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Best Savings Accounts for June 2022

Best Savings Accounts for June 2022

For the first time in years, savings accounts are starting to offer decent interest rates. The Fed’s interest rate hikes to counter inflation are filtering down to consumer accounts — and many retail and online banks have gradually started increasing their annual percentage yields (or APYs) on their highest-performing savings accounts.

While the average savings account offered around 0.06% APY for most of 2022, this number ticked up to 0.07% in May and 0.08% in June. And that’s just the national average. APYs have surpassed 1.00% at several banks, and more banks are creeping closer with APYs of 0.85% or 0.90%. Many savings account APYS have increased multiple times in the past few months.

Most of the savings rate increases can be found at online-only banks, which can typically offer higher interest rates since the banks are not managing the overhead costs of maintaining physical branches. The country’s biggest banks, Chase, Bank of America and Wells Fargo, which all have bank branches you can walk into, are offering relatively low APYs for savings accounts, far below the 0.08% average. If earning higher interest is important to you, the tradeoff is forgoing easy access to physical branches.

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The best savings accounts on our list offer APYs at 0.85% or higher, while charging no fees for monthly maintenance fees or minimum deposits. Read on to discover our picks for best savings accounts. 

Best savings accounts

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