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The average interest rate paid by a savings account right now is
The best online institution for getting a competitive interest rate on a high-yield savings account is MySavingsDirect, which pays
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 most competitive interest rates for savings accounts, CDs, high-yield checking accounts, and money market accounts. Our top picks are the same from the last two days since rates have remained mostly consistent.
Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The
Savings rate:
What to look out for: The
Other online banks may have ATM or debit cards which permit direct access to money in a savings account.
Why it stands out: You might like
Savings rate:
What to look out for:
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.
Why it stands out: Bask Bank is an online division of Texas Capital Bank. The
Savings rate:
What to look out for: You'll need to make an initial deposit within the first 15 days of opening the
Something else to keep in mind is that Bask Bank only offers the
Why it stands out: Popular Direct pays high interest rates on 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: 4.05% APY
6 months: 4.50% APY
1 year: 4.75% APY
18 months: 4.65% APY
2 year: 4.60% APY
3 year: 4.55% APY
4 year: 4.47% APY
5 year: 4.55% APY
What to look out for: The bank requires a high minimum deposit of
Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, 3-year, or 5-year CD. You only need
Rates: The rates for CFG Bank CDs are as follows:
1 year:
18 month:
3 year:
5 year:
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.
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
Rate: The rates for Quorum Federal Credit Union
3 months: 1.70% APY
6 months: 1.95% APY
1 year: 2.10% APY
13 month (new money only):
18 month: 2.10% APY
2 year:
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.
Why it stands out: Crescent Bank offers online CDs with competitive interest rates. The bank also has standard-to-low early withdrawal penalties.
Rate: The rates for Crescent Bank's online CD rates are as follows:
What to look out for: To deposit money into an online Crescent Bank CD, you may mail the bank a check or transfer money from a bank account at another financial institution.
Also keep in mind that once a CD matures, it will automatically renew unless you call customer service to close it.
Why it stands out: Alliant pays a high rate on a 3-year CD and has reasonable early withdrawal penalties.
Rate: The rates for Alliant are as follows:
1 year:
18 month: 4.25% APY
2 year: 4.25% APY
3 year:
4 year:
5 year: 4.25% APY
What to look out for: Credit unions require you to become a member to open an account. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
Why it stands out: The
You'll get the most out of the account if you do the following:
If you don't meet the requirements, you'll only earn 0.01% APY on your account balance.
Rate:
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
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:
What to look out for: Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the
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.
Why it stands out: The
To earn 3.90% APY, you must be a Personal Capital advisory client. Otherwise, you'll earn 3.85% APY.
Rate:
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.
Why it stands out: CFG Bank offers a high interest rate on a money market account. You may like the
Rate:
What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks, but the
Why it stands out: UFB Direct is an online division of Axos Bank. You may like the
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:
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.
