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The 10 best high-yield savings accounts for December 2022

Illustration by Tim Boelaars

Not all savings accounts are built equally.

While some simply serve as a place to store your funds separately from your checking, others go the extra mile by offering you extra interest on the money you save. This higher rate is key to building a nice cushion that can support you in the event of an emergency or help you meet a financial goal faster.

There are dozens of high-yield savings accounts out there—and it can be hard to know how to choose the right one for your needs. To help you choose the right account that meets your needs, the Fortune Recommends editorial team put together a list of the top 10 high-yield savings accounts based on annual percentage yield (APY), account fees, minimum deposits and balances, and customer support options. (Read here for our full methodology.)

  1. Current

  2. Salem Five Direct

  3. Bask Bank

  4. UFB Direct

  5. Ivy Bank 

  6. Capital One

  7. SoFi

  8. Synchrony Bank

  9. TAB Bank

  10. LendingClub

The top 10 high-yield savings accounts  

The high-yield savings account you choose can make a huge difference in how much you’re able to save in a given time and how quickly you’ll hit your bigger financial goals. (Note: APYs are up to date as of Nov. 3, 2022, but are subject to change.)

1. Current: For the saver who will trade in-person banking for a high APY

About: Current is a neobank, meaning that its deposits are FDIC-insured through its partner bank, Choice Financial Group. Current offers a rewards debit card, plus a competitive APY on its savings accounts.

Key numbers
APY: 4.00%
Fees: $0
Minimum amount needed to earn APY: $0.01
Minimum opening deposit required: $0
Customer support offered: Current has limited customer support options with no telephone service. Customers will have to use the online chat feature or submit a request for help via email.

Why we picked it: Current took the top slot on our list for its stellar 4.00% APY. Savers can open an account for free and only need to maintain a penny in their account to earn this interest rate. The one major con that could be a turnoff for some customers is that Current primarily banks via mobile app and has limited customer service options. The mobile application does, however, have over four stars in both the [hotlink ignore=true]Google[/hotlink] Play app store and the [hotlink ignore=true]Apple[/hotlink] App store.

2. Salem Five Direct: For savers who prefer around-the-clock service 

About: Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Mass., and has local branches across Boston. For online customers hoping to access their funds, Salem Five offers fee-free ATM access at 55,000 Allpoint ATMs worldwide. It offers checking accounts, savings accounts, money market accounts, and more.

Key numbers
APY: 3.50%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $10
Customer support offered: Salem Five Direct customers can contact a customer service representative via telephone 24 hours a day, 365 days a year, or via chat or email.

Why we picked it: Salem Five’s high-yield savings account boasts a competitive APY at 3.50% and zero monthly fees. There is a minimum deposit of $10 required to open an account, but after that there is no minimum balance requirement to start benefiting from the high APY. While physical branches are limited, Salem Five offers a wide range of customer service options with 24/7 service.

3. Bask Bank: For the saver who prefers a human touch 

About: Bask Bank is an online-only division of Texas Capital Bank, an established FDIC-insured bank headquartered in Dallas. The bank does not provide savings account holders with an ATM card or debit card. To withdraw or move funds you’ll need to send money via ACH transfer to an external bank account. Bask Bank offers two types of savings accounts: One is a high-yield savings account; the other is a partnership with [hotlink ignore=true]American Airlines[/hotlink] that offers account holders the opportunity to earn Airlines AAdvantage® miles.

Key numbers
APY: 3.60%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Bask Bank offers its customers support via telephone or email. Representatives are available Monday through Friday from 7:00 a.m. to 7:00 p.m. CST and Saturday from 9:00 a.m. to 4:00 p.m. CST.

Why we picked it: The Bask Bank high-yield savings account offers a competitive rate at 3.60%—just over 17 times the national average. Despite its lack of ATMs and physical branches, customers can contact customer service representatives, even later than normal business hours and on weekends. Account holders are not required to pay any fees or meet minimum balance requirements, though they must fund their account within the first 15 days of opening their account.

4. UFB Direct: For the saver who wants all the customer support options 

About: UFB Direct is a division of Axos Bank. While it is an online bank, customers have access to free ATM withdrawals at approximately 91,000 locations across the nation. Account holders can also make unlimited external bank transfers.

Key numbers
APY: 3.16%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: UFB Direct offers 24/7 live support via phone, plus mail, email, and chat support.

Why we picked it: UFB Direct’s high-yield savings account earns a competitive APY of 3.16% with no fees or account minimums. This bank also offers expansive customer support features—beyond the traditional lines of communication, customers can use SMS messaging to access account features and information.

5. Ivy Bank: For savers who aren’t new to saving

About: Ivy Bank is a digital banking division of Cambridge Savings Bank, which is a Massachusetts state-chartered bank and Member FDIC. It has mobile and online banking platforms. Ivy Bank does not offer ATM access; customers will need to make deposits virtually, and withdrawals must be done via eTransfer, domestic wire transfer, or treasurer's check.

Key numbers
APY: 3.50%
Fees: $0
Minimum amount needed to earn APY: $2,500
Minimum opening deposit required: $2,500
Customer support offered: Customers can contact Ivy Bank via telephone, Monday through Friday, 9:00 a.m. to 6:00 p.m. ET. Support is also available Saturday from 10:00 a.m. to 2:00 p.m. ET, but closed on Sundays as well as federal holidays. Ivy Bank also offers email, chat, and mail support.

Why we picked it: Ivy Bank does have a higher opening deposit, but savers who already have some cash stashed away can stand to benefit from the high APY and zero monthly fees. Ivy Bank is a digital bank, but customers still have various customer service avenues available to them should they have any questions or concerns about their account.

6. Capital One: For the saver who needs to be held accountable to savings goals 

About: Capital One is one of the largest banks in the country, headquartered in Virginia, with a strong online presence, as well as some physical branches across the country. Customers have access to a network of more than 70,000 ATMs nationwide.

Key numbers
APY: 3.00%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Customers can request support via phone, mail, or online chat by logging into the Capital One mobile app.

Why we picked it: Capital One offers a competitive APY at just over 14 times the national average, although it isn’t the most lucrative account on the market. Customers aren’t required to make a minimum deposit to open an account, and there are no monthly fees or required minimum balance. Capital One also gives customers the option to create automatic savings plans to help them reach their goals.

7. SoFi: For the saver who also wants to easily invest their money 

About: SoFi is an online bank headquartered in San Francisco that offers checking, savings, investing products, and more. SoFi has three physical locations in the U.S., but customers have access to a network of over 55,000 ATMs nationwide.

Key numbers
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Customers can request assistance by reaching out to SoFi via phone, chat, email, and even sending general questions to the [hotlink ignore=true]Twitter[/hotlink] account at @SoFiSupport.

Why we picked it: SoFi’s online bank account is a combo checking and savings account that boasts a 3.00% APY, which is just over 14 times the national average. Customers get to reap the benefits of a savings account with zero fees or balance requirements, and they have access to fee-free ATMs across the country. SoFi also offers a convenient mobile app where users can pay bills, find an ATM in their area, and make mobile deposits. You can even earn a bonus of up to $300 for setting up direct deposit.

8. Synchrony Bank: For the saver who makes regular ATM withdrawals 

About: Synchrony Bank is an online-only, FDIC-insured bank offering a number of savings products. While it doesn’t have any traditional brick-and-mortar locations, customers still have access to a wide network of ATMs in the U.S. and abroad.

Key numbers
APY: 3.00%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $0
Customer support offered: Customers can contact Synchrony Bank by calling its customer service center between 8 a.m. and 10 p.m. ET, Monday through Friday and 8 a.m. to 5 p.m. ET on weekends. Synchrony also offers a 24/7 automated telephone service and can be contacted via chat and secured email from your online account.

Why we picked it: Synchrony Bank’s high-yield savings account offers customers a high-interest, no-fee savings option that grants them access to their funds at a number of ATMs without paying a fee. This bank also reimburses customers for any out-of-network ATM withdrawals, up to $5 per month. Customers can also access and monitor their accounts via Synchrony’s mobile app.

9. TAB Bank: For the saver who cares more about a high APY than ATM fees 

About: TAB Bank is an online bank headquartered in Utah that offers a number of banking products, including savings, checking, money market, and certificates of deposit (CDs) accounts. TAB Bank doesn’t offer any free ATM access, and customers will have to pay a fee for using an out-of-network ATM if that’s how they choose to withdraw funds from their savings account.

Key numbers
APY: 3.00%
Fees: $0
Minimum amount needed to earn APY: $1
Minimum opening deposit required: $0
Customer support offered: TAB Bank offers phone, chat, and email support to its customers. The customer service hours of operation are 6 a.m. to 7 p.m. MST, Monday through Friday, and 9 a.m. to 3 p.m. MST on Saturday. Federal holidays are excluded.

Why we picked it: The TAB Bank high-yield savings account offers a higher APY than many other high-yield savings accounts without tacking on numerous fees. With no balance caps or minimums on how much of your money you can earn interest on, this is a decent option for big savers, as well as those who are just getting started. Interest on these accounts compounds daily, meaning that you’ll start earning interest on the first dollar you deposit—and the earnings will grow from there.

10. LendingClub: For savers looking for ATM access and a respectable APY

About: LendingClub Bank, formerly known as Radius Bank, offers online and mobile banking. Customers have access to a network of over 37,000 MoneyPass® and SUMSM ATMs and the mobile app lets users manage their accounts and make deposits, payments, and transfers.

Key numbers 
APY: 3.12%
Fees: $0
Minimum amount needed to earn APY: $0
Minimum opening deposit required: $100
Customer support offered: LendingClub customers can contact a customer service representative via phone or live chat, Monday–Friday from 8:30 AM to 12:00 AM ET and Saturday–Sunday from 8:00 AM to 8:00 PM ET.

Why we picked it: LendingClub does offer a lower APY than some of the other accounts on our list, but still higher than most. The minimum opening deposit is in the medium range with only $100 needed to open an account. Customer service representatives have extended customer service hours via phone and chat, and for savers who like to have ATM access, LendingClub offers debit card privileges and thousands of fee-free ATMs across the nation.

What is a high-yield savings account?  

High-yield savings accounts work in the same way as traditional savings accounts. It’s a deposit account at a credit union or bank that you can use for saving and earning interest on your money.

The main difference between a high-yield savings account and a traditional savings account is that the high-yield savings account will offer a much higher yield—known as the annual percentage yield (APY)—on the money you keep in your account.

The most recent rates from the Federal Deposit Insurance Corporation (FDIC) puts the national savings APY average at 0.21%, while most high-yield savings accounts offer 1.00% APY or higher.

The APY on your account can and likely will fluctuate any time the Fed raises or decreases the federal funds rate. That’s the interest rate banks charge one another to borrow money, and your bank may be inclined to raise or lower rates on their financial products based on these changes.

So how does a high-yield savings account actually work? Your money will grow thanks to the magic of compound interest. This means you’ll earn interest on the principal balance in your account, as well any interest you earned previously. For example, if you deposited $100 in your account and earned $10 in interest over the past few months, you will earn interest on the entire $110.

The rate at which your interest compounds (daily, weekly, monthly, annually) will depend on the financial institution.

How to choose the best high-yield savings account  

Every high-yield savings account comes with its own unique features and requirements necessary to open and maintain your account. When choosing the right account to help you meet your savings goals, you’ll first need to consider a few different factors.

  1. APY: The interest you can expect to earn on your account balance over the course of a year.

  2. Compounding frequency: This is the rate at which interest is earned and added to your balance. For example, interest can compound daily or monthly. A greater compounding frequency translates to more opportunities for your money to grow.

  3. Minimum deposit: Some high-yield savings accounts will require you to deposit a certain amount of money to open your account. This can range anywhere from $0 to thousands of dollars depending on the financial institution.

  4. Minimum balance: This is the amount of money you’ll need to keep in your account at all times to avoid any penalties and keep your account open.

  5. Minimum balance to earn the highest APY rate: Some banks require you to have a certain amount of money in your account before it will offer the higher APY rate.

  6. Account fees: Many high-yield savings accounts waive fees, but this isn’t the case across the board. Depending on your account, you may incur some fees for opening your account, monthly maintenance, failing to maintain a certain balance, or exceeding the number of withdrawals you’re allowed to make within a certain time period.

Our methodology 

To bring you our top picks for the best high-yield savings accounts, the Fortune Recommends™ team compared 50 online savings accounts from a mix of traditional brick-and-mortar banks, online banks, and credit unions.

All the accounts on our list are available to customers in the U.S. no matter where you’re located, subject to the terms of each account. The savings accounts featured on this list offer an APY at least 10 times the national average.

We ranked each account in these five core categories:

  • APY (50%): This number represents the real rate of return on your balance; the higher the APY, the better.

  • Monthly fees (15%): Some banks charge monthly maintenance fees. We ranked banks with lower (or zero) monthly fees higher on the list.

  • Minimum amount to earn APY (15%): In order to earn the high APY, some banks require that you maintain a certain dollar amount in the account, which we view as a limiting factor.

  • Minimum opening deposit (15%): Some financial institutions require a deposit amount when you open your account. We rate a higher opening deposit as less attractive.

  • Customer support (5%): Top picks offer customers various ways to get in contact: chat support, by phone, or even email—phone support was most highly rated by our team.

The rates and fee structure of high-yield savings accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the bank accounts and credit unions on this list are insured by the FDIC and NCUA respectively. To open an account, financial institutions, including banks and credit unions, require a deposit of new money, so you may not be able to transfer money you already had in an account at that bank.

This story was originally featured on Fortune.com

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