GOBankingRates

The 20 Best Savings Accounts of 2022

HAKINMHAN / iStock.com

Whether you’re saving for a particular goal or building up an emergency fund, putting your money in a savings account can keep your funds accessible and secure, while also growing through accrued interest. But with so many options available, it can be hard to know where to put your money. To determine the best available savings accounts, GOBankingRates ranked nearly 80 bank and credit union accounts based on their minimum deposit requirements, minimum balance requirements, APYs, app ratings and more.

Here’s a look at GOBankingRates’ Best Savings Accounts of 2022.

Best Savings Accounts of 2022

These savings account stood out for their high-quality offerings.

Sallie Mae Bank’s SmartyPig Account: Best Savings Account

Why it stands out: Its SmartyPig Account offers a nice annual percentage yield of 0.70%. On top of that, it comes with no minimum balance and no monthly fee. It also offers other perks such as rewards for referring others.

A Better Way to Bank

Pros:

Cons:

What to look for: This account comes with no minimum deposit, no monthly fee and no minimum balance to avoid fees. With this savings account, you’ll earn an APY of 0.70%. You can also earn a reward for every friend you refer who opens a SmartyPig account, sets and goal and contributes to it.

Read our full review on this savings account.

Axos Bank: High Yield Savings

Why it stands out: Its High Yield Savings Account comes with a competitive 0.61% APY, with interest compounded daily, making this a nice account to earn money on.

Pros:

Cons:

A Better Way to Bank

What to look for: You’ll have a minimum deposit requirement of $250 with this account, but no monthly fee. You’ll earn an APY of 0.61% here, with interest compounded daily, and receive a free ATM card as well.

Read our full review on this savings account.

Monifi: Save Balance

Why it stands out: Its Save Balance has an annual percentage yield of 0.60%, which is pretty competitive compared to other banks on this list. Its lack of fees also make it a good option.

Pros:

Cons:

What to look for: Monifi’s savings account has no minimum deposit, no monthly fee, no minimum balance to avoid a fee. It also has an APY of 0.60% and can help you with goal-based banking to achieve your financial goals.

Read our full review on this savings account.

Marcus by Goldman Sachs: Online Savings

Why it stands out: Its Online Savings account comes with no fees and no minimum deposit, as well as a competitive APY — all of this adds up to you keeping and making more money.

A Better Way to Bank

Pros:

Cons:

What to look for: This savings account offers an APY of 0.50%. It also comes with no minimum balance to avoid fees, no monthly fee and no minimum deposit. You also have the Contact Center available for your needs seven days a week.

Read our full review on this savings account.

Quontic Bank: High Yield Savings

Why it stands out: Its High Yield Savings account offers a 0.55% APY and no monthly service fees. Although not the highest APY on the list, these factors keep it a strong option for your savings.

Pros:

Cons:

What to look for: Quontic Bank’s savings account does come with a higher minimum deposit than some others at $100. It doesn’t have a monthly fee or minimum balance to avoid fees. It’s APY is similar to the others at the top of the list at 0.55%.

A Better Way to Bank

Read our full review on this savings account.

Synchrony Bank: High Yield Savings

Why it stands out: Its High Yield Savings account offers a 0.50% APY with no minimum balance, putting this account pretty in line with many of the others.

Pros:

Cons:

What to look for: Synchrony Bank’s High Yield Savings is on par with some of the top accounts as it also has no monthly fee, no minimum balance to avoid fees and no minimum deposit. It’s APY is a bit lower than some others at 0.50%, but it does offer an optional ATM card.

Read our full review on this savings account.

Comenity Bank: High Yield Savings

Why it stands out: Its High Yield Savings account has no hidden fees and comes with a 0.55% APY, which is a strong APY on this list.

A Better Way to Bank

Pros:

Cons:

What to look for: Comenity’s savings account doesn’t have a monthly fee or minim balance to avoid fees, but it does have a higher minimum deposit at $100. It also has a competitive APY at 0.55%.

Read our full review on this savings account.

Ally Bank: Online Savings

Why it stands out: Its Online Savings account has an APY of 0.50%, which is lower than some but not by much. It also has a lack of fees, which is a good benefit.

Pros:

Cons:

What to look for: Ally Bank’s Online Savings account offers 24/7 monthly support for its account that doesn’t have a monthly fee. It also doesn’t have a minimum deposit or minimum balance to avoid fees. It comes in with an APY of 0.50%, which is competitive but below some of the higher-earning accounts.

A Better Way to Bank

Read our full review on this savings account.

Chime: High Yield Chime Savings

Why it stands out: Chime’s1 High Yield Chime Savings account has an APY of 0.50% and comes with no fees, keeping it competitive with other savings account options.

Pros:

Cons:

What to look for: Chime’s savings account offers a competitive APY of 0.50%. It also is competitive in regards to fees as it comes with no fees, including no overdraft fee and no monthly fee.

Read our full review on this savings account.

TAB Bank: High Yield Savings

Why it stands out: Its High Yield Savings account is competitive with other accounts here as it has an APY of 0.50% and comes with no fees.

Pros:

Cons:

What to look for: TAB Bank’s High Yield Savings account doesn’t come with no fees and an APY of 0.50%. There are also no balance caps with this savings account. However, you do need $1 to earn interest, which is more than others but still not much.

A Better Way to Bank

Read our full review on this savings account.

Capital One: 360 Performance Savings

Why it stands out: The 360 Performance Savings account comes with an APY of 0.40%. And Capital One offers over 300 branch locations, which is a good perk if you like in-person banking.

Pros:

Cons:

What to look for: Capital One’s savings account doesn’t have a monthly fee, minimum balance to avoid fees or a minimum deposit. Its APY is slightly lower than some of the other top accounts at 0.40%. It does offer more branch locations as opposed to some of the online-only banks.

Read our full review on this savings account.

JPMorgan Chase Bank: Chase Savings

Why it stands out: With almost 5,000 locations, the Chase Savings account comes with lots of bank and ATM access compared to other options on this list.

A Better Way to Bank

Pros:

Cons:

What to look for: This savings account has online and mobile banking, plenty of branch locations and access to Zelle. However, it ranks lower due to its monthly fee, low APY and minimum balance to avoid fees and minimum deposit requirements.

Read our full review on this savings account.

Discover: Online Savings

Why it stands out: Its Online Savings account has a somewhat competitive APY of 0.40%, but is equal with many other accounts in that it has no fees.

Pros:

Cons:

What to look for: This Discover savings account offers a decent APY at 0.40%, and it also comes with no monthly fee, minimum deposit or minimum balance to avoid fees. It also comes with the option for mobile check deposits.

A Better Way to Bank

Read our full review on this savings account.

CIT Bank: Savings Connect

Why it stands out: Its Savings Connect account has no account maintenance fees and comes with an APY of 0.42%, which is a fairly good APY.

Pros:

Cons:

What to look for: The CIT Bank saving account has no maintenance fees and comes with a good APY of 0.42%. You can also earn more with this account when you make a qualifying deposit in your linked eChecking account. This savings account does require a $100 minimum deposit.

Read our full review on this savings account.

American Express: High Yield Savings

Why it stands out: Its High Yield Savings account comes with no monthly fees and an APY of 0.50%, as of Jan. 5, 2022, keeping it somewhat competitive.

Pros:

A Better Way to Bank

Cons:

What to look for: This account has no monthly fees and no minimums required. It also has a good APY, along with 24/7 customer service. However, with this account, you are limited to nine withdrawals or transfers per month.

Read our full review on this savings account.

TIAA, FSB: Basic Savings

Why it stands out: Its Basic Savings account has a competitive APY of 0.50%. This APY is one of the stronger ones on the list, plus the account has no monthly fee.

Pros:

Cons:

What to look for: This account comes with a minimum deposit that is higher than some of the others at $25. However, it has a competitive APY at 0.50%. There is also no monthly fee for this savings account or a minimum balance required to avoid fees.

Read our full review on this savings account.

A Better Way to Bank

Wells Fargo Bank: Way2Save Savings

Why it stands out: The Way2Save Savings account comes with an ATM card and access to over 5,000 branches if you like to do some banking in person.

Pros:

Cons:

What to look for: This Wells Fargo savings account comes with access to over 5,000 branches for your banking needs. The account does have a $5 monthly fee and higher minimum deposit and minimum balance to avoid fees requirements. You also won’t earn as high of an APY here as it sits at 0.01%.

Read our full review on this savings account.

Barclays: Online Savings

Why it stands out: The Barclays Online Savings account comes with an APY of 0.40% and no monthly maintenance fees.

Pros:

Cons:

A Better Way to Bank

What to look for: Barclays’ savings account comes with direct deposit and a good APY at 0.40%. You also won’t have any monthly maintenance fees with this account, as well as no minimum deposit requirement or a minimum balance to avoid fees.

Read our full review on this savings account.

FNBO Direct: Online Savings

Why it stands out: Its Online Savings account comes with an APY of 0.35% and offers digital payments.

Pros:

Cons:

What to look for: This savings account is in line with many of the other top accounts with no monthly fee and no minimum balance to avoid fees. It does, however, require a minimum deposit of $1, and it has a lower APY at 0.35%. You will have accuess to things like direct deposit and Apple Pay with this savings account.

Read our full review on this savings account.

LendingClub Bank: High Yield Savings

Why it stands out: The High Yield Savings account comes with no monthly fee, so you can keep more of your money in your account.

Pros:

Cons:

What to look for: LendingClub’s High Yield Savings account is competitive with the others on this list as it also has no monthly fee. It has a lower APY than the others at 0.325%. Along with that, it has a higher minimum deposit requirement at $100.

Read our full review on this savings account.

More From GOBankingRates

1Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Methodology: To determine rankings GOBankingRates looked at the following factors: (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly fees associated with the account; (5) minimum balance needed to avoid the fee; (6) minimum balance needed in account to earn APY; (7) savings APY; and (8) the average mobile app rating between the Android and Apple stores. All factors were then scored and combined, with the lowest score being best. Factors (1), (4), (5) and (6) were weighed 1.5 times, factor (2) was weighted 2 times, and factor (7) was weighted 4 times. All data is up to date as of Jan. 3, 2022. Rates and fees are subject to change.

DIVE DEEPER

Discover the Best Banks of 2024: Unveiling Our Top Picks!

We've compiled a list of the top banks for this year!

TAKE POLL

TAKE ACTION

Here Are the Pros and Cons of Using Multiple Banks

Many banks are one-stop-shop financial institutions...