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Best High Yield Savings Accounts in 2022 2.10% APY Freedom In A Budget
Money Motivation Saving Money

Best High Yield Savings Accounts in 2022 – 2.10% APY

Did you know that high-yield savings accounts give you a much higher interest rate than traditional banks, sometimes up to 16 times higher? 

Today I’m sharing my top 5 high-yield savings accounts, what their APY is, the account minimums, plus the pros and cons of each one.

What is a high-yield savings account?

High-yield savings accounts are online-only savings accounts meaning they don’t have a physical bank location. 

Since they don’t have the overhead of a traditional bank, they are able to pass on the savings to you and give you a much higher interest rate, so your money makes money!

What should I use my high-yield savings account for?

High-yield savings accounts are great for storing sinking funds, general savings, or your emergency fund

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I thought high-interest rates were a bad thing?

High-interest rates can be a good thing and a bad thing. 

When you have debt, you want your interest rate to be as low as possible because that is additional money that you are paying towards your loan in addition to the principal balance. 

But with savings accounts, you want the interest rate to be high because that is money that you are earning on your money.

Do interest rates change?

Yes, interest rates can change. If you are reading this 6 months or 6 years after I publish this article, the interest rates I’m mentioning could be higher or lower.

What causes interest rates to change?

According to Investopedia.com in their article titled Forces That Cause Changes in Interest Rates, “Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them.”

Let's Take a Look at the Top 5 High-Yield Savings Accounts

CIT Bank

  • APY Interest Rate: 2.10%
  • Monthly Maintenance Fees: $0
  • Minimum Opening Balance: $100
  • Mobile App: YES

Ally Bank

  • APY Interest Rate: 2.00%
  • Monthly Maintenance Fees: $0
  • Minimum Opening Balance: $0
  • Mobile App: YES

American Express Personal Savings Bank

  • APY Interest Rate: 1.75%
  • Monthly Maintenance Fees: $0
  • Minimum Opening Balance: $0
  • Mobile App: YES


  • APY Interest Rate: 2.00%
  • Monthly Maintenance Fees: $0
  • Minimum Opening Balance: $0
  • Mobile App: YES

Capital One 360

  • APY Interest Rate: 1.90%
  • Monthly Maintenance Fees: $0
  • Minimum Opening Balance: $0
  • Mobile App: YES

Ways to save!

  • CIT Bank: BEST High-yield savings account; your bank shouldn’t be charging you money. Instead, YOU should be making money off your money!
  • Ladder: Get a quick, free quote on term life insurance, affordable, online term life insurance. No exam! No waiting! No hassles!
  • GetUpside: Earn 20 cents per gallon on gas cash back when you download the app and use code FIAB20.
  • Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s it. Really. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from retailers like Amazon, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!
  • GoodRx: Free app that provides you savings of up to 80% on your prescriptions (even if you don’t have insurance). $5 sign up bonus!
  • Rakuten: Get cash back on online purchases and automatic coupons and savings with their browser plugin… and remember, you have to make a $20 purchase to get your $20 for free!
  • Blooom: FREE 401(k) or IRA analyzer, Let the experts take a peek at your retirement account. Get real advice on how it’s doing and how it could be performing better.
  • Lively: A modern health savings account. Prepare for tomorrow by making smart decisions about finances and healthcare today. Lively HSAs are free for individuals and families, so you never have to worry about hidden costs.
  • Build Wealth by Investing in Index Funds Course: I’ve teamed up with my friend Jeremy from Personal Finance Club to teach you everything you need to know to invest in index funds! How to open an account, how much to invest, and how to choose an index fund. You’ll gain the knowledge and confidence to optimally invest and build wealth for decades.
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