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The average interest rate paid by a savings account right now is 0.33% Annual Percentage Yield (APY), according to the FDIC.
Today, the best online institution for earning a competitive interest rate on a high-yield savings account is MySavingsDirect, which pays 4.35% APY on a MySavingsDirect Savings Account. National brick-and-mortar banks generally pay lower interest rates than online banks. For example, TD Bank pays 0.02% APY on the TD Simple Savings Account.
CIT Bank 13 Month Term CD
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
$1,000
CIT Bank 13 Month Term CD
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
4.65%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
We’ve been checking over two dozen financial institutions to keep up with their new rate offerings. Our best savings accounts guide and best high-yield savings account guide 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.
Best interest-earning bank accounts: January 24, 2023
Open an account with at least $1
Make an initial deposit of any amount; if you’re a current customer you may need to call to get upgraded to the newest rate
Open an account with at least $5,000
Maintain $10,000 or more in an account for the entire term
Maintain $500 or more in an account for the entire term
Maintain $500 or more in an account for the entire term
Deposit $100,000 or more to earn a higher interest rate on a term account
Maintain $1,000 or more in an account for the entire term
Earn 5.00% APY on the first $10,000 in your account when you sign up to receive online bank statements, make 12 monthly debit card purchases, receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks, AND spend $1,000 per month with your Consumers Credit Card
Earn 5% APY on the first $10,000 in your account
Earn 3.90% APY if you’re a Personal Capital Advisory client
3.85% or 3.90% (for Personal Capital advisory clients)
Best for money market accounts
Maintain at least $1,000 in your account
Best for money market accounts
Maintain at least $1,000 in your account
Learn more
On Signature Federal Credit Union’s website
Learn more
On Quorum Federal Credit Union’s website
Best interest rates for savings accounts
MySavingsDirect Savings Account
MySavingsDirect Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
MySavingsDirect Savings Account
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
On MySavingsDirect’s website
Details
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$1
Pros & Cons
Highlights
Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The MySavingsDirect Savings Account might be worth considering if your priority is finding an online-only savings account.
Savings rate: 4.35% APY
What to look out for: The MySavingsDirect Savings Account offers limited access to your money. If you need to make a withdrawal from your account, you’ll have to transfer money to an external bank account, which could take a few business days.
Other online banks may have ATM or debit cards which permit direct access to money in a savings account.
UFB Best Savings
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Why it stands out: UFB Direct is an online division of Axos Bank. UFB Best Savings may be a great option if you’d prefer to open a savings account with a low minimum opening deposit. It also stands out from other savings accounts because it comes with an ATM card.
Savings rate: 4.21% (as of 01/18/2023) APY
What to look out for: Customers with existing savings accounts may have to call customer service to get upgraded to the newest rate.
It also may not be easy to deposit cash at UFB Direct. You’ll have to see if there are cash-accepting ATMs in your area.
Popular Direct High-Rise Savings
Popular Direct High-Rise Savings
Annual Percentage Yield (APY)
4.16%
Minimum Deposit Amount
$5,000
Popular Direct High-Rise Savings
Annual Percentage Yield (APY)
4.16%
Minimum Deposit Amount
$5,000
On Popular Direct’s website
Details
Annual Percentage Yield (APY)
4.16%
Minimum Deposit Amount
$5,000
Pros & Cons
Highlights
Why it stands out: You might like Popular Direct High-Rise Savings if you have at least $5,000 for an opening deposit. Popular Direct also may be a good choice if you’re searching for a savings account that doesn’t charge any monthly service fees.
Savings rate: 4.16% APY
What to look out for: Popular Direct High-Rise Savings has a steep minimum opening deposit. Other banks will let you open a savings account with less money upfront.
Popular Direct only has savings accounts and CDs. Since there’s no checking account, you won’t be able to directly access money in your savings account. Instead, you’ll need to transfer an external bank account, which could take a few business days to process.
Best interest rates for CDs
Popular Direct CD
Annual Percentage Yield (APY)
4.10% to 4.75%
Minimum Deposit Amount
$10,000
Annual Percentage Yield (APY)
4.10% to 4.75%
Minimum Deposit Amount
$10,000
On Popular Direct’s website
Details
Annual Percentage Yield (APY)
4.10% to 4.75%
Minimum Deposit Amount
$10,000
Pros & Cons
Highlights
Why it stands out: Popular Direct offers some of the best high-interest CDs. Its 3-month and 6-month CDs, in particular, stand out for their competitive interest rates.
Rates: The rates for Popular Direct CDs are as follows:
3 months: 4.10% APY
6 months: 4.50% APY
1 year: 4.75% APY
18 months: 4.65% APY
2 year: 4.60% APY
3 year: 4.60% APY
4 year: 4.47% APY
5 year: 4.55% APY
What to look out for: The bank requires a high minimum deposit of $10,000. Other financial institutions may offer lower initial deposit requirements.
CFG Bank CD
Annual Percentage Yield (APY)
4.50% to 4.75%
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
4.50% to 4.75%
Minimum Deposit Amount
$500
Details
Annual Percentage Yield (APY)
4.50% to 4.75%
Minimum Deposit Amount
$500
Pros & Cons
Highlights
Additional Reading
Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, or 3-year CD. You only need $500 to open a CD, and you could earn a high rate.
Rates: The rates for CFG Bank CDs are as follows:
1 year: 4.75% APY
18 month: 4.75% APY
3 year: 4.60% APY
5 year: 4.50% APY
What to look out for: CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 18-month, 36-month, or 60-month CDs.
Signature Federal Credit Union Certificate
Signature Federal Credit Union Certificate
Annual Percentage Yield (APY)
1.75% to 5.00%
Minimum Deposit Amount
$500
Signature Federal Credit Union Certificate
Annual Percentage Yield (APY)
1.75% to 5.00%
Minimum Deposit Amount
$500
On Signature Federal Credit Union’s website
Details
Annual Percentage Yield (APY)
1.75% to 5.00%
Minimum Deposit Amount
$500
Pros & Cons
Highlights
Why it stands out: Signature Federal Credit Union lets you open an account with $500. Usually, you need at least $1,000 to open a share certificate.
Signature Federal Credit Union’s most appealing term is its 6-month share certificate, which pays a competitive interest rate compared to CDs at other financial institutions.
Rate: The rates for Signature Federal Credit Union share certificates are as follows:
- 3 months: 1.75% APY
- 6 months: 5.00% APY
- 9 months: 2.75% APY
- 1 year: 3.75% APY
- 18 months: 3.90% APY
- 2 years: 3.60% APY
- 3 years: 3.75% APY
- 4 years: 3.70% APY
- 5 years: 4.00% APY
Signature Federal Credit Union also has a limited-time premium 3-year CD. This is a promotional CD that pays 4.50% APY for 36 months. Once your term ends, your CD will be automatically renewed to a 3-year standard CD, which currently offers a rate of 3.75% APY.
What to look out for: To open a share certificate at Signature Federal Credit Union, you must become a member first. The easiest way to become a member is to enroll in the American Consumer Council. Then you’ll just need to open a savings account.
Quorum Federal Credit Union Term Savings
Quorum Federal Credit Union Term Savings
Annual Percentage Yield (APY)
1.70% to 4.70%
Minimum Deposit Amount
$1,000
Quorum Federal Credit Union Term Savings
Annual Percentage Yield (APY)
1.70% to 4.70%
Minimum Deposit Amount
$1,000
On Quorum Federal Credit Union’s website
Details
Annual Percentage Yield (APY)
1.70% to 4.70%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Why it stands out: Quorum Federal Credit Union offers a competitive interest rate on a 2-year CD.
You’ll earn 4.60% APY with a minimum deposit between $1,000 and $99,999, or 4.70% APY if you deposit more than $100,000 in your account.
Rate: The rates for Quorum Federal Credit Union Quorum Federal Credit Union Term Savings are as follows:
3 months: 1.70% APY
6 months: 1.95% APY
1 year: 2.10% APY
13 month (new money only): 4.50% APY
18 month: 2.10% APY
2 year: 4.60% (on balances $1,000 – $99,999) or 4.70% (on balances of $100,000 or more) APY
3 year: 2.20% APY
4 year: 2.25% APY
5 year: 2.35% APY
Keep in mind if you deposit $100,000 or more in a Term account, you’ll earn an additional 0.10% APY to the rate listed.
What to look out for: To open a bank account at a credit union, you’ll need to become a member first. At Quorum, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.
Rising Bank CD
Annual Percentage Yield (APY)
3.50% to 4.75%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
3.50% to 4.75%
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
3.50% to 4.75%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Why it stands out: Rising Bank is an online division of Midwest BankCentre. You may like Rising Bank if you’re looking for a 1-year or 15-month term.
Rate: The rates for Rising Bank CDs are as follows:
- 6 months: 3.50% APY
- 1 year: 4.60% APY
- 15 months: 4.75% APY
- 2 years: 3.80% APY
- 3 years: 3.85% APY
What to look out for: Interest is compounded and deposited every three months on Rising Bank CDs. Other financial institutions may compound interest monthly or daily, instead. Depending on how much money you plan to deposit into a CD, this may or may not make a significant difference.
Best interest rates for checking
Consumers Credit Union Free Rewards Checking Account
Consumers Credit Union Free Rewards Checking Account
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Consumers Credit Union Free Rewards Checking Account
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
On Consumers Credit Union’s website
Details
Annual Percentage Yield (APY)
0.01% to 5.00%
Minimum Deposit Amount
$5
Pros & Cons
Highlights
Additional Reading
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 less than $10,000 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% and spend $500 per month with your Consumers Credit Union Credit Card
- Earn 5.00% APY if you meet the requirements to earn 3% 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 0.01% 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
Juno Metal Checking Account
Annual Percentage Yield (APY)
3.00% to 5.00% (depending on deposit amount)
Minimum Deposit Amount
$0
Juno Metal Checking Account
Annual Percentage Yield (APY)
3.00% to 5.00% (depending on deposit amount)
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
3.00% to 5.00% (depending on deposit amount)
5.00% yearly bonus on deposit balances up to $10,000; 3.00% yearly bonus on deposit balances from $10,001 to $250,000
Show more
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
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 $10,000 in your account, and 3% on balances from $10,0001 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: 3.00% to 5.00% (depending on deposit amount) 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.
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.
Personal Capital Cash Account
Personal Capital Cash Account
Annual Percentage Yield (APY)
3.85% or 3.90% (for Personal Capital advisory clients)
Minimum Deposit Amount
None
Personal Capital Cash Account
Annual Percentage Yield (APY)
3.85% or 3.90% (for Personal Capital advisory clients)
Minimum Deposit Amount
None
On Personal Capital’s website
Details
Annual Percentage Yield (APY)
3.85% or 3.90% (for Personal Capital advisory clients)
Minimum Deposit Amount
None
Pros & Cons
Highlights
Why it stands out: The Personal Capital Cash Account might be worthwhile if you already use the investment platform Personal Capital. This cash management account doesn’t charge any monthly service fees; up to $2 million is FDIC insured in an account.
To earn 3.90% APY, you must be a Personal Capital advisory client. Otherwise, you’ll earn 3.85% APY.
Rate: 3.85% or 3.90% (for Personal Capital advisory clients) APY
What to look out for: Personal Capital only offers a cash management account, which is an alternative option to traditional checking and savings accounts. If you would like to open different types of accounts — for example, a money market account or CD — you might consider a bank or credit union instead.
Best interest rates for money market accounts
CFG Bank High Yield Money Market Account
CFG Bank High Yield Money Market Account
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$1,000
CFG Bank High Yield Money Market Account
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
4.25%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
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 4.25% APY and waive the $10 monthly service fee.
Rate: 4.25% 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 Best Money Market Account
UFB Best Money Market Account
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Fees
$10 monthly fee (with options to waive)
UFB Best Money Market Account
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Fees
$10 monthly fee (with options to waive)
Details
Fees
$10 monthly fee (with options to waive)
Annual Percentage Yield (APY)
4.21% (as of 01/18/2023)
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Why it stands out: You may like the UFB Best 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: 4.21% (as of 01/18/2023) 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.
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