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    Home Today's Best High-Interest CDs and Best Savings Accounts (Rates up to 6.16%)

    Today's Best High-Interest CDs and Best Savings Accounts (Rates up to 6.16%)

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    The average savings account rate in the US is 0.42% Annual Percentage Yield (APY), according to the FDIC. But the highest-yield accounts pay much more than that. The best savings account rate today is 5.15% APY from Western Alliance Bank, powered by Raisin.

    The best CD rate is 6.167% APY on a 6-month, 1-year, or 18-month Credit Union One of Oklahoma Promotional Share Certificate. However, these CDs are limited to people in certain parts of Oklahoma — the next-highest rate is 5.65% APY on a 9-month certificate from NASA Federal Credit Union, which is available to the general public.

    Whether you're looking for the best high-yield savings account or best CD rates, we've done the research to help you find a great match for you. We've also included rates from high-yield checking and money market accounts.

    Best savings rates today

    These savings accounts currently have the highest rates:

    Best CD rates today

    Best checking account rates today

    Best money market account rates today

    Popular savings account options

    Up to $250,000 per depositor is safe in a federally insured bank even if it is shut down. In this case, your insured money would be moved to another federally insured institution or a check would be mailed to you.

    Sometimes, you'll find the highest savings rates at banks you haven't heard of before. Savings accounts from popular online banks can offer good rates, too. If want to explore national brands, here are some institutions that offer competitive rates:

    Generally, national brick-and-mortar banks offer lower interest rates on traditional savings accounts. For example, TD pays 0.02% APY on its Simple Savings account. To earn a higher interest rate at a national brick-and-mortar bank, you'll likely have to consider a premium savings account or money market account.

    We check over three dozen financial institutions daily to keep up with their new rate offerings. Below, you'll find some of the best high-interest savings accounts, CDs, high-yield checking accounts, and money market accounts. All of the banks on our list are FDIC insured, and the credit unions are federally insured by the NCUA.

    Best interest rates for savings accounts

    Western Alliance High Yield Savings Account, powered by Raisin

    Why it stands out: This high-yield savings account pays a great interest rate. You only need $1 to get started, and there are no monthly fees.

    The account is available through and managed by Raisin, a digital savings marketplace that connects you with multiple high-yield savings options. There are other high-yield savings accounts available on Raisin that pay 5.00% APY or more. Currently, the Western Alliance High Yield Savings Account pays the highest rate.

    Savings rate: 5.15% APY

    What to look out for: You'll have to be comfortable with an online-only banking experience. You also can't get a checking account with Raisin, so it may not be the best option if you want to do all your banking with one company.

    Popular Direct Savings

    Why it stands out: Popular Direct Savings pays a high interest rate, and it doesn't charge monthly service fees. It's a good option if you're specifically searching for competitive savings and CD rates, and you do not need immediate access to your savings (the institution doesn't offer a checking account).

    Savings rate: 5.05% APY

    What to look out for: Popular Direct has a $100 minimum opening deposit. If you would prefer to open an account with less money upfront, one of our other top picks will be more appealing.

    You might prefer another financial institution if you're an avid mobile app user. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn't have a lot of ratings yet.

    Salem Five Direct eOne Savings

    Why it stands out: Salem Five Direct eOne Savings has a $10 minimum opening deposit and offers 5.01% APY. It has zero minimum balance requirements and zero monthly service fees.

    When you open the account, you have to use "new money." New money refers to funds that have not already been deposited into another Salem Five or Salem Five Direct bank account.

    Savings rate: 5.01% APY 

    What to look out for: You won't be able to open Salem Five Direct eOne Savings if you currently have a checking or savings account with Salem Five Bank. (If you have an eOne Checking Account with Salem Five Direct, you'll still qualify to open an eOne Savings Account).

    Salem Five Direct may also transfer money to a Statement Savings Account if you have more than $1 million in your account. This account only offers 0.01% APY.

    ONE Account

    Why it stands out: ONE is a fintech platform that's backed by Walmart. You might like the ONE Account if you want to keep your checking and savings in the same place. The ONE Account is a hybrid account that has a tab for checking and another for savings. The checking tab can be used for money you'd like to spend, while the savings tab lets you store your savings with a feature called "pockets." 

    You can earn 5.00% APY on savings balances up to $100,000 when you either receive $500 or more of eligible direct deposits in the previous month or have a total daily account balance of $5,000 or more. If you meet these requirements for three consecutive months, you can also qualify to earn 3% cash back on Walmart purchases (up to $50 annually).

    Savings rate: Up to 5.00% APY

    What to look out for: You won't earn interest on money that's in the checking tab. All other savings deposits also only earn 1.00% APY. 

    Best interest rates for CDs

    Credit Union One of Oklahoma Share Certificates

    Why it stands out: Credit Union One of Oklahoma is a local financial institution offering a CD special with a competitive interest rate of 6.167% APY. This is the highest CD rate on our list, and it's available for 6-,12-, and 18-month terms.

    You might like Credit Union One of Oklahoma if you live, work, work, worship, or go to school in an eligible Oklahoma county. Canadian, Cleveland, Logan, McClain, Oklahoma, and Pottawatomie Counties all qualify for membership. The credit union also offers membership to people who work at one of over 40 select employers in the state. 

    To open a CD, you must also open the Share Savings Account with a minimum opening deposit of $25 in order to establish membership.

    Rates: Select CDs terms may offer a higher interest rate for account balances of $100,000 or more. Here are the current rates for CDs at Credit Union One of Oklahoma:

    • 182 days: 1.156% APY
    • 6 months: 6.167% APY
    • 12 months: 1.307% to 1.358% APY
    • 12 months (promo): 6.167% APY
    • 18 months: 1.307% to 1.358% APY
    • 18 months (promo): 6.167% APY
    • 2 years: 1.459% to 1.510% APY
    • 3 years: 1.510% to 1.561% APY
    • 4 years: 1.561% to 1.612% APY

    What to look out for: The promotional share certificates with the highest rates require a minimum opening deposit of $2,500, which is a bit steep compared to other financial institutions. You'll also need to deposit new money, which means money that hasn't already been deposited into a Credit Union One of Oklahoma bank account.

    NASA Federal Credit Union Share Certificate

    Why it stands out: NASA FCU pays the highest rates out there right now on its 9-month and 15-month terms. As with any credit union, you do need to become a member to be eligible for an account — but NASA FCU makes it especially easy to join. The credit union will provide a complimentary 1-year membership to the National Space Society, which makes you eligible to join.

    Rates: Here are the certificate rates from NASA FCU:

    • 6 months: 4.80% APY
    • 9 months: 5.65% APY
    • 12 months: 4.75% APY
    • 12-month Early Savers: 4.75% APY
    • 12-month Add-on: 4.65% APY
    • 15 months: 5.45% APY
    • 24 months: 4.60% APY
    • 24-month Bump Rate: 4.50% APY
    • 36 months: 4.45% APY
    • 36-month Bump Rate: 4.35% APY
    • 48 months: 4.20% APY
    • 49 months: 4.85% APY
    • 60 months: 4.25% APY

    What to look out for: NASA FCU has different minimum opening deposits depending on the term length. For its highest-rate terms, you'll need at least $10,000. Like most credit unions, it compounds interest monthly rather than daily. Depending on how much you have in your account, this could make a significant difference on how much you earn.

    First Internet Bank of Indiana CD

    Why it stands out: First Internet Bank of Indiana has a variety of CD terms with competitive interest rates. It's also a good option if you'd like to open a money market account, too.

    Rates: The rates for First Internet Bank of Indiana CDs are as follows: 

    • 3 months: 4.18% APY
    • 6 months: 5.33% APY
    • 12 months: 5.48% APY
    • 18 months: 5.07% APY
    • 24 months: 4.85% APY
    • 36 months: 4.75% APY
    • 48 months: 4.54% APY
    • 60 months: 4.59% APY

    What to look out for: The early withdrawal penalties for some of the CD terms are a bit steep compared to other banks. First Internet Bank of Indiana also compounds interest monthly, not daily. Depending on how much money is in a CD, this may or may not make a significant difference. 

    Crescent Bank CD

    Why it stands out: Crescent Bank has several CD terms that pay 5% APY or more. You also might like this bank if you have at least $1,000 to open an account.

    Rates: The rates for Crescent Bank CDs are as follows: 

    • 12 months: 5.45% APY
    • 18 months: 5.20% APY
    • 24 months: 5.00% APY
    • 30 months: 4.80% APY
    • 36 months: 4.75% APY
    • 48 months: 4.55% APY
    • 60 months: 4.40% APY

    What to look out for: To open a Crescent Bank CD, you'll need to deposit new money. New money means funds that haven't already been deposited into a Crescent Bank account.

    CIBC Agility CD

    Why it stands out: CIBC pays high interest rates across the board, and the bank offers 24/7 customer service.

    Rates: The rates for CIBC Agility CDs are as follows:

    • 9 months: 5.11% APY
    • 12 months: 5.36% APY
    • 18 months: 5.17% APY
    • 24 months: 4.75% to 4.80% APY
    • 30 months: 4.20% to 4.25% APY

    What to look out for: CIBC offers fewer CD terms than some of our other top picks. You'll also need to deposit $25,000 to earn the best rates on 24-month and 30-month terms.

    Best interest rates for checking

    Redneck Bank Rewards Checking Account

    Why it stands out: Redneck Bank is an online division of All America Bank. With the Redneck Bank Rewards Checking Account, you could earn 5.30% APY on account balances up to $15,000 and 0.50% APY on balances over $15,000 if you meet certain requirements. Each month, you'll have to make 10 qualifying debit card transactions and receive online bank statements. 

    Rate: 0.25% APY to 5.30% APY

    What to look out for: If you do not meet the requirements, you'll only earn 0.25% APY on the account. 

    The Redneck Bank Rewards Checking Account also requires a minimum opening deposit of $500. Other banks may require less money upfront to open a checking account. 

    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 $50,000 in your account, and 4% on balances from $50,0001 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.

    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 0.01% 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.

    Best interest rates for money market accounts

    First Internet Bank of Indiana Money Market Account

    Why it stands out: The First Internet Bank of Indiana Money Market Account pays 3.66% APY on account balances of $1 million or under and 5.20% APY on account balances over $1 million. 

    First Internet Bank of Indiana is part of the IntraFi Network. The program has nearly 3,000 participating banks and offers FDIC insurance protection for balances over the $250,000 limit. Here's how it works: Your money is spread across other FDIC-insured financial institutions in the network. Up to $150 million may be FDIC-insured through IntraFi Network Deposits.

    Rate: 3.66% to 5.20% APY

    What to look out for: You'll need to maintain at least $4,000 in your account to waive a $5 monthly service fee.

    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 5.17% APY and waive the monthly fee.

    Rate: 5.17% 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.

    Pacific Western Bank Money Market Deposit Account, powered by Raisin

    Why it stands out: Through Raisin, you can use one platform to find, fund, and manage multiple high-yield savings accounts, money market accounts, and CDs from over 20 banks and credit unions. Currently, the Pacific Western Bank Money Market Deposit Account offers the highest money market account interest rate on Raisin. That said, there are also other money market accounts available on Raisin that pay 5.00% APY or more.

    You also might like this option if you'd like to open a money market account with a low initial deposit. The Pacific Western Bank Money Market Deposit Account only requires a minimum of $1.

    Rates: 5.15% APY

    What to look out for: You might prefer one of our other top picks if you would rather open a money market account directly with a bank or if you'd like to do all your banking with one financial institution. Raisin doesn't offer checking accounts.

    How to balance a high APY vs. brand in an uncertain banking environment

    In the last few months, three bank failures occurred. 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 FDIC, up to $250,000 is protected 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 be moved into another insured institution, or you'll receive a check for the money that was in your accounts.

    The national brands on our list, such as Synchrony and Discover, are FDIC-insured. The smaller brands, like CFG and First Internet Bank of Indiana, are also insured. Federal insurance matters more than the actual bank brand.

    Read the original article on Business Insider


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