How to Find a High-Yield Savings Account


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The Importance of Opening a Savings Account

The best high-yield savings accounts are typically the ones offering the highest interest rates and meeting other customer needs. In addition to the APY you’ll earn, here are factors to consider when choosing a high-yield savings account:

  • Fees. Paying fees for banking services can nullify interest earnings on your savings. Look for banks that don’t charge monthly maintenance fees and other fees for common features and services.
  • Fine print. Some banks require you to meet specific monthly requirements to earn interest or achieve a higher interest tier. Determine whether you can meet these account requirements or minimums before opening a savings account.
  • Convenience. The best interest rates are typically found at online banks. Also, make sure your bank offers convenient ways to deposit and access funds when you need them.
  • Customer service. Customer service varies from bank to bank. The best banks offer multiple ways to receive customer support. Support options may include secure messages, chat, phone and email.


The accounts on this list have some of the best APYs available. They also rank well according to the overall criteria we’ve set for the Best Online Savings Accounts Of 2022.

To create a list of the best savings accounts, Forbes Advisor analyzed 73 online savings accounts at 53 financial institutions, including a mix of traditional brick-and-mortar banks, online banks, and credit unions. We ranked each account on 12 data points within the categories of APY, fees, minimum requirements, customer experience and digital experience. All of the accounts on our list are online-based accounts.

Here’s the weighting assigned to each category for high-yield savings accounts:

  • APY: 70%
  • Fees: 10%
  • Minimums: 10%
  • Customer experience: 5%
  • Digital experience: 5%

We also considered whether there were complex tier structures or requirements to earn the APY or other stipulations to earn the APY. Minimum deposit requirements of $10,000 or higher affected scores negatively, as did high minimum balance requirements to avoid fees. To appear on this list, the online savings account must be nationally available.

SOURCE: Forbes

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