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The average savings account offers 0.39% Annual Percentage Yield (APY), according to the FDIC. However, several banks and credit unions pay much more than the average right now.
Popular savings account options
Perhaps, you’ll see the highest rates at banks with unfamiliar names. If you’re searching for a bank with a national presence or you’re cautious about banks since Silicon Valley Bank failed, remember that up to $250,000 per depositor is safe in a federally insured bank even if it is shut down. Popular savings options from national brands can offer good rates, too. Here are some that offer competitive rates:
Best savings rates today
These accounts currently have the highest rates right now:
Best CD rates today
Best checking account rates today
Best money market account rates today
Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is UFB Direct, which pays 4.81% APY on UFB Premier Savings.
National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account. If you’d like to earn a more competitive interest rate at a national brick-and-mortar bank, you’ll probably have to consider a premium savings account or money market account.
We’ve been checking over two dozen financial institutions to keep up with their new rate offerings. Our best savings accounts and best high-yield savings accounts guides can also be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.
Below, you’ll find some of the best high-interest savings accounts, CDs, high-yield checking accounts, and money market accounts available. All of these bank accounts have FDIC insurance, and the credit unions are NCUA-insured.
Best interest rates for savings accounts
UFB Premier Savings
Why it stands out: UFB Premier Savings comes with a complimentary ATM card, so you’ll have easy access to your bank account.
Savings rate: 4.81% APY
What to look out for: Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.
UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
Primis Savings
Why it stands out: Primis Savings is a straightforward savings account with a competitive interest rate. There’s no monthly service fees, no minimum balance requirements, and a $1 minimum opening deposit.
Savings rate: 4.77% APY
What to look out for: Primis Savings is only available online. If you would like to open a savings account at a Primis Bank branch, there are comparable accounts offered.
CIT Bank Platinum Savings
Why it stands out: CIT Bank Platinum Savings might be a solid choice if you maintain a high account balance. You’ll be able to earn 4.75% APY on balances of $5,000 or more.
Savings rate: 0.25% to 4.75% APY
What to look out for: You’ll only earn 0.25% APY if you have less than $5,000 in your account.
Best interest rates for CDs
Premier Members Credit Union Share Certificate
Why it stands out: Premier Members Credit Union may be a solid option if you prefer credit unions over banks and meet the eligibility requirements to become a member. The credit union is offering a limited-time 10-month share certificate that pays 5.25% APY. Once the 10-month certificate matures, it will automatically renew to a 6-month regular share certificate.
Rate: The rates for Premier Members Credit Union share certificates are as follows:
- 6 months: 2.50% APY
- 10 months (limited-time offer): 5.25% APY
- 12 months: 3.00% APY
- 18 months: 3.00% APY
- 2 years: 3.00% APY
- 3 years: 3.00% APY
- 4 years: 3.00% APY
- 5 years: 3.00% APY
What to look out for: The easiest way to become a member of the credit union is probably by joining Impact on Education, a charity of the Boulder Valley School District. You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.
Air Force Federal Credit Union Certificate Account
Why it stands out: Air Force Federal Credit Union could be a good choice for CDs if you meet any the requirements for membership. The credit union’s most competitive CD is its 3-year term.
Rate: The rates for Air Force Federal Credit Union Certificates depend on how you deposit. You’ll earn a higher interest rate when you open an account with $100,000.
- 6 months: 4.00 to 4.25% to APY
- 12 months: 4.75% to 5.00% APY
- 18 months: 5.05% to 5.25% APY
- 2 years: 5.15% to 5.35% APY
- 3 years: 4.00% to 4.25% APY
- 5 years: 3.50% to 3.75% APY
- 7 years: 3.30% APY
What to look out for: To open accounts at Air Force Federal Credit Union, you’ll have to meet certain membership requirements. You may be eligible if you or a family member: live, work, or go to school in select areas in Texas or Mississippi; are an active duty member or veteran of the US Armed Forces or National Guard living in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi; or you make a $10 donation to the Dream Education Foundation or $25 to the Airman Heritage Foundation.
BrioDirect High-Yield CD
Why it stands out: BrioDirect has a competitive interest rate on its promotional 1-year CD. Its CDs also have a low minimum opening deposit of $500.
Rates: The rates for BrioDirect High-Yield CDs are as follows:
- 30 days: 0.05% APY
- 3 months: 0.25% APY
- 5 months: 0.15% APY
- 9 months: 0.30% APY
- Promo 12 months: 5.25% APY
- 18 months: 1.35% APY
- 2 years: 2.30% APY
- 30 months: 0.45% APY
- 3 years: 2.45% APY
- 4 years: 0.45% APY
- 5 years: 0.45% APY
What to look out for: BrioDirect currently isn’t offering a high-yield savings account, checking account, or money market account. You’ll only be able to get CDs.
Crescent Bank CD
Why it stands out: Crescent Bank has online CDs with great interest rates.
You may deposit money into the CD by mailing a check or transferring money from a bank account at another financial institution.
Rate: The rates for Crescent Bank CDs are as follows:
- 12 months: 5.15% APY
- 18 months: 5.10% APY
- 2 years: 5.10% APY
- 30 months: 4.55% APY
- 3 years: 4.55% APY
- 4 years: 4.55% APY
- 5 years: 4.50% APY
What to look out for: To open a Crescent Bank CD, you’ll need to deposit at least $1,000 in new money. New money means funds that haven’t already been deposited into a Crescent Bank account.
Synchrony CD
Why it stands out: Synchrony has 14-month and 18-month CDs with competitive interest rates. You also might like Synchrony if you want to open a CD with a low initial deposit — the online bank lets you open an account with $0.
Rate: The rates for Synchrony CDs are as follows:
- 3 months: 2.25% APY
- 6 months: 4.25% APY
- 9 months: 4.30% APY
- 12 months: 4.75% APY
- 13 months: 4.50% APY
- 14 months: 5.15% APY
- 15 months: 4.50% APY
- 16 months: 4.50% APY
- 18 months: 5.00% APY
- 19 months: 4.50% APY
- 2 years: 4.30% APY
- 3 years: 4.30% APY
- 4 years: 4.00% APY
- 5 years: 4.00% APY
What to look out for: You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. When you’re ready to cash out your CD, you must call Synchrony. Some other banks will let you cash out your CD through online banking.
Best interest rates for checking
Consumers Credit Union Free Rewards Checking Account
Why it stands out: The Consumers Credit Union Free Rewards Checking Account doesn’t charge monthly service fees. If you qualify for a tiered rate, you’ll also be eligible to get early direct deposit and unlimited ATM fee reimbursements.
You’ll get the most out of the account if you do the following:
- Earn 3.00% APY if you have $10,000 or less when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
- Earn 4.00% APY if you meet the requirements to earn 3.00% APY and spend $500 per month with your Consumers Credit Union Credit Card
- Earn 5.00% APY if you meet the requirements to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Card
- Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
- Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
If you don’t meet the requirements, you’ll only earn 0.10% APY on your account balance.
Rate: 0.01% to 5.00% APY
What to look out for: Credit unions require membership to open accounts. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.
Juno Metal Checking Account
Why it stands out: Juno has a solid rewards checking account. The rate you’ll earn will vary depending on your account balance. You can earn up to a 5% yearly bonus on the first $25,000 in your account, and 4% on balances from $25,0001 to $250,000. You’ll also be able to earn 5% cash back when you shop at select retailers, and buy and sell cryptocurrency through Juno.
Rate: 4.00% to 5.00% APY
What to look out for: Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than Juno Basic Checking Account.
To qualify for Metal, you’ll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.
Primis Premium Checking
Why it stands out: Similar to the Primis Savings Account, Primis Premium Checking offers a competitive interest rate and low minimum opening deposit. This checking account may also be a good option if you are looking for a checking account that has early direct deposit.
Rate: 4.77% APY
What to look out for: Primis ATMs are primarily located near Primis branches. If you don’t live in Maryland or Virginia, you’ll have to use out-of-network ATMs. Primis doesn’t charge ATM fees and will provide reimbursements if you’re charged by an out-of-network ATM provider. That said, you may have to wait until the business day your statement cycle ends to receive your ATM reimbursements.
Another thing to keep in mind is that Primis Premium Checking is only available online. If you would like to open a checking account at a Primis Bank branch, there are comparable accounts offered.
Best interest rates for money market accounts
CFG Bank High Yield Money Market Account
Why it stands out: CFG Bank offers a high interest rate on a money market account. You may like the CFG Bank High Yield Money Market Account if you regularly maintain at least $1,000 in your account. That way, you’ll earn 5.02% APY and waive the monthly fee.
Rate: 5.02% APY
What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks. However, the CFG Bank High Yield Money Market Account doesn’t have these options. If you’d like to withdraw money from your account, you’ll have to make a transfer to another account.
UFB Preferred Money Market Account
Why it stands out: You may like the UFB Preferred Money Market Account if you would like a money market account that includes paper checks and a debit card.
You’ll earn a high interest rate on the account, but there’s a $10 monthly service fee if you don’t maintain an account balance of at least $5,000.
Rate: 4.81% APY
What to look out for: If you don’t think you can maintain at least $5,000 in your account to avoid the monthly service fee, there are other banks that have lower minimum balance requirements or no monthly service fees.
Keep in mind that UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.
How to balance a high APY vs. brand in an uncertain banking environment
Silicon Valley Bank was one of the largest banks in the US, and it was shut down in March. Earning a high APY on a savings account or CD seems great, but how important is a high rate when your bank could fail?
If a bank is insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 is safe per depositor in a savings, checking, CD, and money market account. This means that if you have a joint account, $500,000 is safe. The same is true for credit unions, which are insured by the National Credit Union Administration (NCUA). If your bank failed, your money with either move into another insured institution, or you would receive a check for the money that was in your accounts.
The national brands on our list, such as Capital One and Discover, are FDIC-insured. The smaller brands, like CFG and Crescent Bank, are also insured. Federal insurance matters more than the actual bank brand.
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