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7 Best Savings Rates of January 2022

List of the best savings rates available from a large pool of providers.

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The best savings interest rates might mean the difference between your savings account earning a decent chunk of cash or only a few dollars in a year. The highest interest rates are significantly better than the national average of 0.06%.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

Although the Federal Reserve's emergency rate cuts have affected savings APYs, these institutions still offer some of the highest interest rates on savings accounts. With a rate of 0.40% APY, a balance of $10,000 would earn about $40 after one year. An average account would earn about $5.

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Best Savings Rates

Marcus by Goldman Sachs Online Savings Account
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.50%

With $0 minimum balance

Bonus

N/A
Learn more

at Marcus by Goldman Sachs, Member FDIC


Why we like it

Rate: This online bank’s high-yield savings account earns a 0.50% APY.

Requirements: You can open the account with any amount.

Fees: No monthly fee.

Additional note: This bank doesn’t have ATM access.

Read Full Review
Synchrony Bank High Yield Savings
Learn more

at Synchrony Bank, Member FDIC

Synchrony Bank High Yield Savings

4.5

NerdWallet rating 
Synchrony Bank High Yield Savings

APY

0.50%

With $0 minimum balance

Bonus

N/A
Learn more

at Synchrony Bank, Member FDIC


Why we like it

Rate: Synchrony offers an attractive yield for a savings account without a minimum opening deposit.

Requirements: None. You can fund with any amount and the rate will apply.

Fees: No monthly fee.

Additional note: Synchrony Bank will reimburse domestic out-of-network ATM fees.

Read Full Review
Alliant Credit Union High-Rate Savings
Learn more

at Alliant Credit Union, Federally insured by the NCUA

Alliant Credit Union High-Rate Savings

5.0

NerdWallet rating 
Alliant Credit Union High-Rate Savings

APY

0.55%

With $100 minimum balance

Bonus

N/A
Learn more

at Alliant Credit Union, Federally insured by the NCUA


Why we like it

Rate: The Alliant High-Rate savings account offers a competitive rate if you have a daily average balance of $100 or more.

Requirements: You need $5 to open an account, but Alliant will give you a credit for this amount.

Fees: There is no monthly fee if you opt for e-statements.

Additional note: Alliant Credit Union does not have the same restrictive member requirements you might find at other credit unions. You can support a partner charity and be eligible to apply.

Read Full Review
Comenity Direct High Yield Savings Account
Learn more

at Comenity Direct, Member FDIC

Comenity Direct High Yield Savings Account

4.5

NerdWallet rating 
Comenity Direct High Yield Savings Account

APY

0.55%

With $0 minimum balance

Bonus

N/A
Learn more

at Comenity Direct, Member FDIC


Why we like it

Rate: Comenity’s high-yield savings account earns 0.55% APY.

Requirements: There is a $100 minimum opening balance.

Fees: There is no monthly maintenance fee.

Additional note: Comenity offers several savings calculators to help you determine how quickly you can reach your savings goals.

Read Full Review
Axos Bank® High Yield Savings
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at Axos Bank®, Member FDIC

Axos Bank® High Yield Savings

4.5

NerdWallet rating 
Axos Bank® High Yield Savings

APY

0.61%

With $0 minimum balance

Bonus

N/A
Learn more

at Axos Bank®, Member FDIC


Why we like it

Rate: Axos Bank’s high-yield savings account earns a 0.61% APY.

Requirements: There is a $250 minimum opening balance.

Fees. There is no monthly maintenance fee.

Additional note: Axos will send you a free ATM card upon request.

Read Full Review
Chime High Yield Savings
Learn more

at Chime, Deposits are FDIC Insured

Chime High Yield Savings

5.0

NerdWallet rating 
Chime High Yield Savings

APY

0.50%

With $0.01 minimum balance

Bonus

N/A
Learn more

at Chime, Deposits are FDIC Insured


Why we like it

Rate: Chime’s savings account earns 0.50% APY.

Requirements: None. There is no minimum deposit. You can earn interest on any balance.

Fees: No monthly fee.

Additional note: To open this account, you’ll need to have a Chime Spending Account, which features the ability to round up purchases and put the difference in your savings account.

Read Full Review
Quontic High Yield Savings
Learn more

at Quontic Bank, Member FDIC

Quontic High Yield Savings

4.5

NerdWallet rating 
Quontic High Yield Savings

APY

0.55%

With $0 minimum balance

Bonus

N/A
Learn more

at Quontic Bank, Member FDIC


Why we like it

Rate: This savings account has a strong yield of 0.55% APY.

Requirements: You need just $100 to open this account.

Fees: The account has no monthly fee.

Additional note: Quontic has a rewards checking account that offers Bitcoin rewards.

Read Full Review

Benefits of the best savings rates

The best savings rates are much higher than the national average rate, which is just 0.06% APY.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $10 after a year in an account with a 0.10% APY. But that same deposit would earn about $50 in an account with a 0.50% APY.

Here's how to choose the highest interest rates

Look for accounts that have the highest APY. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Fees cancel out the benefits of high interest rates.

» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.

Where can I earn the most interest on my money?

Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.

Why you earn interest on savings accounts

You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”

More strong savings rates

Here are additional options for good savings account interest rates, arranged by their institution's overall NerdWallet rating. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.

Institutions with 4.5 stars

  • Ally, 0.50% savings APY (read full review), Member FDIC.

  • TIAA Bank, 0.50% savings APY (read full review), Member FDIC.

  • Barclays, 0.50% savings APY, (read full review), Member FDIC.

  • Varo0.50% savings APY (read full review), Member FDIC.

Institutions with 4.0 stars

  • ConnectOne Bank, 0.65% savings APY (read full review), Member FDIC.

  • First Foundation Bank, 0.50% savings APY (read full review), Member FDIC.

  • TAB Bank, 0.50% savings APY (read full review), Member FDIC.

  • Vio Bank, 0.51% savings APY (read full review), Member FDIC.

  • Pentagon Federal Credit Union, 0.55% savings APY (read full review), funds insured by the NCUA.

  • Live Oak Bank, 0.50% savings APY (read full review), Member FDIC.

  • Sallie Mae0.70% savings APY (read full review), Member FDIC.

Institutions with 3.5 stars

  • Affirm, 0.65% savings APY, (read full review), funds insured by the FDIC.

  • CIBC U.S.0.52% savings APY (read full review), Member FDIC.

Last updated on January 1, 2022

You may also like these

People often identify opening a checking account as their next money move.

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

at Axos Bank®, Member FDIC

Chime Spending Account

4.5

NerdWallet rating 
Chime Spending Account

Monthly Fee

$0

at Chime, Deposits are FDIC Insured

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly Fee

$0

APY

2.09%

With $0 minimum balance

at Consumers Credit Union, Federally insured by the NCUA

Methodology

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Frequently asked questions