Best High-Yield Online Savings Accounts in November 2022 | MagnifyMoney

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Some savings accounts are designed to provide the best possible interest rates on the balance. These high-yield savings accounts are often featured by online-only banks and credit unions, which may have fewer physical branch locations and banking services than traditional banks.

Why trust us: MagnifyMoney is a free service providing information on bank accounts and other financial products since 2014. We maintain editorial independence to ensure that readers will be presented with the best possible recommendations. Read our methodology for choosing the best high-yield savings accounts.

Best high-yield savings account rates in November 2022

AccountHigh-yield savings APYMinimum deposit
to open an account
SoFi Checking and Savings1.25% on all balances with direct deposit, otherwise 0.70%$0
Bask Bank Interest Savings0.80% on all balances$0
Bo Savings0.80% on all balances$250
My Banking Direct High Yield Savings0.77% on balances $1 and up$500
Quontic Bank High Yield Savings0.75% on all balances$100
Comenity Direct High-Yield Savings0.75% on all balances$100
LendingClub High-Yield Savings0.70% on balances $2,500 and up$100
Affirm Savings0.65% on all balances$0

SoFi Checking and Savings


on SoFi Bank, N.A’s secure website

APY: 1.25% on all balances with direct deposit, otherwise 0.70%
Minimum balance to open: $0
Monthly fee: $0SoFi Bank specializes in student loans, but the bank also offers SoFi Checking and Savings, which includes some of the same features as a paired checking and savings account.SoFi Checking and Savings has the highest interest rate of any checking or savings account today with 1.25% on all balances as long as you have a direct deposit set up (even if you don’t, you’ll earn 0.70%). Beyond the strong interest rate, you can also earn a cash sign-up bonus, receive your paycheck a few days early and use a network of over 55,000 ATMs.

Bask Bank Interest Savings


on Bask Bank’s secure website

Member FDIC

APY: 0.80% on all balances
Minimum balance to open: $0
Monthly fee: $0Bask Bank is a division of Texas Capital Bank, a Federal Deposit Insurance Corporation (FDIC)-insured institution. Bask has a partnership with American Airlines: customers who save in a Bask Mileage Savings Account earn an AAdvantage mile for each dollar, a creative way to earn airline miles.The Mileage Savings and Interest Savings accounts are the only products offered under the Bask Bank label. Interest Savings pays 0.80% on all balances. Money can be transferred between accounts easily if a customer opens both.

Bo Savings


on Bank Onward (Bo)’s secure website

Member FDIC

APY: 0.80% on all balances
Minimum balance to open: $250
Monthly fee: N/A onlineBankOnward (abbreviated as Bo) is an online-only division of ConnectOne Bank that provides a strong APY on savings account balances. The Bo Savings account is the only account offered through Bo.There’s a $250 minimum opening balance, though there are no minimum balance requirements once the account is open. There is a transfer limit of up to $3,000 per day and $15,000 per month for the Bo Savings account, so withdrawing large balances can be difficult.

My Banking Direct High Yield Savings


on My Banking Direct’s secure website

Member FDIC

APY: 0.77% on balances of $1 and up
Minimum balance to open: $500
Monthly fee: $0My Banking Direct is an online-only division of New York Community Bank, and it offers checking accounts, money market accounts and certificates of deposit (CDs) in addition to the High Yield Savings account.There are no monthly maintenance fees, but you do need a minimum opening balance of at least $500 in order to open an account; interest is earned on balances of $1 or more and credited to the account monthly. My Banking Direct allows you to set up recurring deposits to boost your savings.

Quontic Bank High Yield Savings


on Quontic Bank’s secure website

Member FDIC

APY: 0.75% on all balances
Minimum balance to open: $100
Monthly fee: $0Quontic is an online-only bank that offers a solid 0.75% APY on all balances in its High Yield Savings account. Quontic also offers a few checking accounts, including a Bitcoin Rewards Checking account, and CDs.Opening a High Yield Savings account requires a $100 deposit, and there are no monthly service fees or overdraft fees.

Comenity Direct High-Yield Savings


on Comenity Direct’s secure website

Member FDIC

APY: 0.75% on all balances
Minimum balance to open: $100
Monthly fee: $0Comenity Direct is a brand of Comenity Capital Bank, which offers featured credit cards through partner retailers. Comenity Direct has a few basic banking services, including the High-Yield Savings account.After opening the account with at least $100, 0.75% APY is earned on all balances, and there are no monthly maintenance fees. There is a maximum deposit limit of $1 million per account and $10 million per customer.

LendingClub High-Yield Savings


on LendingClub’s secure website

Member FDIC

APY: 0.70% on balances of $2,500 and up; 0.05% on balances of $10 or more
Minimum balance to open: $100
Monthly fee: $0LendingClub is a fintech marketplace bank that provides services such as deposit accounts, loans and investment accounts. In addition to their high-yield savings accounts, CDs and a rewards checking account are available through LendingClub.In order to earn the top APY of 0.70%, you must maintain a minimum balance of at least $2,500 or you’ll earn 0.05% instead (if your balance is at least $10). Unlike some other high-yield savings accounts, LendingClub High-Yield Savings comes with an ATM card and doesn’t charge ATM fees.

Affirm Savings


on Affirm’s secure website

Member FDIC

APY: 0.65% on all balances
Minimum balance to open: $0
Monthly fee: $0Affirm is a financial services company that provides financing at the point of sale for customers, so they can pay off their purchases over time. They also offer a savings account, held with the FDIC-insured Cross River Bank.The Affirm Savings account is straightforward: there are no monthly fees or minimum deposit requirements, and the APY applies to all balances. The Affirm app is available on the App Store and on Google Play.

Best savings account rates for low balances

  • Blue FCU Accelerated Savings: Blue’s Accelerated Savings account pays 5.00% APY on balances up to $1,000. Balances above that earn a strong blended APY.
  • Workers Credit Union SaveUp Savings: The SaveUp Savings account allows you to earn a strong 3.61% base APY on balances below $1,000 if you deposit $50 or more per month. While the rate drops for some balances above $1,000, the blended APY is still competitive.
  • Affinity FCU SmartStart Savings: Affinity has broad membership eligibility and allows you to join with a donation to one of two partner nonprofits. The SmartStart Savings account pays 2.00% APY on balances under $5,000. Any balance over $5,000 earns a blended APY.

What is a high-yield online savings account?

Savings accounts are a type of deposit account designed to store money and earn interest. A “high-yield” account doesn’t necessarily have different features than a standard savings account (which comes with some withdrawal limits) but they tend to offer better interest rates on the balance.

Even in an environment of low interest rates, high-yield accounts are built to pay out the best possible rates. Often, the financial institutions that offer those types of accounts tend to pare down the rest of their services, including those for in-person banking, in order to boost interest rates and limit fees.

Currently, the average rate on a savings account is just 0.06%, and the best high-yield accounts identified by MagnifyMoney earn at least 10 times that amount. If your primary goal with a savings account is to earn the best possible interest rate, a high-yield account offered by an online-only bank, fintech or credit union is probably a better option than the savings accounts offered at the largest banks.

How do high-yield savings accounts earn interest?

Interest accrues to savings accounts on a regular compounding schedule. On a daily, monthly or even quarterly basis, banks will pay the interest earned on a savings account balance into the account. That account will then start earning interest according to the new balance.

For example, if an account earns 1.00% APY on a $10,000 balance over the course of a year, it will start earning 1.00% APY on a balance of $10,100 at the start of the next year (as long as no money was deposited or withdrawn during that time). Learn more about how APY works.

Some financial institutions set certain conditions for earning the top APY, such as requiring a direct deposit from an employer, though generally savings accounts don’t have those requirements. However, some financial institutions offer tiered or blended APY rates, meaning that different balances earn different interest rates. Be sure to check whether the advertised APY will actually apply before opening an account.

Which high-yield savings account is right for me?

Beyond the interest rate offered on a high-yield savings account, there are some other factors to consider when choosing which account is best for you:

  • ATM use: While savings accounts aren’t typically used for everyday banking transactions, ATM availability might be a prerequisite if you know you’ll need to deposit or withdraw cash from the account. Quite a few high-yield savings accounts don’t offer ATM access.
  • Fees: Many savings accounts don’t charge a monthly maintenance fee, but some do. There are also sometimes fees for balance transfers, out-of-network ATM use, debit card replacement, paper account statements and other services.
  • Minimums: Again, many savings accounts don’t require a minimum balance to keep an account open, but some do. Minimum required balances in order to earn the best APY tend to be more common.
  • Relationship banking: Some people prefer to keep all their bank accounts with one financial institution, while others pick and choose different institutions for their checking account, savings account and other accounts. Sometimes financial institutions incentivize relationship banking with better interest rates, but the minimums to earn those rates tend to be higher.
  • Online platforms and mobile apps: Nowadays, most people use online and mobile banking for most of their basic banking transactions. Those platforms are very common, but some are better than others. Check a bank’s reviews on the Apple App or Google Play Store, for example, to see if other customers like or dislike their app.
  • Customer service: Those reviews and others available online can help determine what a bank’s customer service reputation may be like. Some offer 24/7 chat support and other resources, but some may have more limited customer service. If you think you may need in-person customer service, a high-yield online account may not be the best fit for you.

Ultimately, there are considerations that go beyond the interest rate when you’re deciding which high-yield savings account to open. If you think you might have more unique banking needs, be sure to check which features are available with a financial institution and their savings account offerings.

Summary of the top high interest savings accounts in November 2022

  • SoFi Checking and Savings: 1.25% APY
  • Bask Bank Interest Savings: 0.80% APY
  • Bo Savings: 0.80% APY
  • My Banking Direct High Yield Savings: 0.77% APY
  • Quontic Bank High Yield Savings: 0.75% APY
  • Comenity Direct High-Yield Savings: 0.75% APY
  • LendingClub High-Yield Savings: Up to 0.70% APY
  • Affirm Savings: 0.65% APY


Using information from DepositAccounts, which surveys more than 11,000 banks and credit unions, we sourced a list of the best high-yield savings rates for balances of $15,000. These accounts are all available nationwide and have reasonable minimum balance requirements. Each institution also has FDIC or NCUA insurance.

Frequently asked questions

There is nothing inherently unsafe about a high-yield savings account. As long as you make sure you’re depositing your money into an FDIC-insured bank or NCUA-insured credit union, your money will be insured up to legal amounts in case your institution fails.

You may also want to double check an institution’s security measures before signing up for an account. Check whether their website and information is protected by encryption and firewalls. Reputable institutions will also include anti-virus and anti-fraud measures. Other protections include biometric logins (fingerprints or face match), two-factor verification and security questions.

There is often not much difference between high-interest savings accounts and money market accounts. A money market account is a type of savings account that also tends to have higher rates than traditional savings accounts.

Some money market accounts set themselves apart by offering a debit or ATM card and/or check-writing capabilities. These accounts offer further accessibility to your money. However, money market accounts still fall under the six-limit “convenient” transaction requirement, like regular savings accounts.

High-yield savings accounts are taxed like regular savings accounts. However, your earnings from a high-interest savings account are more likely to be taxed, as you are more likely to be earning more in that account than a traditional low-rate account.

Savings account earnings are taxed. Typically, if you made $10 or more in interest, your institution should send you and the Internal Revenue Service (IRS) a copy of Form 1099-INT, which details the interest you’ve earned in a year. Even if you don’t receive that form, the IRS will, and they will expect you to report your interest income on your tax return.

If you earn $1,500 or more in interest income in a year, you will also need to detail those sources of income on Schedule B of Form 1040.

Thanks to the Federal Reserve’s Regulation D, you can withdraw up to six times per statement cycle from a high-yield savings account, like any other savings account. This includes pre-authorized and automatic withdrawals and transfers, and transfers made by debit card, check or other similar ways. Due to the COVID-19 pandemic, those limits are currently waived, but banks still may choose to enforce them.

You can get around this limit by performing “less convenient” withdrawals, like those made in person at the bank or ATM. Exceptions to the rule also include withdrawals and transfers requested by mail and those initiated over the phone if you receive the withdrawal as a mailed check.

Online banks don’t incur the costs of maintaining brick-and-mortar branches. These costs include rent, building maintenance, staff salaries and the cost of keeping physical cash safe. Without these expenses weighing them down, online banks reap big savings — savings they then pass on to their customers in the form of high interest rates.