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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 UFB Direct, which pays UFB High Rate Savings APY on UFB High Rate Savings. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, Bank of America pays Bank of America Advantage Savings Account 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 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: UFB Direct is an online division of Axos Bank. UFB High Rate Savings could be a good option if you want a savings account with zero monthly service fees and a competitive interest rate.
Savings rate: UFB High Rate Savings 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.
Best brick-and-mortar savings account rate
Why it stands out: TD Bank is a brick-and-mortar financial institution on the East Coast with over 1,100 branches in 15 states and 2,600 free ATMs.
TD Bank offers a higher interest rate on TD Signature Savings when you maintain a certain account balance and link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.
Savings rate: TD Signature Savings APY
What to look out for: TD Signature Savings has a $15 monthly service fee. To waive the fee, you must maintain a $10,000 minimum daily account balance, link an eligible TD Bank checking account, or open an IRA.
Also bear in mind that if you’d like to earn 2.00% APY, you’ll need to maintain an account balance of $250,000 or more.
Best checking/savings combo rate
Why it stands out: You might find it worthwhile to open the Personal Capital Cash Account if you already invest with the investment platform Personal Capital. The Personal Capital Cash Account doesn’t charge monthly service fees, and up to $2 million is FDIC insured in an account.
To earn 3.45% APY, you must be a Personal Capital advisory client. Otherwise, you’ll earn 3.35% APY.
Savings rate: Personal Capital Cash Account APY
What to look out for: Personal Capital 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: Popular Direct pays high interest rates on CDs. Its 6-month CD, in particular, stands out for its competitive interest rate.
6-month CD rate: 4.20% APY
What to look out for: The bank requires a high minimum deposit of Popular Direct Certificate of Deposit. Other financial institutions may offer lower initial deposit requirements.
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: 4.50% 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.
Why it stands out: Crescent Bank is an online bank that offers competitive interest rates on a variety of CD terms. Its 1-year CD, in particular, stands out for its high interest rate.
1-year CD rate: 4.50% APY
What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Other financial institutions may let you open a CD with less money upfront.
Best 3-year CD rate
Why it stands out: CFG Bank CDs are a strong choice for a 3-year CD. You only need CFG Bank Certificate of Deposit to open a CD, and you could earn a high rate.
3-year CD rate: 4.60% 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 5-year CD rate
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 stands out for its competitive rate.
5-year CD rate: 4.75% APY
What to look out for: The minimum opening deposit for Bread Savings CDs is Bread Savings High-Yield CD. 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.