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11 Best High Yield Savings Accounts of August 2022 (Up to 4.00% APY)

Everyone needs a high interest savings account. It doesn’t matter if you’re in the middle class or very wealthy – you need a place for your emergency fund or short-term savings.

A high yield savings account allows your money to make money until you need it. They pay a much higher yield than average (the average savings account pays just 0.10% APY) and don’t have early withdrawal penalties like CDs have.

So don’t stash your cash under a mattress earning nothing, put your money to work with the best high yield savings accounts.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Before Savings Accounts, Consider I Bonds

Before we begin I’d be remiss not to mention I Bonds, which are savings bonds issued by the U.S. Department of the Treasury and fully backed by the full faith and credit of the U.S. government.

Currently, I Bonds are paying an incredible 9.62% APY. Interest rates are determined by inflation, which as you know has been sky-high lately. While inflation is bad for the economy, it’s great for I Bonds.

Although you can only buy up to $10,000 per calendar year and I Bonds have a minimum one year holding period, they make a great option for a short to medium-term emergency fund or a place to park your cash.

Ok, let’s get back to 11 savings accounts that give the highest yield.

7 Best High Yield Savings Accounts in 2022

The following savings accounts offers the best interest rates with no catch. If you’re looking for a bank account that earns you the highest interest rate with no requirements, these are it.

All accounts listed are FDIC insured, so your hard-earned money is safe.

There are other savings accounts with interest rates as high as 4.00% APY that we list in the next section, but they have additional things to consider. Still, take a look at them before making a decision on which account to open.

1. SkyOne Money Market – 2.20% APY

SkyOne has the highest savings rate right now, offering an amazing 2.20% APY with their SkyOne Money Market Deposit Account.

  • Interest compounded daily, credited monthly
  • Minimum opening deposit of $1
  • FDIC-insured by NCUA

You can withdraw or add funds whenever you like – there are no penalties or restrictions. This is an exclusive rate offered via SkyOne’s partnership with SaveBetter.com. You need to create an account using this link or by clicking on the offer button below.

2. CIT Bank – 1.90% APY

CIT is a division of First Citizens Bank that currently offers a 1.90% APY on the CIT Bank Savings Connect account. Benefits of the FDIC-insured Savings Connect account include:

  • Earn over 19x the national average with a 1.90% APY
  • Access to your account with online banking and the CIT Bank mobile app
  • Deposit checks make transfers remotely with the mobile app

The minimum deposit is $100 and you can transfer funds with an electronic transfer, mail-in check, or wire transfer. There are no monthly service fees to worry about.

3. Quontic Bank – 1.85% APY

Quontic is a national, digital bank that offers savings, checking, and CD accounts with some of the best APYs in banking. All their accounts feature:

  • No Overdraft Fees
  • No Wire Transfer Fees
  • No Monthly Service Fees
  • 90,000+ Fee-Free ATMs
  • U.S.-based Customer Service Team

Right now you can get a 1.85% annual percentage yield when you open a Quontic Online Savings account. This high yield savings account compounds interest daily and gets credited to your account monthly.

The minimum deposit is $100 and you can make your initial deposit from an external account via ACH or using Plaid’s technology.

4. UFB Savings – 1.81% APY

UFB Direct, an online division of Axos Bank, only offers one savings account called UFB Savings. This account is geared towards savers and offers a great 1.81% APY on your balance regardless of the amount.

The savings account features no monthly maintenance or service fees, no minimum deposit requirement, and a complimentary ATM card for convenient access to your money. FDIC insurance is covered through their parent bank, Axos.

UFB Direct’s exceptional interest rates are due to its digital banking model that allows them to keep their overhead costs down and pass the savings along to customers.

5. BrioDirect High Yield Savings – 2.15% APY

BrioDirect offers the best high-yield savings account overall. It’s the highest rate available and besides opening the free savings account, there are no other requirements to enjoy that rate.

This is the online brand of Webster Bank and is FDIC insured up to $250,000 per depositor through the parent company.

With no monthly fees and a low opening deposit minimum of $25, the BrioDirect High-Yield Savings Account is best for consumers looking for an online bank that offers an extremely competitive yield.

6. Bread Savings – 2.15% APY

Bread Savings (formerly Comenity Direct) provides a high yield savings account of Comenity Capital Bank, an FDIC insured bank that gives you a straightforward high yield savings rate of 1.65% APY, more than 16x the national average.

Like others on this list, Bread Savings is an online-only account with no brick-and-mortar locations. This is the main reason that these banks and fintech companies can offer such a high rate compared to banks with branches.

They can offer very competitive interest rates because their operational costs are much lower; no buildings to lease, no branch staff to pay, and no utility bills to cover.

Bread Savings requires just a $100 deposit to open an account.

7. Enzo – 2.15% APY

Enzo is an online financial technology company that just increased the interest rate offered on their Enzo Deposit Account to 2.15% APY on August 1st (previously, it was 1.49% APY).

Additionally, Enzo is raising the rate to 3.10% APY for all Founding Members once they reach 25,000 Enzo customers. You’re considered a Founding Member if you’re one of the first 25,000 customers. As of 7/4/22, there are currently 6,090 customers.

A neat feature of the Enzo account is the cashback rewards program, including on your rent or mortgage payments. Your account earns the following cash back rates:

  • Uber = 10%
  • DoorDash = 5%
  • Housing (mortgage/rent) = 2%
  • Everything Else: 1%

Total cash back is capped at $2,500 a year with a $20 per month or $150 per year maximum on housing.

Like UFB Direct or BrioDirect, there are no account maintenance or monthly account fee. Enzo also doesn’t have an account minimum balance or charge any domestic ATM fees (international ATM occurs a 1% transaction fee).

4 Other High Interest Savings Account Options

While the savings accounts listed here can give you interest rates as high as 4.00% APY, they do come with specific requirements or limitations.

For example, the interest rate may be capped at a certain amount or you may need to have a direct deposit on a regular basis to enjoy the rate.

1. Current Savings – 4.00% APY + $50 Bonus

Current offers a 4.00% APY with a Current Savings account on balances of up to $6,000. Plus, get a $50 bonus if you open an account using the link below and make a direct deposit of $200 or more.

Current, launched in 2017, is a mobile-only financial technology company that offers banking services. Your deposits are FDIC insured up to $250,000 through Choice Financial Group (FDIC #9423).

This is a really superb interest rate for a bank account and is worth doing. See the Current.com Promotions post for more details or open an account with the button link below.

2. SoFi Checking and Savings – $325 Bonus + up to 2.00% APY

SoFi is offering up to a $325 welcome bonus when you open a new SoFi Checking and Savings account and set up a direct deposit.

You’ll get a $25 bonus once you open an account and deposit $10. Plus, receive another checking bonus up to $300 based on your total direct deposit amount in the first 30 days (the 30 days starts upon your first direct deposit).

The more you deposit, the bigger your sign-up bonus:

Deposit AmountBonus
$1,000 – $1,999$50
$2,000 – $4,999$100
$5,000+$300

You’ll also earn up to 2.00% APY on money in your account, which is 50x the national average checking rate. All customers earn 1.00% APY, while customers that have a direct deposit (even if it’s just $0.01) will earn 2.00% APY instead.

See this SoFi Promotions post for more details or open an account now with the link below to get the bonus offer.

3. T-Mobile MONEY – up to 4.00% APY

T-Mobile MONEY is an online bank account that everyone earns 1.00% APY on, but T-Mobile wireless customers can earn a crazy high 4.00% APY, just for being a customer.

Besides being a wireless customer, you need to make 10 qualifying purchases per month using the T-Mobile MONEY debit card in order to earn the higher rate.

The 4.00% APY is good for balances up to $3,000. Any amount over $3,000 will earn the standard 1.00% APY.

4. Marcus – up to 2.60% APY

Marcus by Goldman Sachs has a high-yield savings account product that currently earns a base rate of 1.50% APY, but can be boosted all the way up to 2.60% APY.

You earn a 1.00% APY bonus for three months when you open a Marcus Online Savings Account with an invitation link from an existing Marcus customer (here’s mine).

Plus, earn a permanent 0.10% APY bonus if you’re an AARP member, which you can join for free get paid to join with this Swagbucks promotion.

In total, you’ll earn a 2.60% APY. Keep this rate beyond the initial three months by inviting a friend or family to open a Marcus savings account using your referral link.

Frequently Asked Questions (FAQs)

Which bank has the highest yield savings rate?

As of 2022, Current offers the best interest rate for balances up to $6,000 at 4.00% APY while SkyOne offers the highest rate for a money market account with no balance limits at 2.20% APY.

Which high yield savings account is the best?

The best accounts are UFB Savings, CIT Bank Savings Connect, and SkyOne. All offer a high interest rate with no monthly account fees.

What else should I know before opening a bank account?

Check to see if there are any account fees as that could eat up the interest earned. Make sure the bank is FDIC insured (all the banks and fintech companies in this post are).

As you narrow on which bank account to open, check to see if there’s a bank bonus. Some banks offer a bonus for opening an account as an incentive to try them out.

The Bottom Line

Interest rates on savings accounts fluctuate over time so we’ll constantly update this list of the best high yield savings accounts.

While I always advise people to move their money to a bank account with the highest interest rates, the process of “rate chasing” can be time-consuming.

There’s an advantage to stick with a bank that has a consistent track record of giving good interest rates since some of the top rates might be bait-and-switch. They reel you in with a high rate and then lower it hoping you don’t make the effort to switch (or even notice).

Banks like Ally, American Express, and UFB Direct have been known to offer competitive interest rates for many years. Their rates will also fluctuate, but will likely always be a good rate.

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