Best savings accounts of 2022

We compared dozens of brick-and-mortar banks, online banks, neobanks, and credit unions to find the best savings accounts in the country.

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Banking has undergone a massive change in the past decade as more companies have moved to digital and online banking. And with so many options to choose from, picking the right savings account is a bigger challenge than ever. To simplify your search we considered about 50 financial institutions — including national banks, credit unions, online banks, and neobanks — with our proprietary, evidence-based rating system. We looked at interest rates, fees, ease of use for mobile apps, and other factors you’ll want to consider when finding the right account for your situation.

If you're looking for more than just a savings account, also make sure to check our list of the best banks and credit unions for 2022.

Best savings account overall (tie)

Discover Bank

5

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Discover Bank logo

Discover’s online savings account offers one of the best rates around at 0.40% APY. You may also choose to pair your savings account with Discover’s 1% cashback checking account. In addition to having a high interest rate, Discover earns a perfect score because it has no fees, no minimum balance requirements, and industry-leading customer satisfaction. It’s no surprise Discover also scored as our best overall bank in 2021.

Full review

Best savings account overall (tie)

American Express

5

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

American Express logo

American Express is more well known for its credit cards, but it also offers one of the best high-yield savings accounts. Its online savings account boasts 0.40% APY with no account minimums and no monthly fees. American Express also boasts some of the highest customer satisfaction scores, according to J.D. Power, so it may be the right bank for you whether or not you have one of its credit cards.

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Best online savings account

Ally Bank

4.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Ally Bank logo

If you’re strictly looking for the best interest rate from an online savings account, Ally has 0.50% APY, without any minimum deposits, minimum balances, or monthly fees. Ally is strictly an online bank, but it has a very well-rated mobile app and offers a variety of products, such as high-yield CDs, for people looking to save. If you ever have questions about your account, Ally has a 24/7 phone number you can call, and its website lists the expected wait time so that you can avoid wasting your day on hold.

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Best learning resources

Capital One

4.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Capital One logo

Capital One offers an online high-yield savings account with 0.40% APY. You can open an account no matter how much you have (no minimums) and there are no monthly fees. If you live in one of the seven states where Capital One has physical branches, you can also enjoy the high rates of an online bank with the in-person perks of a brick-and-mortar bank. Capital One has a number of free online learning resources, and its digital assistant, Eno, can help you stay on top of your finances.

Full review

Best savings tools

Marcus by Goldman Sachs

4.8

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Marcus by Goldman Sachs logo

The high-yield online savings account from Marcus comes with 0.50% APY, one of the highest rates for banks we considered. A Marcus savings account has no minimum or monthly fees, ensuring you don’t lose money unnecessarily. Its mobile app scores well and Marcus offers free digital tools, trackers, and calculators to help you stay on top of your personal finances.

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Best credit union savings account

Alliant Credit Union

4.4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Alliant Credit Union logo

Alliant, which also ranked as our best overall credit union, is an online-first credit union with a savings account APY of 0.55%. That’s the highest savings interest rate on our list, but you do need at least $5 to open an account and you need to maintain a balance of at least $100 to earn that APY. Alliant doesn’t charge a monthly fee as long as you opt for electronic statements, and there are no ATM fees as long as you use one of its 80,000+ in-network ATMs.

Full review

Best green savings account

Aspiration

4.2

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Aspiration logo

For the environmentally conscious saver, Aspiration — it’s not technically a bank but your money does have FDIC insurance — contributes to reforestation and carbon-offsetting projects based on how you spend money through your debit card. Spending more also unlocks higher APYs for money you deposit in your Aspiration Save account. Spend at least $1,000 monthly with your debit card and get an APY of up to 3% on the first $10,000 you deposit (no interest on balances above $10,000). If you upgrade your account, which costs $7.99 per month, you get an APY of 5% on the first $10,000 you deposit (0.10% on balances above $10,000). Aspiration’s fee structure encourages you to pay fees based on what you feel is fair.

Full review

Best traditional bank savings account

Citibank

4

Policygenius rating

How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.

Citibank logo

Citi ranks as our best savings account from a traditional bank. While the bank offers an APY of 0.50%, that rate is only available from an online savings account, and it isn’t available in all states. In addition, there is a monthly fee of $15 unless you maintain an account balance of at least $5,000 (most accounts on this list have no monthly fees). Citi’s mobile app also scored below average in J.D. Power’s annual custom satisfaction survey. But if you’re a Citi customer or need access to a physical branch location, Citi may be the right choice for you.

Full review

How to choose a savings account

The best savings account for you will depend on multiple factors:

  • Account APY

  • Fees and account minimums

  • FDIC insurance

  • Account and bank access

  • Mobile app and digital banking experience

What’s a good APY?

APY, annual percentage yield, is a rate that tells you how much your money would earn based on the account’s interest rate, using a compound interest formula that allows money to grow a little faster.

A higher APY means you can earn more from interest and the best savings accounts today generally offer an APY of 0.40% or higher. You may also see these referred to as high-yield savings accounts, since they provide much higher rates than traditional bank accounts. Some accounts also have extra high rates if you maintain a certain balance, deposit a certain amount into your account each month, or spend a minimum amount with a linked debit card.

Also, consider how often an account compounds interest — daily, monthly, or quarterly. Daily compounding will earn you the most, though, honestly, the rate of compounding may not affect your earnings much unless you maintain very large balances for an extended period.

Beware account fees & minimums

Look for a savings account with the fewest number of fees possible. Banks may also require a certain initial deposit just to open a savings account. Our best banks minimize fees and minimums but some institutions still have them.

Common savings account fees to avoid:

  • Monthly service fee: A fee you pay each month just for having an account

  • Overdraft fee: A penalty for withdrawing more money than you have in your account

  • Non-sufficient funds: Similar to an overdraft fee, paid when you try to withdraw more than you have

  • Card replacement fee: The cost of getting a new debit card or ATM card

  • Account closure fee: A one-time payment for closing your account

  • Stop payment order: Paid when asking your bank to stop a payment you have asked it to make from your account

Look for FDIC or NCUA insurance

For the best security, make sure to work with an FDIC-insured bank or an NCUA-insured credit union, especially if you’re working with an online-bank or neobank. Look for the phrase “Member FDIC” on the bank’s website. The FDIC is an independent government agency that insures deposits at participating banks, and the NCUA similarly insures deposits at credit unions. If you work with an FDIC-insured bank, you will get your money back — up to $250,000 per account type per bank — even if the bank closes or otherwise loses the money.

Consider account & bank access

Many banks and credit unions today are either entirely online or they offer higher rates for accounts that you can only manage online. Before you open an account, consider how much access you need to physical locations. A good bank should also have widespread ATM access, though make sure to consider the bank’s limits for daily cash withdrawals or deposits.

You may also want to consider access — online or in person — to other types of accounts. For example, some banks only offer one account while others give you a full suite of options — savings, loans, mortgages, credit cards, investments, and more. Certain accounts and benefits are also only available in person or online depending on where you live.

Need a checking account to pair with your savings? Read our list of the best checking accounts for 2022.

Check the mobile app & online banking experience

Some banks look great on paper but don’t offer a user-friendly experience. Our list of the best savings accounts has already vetted each bank’s mobile app, but you can still check the online experience for yourself based on your own preferences and needs.

Should I use a traditional bank or online bank?

Traditional banks are generally those with physical locations, while online banks are either completely digital or offer very limited branch access. Online banks generally offer high-interest savings accounts, little to no fees or minimums, and a smoother online experience than traditional banks. However, either type of bank could prove best for you, so make sure to consider the factors mentioned above, such as account APY and the number of fees.

You may also want to consider a neobank — a fintech or other company that offers banking services but may not technically be a bank. Neobanks have grown in popularity and may tailor their offerings to certain types of people, like by investing in an environmental or social cause based on how much money you save or spend with the company.

Are online banks safe?

Yes, online banks are safe as long as they offer FDIC insurance and maintain certain security and privacy standards. In general, online banks provide the same level of security as the old-school, traditional banks that have been around for decades. In fact, banking online may offer some security benefits over institutions that require you to fill out or mail physical forms, which could become lost or fall into the wrong hands.

If you want to learn more about a specific bank, you should be able to review a bank’s security measures on its website. For added protection, you may also want to take steps like always checking that your browser is encrypted (look for “https” at the start of a URL), keeping your bank apps updated to the latest version, avoiding public computers, and installing anti-virus or anti-malware software on your own devices.

Methodology

To determine the best savings accounts in 2022, Policygenius analyzed data from nearly 50 major U.S. banks, credit unions, and financial institutions. We created a scoring rubric and scored institutions across five metrics: savings account APYs, rate at which interest compounds, number of applicable fees, mobile app satisfaction, and the availability of customer support. Scores for each metric were given on a scale of 1 to 5, and each institution’s five scores were then averaged into a single rating. Below are the detailed breakdowns of each scoring matrix.

Savings account APY

We rated the highest APY that each financial institution offers on a savings account (excluding accounts or rates available only with a minimum balance requirement greater than $1,000).

Rating

Best savings APY

1

Less than 0.1%

2

0.10%-0.19%

3

0.20%-0.29%

4

0.30%-0.39%

5

0.40%+

Compound rate

We scored each institution according to how frequently they compound interest for their highest-APY savings account.

Rating

Compound rate

1

Yearly

3

Monthly

5

Daily

Fees

We consulted fee schedules as well as terms and conditions from each financial institution to create a score based on how many of the following types of fees the institution charges: monthly maintenance fee, overdraft fee, insufficient funds fee, debit card replacement fee, account closure fee, and stop payment order fee.

Rating

Applicable fees

1

4+ fees

2

3 fees

3

2 fees

4

1 fee

5

No fees

Mobile app satisfaction

Mobile apps are an increasingly important way that people manage their bank accounts, so we consulted the J.D. Power 2021 U.S. Banking Mobile App Satisfaction Study and the Google Play app store for customer ratings.

Rating

J.D. Power Score

App store score

1

Less than 840

Less than 3.0

2

840-849

3.0-3.4

3

850-859

3.5-3.9

4

860-869

4.0-4.4

5

870+

4.5+

Customer support

Different people prefer different support options at different times, so we created a score based on how many customer support channels each institution offers. Channels we included were telephone, email, online chat, mobile app, online forum, online learning center, and physical branches.

Rating

Support Channels

1

1 option

2

2 options

3

3 options

4

4 options

5

5+ options