Jan. 11| up to 4.70% APY on a 2-Year CD

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The average interest rate paid by a savings account right now is 0.30% Annual Percentage Yield (APY), according to the FDIC.

The best online institution for getting 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, Wells Fargo pays 0.15% APY on the Wells Fargo Way2Save® Savings Account.

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. The institutions listed are the same from yesterday’s top picks because rates have primarily stayed the same. 

Best interest rates for savings accounts

MySavingsDirect Savings Account

MySavingsDirect Savings Account


Annual Percentage Yield (APY)

4.35%


Minimum Deposit Amount

$1

MySavingsDirect MySavingsDirect Savings Account

MySavingsDirect Savings Account


Annual Percentage Yield (APY)

4.35%


Minimum Deposit Amount

$1

On MySavingsDirect’s website


Annual Percentage Yield (APY)

4.35%


Minimum Deposit Amount

$1

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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. 

Popular Direct High-Rise Savings

Popular Direct Popular Direct High-Rise Savings

Popular Direct High-Rise Savings


Annual Percentage Yield (APY)

4.16%


Minimum Deposit Amount

$5,000

Popular Direct Popular Direct High-Rise Savings

Popular Direct High-Rise Savings


Annual Percentage Yield (APY)

4.16%


Minimum Deposit Amount

$5,000

On Popular Direct’s website


Annual Percentage Yield (APY)

4.16%


Minimum Deposit Amount

$5,000

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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.

Bask Bank Interest Savings Account

Bask Bank Bask Bank Interest Savings Account

Bask Bank Interest Savings Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0

Bask Bank Bask Bank Interest Savings Account

Bask Bank Interest Savings Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$0

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Why it stands out: Bask Bank is an online division of Texas Capital Bank. The Bask Bank Interest Savings Account pays a competitive interest rate and doesn’t have any minimum balance requirements. 

Savings rate: 4.15% APY

What to look out for: You’ll need to make an initial deposit within the first 15 days of opening the Bask Bank Interest Savings Account or the account may be closed.

Something else to keep in mind is that Bask Bank only offers the Bask Bank Interest Savings Account, a mileage savings account, and short-term CDs. None of these accounts come with debit cards or ATM cards, so you’ll need to transfer money to an external bank account to make withdrawals. 

Best interest rates for CDs

Popular Direct Certificate of Deposit

Popular Direct Popular Direct Certificate of Deposit

Popular Direct Certificate of Deposit


Annual Percentage Yield (APY)

4.05% to 4.75%


Minimum Deposit Amount

$10,000

Popular Direct Popular Direct Certificate of Deposit

Popular Direct Certificate of Deposit


Annual Percentage Yield (APY)

4.05% to 4.75%


Minimum Deposit Amount

$10,000

On Popular Direct’s website


Annual Percentage Yield (APY)

4.05% to 4.75%


Minimum Deposit Amount

$10,000

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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 $10,000. Other financial institutions may offer lower initial deposit requirements.

CFG Bank Certificate of Deposit

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

4.60% to 4.75%


Minimum Deposit Amount

$500

CFG Bank CFG Bank Certificate of Deposit

CFG Bank Certificate of Deposit


Annual Percentage Yield (APY)

4.60% to 4.75%


Minimum Deposit Amount

$500


Annual Percentage Yield (APY)

4.60% to 4.75%


Minimum Deposit Amount

$500

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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 $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: 4.60% 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.

Quorum Federal Credit Union Quorum Federal Credit Union Term Savings

Quorum Federal Credit Union 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 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

On Quorum Federal Credit Union’s website


Annual Percentage Yield (APY)

1.70% to 4.70%


Minimum Deposit Amount

$1,000

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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.

Crescent Bank CD

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

4.30% to 4.65%


Minimum Deposit Amount

$1,000

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

4.30% to 4.65%


Minimum Deposit Amount

$1,000

On Crescent Bank’s website


Annual Percentage Yield (APY)

4.30% to 4.65%


Minimum Deposit Amount

$1,000

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Why it stands out:  Crescent Bank offers 1-year, 18-month, 2-year, and 3-year 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:

  • 1 year: 4.60% APY
  • 18 months: 4.65% APY
  • 2 year: 4.65% APY
  • 30 months: 4.65% APY
  • 3 years: 4.40% APY
  • 4 years: 4.30% APY
  • 5 years: 4.30% APY

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.

Alliant Certificate

Alliant Credit Union Alliant Certificate


Annual Percentage Yield (APY)

4.20% to 4.60%


Minimum Deposit Amount

$1,000

Alliant Credit Union Alliant Certificate


Annual Percentage Yield (APY)

4.20% to 4.60%


Minimum Deposit Amount

$1,000

On Alliant Credit Union’s website


Annual Percentage Yield (APY)

4.20% to 4.60%


Minimum Deposit Amount

$1,000

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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: 4.60% APY

18 month: 4.25% APY

2 year: 4.25% APY

3 year: 4.60% APY

4 year: 4.25% APY

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.

Best interest rates for checking

Consumers Credit Union Free Rewards Checking Account

Consumers Credit Union 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 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

On Consumers Credit Union’s website


Annual Percentage Yield (APY)

0.01% to 5.00%


Minimum Deposit Amount

$5

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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 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 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


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

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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 Personal Capital Cash Account

Personal Capital Cash Account


Annual Percentage Yield (APY)

3.85% to 3.90%


Minimum Deposit Amount

None

Personal Capital Personal Capital Cash Account

Personal Capital Cash Account


Annual Percentage Yield (APY)

3.85% to 3.90%


Minimum Deposit Amount

None

On Personal Capital’s website


Annual Percentage Yield (APY)

3.85% to 3.90%


Minimum Deposit Amount

None

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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, and 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% to 3.90% 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-earning bank accounts: January 11, 2023

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Open an account with at least $1

Open an account with at least $5,000

Open an account with any balance; deposit funds in the first 15 days

Maintain at least $10,000 in an account for the entire term

Maintain at least $500 in an account for the entire term

Deposit at least $100,000 to earn a higher interest rate on a term account

Maintain at least $1,000 for an entire term

Maintain at least $1,000 for an 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

3.00% to 5.00% (depending on deposit amount)

Earn 3.90% APY if you’re a Personal Capital Advisory client

Best for money market accounts

Maintain at least $1,000 in your account

Best for money market accounts

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


Learn more


On Quorum Federal Credit Union’s website

Best interest rates for money market accounts

CFG Bank High Yield Money Market Account

CFG Bank CFG Bank High Yield Money Market Account

CFG Bank High Yield Money Market Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$1,000

CFG Bank CFG Bank High Yield Money Market Account

CFG Bank High Yield Money Market Account


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$1,000


Annual Percentage Yield (APY)

4.15%


Minimum Deposit Amount

$1,000

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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 4.15% APY and waive the $10 monthly service fee.

Rate: 4.15% APY

What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks, but the CFG Bank High Yield Money Market Account doesn’t offer 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 Direct UFB Best Money Market Account

UFB Best Money Market Account


Annual Percentage Yield (APY)

4.11% (as of 12/14/2022)


Minimum Deposit Amount

$0


Fees

$10 monthly fee (with options to waive)

UFB Direct UFB Best Money Market Account

UFB Best Money Market Account


Annual Percentage Yield (APY)

4.11% (as of 12/14/2022)


Minimum Deposit Amount

$0


Fees

$10 monthly fee (with options to waive)


Fees

$10 monthly fee (with options to waive)


Annual Percentage Yield (APY)

4.11% (as of 12/14/2022)


Minimum Deposit Amount

$0

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Why it stands out: UFB Direct is an online division of Axos Bank. 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:  4.11% (as of 12/14/2022) 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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