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The average interest rate paid by a savings account right now is 0.37% Annual Percentage Yield (APY), according to the FDIC, but there are currently multiple savings accounts available that pay much more than that.
Popular savings account options
The highest rate might not always be the right account for you. If you’re looking for a bank with a national presence or you’re wary of banks since Silicon Valley Bank recently failed, remember that up to $250,000 per depositor is safe in a federally insured bank should it fail. If you’re looking for a familiar, national brand with a good rate, here are some banks that offer competitive rates:
Best savings rates today
If you’re looking for the highest interest rates, these accounts are currently paying the most:
Best CD rates today
- Pacific Western Bank 5 Month CD: 5.50% APY
- Pacific Western Bank 7 Month CD: 5.50% APY
- Rising Bank 1 Year CD: 5.20% APY
- CFG Bank 1 Year CD: 5.15% APY
- Crescent Bank 1 Year CD: 5.15% APY
- Popular Direct 1 Year CD: 5.10% APY
- Pacific Western Bank 13 Month CD: 5.50% APY
- Air Force Federal Credit Union 18 Month Certificate Account: 5.05% to 5.25% APY
- Bread Savings 2 Year High-Yield CD: 5.10 % APY
- Crescent Bank 2 Year CD: 5.10% APY
- Quorum Federal Credit Union 3 Year Term Account: 5.15% APY to 5.25% APY
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 5.02% APY on UFB Preferred Savings.
National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Wells Fargo pays 0.15% APY on the Wells Fargo Way2Save 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 Preferred Savings
Why it stands out: UFB Preferred Savings comes with a complimentary ATM card, so you’ll have easy access to your bank account.
Savings rate: 5.02% 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.
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.
Salem Five Direct eOne Savings
Why it stands out: Salem Five Direct eOne Savings pays a competitive interest rate and has a $10 minimum opening deposit.
Savings rate: 4.61% APY
What to look out for: You might want to take note of how much you keep in the account. Salem Five Direct may transfer money to a Statement Savings Account if you have more than $1 million in your account. This account only offers 0.01% APY.
Best interest rates for CDs
Pacific Western Bank CD
Why it stands out: You may like Pacific Western Bank if you’re searching for competitive interest rates on short-term CDs. If you’re interested in opening an account, you’ll have to submit a message on the website and wait for a representative to reach out.
Rate: Pacific Western Bank has 5-month, 7-month, and 13-month terms that pay 5.50% APY. You’ll have to contact your nearest branch for information about the bank’s other CD terms. Pacific Western Bank has branches in California, Colorado (one branch in Denver), and North Carolina (one branch in Durham).
What to look out for: Pacific Western Bank CDs have a $2,500 minimum opening deposit. Other banks on our list may let you open a CD with $1,000 or less. Something else to keep in mind is that the bank’s mobile app ratings in the Google Play Store and Apple store are under 3 stars.
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.
Quorum Federal Credit Union Term Account
Why it stands out: Quorum Federal Credit Union is an online financial institution with one branch in New York. It offers term accounts, which are similar to high-yield CDs — you’ll earn a fixed interest rate for a specific term. If you deposit $100,000 or more in a term account, you’ll also earn an additional 0.10% APY.
Rate: The rates for Quorum Federal Credit Union Term Accounts are as follows:
- 3 months: 2.00% to 2.10% APY
- 6 months: 2.25% to 2.35% APY
- 11 months: 5.00% to 5.10% APY
- 1 year: 2.40% to 2.50% APY
- 18 months: 2.40% to 2.50% APY
- 2 years: 4.60% to 4.70% APY
- 3 years: 5.15% to 5.25% APY
- 4 years: 2.55% to 2.65% APY
- 5 years: 2.65% to 2.75% APY
What to look out for: Credit unions require membership to open accounts. 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
Why it stands out: Rising Bank could be a good choice if you’re searching for short-term CDs. Its 1-year and 15-month CDs, in particular, stand out for their competitive interest rates.
Rates: The rates for Rising Bank CDs are as follows:
- 6 months: 4.90% APY
- 12 months: 5.20% APY
- 15 months: 5.00% APY
- 2 years: 3.80% APY
- 3 years: 3.85% % APY
What to look out for: At Rising Bank, interest is compounded and deposited every three months. At other financial institutions interest may compound monthly or even daily. Depending on how much you deposit into a CD, this may or may not make a significant difference.
CFG Bank Certificate of Deposit
Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, or 3-year term. 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:
- 12 months: 5.15% APY
- 18 months: 5.00% APY
- 3 years: 4.60% APY
- 5 years: 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, and 60-month 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.
Popular Direct CD
Why it stands out: Popular Direct pays competitive interest rates on CDs.
Rate: The rates for Popular Direct CDs are as follows:
- 3 months: 4.10% APY
- 6 months: 4.55% APY
- 12 months: 5.10% APY
- 18 months: 4.85% APY
- 2 years: 4.60% APY
- 3 years: 4.45% APY
- 4 years: 4.30% APY
- 5 years: 4.50% APY
What to look out for: Popular Direct CDs have a steep minimum opening deposit. At least $10,000 is required to open an account. The online bank also charges relatively high penalties if you withdraw funds before your CD matures, especially for longer terms.
Bread Savings High-Yield CD
Why it stands out: Bread Savings offers high interest rates on CDs. The 1-year term, in particular, stands out for its competitive interest rate.
Rates: The rates for Bread Savings High-Yield CDs are as follows:
- 12 months: 5.05% APY
- 2 years: 5.10% APY
- 3 years: 4.50% APY
- 4 years: 4.35% APY
- 5 years: 4.25% APY
What to look out for: Bread Savings High-Yield CDs have a $1,500 minimum. Other financial institutions let you open an account with less upfront.
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 $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% 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: 4.35% 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 also 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
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: 5.02% 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.
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 4.80% 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.
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 failed on March 10. 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 big-name 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.
