Best high yield savings accounts of august 2022

In this article, we're talking about the best bank accounts in 2022. That's right there also the high yield savings account for 2022. I think this is a perfect time to talk about bank accounts. As we kick-started this new year, I'm sure you'll all have some big financial goals for 2022. 

And the best place to start is by having your money in the right bank accounts that offer the highest interest rates out there. We're talking about banks that pay 10 times higher interest rates than what the traditional savings accounts are offering. By the way, gone are the days of shoving money under the mattress. Come on, we're all guilty of it while growing up. 

I learned to make the smart money move by putting my money into online bank accounts where a high yield APY rate can literally help you double your money every year. See, it doesn't matter if you're working class or very well everyone needs an emergency fund.

And you might also have money between your bills lying around either in your checking account or just some cash saved up at home as I did. That is earning you absolutely nothing. So there's no better place to park the money you're saving than in a high-interest savings account. 

Obviously what the way things are in the current stock market and I know many of us have been looking for a safer way to make money. So let's jump right into the video right after this Intro Welcome back everyone.

#1. Number

Okay, so the first best bank account with high-yield savings in 2022 is a smarty pig savings account by Sallie Mae. That's right, smarty pig offers a whopping high yield savings of 0.70% APY that is more than 11 times the FDIC national average for savings accounts of just point zero 6% APY.

That is ridiculously low, low enough that your savings won't even keep pace with the current rising inflation. However, you can beat the average by opening a savings account with Sallie Mae. Honestly, this is one of the top rates you can find out there at least the ones I could find the stays.

Another pro for this bank account is that there is absolutely no minimum deposit amount required to open a savings account. And there is no monthly fee, so a real win for us. Now keep in mind with a smarty pig savings account, you'll get 0.7% APY on any amount up to $10,000. But after $10,000 the rate falls 2.45% APY which is still a pretty good deal honestly.

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Number two is Affirm savings account. This is another great high-yield savings account to consider during this time since 2022. It offers 0.65% APY, which is 13 times the national average. Now just a note for this account, it is only available and accessible via the form mobile app.

So you'll need to download the iPhone app to open an account, but they have no minimum dollar requirement and absolutely no monthly fees. That's right. And hey, it is also FDIC insured up to the federal limit of $250,000. 

#3. Number

Next is the number three best bank account with high yield savings is Axos Bank. This is another great savings account where you can earn up to 2.61% APY with interest compounded daily, and absolutely no monthly fees are required. All you need is a minimum of two $50 initial deposits to open an account not too bad 4.61% APY. 

Now keep in mind you aren't this high yield savings of point six 1% up to $24,999. And after that, your API drops 2.25% x this bank also has pretty cool innovative banking features such as a way to integrate third-party apps like mint and Venmo as well as the ability to earn cash if you refer your friends. So definitely check out this savings account.

#4. Number

Now moving on to the fourth best bank account for 2022 is another one of my favorite Varo Bank. Well, the bank makes its way to the top of the list for many good reasons. You can earn an APY of 3% up to a $10,000 balance, which is astronomical by today's standards. Just to compare the national average for a savings account is just 0.06% APY which is ridiculously low.

However, you can beat the average by opening a savings account with zero banks, they have no minimum deposit required to open an account and $0 in monthly fees. Now, you might be wondering how can you get that 3% interest. Well, to do that within their savings account, you must meet these three requirements. 

Online High Yield Savings Accounts

So by meeting the three requirements, and the first one is you must also have at least $1,000 worth of direct deposit going into the account. And along with it, you will need to maintain a savings balance of $5,000 or less the entire calendar month and keep your bank account and savings account balances above or equal to zero the entire calendar month. 

This all sounds super easy to maintain for a whopping 3% APY why? Now no big deal. If you don't meet those requirements, you can still earn 0.5% APY, and that is still much higher than the national average. Vera bank also offers two automatic savings programs that are linked to their bank account. 

The first is to save your pay. It lets you ask for a percentage of your direct deposit to go directly into your savings account. And the other is to save your change which rounds up your transaction to the nearest dollars and transfers those cents to your savings.

At the end of the month, all the scents add up quite a bit. Where accounts are also FDIC insured for up to $250,000 so you can relax your money is in safe hands. 

#5. Number

Now, number five is American Express. American Express is well known for its credit cards. If you'd like to keep a lot of your banking under the same banner. Amex offers personal savings account at a very competitive rate of 0.5% APY. This is also one of the accounts I personally use.

So to open an account with AMEX, there is no minimum deposit required, and you will be charged absolutely no fees. Now keep in mind, that AMEX limits withdrawals to six per month. But hey, here's a big plus. Unlike other banks, AMEX does not charge a fee if you exceed this amount. 

What also sets the savings account apart from the rest is AMEX's superb customer service available 24 hours a day seven days a week. If you have any questions about your savings account, just pick up the phone and speak to a live agent at any time. No automated responses. However, with American Express even though you're getting APY point 5% interest rate. 

This account is just meant to be your savings account. And that's it. Unfortunately, they don't offer a checking account so you're not getting any debit card and you're not getting a checkbook. 

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Now moving on to number six is Ally Bank ally savings account offers a rate of 0.5% APY which is much higher than the national average of 0.06%. And the great thing about Ally Bank is the interest is compounded daily, which means you'll make a bit more money on interest compared to accounts that compound monthly.

Ally bank's most attractive feature is the bucket tool designed to help you set goals and build your savings around them. This program lets you set up multiple divisions for buckets within the same account so you can manage those funds separately.

#7. Number

Lastly, number seven Vio Bank offers one of the best high-yield savings rates available out there. 0.5% APY these rates apply to all balances. You only need $100 to open this account and there is absolutely no monthly fee. But there is a small fee to watch out for though I think it's super easy to avoid. 

We are charges your $5 monthly fee if you want a paper statement Come on, we don't waste paper in 2022. Online statements are so much easier to access plus save your five bucks and a $10 fee per transaction if you make more than six withdrawals per month. Not all banks charge for excessive withdrawals. 

But banks like Vio still follow the old Regulation D limitation of a maximum of six transaction probe savings accounts per month. Hopefully, you don't need to make that money transaction. See the whole purpose of the high yield savings account is to put your money in it, let it double, and forget about it, not touch it unless it's an absolute emergency. 

The overall high-yield savings account can be used for a range of purposes. From your emergency fund to saving up for a down payment high yields bank account can play a major role in your future financial plan.

So if you're looking for an account that can help you say well still offer easy access to your money. These seven bank accounts are worth considering in my opinion.

It is really really important that you're maximizing your savings as much as possible in times like today. So anyways, that is all I have for the best bank accounts for 2022.