1. “Savings Calculator”. SmartAsset (March 2022). Calculations in the examples above were made with the assumption that the interest rate did not fluctuate.

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2022's Best High-Interest Savings Accounts


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The best savings accounts are those that grow your money, give you constant access to it and don’t cost much to maintain. At SmartAsset, we analyzed many different savings accounts to find the top overall options. 

Imagine earning 8X more interest on the money in your bank account. That's the interest income you could earn by simply changing your savings account.

Don’t leave money in a typical savings account because you think interest rates are too low to make a difference. 

A high-interest account allows you to earn compound interest, while still having full access to your money, depending on the account and the institution where it’s opened.

To put that into perspective, the national average savings account rate is 0.06%, according to February 2022 FDIC data. By choosing an account that offers the highest rate, you can earn a lot more.

Think about it this way: If you have $20,000 sitting in an account earning 0.06% interest, you’d earn about $12 annually. An account with 0.50% interest would earn you $100. That’s without any additional deposits and for just one year. Making regular deposits would only increase your interest earned.1

Or consider this: Say you’re 50 and want to retire at 65. If you open the same high-interest account with the same amount and contribute $1,000 a month, you’d end up with $208,419 -- with $8,419 in interest alone. With the old savings account, you’d only end up with $200,988, with just $988 in interest.1

Use SmartAsset's simple Savings Account Comparison Tool above to compare Savings Account Rates from the top banks and find one that best suits your needs.

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