The Highest Savings Account Rates Today: June 20, 2022

If you’re looking for ways to make more interest on your money, a high-yield savings account might be an ideal choice. Several


online banks

now offer


high-yield savings accounts

that earn over 1.25% APY.

Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research. But if you prioritize finding the highest rates above all else, then this list is for you.

What are the interest rates for savings accounts today?

The FDIC keeps tabs on national rates for interest-earning bank accounts. The average interest rate earned by a savings account right now is 0.07% APY.

We’ve been checking over a dozen financial institutions to keep up with the new rate offerings. Our list includes accounts with much higher interest rates than the national average since online institutions tend to offer high-yield bank accounts.

The most competitive high-yield savings accounts pay around 1% APY right now. Keep in mind interest-bearing accounts may change. Savings accounts have a variable interest rate, which means that the rate may fluctuate at any time.

The


Federal Reserve

also has also recently increased the federal funds rate for the third time this year, so savings interest rates are also expected to steadily increase throughout 2022.

Best savings account interest rates

Annual Percentage Yield (APY)

1.27% APY

Minimum Deposit Amount

$ 1,000

Annual Percentage Yield (APY)

1.27% APY

Minimum Deposit Amount

$ 1,000

Pros

  • High interest rate
  • No monthly services fees

Cons

  • $ 1,000 minimum opening deposit
  • May have limited access to your account

More Information

  • Must be at least 18 years old to open an account
  • Must maintain a positive balance to earn interest
  • Interest compounded and deposited monthly
  • FDIC Member

CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce. The bank has an online savings account and CDs that you can open anywhere in the US.

The CIBC Agility Account has the most competitive interest rate on our list, as CIBC USA recently increased its savings rate to 1.27% APY this week. You may like the CIBC Agility Account if you have at least $ 1,000 for a minimum opening deposit.

If you’re looking for a high-yield savings account with a lower minimum opening deposit you might consider exploring the TAB High-Yield Savings Account or Live Oak Bank Online Savings Account. Both of these accounts still pay high interest rates, and you can open an account with $ 0.

The Bread Savings High-Yield Savings Account is also great high-yield savings account if you have at least $ 100 to get started. If you have not heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.

LendingClub, BrioDirect, and CIT Bank are featured in our best high-yield savings account guide.

You may like the LendingClub High-Yield Savings Account if you have at least $ 100 for an initial deposit.

The CIT Bank Savings Connect Account also requires a minimum opening deposit of $ 100 – you’ll need to open a CIT Bank checking account to qualify for this savings account, though.

Lastly, the BrioDirect High-Yield Savings Account rounds out the bunch. It could be ideal if you’d like a savings account with zero monthly service fees and a competitive interest rate – just make sure you have at least $ 25 in your account to earn interest.

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