Last Updated: 02 Jan 2022
Savings account ensures that during unforeseen circumstances, you are not left out to dry.
Be it a medical emergency or you want to buy a new car or go on a vacation, saving money can help you realize all of your needs.
All the accounts covered here are covered by FDIC and are insured up to a maximum of $250,000.
So in case, the bank goes out of business, your money is still safe. In this article, I have reviewed the 11 best saving accounts of 2022.
Citi bank offers a competitive APY higher than the savings rate offered by some of the biggest banks.
In addition to its online savings account, Citi offers everything related to banking in one spot.
It has close to 700 branches throughout the U.S.
Citi’s saving rate APY is dependent on the Account package and the balance. The highest APY is 0.15% for Citigold Private Client having balances of over $1 million+. For other savings account package the standard APY range from 0.06% to 0.15%.
- Free Online Bill Payment
- Account Alerts – Free alerts to your registered mobile number or email.
- Text Banking – you can get account alerts and balances on your mobile phone through text commands.
- Online Bank Statements
- Supports virtual credit card numbers to shop online.
- Online Transfer Services available to Citi or non-Citi account
- Financial Tools useful for money management, and expense analysis.
- Auto Save – Schedule recurring transfers from checking to savings.
- Instead of savings only or checking only accounts, In Citi bank, you open a package which contains both types of accounts.
- Overdraft protection.
Vio is a new entry in the online savings account market. Vio bank is the online division of MidFirst Bank.
Since Vio is an online-only account all transactions and banking are done on phone or online.
It operates in various states including Colorado, California, Arizona, Texas.
At present Vio, the bank is offering 0.57% APY rates.
- No minimum balance for account maintenance.
- FDIC insured up to the law limit.
- Lower fees
- Industry-leading interest rate
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CIT Bank is one of the highest interest offerings in the market. CIT bank also offers a variety of accounts and excellent customer service.
The bank is also FDIC insured therefore you can be sure of the security of your deposit.
- CIT bank offers savings account, money market account as well as CD’s (certificate of deposit) so users have the freedom to choose.
- Other types of accounts include mortgages, custodial accounts, and small business accounts.
- Minimum amount to open account – $100.
- Remote deposits to account are available
- Mobile friendly website along with Android and iOS application for ease of use.
|Upper Tier||<$25,000 with $100 or more monthly deposit||0.45%|
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Varo offers a high up to 2.80% Annual Percentage Yield if you happen to fulfill the following criteria –
- Make 5 or more qualifying debit card purchases
- Receive $1000 or more total direct deposits
- Do not exceed a daily saving balance of $10,000 for the entire calendar month
- Keep your savings account balances greater than or equal to $0
Varo bank is useful even for those who do not qualify for high rates. They get a competitive 0.40% APY almost at par with other banks.
Features Offered by Varo Bank
- Varo offers 0.40% APY as starting balance.
- No minimum deposit to open account or minimum balance requirement.
- There are no maintenance fees for a savings account.
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Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation (GMAC).
Ally bank is popular among those who seek high-interest rates with ease of getting funds when needed.
Ally also provides services like loans and credit cards.
Ally offers 0.50% APY on all balances in their savings account.
- Along with high yielding savings account, ally also offers various other account types such as money market account, interest checking account, CD account, loan options and other investment options to choose from.
- Funding the account can be done through free electronic transfers from external banks. You can also mail a deposit check.
- Funding can be done via free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check.
- Ally offers access to its 43,000 free Allpoint ATM to withdraw money from its checking or money market account. As per regulation D, after the 6th transaction within a month, you will be charged $10 for each.
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Citizens access is an online-only bank that offers impressive rates for both savings and CD accounts.
The bank offers 0.40% APY however, required minimum to open an account is $5000 which is very high compared to the competition.
Unlike other banks that tend to have the same APY for all balance range, in Citizens APY drops to 0.10% for balances below $5000.
- Best feature of Citizens access is its high-interest rate.
- Both savings and CD accounts have no monthly charge.
- Citizen access compounds interest daily and pays out monthly.
HSBC direct savings is an online-only account for younger people on the move.
If you already own an HSBC account then account opening process is even easier.
You can connect your existing account with a savings account and transfer funds online with ease.
HSBC Direct offers APY of 0.15% with $0 monthly maintenance fees.
- Low fees and minimum balances.
- Interest compounding is done daily
- No monthly maintenance fees.
- The handy Mobile app that can be used to deposit checks.
- Set custom savings goal, track income with tools offered by HSBC online interface.
Discover Bank is another bank offering online savings account with high APYs without having to maintain huge balances.
Discover savings bank with an APY of 0.40% is the best place to save money for emergency situations.
- Interest is compounded daily and applied monthly
- No monthly fee
- No minimum balance required
- Six qualified withdrawals per month as it is online only.
- Excellent customer service
American Express is best known for its famous credit cards. Its online only savings account is also a competitor in high APY savings account rates.
American Express is a pretty straight forward savings bank. It doesn’t even come with a checking account.
The bank offers 0.50% APY on all balance values which makes it a worthy place to save your money away from frequent withdrawals.
- Zero minimum balance to open and to maintain.
- Daily compounded interest on the balance.
- Minimum balance to earn interest is $1.
- 6 monthly free transactions.
- Option to convert savings into a CD account.
Synchrony bank is an online savings bank that offers competitive APY on their savings account.
They also offer credit cards and various accounts like high-interest CD accounts, money market account with no minimum balance.
Synchrony offers 0.55% APY on all balances in their savings account.
Also, there is a $5 reimbursement on ATM fees due to the usage of ATM outside their network.
- No minimum amount required to open an account
- Only $1 in balance to qualify for the interest rate.
- Direct transfers to a savings account
- Stable credit ratings.
- Synchrony bank perks program to benefit long-time customers.
Capital one is the all-rounder bank on this list. If you are looking for a feature-packed online bank, then Capital One 360 is a great choice.
With this bank, you get access to savings, checking, CD’s, investment accounts and mortgages.
On top of that Capital One offers auto loans and credit cards.
Capital One also has many services and tools that help you save your hard-earned money.
Capital One 360 offers 0.40% APY which is less for an online bank. But what it lacks on interest, it makes up with an array of banking services that are simply not available in the online banking market.
- No maintenance fees.
- No minimum balances for qualifying to higher rates.
- Easy account management with my savings goal feature.
- 24/7 customer support any day of the week
- Multiple accounts – you can have up to 25 different savings account.
- Easy check deposit option using checkmate feature – just upload the photo of the check.
If I missed any good savings account to list in my list of best savings account, then let me know in the comments.