Highest savings account rates today: July 4, 2022

If you’re looking to earn interest on your money, a high-yield savings account might be worth exploring.

High Yield Savings Accounts

are mainly available on

online banks

and pay a higher interest rate than traditional savings accounts.

Our guide to the best savings accounts and our guide to the best high-yield savings accounts can be great starting points in your search. But if you prioritize finding the highest rates, this list is for you.

What are savings account interest rates today?

The FDIC keeps tabs on national rates for interest-bearing bank accounts. The average interest rate earned by a savings account is currently 0.08% APY.

We checked over a dozen financial institutions to track their new rate offers. Our list includes accounts with much higher interest rates than the national average, as online institutions tend to offer high-yield bank accounts.

The most competitive high yield savings accounts currently pay over 1.25% APY. Keep in mind that interest-bearing accounts may change. Savings accounts have a variable interest rate, which means the rate can fluctuate at any time.

The

Federal Reserve

also recently raised the federal funds rate for the third time this year, so interest rates on savings are also expected to rise steadily through 2022.

The best savings account interest rates

BrioDirect recently increased the rate on its BrioDirect High Yield Savings Account to 1.80% APY. The BrioDirect High Yield Savings Account offers the highest interest rate on our list and could be ideal if you can keep at least $25 in your account daily.

The Bread Savings High Yield Savings Account is another great high yield savings account. It might be a good choice if you have at least $100 to start with.

If you haven’t heard of Bread Savings, you may be familiar with Comenity Direct. Comenity Direct recently changed its name because its parent company, Bread Financial, has expanded to include lending options.

The Bask Bank Interest Savings Account is also a solid high-yield savings account. It does not require a minimum opening deposit and pays 1.61% APY right now.

If you are looking for a high yield savings account with a low minimum opening deposit, you may consider exploring UFB High Yield Savings. The savings account pays a high interest rate and you can open an account with $0.

These institutions only have savings accounts, not

check accounts

, so you’ll need to link an external bank account to access your money. You can consider other banking options if you also want to open a checking account or at least have a debit card option.

CIBC Bank USA is the U.S. branch of Toronto-based Canadian Imperial Bank of Commerce, and also lets you open checks and

money market accounts

if you live in Illinois, Michigan, Missouri and Wisconsin. You might like the CIBC Agility Account if you have at least $1,000 for a minimum opening deposit.

If you’re comfortable combining your checking and savings in one account, you might consider opening SoFi Checking and Savings. The hybrid bank account comes with a debit card and you will be able to earn 1.50% APY if you set up direct deposit.

CIT Bank and Quontic Bank also have a variety of online bank accounts.

The CIT Bank Savings Connect account requires a minimum opening deposit of $100 – however, you will need to open a CIT Bank checking account to qualify for this savings account.

Finally, you might like the Quontic High Yield Savings Account if you have at least $100 available for an initial deposit.