Best High-Yield Savings Accounts For 2022

Daniel Penzing
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Our Guide to the Best High-Yield Savings Accounts

Last updated: 08/10/2019

It pays to open a high-yield savings account. Despite the Federal Reserve’s several hikes to the benchmark interest rate, 2019 is certain to see bank accounts provide the highest interest rates in a number of years.

And while borrowers are enjoying record low interest rates over the last decade, that balance is starting to shift. The Federal Reserve has hiked the federal funds rate four times in 2018 and is expected to increase the interest rate once again in 2019.

And the benefits of a high-yield savings accounts extend beyond the rate. Many of the highest interest savings accounts offer online access and lack a monthly service charge.

A high-yield savings account can be a terrific place to park your funds and earn some interest without worrying about watch market fluctuations.

Compare your options and choose a high-yield savings account that matches your financial goals.

What to Look For in a High-Yield Savings Account

Savings accounts can be a great way to put your money to work for you. In a savings account the interest you earn is usually compounded monthly or quarterly. So, if you start with a small amount of money in a savings account, you can amass some very significant cash over a period of years.

There are a wide variety of savings accounts available. They generally run the gamut from very basic to very high yield. Most financial institutions will categorize their savings products, or at least provide you with an idea of where each savings account falls on the spectrum from basic to high yield. That’s because the higher the yield, the higher the institution needs to compensate you for tying up your cash for a set period.

When deciding on where to put your savings, you’ll most likely be deciding between a traditional savings account and an online savings account. Both can provide you with a high yield on your money, but they’re very different in terms of time and access.

The Best High-Yield Savings Accounts

From December 2019, the new financial year will start, as well as the new high yield savings account interest rates. We’ve created a list of best high-yield accounts of the year for the UK.

Whether you’re looking for the best online savings accounts or checking the best deals for the any account, we’re here to help. The following savings accounts are the best of the year that you should choose from if you’re looking for something more profitable than a standard savings account. All the following offer attractive interest rates for high yield savings accounts, lending your money while you get a decent return on investment. Savings rates are an important consideration when buying a new car or going on holiday.

Ally Bank

Ally Bank, a division of Ally Financial Inc., formerly GMAC Bank, provides various banking services, including certificates of deposit, savings, and checking accounts, and personal loans. The company also provides credit cards, mortgage financing, home loans, online banking, and banking services to businesses. The company’s products and services include checking accounts, CDs, savings accounts, auto loans, mortgages, certificates of deposit, investment management, loans, credit cards, and debit cards. Ally Bank was formerly known as GMAC Bank. The company was founded in 1919 and is based in Detroit, Michigan. It operates as a subsidiary of Ally Financial Inc.

Capital One

Discover Bank

Discover Bank offers some of the best savings accounts around. And not just because they will be paying you 3.00% APY in the long term. Whenever you make a deposit into this savings account, Discover will automatically round up your deposit to the next dollar and deposit the result into your savings account.

There is no minimum deposit amount and no monthly service fee. There is also an overdraft protection feature, if you want it. This account can be opened online, but the bank will send you a debit card and checks if you ask for them.

Offline interest rates vary from 0.01% to 3.00%, depending on how high your balance is.

HSBC Direct Savings

Although HSBC Direct Savings Account has a few disadvantages, it is still a good high-yield savings account. For one, the interest rate is somewhat low. Even though it tops the market with a 0.15% APY – it’s not the most competitive out there.

Another disadvantage is the fact that it is part of a relationship bonus program. That’s right! If you bank at HSBC, your savings can multiply even faster once you’ve met some minimum requirements.

Here, you’ll be able to get up to 0.6% APY. This is a great deal if you’re able to fulfill the requirements.

Fortunately, you don’t have to bank at HSBC to be able to avail of the high-yield interest rate. As long as you meet the requirements, you should be able to get the 0.6% APY as well.

While it does suffer from some drawbacks, this savings account is worth considering if you’re looking for a competitive interest rate.

Citizens Bank

PenFed Credit Union


Move To Grow Your Savings!

Depending on your perspective, the name of this section can be either a blessing or a curse.

The choice is yours! You can either simply move, put your money into an extremely low Yield Account (YASA), and then dig your way out of it by adding to it over and over for the next 20-25 years and still have ZERO COMPOUND INTEREST (cough cough Vanguard Compound Growth Fund feeder fund options) or you can ignore this next section and just read the highest Yield Account Options for 2022.

I will be honest: Moving your money to a YASA can be a scary endeavor. You can literally lose hundreds of dollars with every transfer, and sometimes transfers can take up to 4 weeks to go through.

But on the other hand, the banks make money from the transaction. The money you gave them just sits there for ages, but they make money all the time and they don’t have to pay you anything.

Why would you trust your hard earned money to banks that are known for being evil? I know I would never want my money in a place where they can take it away from me whenever they want to… but wait, you don’t have to be scared!

There are places that will keep you money safe, allow you to keep compounding interest, and allow you to get higher yields than at the banks.


Varo Money is an online-only bank that has more high-yield savings accounts than any other bank. For earning interest, you get a wide range of options. You can go with a traditional savings account, certificate of deposit, Roth IRA, or traditional IRA. No matter where you live, you get some of the best interest rates for each of these account options.

Since Varo does not have physical branches, it can offer much higher interest rates on savings accounts than traditional banks. The reason for this is that you aren’t paying for a physical branch network or any brick-and-mortar requirements. This enables the bank to give away interest as a way to give customers a reason to bank with them and avoid fees.

Varo offers accounts that are FDIC insured up to the maximum per those limits, but there are no physical branches, so it’s important to note that limits are not FDIC-insured. This means that you have no physical financial institution protecting your money, but it also means that you can avoid the same fees that come with traditional banks. You have to weigh the pros and cons when deciding whether to use Varo as your bank.


SoFi Money is a new bank account from SoFi, an innovative loan refinancing company. The bank account has no maintenance fee and no fees for an ATM withdrawal, a debit card purchase, or a Money Transfer.

One of the best features of SoFi Money is that it allows you to be a part of something bigger than yourself. SoFi uses a peer-to-peer community to help members get out of debt, grow their savings and pay down their loans.

SoFi is different from traditional banks because its members always have the option of getting a personal loan from fellow members. When members socially vouch for one another, they save money on average and borrowers are able to get out of debt faster.

SoFi may not be a perfect bank, but it certainly helps you save money and grow your savings. Check out the SoFi Money review to learn more.

Wealthfront Cash Account

3.10% APY

MSNBC calls Wealthfront one of the best robotic-advisor services, while Fortune says Wealthfront’s plan is one of the best wealth-management plans because of its low costs and automated portfolio management (through its computer algorithms). It’s similar to other robo-advisor services on the market, in that it offers users access to wealth management services through a computerized platform. Wealthfront manages money for both individuals and businesses, and its services are perfect for people who don’t know much about investing and just want their money to work for them. To manage your money, you can invest in one of Wealthfront’s five Asset Classes of ETFs (largest public companies, global real estate, U.S. real estate, small-cap stocks, and bonds) or create your own custom allocation. Computers monitor your portfolio every day.

The Wealthfront Cash Account is a high-yield savings account that combines the online-banking capabilities of a typical checking account with the ability to invest using Wealthfront’s sophisticated algorithms and automated portfolio management.

You can easily transfer money between Wealthfront Cash Account and premium Wealthfront accounts with just one click.

Don't Settle for High Fees or Bad Rates

If you ask around, you'll probably find a lot of people in your circle who are stuck with a sub-par bank. They have an account, but they hate the fees it charges or it offers bad rates on savings. Instead of switching, they've switched, and now they're paying for it.

A lot of banks will dish out a great introductory rate, but then they'll bump the rate up after a year or two. Others will lure you in with a good rate for a limited time, and if you miss that promotion, the rate goes up. Still others will lock you into high fees.

Don't think the other banks are any better. More people than you think are still stuck in an old-fashioned banking contract with an old, forgotten bank.

Fortunately, as more financial institutions are realizing that they need to compete, the market is becoming much more competitive. And you can work with what they're giving you to make an easy switch to a better bank.

Once you eliminate fees and get rates that are decent on their own, you can start looking at other details like interest rate tiers, limited-time interest rate promotions, and other things.

Let's take a look at some of the best banks in terms of their interest rate offerings, avoiding fees, and providing a great overall experience.