The 5 Best High Yield Savings Accounts of 2022

While rising rates might not sound like a good thing — and, to be fair, it’s probably not the best news if you have a variable rate on a student loan, for example — it can be a positive sign for your savings account.

Higher rates mean you have the opportunity to earn more on your funds in a savings account. And if you’re a super saver looking for bigger earning potential, you’ll want to check out a high-yield, sometimes called a high-interest , savings account.

What is a High-Yield Savings Account?

A high-yield savings account is a vehicle for you to save money and earn higher-than-average interest on it. While the average savings account has a 0.13% interest rate, per the FDICyou can expect to earn more with a high-yield savings account. Sometimes a lot more, especially with rising interest rates.

Lots of traditional banks, credit unions and financial institutions offer high-yield savings accounts. And, due to a lack of overhead, online-only banks usually offer higher interest rates to customers. If you’re in a position to put money away, stay organized and follow an account’s requirements to earn a higher interest rate, a high-yield account could be a better fit for you than a traditional savings account.