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The average savings account in the US pays 0.42% Annual Percentage Yield (APY), according to the FDIC. The highest interest rate accounts right now pay multiple times that.
The best savings account rate today is 5.11% APY from CloudBank 24/7, powered by Raisin, and the best CD rate is 6.02% APY on a 6-month Old Point National Bank CD Special.
CloudBank 24/7 High Yield Savings Account
3.75/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Annual Percentage Yield (APY)
5.11%
Minimum Deposit Amount
$1
Fees
no monthly service fee
CloudBank 24/7 High Yield Savings Account
3.75/5
A five pointed star
A five pointed star
A five pointed star
A five pointed star
A five pointed star
Annual Percentage Yield (APY)
5.11%
Minimum Deposit Amount
$1
Fees
no monthly service fee
CloudBank 24/7 High Yield Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
5.11%
Minimum Deposit Amount
$1
Pros & Cons
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Accounts pay high interest rates
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No fees
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Open accounts you might not be able access outside of Raisin
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Minimum opening requirements are often lower than if you opened an account directly with a bank
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No checking accounts or business accounts
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Only way to deposit or withdraw money is by connecting to an external account
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Can’t connect to third-party budgeting apps, like Mint
Highlights
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It indicates an expandable section or menu, or sometimes previous / next navigation options.
Raisin is an online marketplace that partners with banks to offer competitive rates
Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
Interest is compounded daily and paid monthly
Deposits are federally insured by the FDIC or NCUA
Additional Reading
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Whether you’re looking for the best high-yield savings account or best CD rates, we’ve done the research to help you find the right account 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:
CloudBank 24/7 Savings Account, powered by Raisin: 5.11% APYSalem Five Direct eOne Savings: 5.01% APYPopular Direct Savings: 5.00% APYONE Account: Up to 5.00% APY
Best CD rates today
Old Point National Bank 6 Month CD Special: 6.02% APYSalem Five Direct 6 Month CD Special: 5.55% APYNASA Federal Credit Union 9 Month Share Certificate: 5.65%CFG Bank 1 Year CD: 5.42% APYBrioDirect High-Yield 1 Year CD: 5.35% APYNASA Federal Credit Union 15 Month Share Certificate: 5.45%CFG Bank 18 Month CD: 5.25% APY
Best checking account rates today
Redneck Bank Rewards Checking Account: 0.25% APY to 5.30% APYJuno Metal Checking Account: 4.00% to 5.00% APYConsumers Credit Union Free Rewards Checking Account: 0.01% to 5.00% APY
Best money market account rates today
Brilliant Bank Luminary Money Market Account: 5.25% APYFirst Internet Bank of Indiana Money Market Account: 3.66% APY to 5.20% APYCFG Bank High Yield Money Market Account: 5.12% APYAmerican First Credit Union Money Market Deposit Account: 5.12% APY
Popular savings account options
If you’re wary of banks since First Republic Bank failed, remember that up to $250,000 per depositor is safe in a federally insured bank even if it is shut down. In this case, the bank would either move your insured money to another federally insured institution or mail you a check.
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:
Synchrony High Yield Savings: 4.30% APYSoFi Checking and Savings: Up to 4.30% APYMarcus by Goldman Sachs: 4.15% APYCapital One 360 Performance Savings: 4.10% APY
Generally, national brick-and-mortar banks pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on its Advantage Savings account. To get a more competitive interest rate at a national brick-and-mortar bank, you’ll probably 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
CloudBank 24/7 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 CloudBank 24/7 High Yield Savings Account pays the highest rate.
Savings rate: 5.11% 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.
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.
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: 5.00% 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.
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
Old Point National Bank CD Special
Why it stands out: If you live in the state of Virginia and are searching for CDs, you might like Old Point National Bank. Old Point National Bank is a local financial institution offering a 6-month CD special with a competitive interest rate of 6.02% APY. This is the most competitive CD rate on our list.
Rates: Here are the current rates for CD specials at Old National Bank (minimum balance requirements may vary from $500 to $1,000 between terms):
6 months: 6.02% APY10 months (100th Anniversary): 5.10% APY24 months: 4.50% APY42 months: 4.25% APY58 months: 3.75% APY
What to look out for: To open a CD special, you’ll have to visit an Old Point National Bank branch. Branches are only available in the state of Virginia. Another thing to keep in mind is that you’ll need new money to open the account. New money means funds that haven’t already been deposited into an Old Point National 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% APY9 months: 5.65% APY12 months: 4.75% APY12-month Early Savers: 4.75% APY12-month Add-on: 4.65% APY15 months: 5.45% APY24 months: 4.60% APY24-month Bump Rate: 4.50% APY36 months: 4.45% APY36-month Bump Rate: 4.35% APY48 months: 4.20% APY49 months: 4.85% APY60 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.
Salem Five Direct CDs
Why it stands out: Salem Five Direct has CD specials with a competitive interest rate. You might like this institution if you’re comfortable banking online and are searching for a short-term CD. The 6-month CD special has the highest interest rate at Salem Five Direct.
Rates: Here are the rates for Salem Five Direct High-Yield CDs:
6 months: 5.55% APY9 months: 5.00% APY12 months: 5.00% APY
What to look out for: The CD specials require a minimum opening deposit of $10,000, which is pretty steep compared to other banks. If you don’t have that much money to open an account, other institutions on our list will let you open a CD with less money upfront.
CFG Bank CDs
Why it stands out: CFG Bank is a great choice for a 1-year or 18-month 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:
12 months: 5.42% APY18 months: 5.25% APY3 years: 4.60% APY5 years: 4.50% APY
What to look out for: There are only a few terms to choose from. CFG Bank only has 1-year, 18-month, 3-year, and 5-year CDs.
BrioDirect High-Yield CD
Why it stands out: BrioDirect doesn’t pay competitive rates on most CDs, but its 1-year promotional rate is the highest out there right now. Its CDs also have a low minimum opening deposit of $500.
Rates: The rates for BrioDirect High-Yield CDs are as follows:
30 days: 0.05% APY3 months: 0.25% APY5 months: 0.15% APY9 months: 0.30% APYPromo 12 months: 5.35% APY18 months: 1.35% APY2 years: 2.30% APY30 months: 0.45% APY3 years: 2.45% APY4 years: 0.45% APY5 years: 0.45% APY
What to look out for: BrioDirect currently isn’t offering a high-yield savings account, checking account, or money market account. You’ll only be able to get CDs.
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 banksEarn 4.00% APY if you meet the requirements to earn 3.00% APY and spend $500 per month with your Consumers Credit Union Credit CardEarn 5.00% APY if you meet the requirements to earn 3.00% APY and spend $1,000 per month with your Consumers Credit CardEarn 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 banksEarn 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 0.10% 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
Brilliant Bank Luminary Money Market Account
Why it stands out: Brilliant Bank is an online division of Equity Bank. The Brilliant Bank Luminary Money Market Account pays 5.25% APY regardless of your account balance.
You’ll earn an initial APY of 5.25% if you’re a new customer. Existing customers may have to call to get upgraded to the highest rate. You also might like this account if you’d like checking-writing features and a debit card.
Rate: 5.25% APY
What to look out for: Brilliant Bank accounts aren’t available to people who live in Kansas, Missouri, Oklahoma, or Arkansas. The Brilliant Bank Luminary Money Market Account has a $10 monthly service fee if you do not maintain a $2,000 minimum balance.
The bank also has a $2.55 fee when you make a transfer from your account to an external bank account.
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 5.07% APY and waive the monthly fee.
Rate: 5.12% 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.
American First Credit Union 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 American First Credit Union 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 American First Credit Union Money Market Deposit Account only requires a minimum of $1.
Rates: 5.12% 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 Federal Deposit Insurance Corporation (FDIC), up to $250,000 is safe 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 Capital One, 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.
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles.
You can reach out to her on Twitter at @sophieacvdo or email [email protected].
Read more about how Personal Finance Insider chooses, rates, and covers financial products and services>>
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Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.
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