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The average interest rate paid by a savings account right now is FDIC National Deposit Savings Rates 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 BrioDirect, which pays BrioDirect High-Yield Savings Account APY on the BrioDirect High-Yield Savings Account. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, US Bank pays US Bank Standard Savings Account APY on the US Bank Standard 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 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, hybrid checking/savings accounts, money market accounts, and CDs.
Best online savings account rate
Why it stands out: BrioDirect is an online-only division of Webster Bank. The BrioDirect High-Yield Savings Account could be good option if you’d like a savings account with zero monthly service fees and a competitive interest rate.
Savings rate: BrioDirect High-Yield Savings AccountAPY
What to look out for: You’ll need a minimum of BrioDirect High-Yield Savings Account to open an account, which is steep compared to other online banks.
Best brick-and-mortar savings account rate
Why it stands out: Citi may be worthwhile if you’re looking for a brick-and-mortar bank with a national presence. The bank has 690 branches throughout the US, including California, Connecticut, Florida, Illinois, Maryland, Nevada, New Jersey, New York, South Dakota, Virginia, Washington, DC, and Puerto Rico. The Citi® Savings Account is available in states where there are Citi branches.
Savings rate: Citi® Savings Account APY
What to look out for: The interest rate you’ll earn on the Citi® Savings Account will depend on the package you choose. For example, the Citigold Private Client package offers the highest interest rate on the Citi® Savings Account, but this package is for customers who maintain a high account balance of $1 million or more across bank accounts, retirement accounts, and investment accounts. Meanwhile, the Citi Access Account package pays 0.05% APY but is much easier to qualify for.
Best checking/savings combo rate
Why it stands out: The Wealthfront Cash Account is a solid cash management account. Cash management accounts are offered by online-only institutions that aren’t technically banks, and these accounts combine traditional savings and checking account features into one account.
A cash account might be appealing if you already invest with Wealthfront. With the Wealthfront Cash Account, you’ll earn a competitive interest rate. You’ll also have a debit card and the ability to get paid two days early with early direct deposits.
Savings rate: Wealthfront Cash Account APY
What to look out for: Wealthfront doesn’t have separate checking and savings accounts. Some of the other options listed have a variety of accounts to choose from.
Best money market account rate
Why it stands out: The CFG Bank High Yield Money Market Account stands out for its competitive interest rate, which is much higher than the average money market account rate.
Savings rate: CFG Bank High Yield Money Market Account APY
What to look out for: The CFG Bank High Yield Money Market Account may be a great option if you’re able to keep at least $1,000 in your account. That way, you’ll be able to earn interest and waive the $10 monthly service fee.
Best 6-month CD rate
Why it stands out: Bask Bank is an online division of Texas Capital Bank. Its 6-month CD pays a high interest rate and has a standard minimum opening deposit.
6-month CD rate: 4.00% APY
What to look out for: Bask only has four CD options: a 6-month, 12-month, 18-month, and 24-month CD.
Best 1-year CD rate
Why it stands out: CFG Bank CDs are a strong choice for a 1-year CD because you only need CFG Bank Certificate of Deposit to open a CD, and you could earn a high rate.
1-year CD rate: 4.35% APY
What to look out for: CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs.
Best 3-year CD rate
Why it stands out: Signature Federal Credit Union may be a good option if you’re specifically searching for a 3-year CD. The credit union has a limited-time offer where you can earn 4.50% APY on a 3-year term.
3-year CD rate: 4.50% APY
What to look out for: Credit unions require membership to open an account. The easiest way to become a member is to enroll in the American Consumer Council. Then you’ll just need to open a savings account.
If you’re looking for other CD terms, you also might consider one of the other institutions on our list. Although Signature Federal Credit Union has a variety of CD options, its other CD rates aren’t as competitive.
Why it stands out: Sallie Mae pays the same rate for a 3-year CD as Signature Federal Credit Union. Sallie Mae might also be a good option if you’re searching for a variety of CD terms. It has terms ranging from 6 months to 5 years.
3-year CD rate: 4.50% APY
What to look out for: The minimum opening deposit for a Sallie Mae Certificate of Deposit is a bit steep compared to other banks and credit unions. You’ll need at least Sallie Mae Certificate of Deposit to get a CD.
Best 5-year CD rate
Why it stands out: Sallie Mae 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.
5-year CD rate: 4.55% APY
What to look out for: The minimum opening deposit for a Sallie Mae Certificate of Deposit is steep compared to other banks and credit unions. You’ll need at least Sallie Mae Certificate of Deposit to get a CD.