month


  • No branch banking available
  • No dedicated app

Verdict for American Express

For customers who prefer the online banking mode for managing their finances, this is an ideal choice. The ease of opening and other banking operations is a key perk.

3. Citi

Citi offers a low rate of 0.05% for its basic savings account, but its Accelerate savings feature can fetch a high APY of 1.01%.

Key features

  • No withdrawal fee when using non-Citibank ATMs for its premium package
  • Different savings account packages are available
  • An online-only account type


  • High APY for its Accelerate package
  • No minimum deposit


  • Not available in all markets
  • A monthly fee is charged for the Accelerate savings type

Verdict for Citi

While you need to pay monthly fees and the interest rate for the basic type is low, the Accelerate package offers the best benefits if it is available in your location.

4. Discover

If you are looking for an account that does not charge fees for maintenance, checks, and other features, Discover is a good option.

Key features

  • No fee for excessive withdrawals or insufficient funds
  • An APY of 0.70% is present
  • Mobile app compatible with iOS and Android devices
  • Check deposit is available via mobile app
  • 24/7 customer service


  • No monthly maintenance fees
  • Cashback on debit card purchases
  • No minimum deposit requirement


  • No physical location
  • Fee charged for out-of-network ATMs

Verdict for Discover

Discover is the best bank for a savings account as it offers a no-hassle account with zero fees, cash-back on purchases, and ATM access.

5. Chime

The mobile app is a key feature offering user-friendly features. You also get instant alerts and have mobile check features.

Key features

  • Provides 0.50% APY 
  • No minimum balance is needed
  • Easy automatic transfers of funds
  • Insurance is provided by Stride Bank or The Bancorp Bank


  • Competitive APY percentage
  • Free account options
  • Automated savings tools boost habits


  • No physical branches
  • It is an expensive to deposit cash

Verdict for Chime

If you don’t deposit cash frequently and want a low-maintenance cost account, the Chime account is a good option.

6. Ally

Ally Bank is owned by Ally Financial Inc. Founded in 1919 as a GM subsidiary called GMAC, it financed auto dealers and later rebranded to the present name Ally Financial in 2010.

Key features

  • Provides an APY of 0.75% 
  • Interest is compounded daily
  • Does not have a monthly fee or minimum deposit requirement.
  • Buckets savings tool for allotting a part of your savings for specific objectives.


  • Competitive interest rate
  • No monthly maintenance or minimum balance


  • No in-person support
  • No cash deposit feature

Verdict for Ally

Ally offers 24/7 customer support via phone and has an estimated wait-time feature on its official site. Live chat, mail, and messaging within your account are other perks of this savings account provider.

7. PenFed

As the second biggest federal credit union, the savings account feature of Penfed allows you to enjoy a higher interest rate. Based in McLean, Virginia, the institution serves more than 1.6 million users in the country.

Key features

  • A minimum deposit requirement of $5
  • Interest is provided on all balances
  • ATM card access
  • Does not have monthly maintenance charges


  • Physical branches present
  • Access to multiple ATM networks without surcharges
  • Mobile app


  • Very low interest rate

Verdict for PenFed

For users who stress on a wider ATM network and physical branches, PenFed is a good option to consider.

8. Barclays

When you compare savings interest rates of popular banks, Barclays provides a competitive rate. A mobile app and mobile responsive website are present. 

Key features

  • Low fees and robust rates
  • An APY of 0.90% is present
  • Special tool for setting savings objectives
  • A $5 fee is charged if your withdrawal causes account overdraw


  • Competitive savings account rates
  • No required minimum deposit for using the account


  • No ATM network is present
  • US customers don’t have any branches

Verdict for Barclays

If you want to receive high-interest rates on your savings without spending much on maintenance fees, this is an ideal choice.

9. Varo

Varo is a mobile banking service based in Utah and was launched in 2015. It is a competitive system as it offers a special tiered APY program.

Key features

  • Can earn an APY starting from 1.20% to 5.00%
  • No monthly fee or minimum balance is needed
  • No excessive transactions fee
  • Allows up to 6 free withdrawals


  • High APY earnings
  • No monthly fees for maintenance
  • Offers ATM card provided you own a Varo Bank account.


  • No cash deposit features available on the official site

Verdict for Varo

With compound interest and other perks like meeting with the direct deposit requests, using the Varo Bank visa debit card, and having a deposit amount of $1000 or more, this is a good choice to consider.

10. Axos

Axos is a full-service financial institution founded in 2000 as Bank of Internet USA but now it has changed its name to AXOS in 2018.

Key features

  • Provides an APY of 0.61%
  • Requires a minimum deposit of $250
  • No monthly maintenance fees
  • Supports iOS and Android devices
  • Provides ATM cards that work on over 91,000 ATMs in the US 


  • Competitive APY rate
  • No monthly charges 
  • Mobile app provides various benefits
  • Wide access to ATMs


  • No physical branches
  • Requires $250 deposit of account opening

Verdict for Axos

When compared to a physical bank, the online service of Axos offers higher savings rates and you can request a free ATM card from the bank

11. Live Oak Bank

Founded in 2008, this institution lends mainly to the small businesses involved in specialized fields. It is based in Wilmington, N.C.

Key features

  • Provides an APY of 0.80%
  • A dormant account fee of $10 or whatever remains in the account whichever is smaller. 
  • No minimum deposit is needed for starting an account


  • Good interest rates
  • No monthly maintenance fees
  • No minimum needed for opening savings account


  • No advanced features
  • No ATM access or debit card feature

Verdict for Live Oak Bank

For users who need an online bank to deposit their cash and earn some interest on it, Live Oak is a good choice

12. CIT Bank

CIT Bank, N.A. is part of the CIT Group, Inc. a holding company that provides the best savings rates. The financial institution is now a part of the First Citizens Bank.

Key features

  • Two-tiered savings account called Savings Builder account
  • An APY of 55% is present for accounts that meet the savings builder criteria
  • For accounts not meeting the requirement of a minimum maintenance balance of $25,000 or a deposit of $100 per month, the APY is 0.31%
  • No fee for maintenance or opening of the account except for the $100 minimum deposit requirement for opening. 


  • No monthly fees 
  • Competitive APY
  • Small minimum deposit requirement


  • No physical location
  • No 24/7 support

Verdict for CIT Bank

Suitable for users who want to build an emergency fund or want to save for a vacation, buy a new vehicle, etc. will find this tool very useful.

13. Synchrony

Synchrony is the largest private label credit card provider in the US. It offers convenient transactions with a limit of 6 per month while the less convenient modes such as ATM, mail, or in-person do not have a limit. 

Key features

  • Easy withdrawal feature
  • Optional ATM card
  • No monthly fee
  • 0.85% APY


  • High APY
  • Does not have a minimum balance or monthly fee
  • Easy withdrawal and ATM access


  • Danger of account closure if you exceed the transaction limit
  • No checking account facility

Verdict for Synchrony

For users who are in search of hassle-free fund withdrawal, this is a good option. Withdrawal can be done via ATM, wire transfer, or electronic transfer to other bank accounts

What are savings accounts?

A savings account denotes an account created for depositing money that you do not plan on using immediately. Unlike a checking account, which allows you to make purchases, write checks, and withdraw via debit card, this product helps you to save money for specific objectives or goals. 

Further, you have certain limits on the number of times you can withdraw from the account. Until recently Regulation D of the Federal Reserve Board restricts the withdrawals to 6 every month. The limit covers overdraft transfers, electronic funds transfers, wire transfers, transfers via mobile, and debit card/check transactions.

Can savings accounts help you grow money?

The main reason they are popular is due to the simple process and great savings rates.  You open an account at a financial institution or bank to deposit money. Based on the balance in your account, you are paid interest. Unlike withdrawals, depositing can be done as per your financial position. Deposits can be done via direct deposit, ATM, bank branch, ACH transfer, wire transfer, and mobile check.

How do interest rates influence savings accounts?

The interest you earn from your balance are of two types:

Simple interest: This is the interest calculated on the principal or original money you deposited. 

Compound interest: The money-earning potential of your savings account is based on the compound interest it accrues. This is the savings rate earned on the interest that the bank gives you for your original deposit. Every month’s interest is added to the balance and the resulting amount earns more interest in the subsequent month and this continues.

Is your money safe with savings accounts?

Yes, your money is safe as the financial product is not like other investment accounts where there is a chance of losing money. Rather, they provide a consistent return without any risk of losing the funds. However, make sure your balance is protected by the FDIC or the National Credit Union Administration. Other than deductions made towards account charges or if you withdraw money, your money will be safe.

Are savings accounts FDIC-Insured?

You can insure your savings account with FDIC or NCUA. The insurance ensures that even if the bank is not able to protect your money, it can be safeguarded to a certain limit such as $250,000 per person per account ownership category.

Online savings accounts vs traditional savings accounts

There are benefits in both online and traditional account types. Here are the perks associated with the two methods:

  • Online account advantages
  • Higher interest rate
  • Convenient deposit and withdrawal methods
  • Traditional account benefits
  • For account related queries face to face support offers a satisfactory solution
  • You can combine different financial products with the traditional model
  • Products like a safe deposit option require the traditional setup  

Benefits of a savings account

Savings accounts have many advantages such as:

  • Earn interest without any extra effort on your part
  • Liquidity is easier with this type of account
  • The process is simple and convenient when compared to other saving methods
  • You can withdraw money a specific number of times without attracting a penalty
  • The account can be insured with the FDIC or the NCUA which helps protect funds up to a specific limit
  • You can choose from different types namely high-yield, money market, Kids’ and student, and specialized savings accounts.

What are the risks of a savings account?

There are some risks associated with the financial product such as:

  • Lower interest rates are present when compared to the other account or investment types like Certificate of Deposit or money market methods
  • The interest rates are variable as the banks change their rates frequently. The chances of a higher interest rate are dependent on the federal rate movement.
  • Without a competitive interest rate, the earned interest can affect your savings depleting the value

Do savings accounts charge fees?

Yes, banks can charge different categories of fees on this financial product. Here are some of the charges you can incur on your account:

  • Monthly maintenance fee which depends on the bank and the type of account
  • Banks charge a fee for excessive withdrawal. When you exceed the limit set, which is a maximum of six, you will have to pay the excess withdrawal charges.
  • Inactivity fee is charged if no transactions occur in your account for a specific period which is generally 12 months.

How to access your money?

You can access the funds in your account via the following methods which have a limit of 6 monthly withdrawals:

  • Electronic funds transfers
  • Checks to a third party
  • ACH
  • Wire transfers made by mobile, fax, computer, or phone
  • Debit card transactions

Here are some methods which do not attract the withdrawal limit:

  • ATM cash withdrawal
  • Transfer from savings to checking via ATM
  • Asking your bank to send you a check
  • By an in-person visit to the bank for withdrawal

How to find good savings accounts?

Finding a good financial product from the numerous choices available in the market is an uphill task. You can be easily overwhelmed by the many details you have to check. Fortunately, there are a few important criteria that you can check to identify the best bank savings accounts easily.  Here is a list of the main factors you need to verify:

High APY

Find a bank or financial institution that offers the best annual percentage yield. Since a higher APY ensures better profits from your savings it is a criterion you need. In general, you can get the best savings rates at online banks as they have lower overhead when compared to brick-and-mortar institutions.

FDIC insurance

The Federal Deposit Insurance Corporation provides insurance cover for the protection of your savings account. With the protection, you can safeguard money up to $250,000. You can also use the National Credit Union Association insurance that protects your assets up to $250,000.


Make sure the bank offers easy deposit and withdrawal options such as 24/7 online access. The process for opening an account, depositing money, etc. should be available round the clock at the ATM or through online access.  

ATM networks

 An institution with a big ATM network will ensure you get easy access to the funds if you want to withdraw. Having an ATM nearby will avoid the hassle of driving far to access the cash you want.

Low fees

Saving accounts that do not charge fees offers the best value. Some banks allow you to waive the monthly fee if you can maintain the monthly minimum balance.

Customer service

If you have opened an account at an online bank without branch access, you need to ensure the customer service responds quickly to your queries and complaints


Does the bank or institution offer FDIC or NCUA insurance cover? With FDIC/NCUA insurance, you can have peace of mind that your savings are properly insured. You can provide cover for funds up to $250,000.


Since the account is a liquid account type like the money market account, it should allow any time withdrawal without attracting penalties. However, most financial institutions restrict withdrawals and transfer up to six per month.

Best savings accounts at all times

We have analyzed the various popular financial products in the market and have come up with a list of the best savings accounts. Find what they are and the benefits they offer.

NameMonthly gainsMinimum Account DepositFeesHighlightsFDIC Insured
TechBerry11.20%$5 000 YesEasy withdrawal, solid gainsYes
American Express 0.65%$3 000YesMore monthly withdrawals  Yes
Citi 1.01% $5 000 YesBranded bank Yes
Discover 0.70% $1 000 No Low fees Yes
Chime 0.50% $1 000 NoFeature-rich mobile app  Yes
Ally 0.75% $10 000 $0 Good customer support Yes
PenFed 0.6% $5 000 YesNCAU insured No 
Barclays 0.90%$10 000 Yes Multiple ATM network access Yes
Varo 5.00% $5 000  No High APY Yes
Axos 0.61% $2 500 No Free ATM card Yes
Live Oak Bank 0.80% $5 000  Yes No maintenance or minimum balance requirement Yes
CIT Bank 0.55% $4 000  Yes Low fee and high rates Yes
Synchrony  0.85% $0 No No ATM fees Yes

Best savings accounts: Beneficial features with little or no charges

The accounts in our list have been hand-picked by us for their beneficial features and user-friendly aspects. All the brands listed above offer high APY and have minimal or no balance requirement and $0 fees. Choose one that offers an appreciable return without any hidden fees and easy minimum requirements. While accounts like Marcus provide overall benefits there are others such as the best ATM access offered by AXOS or easy cash access by Synchrony and more. Selecting the finest based on your specific needs can help you boost your earnings without any hassle.