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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 much lower interest rates than online banks. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account.
We’ve been checking over a 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, and high-yield checking accounts.
Best interest-earning bank accounts: December 19, 2022
Open an account with at least $1
Open an account with any account balance
Open an account with at least $10
Maintain at least $10,000 in an account for the entire term
Maintain at least $500 in an account for the entire term
Maintain at least $1,500 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
Open an account with at least $1
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.
Other online banks may have ATM cards or debit cards which permit direct access to money in a savings account.
UFB Best Savings
Annual Percentage Yield (APY)
4.11% (as of 12/14/2022)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
4.11% (as of 12/14/2022)
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
4.11% (as of 12/14/2022)
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 could be a good option if you want a savings account with zero monthly service fees and a competitive interest rate.
Savings rate: 4.11% (as of 12/14/2022) APY
What to look out for: UFB Direct only offers savings and money market accounts. If you’d like to also open a checking account or CD, you may prefer another financial institution.
Salem Five Direct eOne Savings
Salem Five Direct eOne Savings
Annual Percentage Yield (APY)
4.10%
Minimum Deposit Amount
$10
Salem Five Direct eOne Savings
Annual Percentage Yield (APY)
4.10%
Minimum Deposit Amount
$10
On Salem Five Direct’s website
Details
Annual Percentage Yield (APY)
4.10%
Minimum Deposit Amount
$10
Pros & Cons
Highlights
Additional Reading
Why it stands out: Salem Five Direct is the online operation of the Massachusetts-based bank, Salem Five. You can open Salem Five Direct online bank accounts if you do not have an existing bank account at a Massachusetts branch.
Salem Five Direct eOne Savings pays a much higher interest rate than the average savings account right now. This account also doesn’t have minimum balance requirements or monthly service fees.
Savings rate: 4.10% APY
What to look out for: You’ll earn a competitive interest rate as long as you maintain less than $1 million in your account. If you have more than $1 million, Salem Five Direct may transfer your money to a Statement Savings Account, which only pays 0.01% APY.
Best interest rates for CDs
Popular Direct Certificate of Deposit
Popular Direct Certificate of Deposit
Annual Percentage Yield (APY)
4.05% to 4.60%
Minimum Deposit Amount
$10,000
Popular Direct Certificate of Deposit
Annual Percentage Yield (APY)
4.05% to 4.60%
Minimum Deposit Amount
$10,000
On Popular Direct’s website
Details
Annual Percentage Yield (APY)
4.05% to 4.60%
Minimum Deposit Amount
$10,000
Pros & Cons
Highlights
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: 4.60% APY
18 months: 4.57% APY
2 year: 4.60% APY
3 year: 4.55% APY
4 year: 4.47% APY
5 year: 4.50% 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 Certificate of Deposit
Annual Percentage Yield (APY)
4.60% to 4.86%
Minimum Deposit Amount
$500
CFG Bank Certificate of Deposit
Annual Percentage Yield (APY)
4.60% to 4.86%
Minimum Deposit Amount
$500
Details
Annual Percentage Yield (APY)
4.60% to 4.86%
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: 4.86% 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.
Bread Savings High-Yield CD
Bread Savings High-Yield CD
Annual Percentage Yield (APY)
4.50%
Minimum Deposit Amount
$1,500
Bread Savings High-Yield CD
Annual Percentage Yield (APY)
4.50%
Minimum Deposit Amount
$1,500
On Bread Savings’s website
Details
Annual Percentage Yield (APY)
4.50%
Minimum Deposit Amount
$1,500
Pros & Cons
Highlights
Additional Reading
Why it stands out: Bread Savings pays higher CD rates than what you would earn at many brick-and-mortar banks or online banks. Its 5-year CD, in particular, stands out for its competitive rate.
Rate: The rates for Bread Savings CDs are as follows:
1 year: 4.50% APY
2 year: 4.50% APY
3 year: 4.50% APY
4 year: 4.50% APY
5 year: 4.50% APY
What to look out for: The minimum opening deposit for Bread Savings CDs is $1,500. Other banks have lower minimum opening deposits.
Bread Savings is an online-only bank with a high-yield savings account and CDs. It doesn’t have a checking account or ATM network.
Best interest rates for checking accounts
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 cashback, crypto purchases, and other perks.
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.
Wealthfront Cash Account
Annual Percentage Yield (APY)
3.80%
Minimum Deposit Amount
$1
Annual Percentage Yield (APY)
3.80%
Minimum Deposit Amount
$1
Details
Annual Percentage Yield (APY)
3.80%
Minimum Deposit Amount
$1
Pros & Cons
Highlights
Additional Reading
Why it stands out: Wealthfront is an online-only investing and banking platform. It offers one bank account, the Wealthfront Cash Account, which acts as a high-yield checking account.
The Wealthfront Cash Account pays a high interest rate, and offers early direct deposit. You only need $1 to open an account. Wealthfront also doesn’t charge monthly fees.
Rate: 3.80% APY
What to look out for: If you’d like to open a separate savings account, you might consider another place to bank. Wealthfront only offers the Wealthfront Cash Account.
