Latest Liquid Bank Account Rates

Quite a few online savings accounts had rate increases in the last two weeks. Most of the rates increased by only 20 bps or less. However, there were a few that had large rate increases that exceeded 30 bps. I expect these rate increases will accelerate as we see additional 50-bp rate hikes by the Fed.
The major online banks have been slow with their rate hikes, and the size of most of their rate hikes have been only 10 bps.
Marcus by Goldman Sachs and Ally Bank are two examples.
Ally Bank’s Online Savings account rate was stuck at 0.50% (its all-time lowest rate) since December 2020. On May 11th, Ally finally had a rate increase. The rate increased from 0.50% to 0.60%. Its Money Market account had this same rate hike.
Marcus by Goldman Sachs had the same bottom in 2021. That bottom rate of 0.50% held from November 2020 to last month when Marcus increased the rate to 0.60%. With today’s 10-bp rate hike that increased the rate to 0.70%, its rate remains 10 bps higher than Ally’s.
PenFed is a credit union and not a bank, but it now operates a lot like an online bank, and it is as popular as any online bank with many DA readers. Its online savings account, the Premium Online Savings, had a 10-bp rate increase today that moved the rate from 0.60% to 0.70%. This account reached a bottom rate of 0.45% in March 2021. PenFed started 5-bp rate hikes in October, and in April, the rate had reached 0.60%. It’s nice to see today’s rate increase was 10 bps.
The smaller online banks continue to be more aggressive than the major online banks with their rate hikes. Thirteen of them had rate hikes that increased their APYs to at least 1.00%.
In April, the average online savings account rate had its largest monthly gain since 2019. The average online savings account rate increased 4.0 bps in April, rising from 0.501% to 0.541%. So far this year, the average has increased 8.5 bps.
The average online savings account rate fell slightly in 2021, falling 5 bps from 0.51% to 0.46%. That decline occurred in the first half of 2021. There was no net change in the average from June 1st to January 1st.
Our Online Savings Account Index tracks the average rate of ten well-established online savings accounts.
I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are two lists. The first list includes rate changes from the major online banks. The second includes rate changes from past rate leaders which are generally not well-known names. All percentages are APYs:
Rate changes from the major online banks:
- CIT Bank Savings Connect (0.60% → 0.90%)
- Live Oak Bank High Yield Online Savings (0.60% → 0.80%)
- Sallie Mae Bank MM (0.65% → 0.75%)
- Marcus by Goldman Sachs Online Savings (0.60% → 0.70%)
- PenFed CU Premium Online Savings (0.60% → 0.70%)
- Ally Bank Online Savings & MM (0.50% → 0.60%)
Rate changes from the less well-known CUs & online banks:
- Bask Bank Interest Savings (0.80% → 1.25%)
- State Bank of Texas Jumbo MM - new money (0.75% → 1.15%)
- Vibrant CU Yellow MM Promo ($200k+ 0.40% → 1.15%)
- Luana Savings Bank Insured MM ($750k+ 0.90% → 1.06%)
- Liberty Savings Bank HY Savings via SaveBetter (0.56% → 1.06%)
- CFG Bank High Yield MM (0.82% → 1.02%)
- Salem Five Direct eOne Savings (0.40% → 1.01%)
- Patriot Bank via SaveBetter MMDA (0.70% → 1.01%)
- USALLIANCE Financial CU High Dividend Savings (0.65% → 1.00%)
- First Foundation Bank Online Savings (0.65% → 1.00%)
- My Banking Direct High Yield Savings (0.77% → 1.00%)
- BrioDirect High-Yield Savings (0.40% → 1.00%)
- Langley FCU Platinum MM ($1m 0.75% → 1.00%)
- CFSB Premier Savings (0.70% → 0.90%)
- LendingClub Bank High-Yield Savings (0.70% → 0.85%)
- Ivy Bank High-Yield Savings (0.70% → 0.85%)
- CFG Bank High Yield MM (0.80% → 0.82%)
- CFSB High Yield Savings (0.60% → 0.80%)
- Citizens Access Online Savings (0.50% → 0.75%)
- Popular Direct High Rise Savings (0.50% → 0.75%)
- DollarSavingsDirect Savings (0.35% → 0.75%)
- EmigrantDirect Savings (0.35% → 0.75%)
- Valleydirect Online Savings (0.70% → 0.75%)
- CIBC Bank USA Agility Savings (0.62% → 0.72%)
- SFGI Direct Savings (0.51% → 0.71%)
- TotalDirectBank Direct MMDA (0.50% → 0.60%)
- Wings Financial CU High YIeld Savings (0.45% → 0.55%)
- MySavingsDirect Savings (0.25% → 0.50%)
Update 5/19/2022: Post publication rate changes:
- Synchrony Bank High Yield Savings (0.60% → 0.85%) on 5/19
- Valleydirect Online Savings (0.75% → 0.80%) on 5/19
Current rate leaders
The 1% club had a large expansion with the addition of 13 online savings or money market accounts with APYs of at least 1.00%. I’ll soon have to create a more exclusive club, such as the 1.25% club. Perhaps by the end of the year, I’ll be creating a 3% club.
My definition of the 1% club are institutions that are offering a yield of at least 1.00% on their liquid bank accounts with no small balance limitations and no activity requirements to qualify for the high rate.
SoFi Bank Checking and Savings account now shares the top spot with the Bask Bank Interest Savings. Both have a yield of 1.25%. On May 5th, the Bask Bank Interest Savings yield increased 45 bps to 1.25%. This applies to all balances, and unlike the SoFi Bank account, there are no direct deposit requirements.
The next highest yield is 1.15% at State Bank of Texas and Vibrant Credit Union.
The Jumbo Money Market account at State Bank of Texas had a 40-bp rate increase on Friday. No interest is paid for balances under $100k, and the 1.15% APY only applies to new money.
Vibrant Credit Union has started offering promotional tiered rates on its Yellow Money Market account that range from 1.15% APY for balances of at least $200k to 0.10% APY for balances of $10k to under $25k.
Connexus Credit Union’s Money Market Account has the third highest rate (1.11% APY). This requires a balance of at least $100k. Balances that range from $20k to under $100k earn 1.00% APY, and balances from $1k to under $20k earn 0.25% APY.
Both Vibrant and Connexus have easy membership requirements that make it possible for people in any state to join the credit union.
For savings accounts that don’t require large balances to earn a 1%+ yield, the one with the third highest rate (after SoFi Bank and Bask Bank) is Liberty Savings Bank via SaveBetter. Through the SaveBetter platform, Liberty Savings Bank is offering its High Yield Savings account that earns 1.06% APY on all balances of at least $1. For more details about this account, Liberty Savings Bank and the SaveBetter platform, please refer to my Liberty Savings Bank savings account review.
Rate guarantees without withdrawal penalties
When rates are falling, the best savings and money market deals are specials that guarantee a rate for a period of time. These promotions had dried up during the pandemic, but they have started to return as rates have started to rise. Of course, when rates are rising, the rate guarantee has much less value.
Sun East FCU has improved its MAX-Yield Money Market Account Special by adding a 1.00% APY with a 15-month guarantee period. The old one had only a 0.60% APY. Maximum balance is $250k.
No-penalty CDs have some of the liquidity of savings and money market accounts, but like CDs, they offer a rate lock which can be useful when rates are falling. No-penalty CDs have become more common at online banks in the last four years, and they are something to consider, especially if you already have a savings account at the bank.
Some banks like Ally Bank make it easy to open and close the No Penalty CDs. You just lose access to the money in the No Penalty CD for the first six days from account funding. After that, you are free to close the CD without penalty
The rates of no-penalty CDs are finally starting to rise. Four no-penalty CDs in the list below had rate increases in the past two weeks. Two of these four increased their yields to at least 1.00%. We now have four no-penalty CDs with yields of at least 1.00%.
CFG Bank is one of the two that increased its no-penalty CD yield to 1%+. It now has a 1.07% APY on its 13-month term no-penalty CD, what it calls the Penalty Free CD.
The other bank in this group is Colorado Federal Savings Bank (CFSB). On Friday, its 11-month No Penalty CD yield increased 25 bps to 1.00%.
Ally Bank is the largest bank to increase its no-penalty CD rate. On Friday, the rate increased 10 bps to 0.70%. That was just a week after a 10-bp rate hike. Before that May 6th rate hike, the rate had been stuck at 0.50% since December 2020.
I just realized today that the Ally No-Penalty CD had its 13-year anniversary this month. Ally first launched the No-Penalty CD in May 2009. At that time, it had a 9-month term and a 2.50% APY.
Since Ally introduced its No-Penalty CDs 13 years ago, several other online banks have introduced their own no-penalty CDs. The latest one is Synchrony Bank which has pretty much copied the Ally no-penalty CD model with an 11-month term and the same early closure functionality (full closure only after the first six days.) Synchrony’s No-Penalty CD also happens to currently have the same rate (0.70% APY). Update 5/19: Synchrony 11-month No-Penalty CD APY increased from 0.70% to 0.90%.
USALLIANCE Financial Credit Union’s 11-month No Penalty CD remains on top with a 1.25% APY.
Remember that when talking about no-penalty CDs (that function like Ally’s No Penalty CD), a longer term is always better. Since you can close these types of no-penalty CDs at any time after the first six days, I can’t think of a reason to choose a shorter-term no-penalty CD if the rate is the same.
Money Market Funds
Another option for your cash instead of savings accounts and money market accounts are money market funds from brokerages. These don’t have FDIC coverage, but they can be reasonable alternatives to deposit accounts. Their rates tend to be close to zero when the Fed sets the target federal funds rate to 0%, and they tend to follow the target federal funds rate during a rate-hiking cycle.
Before March, the four money market funds that I have followed have maintained a 7-day yield of only 0.01%. Now that the Fed has started hiking rates, money market fund yields are rising, with yields close to the yields of many online savings accounts. These may soon top the highest online savings account rates after the next one or two Fed rate hikes.
The Vanguard Federal Money Market Fund now has the highest yield. In the last two weeks, its 7-day yield increased from 0.26% to 0.65%.The Vanguard Municipal Money Market Fund isn’t far behind. Its 7-day yield increased from 0.32% to 0.63%.
Fidelity’s money market funds continue to lag Vanguard. Nevertheless, Fidelity did finally make significant rate increases.
In the last two weeks, the 7-day yield of the Fidelity Money Market Fund increased from 0.07% to 0.48%. The Fidelity Municipal Money Market Fund 7-day yield increased from 0.26% to 0.42%.
Reward Checking Accounts
For the nationally-available reward checking accounts, there were no changes in the last two weeks.
Overall, reward checking accounts have generally held up better in a zero-rate environment than online savings accounts. However, we will probably see fewer rate hikes as interest rates rise. If or when online savings accounts eventually rise above 2%, many reward checking accounts with top rates stuck at or below 2% will become much less appealing for savers.
Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. However, there are a couple nationally-available ones in which you can earn high rates on fairly large balances. Below are two of these accounts.
In the list below I added the blended APY for a $100k balance.
- Quontic Bank High Interest Checking: 1.01% APY up to $150k, 0.35% APY $150k+ to $1m (1.01% APY for $100k balance)
- Presidential Bank Advantage Checking: 2.25% APY up to $25K, 0.75% on portion above $25k (1.13% blended APY for $100k balance)
There are several reward checking accounts in which you can earn a relatively high APY on a large balance of $100k to $250k. All of these are only available to certain regions of the nation. To earn a high rate on a large balance requires that you also open a reward savings account with the reward checking account. The blended APY of the reward checking/savings combo can be over 1% for large balances. I’ve created this table to keep track of these checking/savings combos that offer a relatively high blended APY on large balances. Most are under the Kasasa brand and have the names of Kasasa Cash (checking) and Kasasa Saver (savings.)
To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to reward checking, please refer to my blog post, Overview of Reward Checking and Our Reward Checking Table.
Certificate of Deposit Rates
I publish my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts, but I’ll include a few of the best CD deals.
CD Deals: For direct CDs that are nationally available (without any membership limitations), Connexus Credit Union now has the highest rates for terms of one to five years. Connexus just increased these CD rates today. Below is a list of these new rates by term:
- 5-year: 3.21% APY
- 4-year: 3.11% APY
- 3-year: 3.01% APY
- 2-year: 2.86% APY
- 1-year: 2.26% APY
I’ll be publishing a blog post on these new rates soon.
For banks with nationally available CDs, KS StateBank is on top with the highest rates. Below is a list of these rates by term:
- 5-year: 3.00% APY
- 4-year: 2.90% APY
- 3-year: 2.85% APY
- 2-year: 2.60% APY
- 18-mo: 2.30% APY
- 1-year: 2.00% APY
For more details, please see my review of KS StateBank and these CDs.
For the major online banks, the two best mid-term CD deals are Synchrony Bank’s 16-month CD Special (1.85% APY) and Ally Bank’s 20-month Select CD (2.00% APY). Update 5/19: Synchrony 16-month Special CD APY increased from 1.85% to 2.00%.
For terms under one year, NASA FCU has the best deal with a 1.60% APY on a 9-month term (see review).
If you’re looking for CDs, you should also consider Treasury bills and notes. Their yields have gone up considerably in the last month, and now they have yields higher than CD yields for maturities from six months to ten years. Please refer to this Treasury page for the latest Treasury yields.
This is my new weekly summary with the Fed review split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review blog post.
Checking/Savings/Money Market Accounts:
- Best Savings Account Rates (Nationwide and by State)
- Best Money Market Rates (Nationwide and by State)
- Best Checking Account Rates (Nationwide and by State)
Institution | APYs | Notes | |
---|---|---|---|
Bask Bank | 1.25% (no min) | Bask Interest Savings Account - Account review | |
SoFi Bank, N.A. | 1.25% (w/direct deposit), 0.70% (w/o direct deposit) | SoFi Checking and Savings | |
State Bank of Texas (SBT) | 1.15% ($100k min, new money only) | Jumbo Money Market | |
Vibrant Credit Union | 1.15% ($200k), 0.50% ($100k), 0.25% ($25k), 0.10% ($10k), 0.05% (up to $10k) | Yellow Money Market (promotional rate)(*NTS) | |
Connexus Credit Union | 1.11% ($100k), 1.00% ($20k), 0.25% ($1k) | Money Market Account (Active checking requirement has been removed) - Forum post | |
Liberty Savings Bank via SaveBetter.com | 1.06% ($1 min) | High Yield Savings Account - Account review | |
Luana Savings Bank | 1.06% ($750k), 1.00% ($250k), 0.95% ($100k), 0.90% ($50k), 0.85% ($2.5k) | Money Market | |
CFG Bank | 1.02% ($1k) | High Yield Money Market Account - Account review | |
Salem Five Direct | 1.01% (up to $1m) | eOne Savings, new customers only - Account review | |
Patriot Bank via SaveBetter.com | 1.01% ($1 min) | Money Market Deposit Account - Account review | |
Merchants Bank of Indiana | 1.01% (up to $1m) | Money Market Account | |
Aldefi (formerly ECCU) | 1.01% (up to $100k) | High-Yield Money Market (one year rate guarantee,new members only) | |
First Foundation Bank | 1.00% | Online Savings - Account review | |
M1 Finance | 1.00% (all balances, $125 annual fee) | M1 Plus Checking (deposits held by a partner bank) | |
My Banking Direct | 1.00% ($1 min) | High Yield Savings - Account review | |
BrioDirect | 1.00% ($25 min) | High Yield Savings (*NTS) - Account review | |
Bread Financial (formerly Comenity Direct) | 1.00% ($100 min) | High-Yield Savings - Account review | |
USALLIANCE Financial | 1.00% ($500) | High Dividend Savings - Account review | |
Sun East Federal Credit Union | 1.00% ($5k min) | MAX-Yield Money Market Account Special (15 month introductory rate), free withdrawals can only be done once per quarter - Account review | |
Langley Federal Credit Union | 1.00% ($1m), 0.85% ($500k), 0.75% ($250k min), 0.50% ($100k), 0.40% ($25k) | Platinum Money Market Savings - Account review | |
T-Mobile Money | 1.00% (4.00% up to $3k w/checking requirements) | Checking Account (deposits held by a partner bank) - Account review | |
CIT Bank | 0.90% ($200 min) | Savings Connect - Linked eChecking required Account review | |
CFSB (Colorado Federal Savings Bank) | 0.90% ($50k min) | Premier Savings (New customers) - Account review | |
mph.bank via SaveBetter.com | 0.85% ($1 min) | Money Market Deposit Account - Account review | |
Ivy Bank | 0.85% ($2.5k), 0.05% ($10) | High-Yield Savings - Account review | |
Live Oak Bank | 0.80% ($5 million max) | High Yield Savings - Account review | |
Prime Alliance Bank | 0.80% ($1+) | Personal Savings (0.50% rate effective June 4, 2021) - Account review | |
CFSB (Colorado Federal Savings Bank) | 0.80% | High Yield Savings - Account review | |
Vio Bank | 0.80% | Cornerstone Money Market | |
Bank Onward | 0.80% ($250 opening deposit) | Bo Savings - Account review | |
CommunityWide Federal Credit Union | 0.80% (penalty-free withdrawals first 5 days of each calendar quarter) | High Rate Quarterly Funds Account - Account review | |
ZYNLO Bank | 0.80% (up to $250k) 0.10% ($250k+) | Money Market - Account review | |
Freedom Northwest Credit Union | 0.80% ($15k+), 0.65% ($10k+), 0.50% ($5k+), 035% (up to $5k) | Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review | |
DollarSavingsDirect | 0.75% | Dollar Savings Account - Account review | |
LendingClub Bank | 0.75% (all balances) | High-Yield Savings - Account review | |
Quontic Bank | 0.75% | High Yield Savings - Account review | |
ValleyDirect | 0.80% (Update 5/19: 0.75% → 0.80%) | Online Savings - Internet bank, deposits held by Valley Bank | |
Sallie Mae Bank | 0.75% | Money Market Account - Account review | |
Ponce Bank via SaveBetter.com | 0.75% ($1 min) | Money Market Deposit Account - Account review | |
U.S. Postal Federal Credit Union | 0.75% (0.85% with relationship rewards) | IRA Savings - See review | |
TAB Bank | 0.75% ($1 min) | High Yield Savings - Account review | |
Citizens Access | 0.75% ($5k min) | Online Savings Account - Account review | |
Popular Direct | 0.75% ($5k min opening deposit) | High Rise Savings - Account review | |
CIBC Bank USA | 0.72% | Agility Savings Account - Account review | |
SFGI Direct | 0.71% | SGFI Direct Savings Account - Account review | |
PenFed Credit Union | 0.70% | Premium Online Savings Account review | |
BrioDirect | 0.70% | Money Market - Account review | |
Barclays | 0.70% | Online Savings - Account review | |
Monifi | 0.70% | Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications) | |
CIT Bank | 0.70% ($100 min) | Money Market - Account review | |
Marcus by Goldman Sachs | 0.70% ($500 min) | High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review | |
Dow Chemical Employees Credit Union | 0.68% ($500k), 0.60% ($50k), 0.49 (up to $50k) | Simple High Yield Deposit - Account review | |
Security State Bank (KS) | 0.68% ($110k), 0.45%-0.68% ($100k+), 0.25% (under $100k) | Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review | |
Affirm | 0.65% | Affirm Savings (deposits held by a partner bank) | |
Banesco USA | 0.65% ($100 min) | BanesGrow Savings Account Account review | |
Rising Bank | 0.65% ($1k min) | High Yield Savings - Account review | |
ConnectOne Bank | 0.65% ($2.5k min) | OneConnection Savings - Account review | |
Northpointe Bank | 0.65% ($25k), 0.35% ($5k), 0.25% ($2.5k min) | Ultimate Money Market - Account review | |
Paramount Bank | 0.65% (up to $100k), 0.10% APY ($100k+) ($100 min deposit) | Interest Checking (non-reward checking) - Account review, $100k cap only applies to accounts opened after 3/24/21 | |
Ally Bank | 0.60% | Online Savings - Account review | |
First Internet Bank | 0.60% (no min) | Money Market Savings | |
American Express National Bank | 0.60% | High Yield Savings - Account review | |
Discover Bank | 0.60% | Online Savings - Account review | |
Capital One | 0.60% | 360 Performance Savings - Account review | |
Synchrony Bank | 0.85% (Update 5/19: 0.60% → 0.85%) | High Yield Savings - Account review | |
TIAA Bank | 0.60% ($25 min) | Basic Savings | |
Citi | 0.60% | Citi Accelerate Savings Account (Not available in all states, chk relationship required) | |
Alliant Credit Union | 0.60% ($100 min) | High-Rate Savings - Account review | |
Bethpage Federal Credit Union | 0.60% ($500 min) | Money Market | |
Spectrum Credit Union | 0.60% ($2.5k min) | Market Edge Savings - Account review | |
TotalDirectBank | 0.60% ($5k min) | Direct Money Market Deposit Account (not available in CA or FL) - Account review | |
The Federal Savings Bank | 0.60% ($100k), 0.40% ($50k), 0.30% ($25k), 0.20% ($10k), 0.15% ($1k) | Money Market - Account review | |
Quontic Bank | 0.60% ($150k), 0.50% ($5k), 0.40% (up to $5k) | Personal Money Market - Account review | |
Sallie Mae Bank | 0.55% | High Yield Savings - Account review | |
Quorum Federal Credit Union | 0.55% | HighQ Savings Account | |
FitnessBank | 0.55% ($250k max) (requires using step tracker app and averaging 12.5k steps/daily) | Fitness Savings Account - Account review | |
CIT Bank | 0.55% ($25k min) | Savings Builder - Account review | |
Discover Bank | 0.55% ($100k min), 0.50% ($2.5k) | Money Market - Account review | |
State Department Federal Credit Union | 0.55% ($100k), 0.50% ($50k), 0.45 ($25k) | Premier Money Management Shares - Account review | |
MySavingsDirect | 0.50% | MySavings Account - Account review | |
TIAA Bank | 0.50% | Yield Pledge Money Market - Account review | |
FACILE | 0.50% | Savings Account - Internet bank, deposits held by Pacific National Bank | |
Western State Bank | 0.50% (up to $3m) | High Yield Money Market - Account review | |
Chime | 0.50% (no min/max, active checking required) | Chime Savings Account (deposits held by a partner bank) - Account review | |
Vio Bank | 0.50% | Online High Yield Savings - Account review | |
Continental Bank via SaveBetter.com | 0.50% ($1 min) | High Yield Savings Account - Account review | |
National Cooperative Bank | 0.50% ($100 min deposit) | Impact Money Market | |
SkyOne Credit Union | 0.50% ($1k min) | Sky-high Savings | |
UmbrellaBank.com | 0.50% ($25k min), 0.21% ($1k) | Money Market | |
iGObanking.com | 0.50% ($25k min) | iGOmoneymarket, new accounts and new money only - Account review | |
BankPurely | 0.50% ($25k min) | PurelyMoneyMarket - Account review | |
Kinecta Federal Credit Union | 0.50% ($100k), 0.40% ($50k), 0.25% ($10k), 0.10% ($2.5k) | High-Yield Money Market - Account review | |
Varo | 0.50% (5.00% up to $5k w/chk requirements) | Varo Savings - Account review | |
American Heritage Credit Union | 0.46% ($10k min) | High Yield Savings | |
FNBO Direct | 0.45% | Online Savings | |
Northern Bank Direct | 0.45% ($5k min) | Money Market - Account review | |
MutualOne Bank | 0.40% ($1m max) | Online Statement Savings - Account review | |
Virtual Bank | 0.40% | eMoney Market Special - Account review | |
Bank5 Connect | 0.40% ($100 min) | High Interest Savings - Account review | |
State Bank of India (IL) | 0.40% ($5k min) | Money Market | |
WauBank | 0.40% ($5k min) | High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review | |
PurePoint Financial | 0.40 ($10k min) | Online Savings - Account review | |
Bellco Credit Union | 0.40% ($50k) 0.25% ($10k) 0.10% (up to $10k) | Premier Money Market Account | |
Northpointe Bank | 0.35% ($5k+), 0.30% ($2m+), 0.25% ($100) | Ultimate Savings - Account review | |
Customers Bank | 0.35% ($25k min) | Ascent Money Market Savings | |
Nationwide by Axos Bank | 0.30% ($100 opening) | My Savings (requires checking with minimum monthly $1k direct deposit) | |
State Bank of India (IL) | 0.30% ($500 min) | Savings | |
Latino Community Credit Union | 0.30% ($500 min) | Money Market - Account review | |
Nationwide by Axos Bank | 0.25% | Money Market Plus | |
Nationwide by Axos Bank | 0.25% ($300 opening) | Regular Savings | |
Nationwide by Axos Bank | 0.20% ($100 opening) | My Savings w/o checking | |
Northfield Bank | 0.15% ($225k max) | Online Platinum Savings - Account review | |
BankUnitedDirect | 0.10% | Online Money Market - Account review | |
ableBanking | 0.10% ($250 min) | Money Market Savings - Account review |
*New to Summary
No-Penalty CDs
Institution | APYs | Notes |
---|---|---|
USALLIANCE Financial | 1.25% ($500) | 11-month No Penalty CD Special - Account review |
Bellco Credit Union | 1.15% ($2.5k min) | 36-month Smart Move CD - Account review |
CFG Bank | 1.07% ($500 min) | 13-month Penalty Free CD - Account review |
CFSB (Colorado Federal Savings Bank) | 1.00% ($5k min) | 11-month No Penalty CD - Account review |
My eBanc | 0.85% ($10k) | 11-month Online Flex Time Deposit - Account review |
Marcus by Goldman Sachs | 0.75% ($500) | 13-month No Penalty CD - Account review |
Marcus by Goldman Sachs | 0.75% ($500) | 8-month No Penalty CD (AARP members only) - Account review |
Synchrony Bank | 0.90% (no min) (Update 5/19: 0.70% → 0.90%) | 11-month No Penalty CD (*NTS) - Account review |
Ally Bank | 0.70% (no min) | No-Penalty 11-month CD - Account review |
Chartway Federal Credit Union | 0.70% ($500 min) | 12-month No Penalty CD (early closure only) - Account review |
MainStreet Bank | 0.70% ($500 min) | 1-year No Penalty CD (early closure only) - Account review |
Rising Bank | 0.65% ($1k min) | 15-month No Penalty CD - (Potential issues, see account review) |
Marcus by Goldman Sachs | 0.45% ($500 min) | 7-month No Penalty CD - Account review |
Marcus by Goldman Sachs | 0.35% ($500 min) | 11-month No Penalty CD - Account review |
CIT Bank | 0.30% ($1k min) | 11-month No-Penalty CD - Account review |
Investors eAccess | 0.15% ($500) | 6-month No-Penalty CD - Account review |
PurePoint Financial | 0.15% ($10k) | 11-month No-Penalty CD - Account review |
PurePoint Financial | 0.10% ($10k) | 13-month No-Penalty CD - Account review |
PurePoint Financial | 0.10% ($10k) | 14-month No-Penalty CD - Account review |
Citizens Access | 0.05% ($5k) | 11-month Liquid CD - Account review |
*New to Summary
Reverse Tier Savings/Money Market Accounts/Checking:
Institution | APYs | Notes |
---|---|---|
Workers Credit Union | 3.61% (up to $1k), 0.15% ($1k-$2k), 0.20% ($2k-$3k), plus 13 more rate tiers (0.25%-0.85% in 5 bps increments) | SaveUp Savings w/Automatic Deposit - Account review |
Workers Credit Union | 3.55% (up to $1k), 0.10% ($1k-$2k), 0.15% ($2k-$3k), plus 13 more rate tiers (0.20%-0.80% in 5 bps increments) | SaveUp Savings - Account review |
Porte | 3.00% (up to $15k), 0.20% ($15k+) | Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review |
Affinity Plus Federal Credit Union | 1.00% (up to $25k), 0.35% ($25k+) | Superior Money Market (min $500 direct deposit into any account) |
Patelco Credit Union | 1.00% (up to $2k), 0.50% ($2k-$5k), 0.30% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m) | Money Market Select Account - Account review |
Smarty Pig | 0.70% (up to $10k), 0.55% ($10k+) | SmartyPig Savings - Account review |
Axos Bank | 0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+) | High Yield Savings - Account review |
All America Bank | 0.55% (up to $50k), 0.05% ($50k+) (0.85% effective 5/23/2022) | Mega Money Market Account - Account review |
Redneck Bank | 0.55% (up to $50k), 0.05% ($50k+) (0.85% effective 5/23/2022) | Mega Money Market Account |
La Capitol Federal Credit Union | 4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+) | Choice Checking |
Reward Checking Accounts:
- Noteworthy Accounts Available Nationwide:
Institution | APYs | Notes |
---|---|---|
Consumers Credit Union | 4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020) |
Genisys Credit Union | 4.07% (up to $7.5k), 0.05% ($7.5k+) | Genius Checking Account review |
Evansville Teachers Federal Credit Union | 3.30% (up to $20k), 0.00% ($20k+) | Vertical Checking - Account review |
Consumers Credit Union | 3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020) |
First Bank | 3.04% (up to $25k), 0.10% ($25k+) | First Performance Checking (available in CA, IL, MO) - Account review |
Market USA Federal Credit Union | 3.01% (up to $15k), 0.05% ($15k+) | VIP Checking Platinum Tier - Account review |
EFCU Financial | 3.01% (up to $10k), 0.05% ($10k+) | Rewards Checking - Account review |
Keesler Federal Credit Union | 3.00% (up to $25k), 0.40% ($25k+) | Kasasa Cash (easy membership in AL, LA, MS) - Account review |
Sullivan Bank | 3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#) | Kasasa Cash (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review |
Lake Michigan Credit Union | 3.00% (up to $15k), 0.00% ($15k+) | Max Checking |
INOVA Federal Credit Union | 3.00% (up to $15k), 0.07% ($15k+) | Shield Checking - Account review |
Western Vista Federal Credit Union | 2.53% (up to $15k), 0.01% ($15k+) | Panorama Checking - Account review |
Great Lakes Credit Union | 2.50% (up to $10k), 0.05% ($10k+) | Free Checking |
Campus Federal | 2.31% (up to $10k), 0.05% ($10k+) | Lagniappe Checking |
Presidential Bank | 2.25% (up to $25k), 0.75% ($25k+) | Advantage Checking - Account review |
Bellco Credit Union | 2.25% (up to $25k), 0.25% ($25k+) | Boost Interest Checking - Account review |
Consumers Credit Union | 2.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) | Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020) |
Community Bank (TN) | 2.08% (up to $20k), 0.25% ($20k+) | Community Advantage Checking Account review |
Union Bank | 2.07% (blended APY up to $25k), 0.03% ($25k+) | 1-2-3 Rewards Checking Account review |
TruStone Financial Credit Union | 2.02% (up to $20k), 0.10% ($20k+) | TruRate Checking - Account review |
Hiway Federal Credit Union | 2.02% ($1k-$25k), 0.01% ($25k+) | Hi Yield Checking - Account review |
Elements Financial | 2.00% (up to $20k), 0.10% ($20k+) | High Interest Checking - Account review |
Ideal Credit Union | 2.00% (up to $20k), 0.05% ($20k+) | High Yield Checking - Account review |
First State Bank (OH) | 2.00% (up to $15k), 0.25% ($15k+) | Kasasa Cash - Account review |
Southwest National Bank | 2.00% (up to $15k), 0.25% ($15k+) | Kasasa Cash - Account review |
Cap Ed Federal Credit Union | 2.00% (up to $10k), 0.10% ($10k+) | High Yield Checking |
Wings Financial Credit Union | 1.76% (up to $25k), 0.01% ($25k+) | High Yield Checking - Account review |
Connexus Credit Union | 1.75% (up to $25k), 0.25% ($25k+) | Xtraordinary Checking |
Partner Colorado Credit Union | 1.75% (up to $10k), 0.50% ($10k-$25k), 0.25% ($25k+) | High Interest Checking |
Signature Federal Credit Union | 1.50% (up to $20k), 0% ($20k+) | High-Yield Checking |
Finex | 1.50% (up to $25k), 0.10% ($25k+) | Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union) |
Garden Savings Federal Credit Union | 1.50% (up to $15k), 0.15% ($15k+) | Platinum Checking |
Industrial Bank | 1.47% (up to $15k), 0.20% ($15k+) | Kasasa Cash |
United Educators Credit Union | 1.25% (up to $10k), 0.25% ($10k+) | High Yield Checking |
Axos Bank | 1.25% (up to $50k), 0.00% ($50k+) | Rewards Checking |
BankFirst | 1.25% (up to $15k), 0.15% ($15k+) | Interest Checking |
Heritage Bank | 1.02% (up to $25k), 0.14% ($25k+) | eCentive Account |
Quontic Bank | 1.01% (up to $150k), 0.35% ($150k-$1m) | High Interest Checking - Account review |
Envision Bank | 1.01% (up to $25k), 0.05% ($25k+) | Envision Max Checking - Account review |
Northwest Federal Credit Union | 1.00% (up to $15k), 0.15% ($25k+) | Kasasa Cash - Account review |
Blue Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Extreme Checking (up to 3.00% w/account relationships) - Account review |
Hanscom Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Kasasa Cash Checking - Account review |
One American Bank | 1.00% (up to $10k), 0.25% ($10k+) | Kasasa Cash - Account review |
Orion Federal Credit Union | 1.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+) | Premium Checking - Account review |
First Security Bank & Trust | 0.80% (up to $15k), 0.10% ($15k+) | Kasasa Cash - Account review |
Bay State Savings Bank | 0.75% (up to $20k), 0.05% ($20k+) | Kasasa Cash - Account review |
All America Bank | 0.70% (up to $10k), 0.05% ($10k+) (1.00% effective 5/23/2022) | Ultimate Rewards Checking |
Redneck Bank | 0.75% (up to $10k), 0.05% ($10k+) (1.00% effective 5/23/2022) | Redneck Rewards Checking |
First Tech Federal Credit Union | 0.50% (up to $15k), 0.10% ($15k+) | First Tech Rewards Checking |
Certificates of Deposit:
- Best CD Rates (Nationwide and by State)
- Best IRA CD Rates (Nationwide and by State)
- Survey of the Best CD Rates (Nationwide and Local)
Bank Account Alternatives - May Not Be FDIC Insured
Institution | APYs | Notes |
---|---|---|
Aspiration | 5.00% (up to $10k), 0.10% ($10k+) Plus Save Account | Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account |
Aspiration | 3.00% (up to $10k), 0.00% ($10k+) Save Account | Aspiration Save when $1k+/mo debit card purchases in Spend Account |
GM Financial Right Notes | 1.75% ($500+) | |
Wealthfront | 0.85% Cash Account | Cash Management Account |
Ford Interest Advantage | 0.80% ($50k+), 0.65% ($15k+), 0.60% (less than $15k) | Ford Interest Advantage review |
Duke Energy PremierNotes | 0.75% ($50k+), 0.60% ($10k+), 0.55% (less than $10k) | Duke Energy PremierNotes review |
Vanguard Federal Money Market Fund | 0.65% 7-day yield | |
Vanguard Municipal Money Market Fund | 0.63% 7-day yield | |
Fidelity Money Market Fund | 0.48% 7-day yield | |
Fidelity Municipal Money Market Fund | 0.42% 7-day yield |
Post Publication Edits:
5/19/2022: Synchrony Bank High Yield Savings rate increased.
5/19/2022: Synchrony Bank 11-month No Penalty rate increased.
5/19/2022: Valleydirect Online Savings rate increased.