The 5 best high yield savings accounts of 2022

Features and fees

• APY: 0.60%
• Minimum balance: $0
• Monthly fee: $0
• Recommended Credit
• Not disclosed

The American Express High Yield Savings Account is another great card for no fees. There are no minimums and no monthly fees for your account, saving you money in the long run. It is a card that is backed directly by American Express, offering an FDIC-insured option that also delivers peace of mind. Another unique feature of American Express is its customer service. It prioritizes customer needs by offering 24/7 customer service, so there is always somebody standing by when you hit a snag. You can transfer money into your account using transfers and automatic deposits. If you do not make any transfers and consistently hold a zero balance, American Express will close your account after 180 days, so it is critical that you remain active with your deposits. To help with tracking, you have the choice of either digital or paper statements each month to help you calculate your savings. It is important to note that this savings account does not issue any ATM or debit cards, nor does it provide checks. 

Features and fees

• APY: 0.50% 
• ACH transfers: $0
• Excessive transaction fee: $10 per transaction
• Incoming wires: $0
• Monthly fee: $0
• Outgoing wires: $20
• Returned deposit item: $7.50

Ally Bank proudly claims to have helped people save 2x more after using the smart savings tools available on its website. It uses a system called buckets, which help you create and prioritize tasks, and boosters created to help you build your savings. It is easy to set up a recurring transfer so you do not have to worry about making a transfer each month, and there is also the option to round up each transaction to the next dollar, putting the extra change directly into your savings account. Plus, Ally skips many of the usual fees, charging nothing for monthly maintenance fees and incoming wires. However, you have to be comfortable banking online because Ally does not have any brick-and-mortar locations. You also do not have the ability to make cash deposits, limiting you to bank transfers instead. If you are Internet-friendly and only make transfers, Ally Bank could be for you.  

Features and fees

• APY: 0.50%
• Foreign transaction fee: $0
• Minimum balance: $0
• Monthly fee: $0
• Overdraft fee: Up to $200

Chime is a different type of service. It calls itself a tech company while relying on partners to fulfill its financial obligations. Chime is not a bank but rather works with a series of banks to provide support for its savings accounts, such as Stride Bank, N.A. and Cross River Bank. For added peace of mind, its partner banks are all FDIC-insured with added encryption protocols to protect your most sensitive information. Chime does not charge many of the fees that its competitors charge, requiring no minimum balance and delivering a competitive APY of 0.50% to help build your savings. There is also Round Ups, which help you save with each purchase rounded to the next dollar, and Save When I Get Paid helps with a direct deposit on every paycheck.  When you need to access funds, there is a network of more than 60,000 ATMs you can use without a fee, including those found in stores like 7-Eleven, CVS Pharmacy, and Walgreens.

Features and fees

• APY: 0.60%
• Minimum opening deposit: $0
• Monthly fee: $0

Marcus by Goldman Sachs offers its High Yield Online Savings, requiring no monthly deposit and skipping the monthly fees. It is backed by the power of Goldman Sachs, a well-respected leader of investment banks. Marcus itself has been around since 2016, adding extra security. The main drawback is that this is not a bank and so it does not embrace the mobile check deposit or ATM network that you receive with other banks. You will need a separate checking account to make your transfers, significantly limiting how you transfer money and make deposits. If you need to take out money, there is no ATM access, but you can make a transfer, do a wire transfer, or send a check. For same-day transfers, you have a generous limit of $100,000 from other banks. You can also access customer service 24/7 through its call center. Getting started is easy: there is no minimum deposit or credit check required. There are also no monthly fees to save you some extra cash each month.

Features and fees

• APY: 0.50%
• Excessive transaction fee: $10
• Minimum opening deposit: $100
• Monthly service charge: $0
• Paper statements: $5 per month
• Returned deposit: $7
• Stop payment: $30

Backed by Oklahoma’s Midland Bank, Vio Bank is an online-only bank that does not offer a checking account or ATM services, so it is important that you are tech-savvy enough to bank entirely online. However, with a 0.50% APY, the Vio Bank High Yield Online Savings Account offers a rate that is lower than some of the online savings accounts here on our list. Additionally, there is no minimum opening, monthly service fee, or charge for incoming wires. You will pay other fees, however, with fees for outgoing wires, excessive transactions, returned deposits, and stop payments. If you opt for paper statements, there is a minor fee each month. There is a $100 minimum deposit to open your account, which is something customers need to be prepared for. Customer service is available during limited hours during Central time if you need help with your account.