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Best Savings Accounts for 2022


Banks and financial institutions offer savings accounts as a means of storing money. These federally insured accounts often pay interest, although at lesser rates than other government-insured financial products.

Savings accounts provide more liquidity allowing up to six different withdrawals or transfers per statement cycle. Your financial well-being can be greatly impacted by having a good savings account in the long term. However, if you need money for an unforeseen emergency, Payday Depot loans might be an excellent option.

Now, let’s take a look at the best savings accounts in 2022.

Sallie Mae Bank’s SmartyPig Account

It is possible to earn an excellent annual percentage yield of 0.70% with the SmartyPig Account. Additionally, this account has no minimum balance requirement or monthly fee. Rewards for referring friends and family are another bonus.

Sallie Mae’s SmartyPig online savings account provides savers with options to build and track savings progress for specific goals, exactly like an online piggy bank. Savings accounts like this can help people with lower deposits develop their savings more quickly.


  • No minimum balance is required to avoid fees
  • There is no monthly charge.
  • APY of 0.70%
  • Every friend you refer who establishes a SmartyPig account sets a goal and contributes to it will earn you a $10 bonus.


Only accessible online

Axos Bank Savings Account

The High Yield Savings Account from Axos Bank has a lower minimum deposit and 0.61% APY. Upon request, a free ATM card can be obtained with this account. Customers can access a wide choice of surcharge-free ATMs throughout the United States.

Additionally, the bank provides 24/7 customer assistance and a highly regarded mobile app.


  • Minimal fees
  • Competitive APY for accounts under $25,000.
  • Customer support is accessible 24/7.
  • Full-service banking


  • A minimum deposit of $250 is required to open an account.

Quontic Bank

The APY on Quontic bank’s High Yield Savings account is 0.55%, and there are no recurring monthly charges. Those looking for more than just a savings account may find this bank to be a wonderful option. We gave them the nod because of its competitive rates and terms on all its banking products.


  • Attractive APY.
  • The minimum deposit requirement is less.


  • Other online banks and credit unions offer better APYs.
  • There are no automated saving tools.

Marcus by Goldman Sachs

Marcus’ high-yield Online Savings Account offers an impressive interest rate and no minimum deposit. For domestic wire transfers, there are no monthly charges or fees. The same-day transfer of $100,000 or less is also permitted.

Marcus does not have a branch network, but users can access their accounts via the bank’s website, mobile app, or phone.


  • Transfers of $100,000 or less can be made on the same day.
  • There are no fees or minimum deposit requirements.


  • Mobile check deposit is not supported.
  • Does not provide round-the-clock customer support.

Alliant Credit Union

In addition to the excellent dividend rate, Alliant Credit Union’s High-Rate Savings account does not charge a monthly fee as long as you choose for eStatements. Opening an account requires a $5 down payment, which the credit union refunds.

Up to 19 additional savings accounts can be opened once you become an Alliant member. There is no minimum balance required to start these accounts; you can deposit funds later.

With the credit union’s mobile app, you can deposit checks, pay bills and use budgeting tools to manage your money.


  • Create up to 19 additional savings accounts.
  • Refund of the initial $5 deposit


  • Paper statements cost $1 each month.
  • Dividends require a minimum of $100.