11 Best High Yield Savings Accounts (for 2022)

Updated: 30th Dec 2021
Written by Justin Estes
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The best high yield savings accounts (for 2021) will provide you with a high annual percent yield, great customer service, and an easy-to-use platform allowing you to manage your money anywhere, anytime.

What are the best high yield savings accounts?

As a consumer, we have so many options to choose from, especially since the spawn of internet banking.

Should you necessarily go with the high yield savings account that offers the highest annual percent yield (APY)? How about one that has no monthly maintenance fee? Or what about a high yield savings account that requires an initial deposit?

In this comprehensive comparison guide, we are going to break down the 11 best high yield saving accounts. Our in-depth reviews will focus on APY, fees, user experience, and everything in between.

11 Best High Yield Savings Accounts

1. CIT Bank High Yield Savings Account

Even though there is a $100 minimum deposit, CIT Bank’s 1.55% APY makes up for it. This high yield saving account is accompanied with no monthly fees and offers daily compounding interest. As they state, CIT Bank is here to “maximize your earning potential.”

Open up a High Yield Savings Account to start earning money online right now.
  • APY: 1.55%
  • Monthly Fee: $0
  • Minimum Deposit: $100

Final Thoughts: 

Aside from their top notch high yield saving account, CIT Bank also offers competitive loans and CDs that are worth checking out. Their easy-to-use website provides a myriad of educational resources, so you can make smart financial decisions.

>> More: CIT Bank Review

2. American Express Personal Savings

To add to their award winning credit card, American Express currently offers the best high yield saving account on the market. No to mention, both their mobile and desktop applications make it incredibly easy to monitor your account, regardless if you are at work or traveling.

AMEX Best High Yield Savings Account
  • APY: 1.70%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts:

American Express’s high yield saving account offers a standout 1.70% APY, zero fees, and no minimum balance. This saving account is well positioned to help you achieve your financial goals by fueling your savings.

Apart from the benefits we already listed, American Express offers 24/7 customer service, and they allow you to link 3 bank accounts, so you never miss a beat.

>> More: American Express National Bank Review

3. Betterment Cash Reserve High-Yield Account

With an easy to use digital platform for your mobile device or your personal computer, Betterment provides you with an awesome customer experience.

Betterment prides themselves in helping investors who are just beginning. They offer some of the best annual percent yield’s in the industry and continue to develop products that are designed to educate you along your journey.

Betterment Open a High Yield Saving Account
  • APY: 1.83%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts: 

As you can see, this bank offers one of the best high yield savings accounts around. Not to mention, their award winning saving account has no overdraft fees. Betterment will reimburse you for all of your ATM fees – worldwide.

4. Wealthfront High Yield Savings Account

Wealthfront is another online Bank that provides their clients with a great high yield savings account, which saves and compounds their money annually.

They provide user friendly applications for both your mobile device and personal computer. Their applications are designed and engineered to help you make proper investment and saving decisions.

Wealthfront - Open up their Award Winning Best High Yield Saving Account
  • APY: 1.78%
  • Monthly Fee: $0
  • Minimum Deposit: $1

Final Thoughts:

Through Wealthfront, you have unlimited free transfers (move money in and out of your account). What’s the best part? You do not have to worry about short-term market volatility because your cash is not invested in the market.

With their easy-to-use platform and low-risk opportunity, Wealthfront offers a lot to their customers. Their high yield saving account is a place for you to shield your hard-earned cash from market volatility, which will allow you to preserve your wealth.

5. Discover High Yield Savings Account

Discover has an easy to use website, and a great iOS and Android app so you can easily access your funds on your phone while you are on the go.

Also, they offer great customer services, as they have representatives available by phone 24/7. All you questions and financial needs are met with Discovery.

Discover Bank Best High Yield Saving Account
  • APY: 1.70%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts: 

As a house hold name, Discover Bank continues to deliver with phenomenal financial products. With low-fees, one of the highest annual percent yields, and excellent customer service, this online bank is well positioned to meet your needs.

Better yet, Discover Bank also offers great CDs, checking accounts, and other financial products designed with their clients in mind.

>> More: Discover Bank Review

6. Citizens Access High Yield Savings Account

Though Citizens Access requires a $5,000 minimum deposit, this online savings account boasts the highest APY on our list of the best high yield saving accounts.

Currently, Citizens Access is offering a 1.85% APY, so if you have $5,000 you are willing to set aside for your high yield saving account then this is your best option.

Another great High Yield Saving Account provided by Citizens Access
  • APY: 1.85%
  • Monthly Fee: $0
  • Minimum Deposit: $5,000

Final Thoughts: 

It is important to note, that if you balance drops below $5,000 then your APY will also drop. However, if can maintain a minimum balance of at least $5,000 then this no fee high yield saving account is a clear winner. Apart from their online high yield saving account, Citizens Access also offers some of the best certificate of deposits.

7. Ally Bank High Yield Savings Account

Feel like earning 15x times the national average? Then Ally Bank should draw your interests. With interest compounded daily, a 1.60% APY, no monthly fees, and a $0 minimum deposit, Ally Bank offers an industry leading high yield saving account.

Ally Financial Online Savings Account
  • APY: 1.60%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts:

Though there is a low $25 overdraft fee, Ally Bank’s high APY and no monthly fees make up for it. Not to mention, Ally Bank also offers some of the best investment vehicles, loans, and educational resources. Whether you are creating an emergency fund or saving for college, Ally Bank is determined to help you reach your financial goals.

>> More: Ally Bank Review 

8. Marcus by Goldman Sachs

Marcus, which was acquired by Goldman Sachs, offers an award winning high yield savings account which touts a 1.70% APY, no monthly fees, and no minimum deposit.

As a powerhouse bank, Goldman Sachs is ready to serve your financial needs. Marcus offers an easy-to-use user interface allowing you to monitor and track your performance daily.

Marcus by Goldman Sachs Best High Yield Saving Account
  • APY: 1.70%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts:

If their award winning high yield savings account isn’t enough, then check our their no fee personal loans, debt consolidation loans, or high-yield CDs.

At the end of the day, Marcus has Goldman Sachs backing them, so they offer a wide variety of financial products that are custom tailored towards your financial goals and needs.

>> More: Marcus By Goldman Sachs Review

9. Barclays U.S. High Yield Savings Account

As a bank headquartered in the United Kingdom, Barclays United States division has put together a stream of financial products that are top notch.

In particular, their high yield saving account is one of their best products. With an attractive 1.70% APY, no monthly fees, $0 minimum deposit, and online transfers between banks, Barclays is solidifying their dominance in the American marketplace.

Barclays Best High Yield Saving Account
  • APY: 1.70%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts: 

Barclay’s provides a suite of tools that help you save more, offers credit cards, certificate of deposits, and everything in between. If you are on the market for a full serviced bank, then Barclay’s is your best choice as they are a global financial company.

>> More: Barclays Bank Review

10. Capital One

Capital One’s 360 performance continues to deliver. This high yield saving account is best if you already rely on Capital One to cover some of your other financial needs.

Capital Ones Award Winning High Yield Saving Account


  • APY: 1.70%
  • Monthly Fee: $0
  • Minimum Deposit: $0

Final Thoughts: 

Like the other high yield saving accounts we listed, Capital One offers you a strong 1.70% APY, low fees, and no minimum deposit.

This bank continues to provide a robust suite of financial products, so if you are on the market for a credit card, checking account, or a CD, then this bank warrants some serious consideration.

>> More: Capital One Review

11. Alliant Credit Union

As the only credit union to make our list, Alliant offers a 1.65% APY high yield saving account. Not to mention, this credit union will not charge you any monthly fees (if you select eStatements). However, they do require a $5 minimum deposit, but that is minimal.

Alliant Credit Union Online Best High Yield Saving Account
  • APY: 1.65%
  • Monthly Fee: $0
  • Minimum Deposit: $5

Final thoughts: 

Plain and simple, Alliant Credit Union makes online banking simple. With one of the best high yield saving accounts, this credit union also offers loans, investment vehicles, and insurance. Ultimately, Alliant Credit Union is a one stop show for all of your financial needs.

>> More: Alliant Credit Union Review

What is a high yield savings account?

A high-yield savings account is like a traditional savings account; however, you receive a higher interest rate on your capital. Remember, an interest rate is what the bank pays you for storing your money with them. 

Unlike regular savings accounts, this account has annual interest rates anywhere between 1.5%-2%, whereas a traditional savings account has a national average of 0.09%.

A high-yield savings account is one of the safest options for you to protect your money, while simultaneously reaping the benefits of a high-interest savings rate.

How do I choose the best high yield saving account?

We just laid out 11 of the best high yield savings account for you to choose; however, we know how difficult it is when there are so many great options.

Before you choose the best savings account, you need to fully understand your financial situation. How much are you planning to save?

We all have different goals and requirements. Just make sure you choose the right online bank account that aligns with your expectations.

We know how tedious this process can be, but do not worry, consider these questions to help you make the best financial decision:

Why should you open a high yield savings account?

As you can see, High-Yield Saving Accounts traditionally offer much higher interest rates (1.50% APY or greater) than a traditional savings account, which has an industry average of 0.09%. Ultimately, a high yield saving account allows your money to work for you.

Let us break it down with simple math. We will assume we have a balance of $1,000, since most people who are opening a high yield saving account traditionally deposit this amount.

  • Traditional Saving Account (0.09% APY) – Would earn just shy of $1.
  • Top High Yield Saving Account (1.85% APY) – You will earn $1.85.

Again, we are only talking about a difference of $1.39, but let us increase the initial balance to $10,000.

  • Traditional Saving Account (0.09% APY) – You will only earn  about $10.
  • High Yield Saving Account (1.85% APY) – Earn $185.

Yes, I know that is a significant difference. This is what we like to refer to as the power of compound interest. This is a great opportunity if you want to begin to grow your net-worth in low-cost risk-free way.

Are the rates fixed for the best high yield saving accounts?

No, high yield saving accounts do not have fixed rates sadly, but the companies we recommended are industry leaders.

These top high yield savings accounts traditionally have the highest interest rates year after year. Rate cuts or rate hikes by the Federal Reserve will force banks to adjust their rates, which will ultimately change your individual rate over time.

>> More: Best Online Banks 

How easy is it to access my funds?

Thankfully, the world of financial institutions and technology have intertwined, which benefits you as a consumer. Most banks offer easy to use digital platforms that can be accessed either on your cellphone or on your personal computer. Their websites allow you to easily pay bills, deposit checks, and transfer funds.

Am I able to withdrawal (take out) money from a high yield saving account?

Welcome to the world of Federal Regulation. Savings account are subject to Regulation D, which restricts you to a maximum of six withdrawals per month. If you absolutely need to go over this limit, then you will be subject to a fee the bank imposes.

However, if you are withdrawing more than 6 times per month, then you are putting away too much money. Remember to stick to your personnel budget, because we all have expenses to take care of.

Selecting the best high yield savings account

Be sure to carefully review the services the bank offers. Here are our considerations:

  • APY that is greater than 1.50%
  • No Monthly Maintenance Fees
  • No Minimum Balance Required to Open Account

If you still have doubt, ensure you consult with a Certified Financial Planner (CFP) who will assist you in making these financial decisions.

How Do I Open A High Yield Savings Account?

As a frugal saver, you have multiple options to open a high yield savings account. Our Best High Yield Saving Accounts allow you to open an account online, on the phone, or in some cases, even in person.

Make sure you have your social security number, contact information, and one form of identification available.

Is My Money Safe?

Yes – the banks we recommended are all insured by the Federal Deposit Insurance Corporation (FDIC). This means the FDIC will insure depositors anywhere from $250,000 to $1,000,000.

Wrapping Up: 11 Best High Yield Savings Accounts

Choosing the best high yield savings account is not difficult, nor is it confusing.

Although, we outlined the benefits of each high yield saving account in our side-by-side comparison, it is also helpful to do further research.

Read reviews, visit each specific site, speak to one of their representatives, or consult with a financial expert. These are all great tools that you have at your disposable, use them!

Remember, a high yield saving account allows you to compound your net-worth on a recurring basis, and should be included in your personal budget.

You want to select a saving account that provides you with the best overall experience, but more importantly, select one that offers you the best value.

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Justin Estes
Justin Estes

Justin Estes is a Senior Personal Finance Writer who is a recognized small business accountant, consultant, and credit card expert. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. Justin attended Charleston Southern University where he double-majored in Finance and Accounting. Justin’s areas of expertise are credit cards, small business finance, accounting, and taxes.