Today’s highest savings account rates: July 11, 2022

Savings interest rates have continued to rise throughout 2022. If you are looking for a place to keep your money, a high yield savings account may be a good option.

Our Best Savings Accounts Guide and Best High Yield Savings Accounts Guide can be great starting points in your search. But if you prioritize finding the highest rates above everything else, then this may have some strong competitors for you.

Looking for a savings account

What are the interest rates on savings accounts today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate earned with a savings account now is 0.08% APY.

We have screened over a dozen financial institutions to keep up with their new quotes. Our list includes accounts with much higher interest rates than the national average because online institutions tend to offer high-return bank accounts.

The most competitive

High yield savings accounts

Pay 1.40% APY or more now. Keep in mind that the interest-earning accounts may change. Savings accounts have a variable interest rate, which means the rate can fluctuate at any time.

The

Federal Reserve

It also recently raised the federal funds rate for the third time this year, so savings rates are also expected to rise steadily throughout 2022.

Best interest rates on savings account

The BrioDirect High Yield Savings Account offers the highest interest rate on our list and might be ideal if you can keep at least $25 in your account every day.

The Bread Bread High Yield Savings Account is another great high yield savings account. It might be a good choice if you have at least $100 to get started.

If you haven’t heard of Bread Savings, you may be familiar with Comenity Direct. Comenity Direct was recently renamed because its parent company, Bread Financial, expanded to include lending options.

The Bask Bank interest savings account is also a solid high-yield savings account. It requires no minimum opening deposit and pays 1.61% APY now.

If you are looking for a high yield savings account with a low minimum opening deposit, you can consider exploring high yield UFB savings or Synchrony High Yield Savings account. This savings account pays a high interest rate and you can open an account with $0.

These establishments only have savings accounts, no

checking account

, so you will need to link an external bank account to access your funds. You may consider other banking options if you also want to open a checking account or at least have the option of a debit card.

For example, LendingClub offers checking accounts, savings accounts, and CDs. You may like the LendingClub High Yield Savings Account if you have at least $100 minimum opening deposit.

If you are comfortable with combining checking and savings in one account, you might consider opening SoFi Checking and Saving. The hybrid bank account comes with a debit card and you will be able to earn 1.50% APY if you set up a direct deposit.

Quontic Bank also has a variety of online bank accounts. You may like a Quontic High Yield Savings Account if you have at least $100 for the initial deposit.