Best High-Yield Savings Accounts of December 2022

Karen Doyle
monkeybusinessimages / Getty Images/iStockphoto
monkeybusinessimages / Getty Images/iStockphoto

Interest rates are a hot topic these days. Inflation is high, and when that happens, the Federal Reserve Board of Governors often raises the primary interest rate to slow it down.

When the Fed raises rates, banks often follow. This doesn’t mean that your savings account that’s now paying 0.05% APY will be paying 1.55% APY by the end of the year, but banks could raise rates a bit to stay competitive. In the meantime, opening one of the best high-yield savings accounts now will get you started making money on your money.

GOBankingRates looked at the savings accounts that pay the highest interest rates. We compared rates, minimum opening balances, fees and other features or restrictions. Here are some of the best high-yield savings accounts to consider.

  • CIT Bank Savings Connect

  • FNBO Direct Online Savings Account

  • Capital One 360 Performance Savings Account

  • BrioDirect High-Yield Savings

  • Vio Bank High Yield Online Savings Account

  • Synchrony Bank High-Yield Savings Account

  • Marcus Online Savings Account

  • American Express High-Yield Savings Account

  • CIBC Agility Online Savings Account

  • TAB Bank

The Best High-Yield Savings Accounts

Take a look at some of the best high-yield savings accounts available.

TAB Bank

  • APY

  • No minimum opening balance

  • No monthly service fees

TAB Bank offers an online-only high-yield savings account with no minimum — or maximum — deposit requirements.

CIBC Agility Online Savings Account

  • APY

  • No monthly account maintenance fees

  • $1,000 minimum opening balance

The CIBC Agility Online Savings Account is an online-only account, but CIBC Bank USA has some brick-and-mortar locations for personal banking in Illinois, Michigan, Missouri and Wisconsin. The bank also has commercial banking locations in 17 states.

American Express® High Yield Savings Account

  • Annual Percentage Yield (APY)

  • No monthly fees

  • No minimum balance

On the High-Yield Savings Account from American Express National Bank, Member FDIC, there is a limit of nine withdrawals or debits per statement cycle — higher than many banks which limit you to six withdrawals a month.

Marcus Online Savings Account

  • Annual Percentage Yield (APY)

  • No fees

  • No minimum deposit

With the Online Savings Account from Marcus by Goldman Sachs, Member FDIC, you can transfer money the same day to or from other banks, up to $100,000.

Synchrony Bank High-Yield Savings Account

  • APY

  • No minimum balance

  • No monthly fees

With a Synchrony Bank High-Yield Savings account, you can request a debit card so you can access your funds from an ATM. Synchrony does not charge ATM fees, and refunds up to $5 per month in other banks’ ATM fees.

Vio Bank High Yield Online Savings Account

  • APY

  • $100 minimum to open

  • No monthly fees

This account from Vio limits depositors to six free withdrawals per month. If you exceed that number, you’ll pay $10 for each withdrawal after six. There is a $5 fee per month if you opt for paper statements.

BrioDirect High-Yield Savings

  • APY

  • $500 minimum to open

  • No monthly maintenance fees

BrioDirect also offers a Money Market Account that pays APY, with a monthly limit of six transactions.

Capital One 360 Performance Savings Account

  • APY

  • No minimum balance

  • No monthly or maintenance fees

Capital One has brick-and-mortar locations and ATMs, but you can also open your account online.

FNBO Direct Online Savings Account

  • APY

  • $1 minimum to open

  • No monthly maintenance fees

FNBO Direct offers Popmoney as a peer-to-peer money transfer service.

CIT Bank Savings Connect

  • APY

  • $100 minimum to open

  • No monthly maintenance fees

CIT Bank’s Savings Connect requires a higher opening minimum but offers one of the most competitive rates.

How To Open a High Yield Savings Account

Generally, the highest interest rates are paid by online banks. They don’t have the expenses of brick-and-mortar banks, so they can pay higher interest. Opening an online savings account is a little different than walking into your neighborhood bank to open an account, but it’s not difficult. Here’s what you need to know.

You Need Identification

You’ll be asked to provide your name, address, email address, social security number and phone number. You may also be asked the name and address of your employer. You’ll need a government ID — most people use a driver’s license, but if you don’t have one, you can use a state-issued ID or a passport.

Deposit Funds

Once you’ve provided all the required information, you’ll need to deposit some money into the account. To do this, you’ll need to move money from somewhere else, so you’ll need the information for the account you’re moving the funds from. You’ll link this other account, which can be a checking, savings, or another account at the same or another bank, to your new savings account.

Once you’ve linked your accounts, you can move funds from one to the other whenever you want. If you’ve linked a checking account into which you have your paycheck direct deposited, you can set up a recurring transfer to put a little money into savings each time you get paid. Then watch your money grow!

Takeaway

High-yield savings accounts offer the best return on your money. While rising interest rates usually means that savings account interest rates will also go up, there’s no guarantee. And most high-yield savings accounts have a provision in the account agreement that says the bank can change the rate at any time. So watch your statement so you’ll know how much you’re earning.

Cynthia Measom and Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of Dec. 13, 2022. Additional requirements may apply. Offers and terms are subject to change.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

This article originally appeared on GOBankingRates.com: Best High-Yield Savings Accounts of December 2022

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