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Latest Liquid Bank Account Rates

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The odds of a Fed rate cut at the March Fed meeting continue to fall. The latest reason came from today’s release of the minutes from January’s Fed meeting. As noted by this WSJ piece, “[m]ore Federal Reserve officials signaled concern at their meeting last month with cutting interest rates too soon and allowing price pressures to grow entrenched as opposed to the risks of holding rates too high for too long.” The odds of a rate cut at the Fed’s March 19-20 meeting are now only 6.5%, down from 10.0% last week, and down from 47.2% last month (odds are based on the Fed funds futures via the CME FedWatch Tool.)

The odds of a rate cut at the Fed’s April 30/May 1 meeting have also been falling. Those odds are now 27.0%, down from 38.2% last week, and down from 84.8% last month.

The Summary of Economic Projections (SEP) will be released at the March meeting, and any changes in the dot plot will send strong signals about what to expect on May 1st. In the dot plot from the December SEP, the median forecast for the 19 officials was for 75 bps of rate cuts in 2024. It will only take two officials to reduce their forecasted rate cuts for 2024 to move the median forecast to 50 bps. That would suggest only two 25-bp rate cuts in 2024, and that would likely reduce the odds of any rate cuts at the May or June meeting.

The February CPI report is scheduled to be released in less than three weeks from today (on Tuesday, March 12th). Another inflation report with higher-than-expected numbers will likely impact the signals that the Fed will provide at its March 19-20 meeting. I wouldn’t be surprised if we see the May rate cut odds fall like the March rate cuts fell in the last month.

With the Fed remaining in the “higher-for-longer” mode, most online banks should keep their online savings and money market rates steady. That is what we’ve seen in the last two weeks and also since 2024 began. A few online banks have lowered their rates. The three noteworthy rate cuts in the last two weeks were at Discover Bank (Online savings account APY fell from 4.35% to 4.30%), FNBO Direct (Online savings account APY fell from 5.15% to 4.75%), and ValleyDirect (Online savings account APY fell from 5.05% to 4.80%).

On the positive side, one of the new online banks, Jenius Bank, increased the rate of its online savings account from 5.10% to 5.25% APY. The new online banks and those that are in need of deposits will likely be the ones raising their savings and money market rates during this time when the Fed is holding rates steady.

The static condition of savings account rates can be seen in the Online Savings Account Index, which tracks the average APYs of ten well-established online savings accounts. In January, the Index held constant at 4.49%. This follows a small 3-bp yield increase in December. The month of November also had no rate changes. Thus, for the last three months, the Index has gained only 3 bps.

I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are now three lists. There’s one for the well-established online banks. There’s another one for the savings and money market accounts on the Raisin platform, and the third list is for the savings and money market accounts at the smaller and/or newer online banks that are not well-known names.

All percentages are APYs.

Rate changes from the major online banks:

  • Discover Bank Online Savings (4.35% → 4.30%)
  • Discover Bank MM ($100k+ 4.25% → 4.20%)

Rate changes from banks & CUs on the Raisin.com platform

  • VyStar CU via Raisin HY Savings (5.30% → 5.32%)
  • Western Alliance Bank via Raisin HY Savings (5.30% → 5.28%)
  • Greenwood CU via Raisin HY Savings (5.25% → 5.00%)

Rate changes from the less well-known CUs & online banks:

  • First Internet Bank MM Savings ($1M+ 5.46% → 5.48%)
  • Jenius Bank Savings (5.10% → 5.25%)
  • ValleyDirect Online Savings (5.05% → 4.80%)
  • FNBO Direct Online Savings (5.15% → 4.75%)

Current rate leaders

From two weeks ago, the number of savings and money market accounts in the 5.25% club has decreased from 35 to 34.

Poppy Bank and Milli Bank remain rate leaders with a 5.50% APY on their savings accounts. Poppy Bank’s 5.50% APY continues to be guaranteed to last for at least three months after account opening. This had been six months in December. [ Update 2/22/24: Milli has informed customers by email that effective 2/29/24, the savings account rate will be lowered from 5.50% APY to 4.75% APY ].

Poppy Bank and Milli Bank are two of 16 banks and credit unions that are in the 5.25% club and are offering their savings or money market accounts directly to consumers from their websites or mobile apps. The new bank in this group is Jenius Bank, the digital division of the FDIC-insured bank SMBC MANUBANK. Jenius Bank launched its savings account in November. Earlier this month, its rate increased from 5.10% to 5.25% APY, for all balances.

The other changes in the 5.25% club happened to savings and money market accounts that are only available on the Raisin platform.

One institution, InRoads FCU, is no longer listed on Raisin for new account openings. Two weeks ago, InRoad’s High Yield Savings account was listed at Raisin with a 5.32% APY. Those who opened this account will have to log into Raisin to see their current rate.

Another institution on Raisin fell out of the 5.25% club. It’s Greenwood Credit Union, and its High Yield Savings Account rate fell from 5.25% to 5.00% APY.

Two other institutions on Raisin had rate changes, but they remain in the 5.25% club. One is VyStar Credit Union. Its High Yield Savings account rate had a slight increase, rising 2 bps to 5.32% APY. The other is Western Alliance Bank. Its High Yield Savings account rate had a slight decline, falling 2 bps to 5.28% APY.

With a decline of two institutions in the 5.25% club, the total number of Raisin institutions in the 5.25% club is now 16. For the total count in the 5.25% club, I exclude Customers Bank’s High-Yield Savings Account on Raisin since Customers Bank offers a higher rate on a savings account available via MaxMyInterest.com. So the total Raisin count for my 5.25% club is 15.

The three remaining institutions in the 5.25% club are only available through MaxMyInterest.com. These three have been holding their savings account rates steady for some time.The three banks are Customers Bank (5.36% APY), BankProv (5.36% APY), and Veritex Community Bank (5.34% APY).

In summary, this week’s 5.25% club includes 16 savings and money market accounts directly available to consumers, 15 savings and money market accounts only available from Raisin, and 3 savings accounts only available from MaxMyInterest.com. That’s a total of 34 savings and money market accounts.

To be in the 5.25% club, online savings and money market accounts must have APYs of at least 5.25% for reasonable balances. My definition of reasonable balances is a minimum balance to qualify for 5.25%+ APY of no more than $100k and a maximum balance of at least $250k.

One institution that doesn’t qualify is First Internet Bank since its Money Market Savings account requires a minimum balance of $1 million to earn 5.48% APY (which is up 2 bps from two weeks ago).

Rate guarantees without withdrawal penalties

Two institutions on Raisin remain the rate leaders for no-penalty CDs. However, both have short terms. The two are Technology Credit Union (5.36% APY, 5-month) and Mission Valley Bank (5.35% APY, 3-month). These are the same rates and terms from two weeks ago.

Climate First Bank’s 6-month No Penalty CD Special (5.34% APY) remains in third place.

All In Credit Union’s 9-month Jumbo CD is now in sixth place after a 6-bp rate cut. It now has a 5.27% APY ($100k minimum). Its non-Jumbo version has a 5.22% APY ($1k minimum).

For terms of 11 months or longer, the highest rate is still 5.00% APY. This continues to be available from USALLIANCE Financial Credit Union (11-month term), SkyOne Federal Credit Union on Raisin (12-month term), and M.Y. Safra Bank (13-month term).

The two best no-penalty CD deals from well-established online banks continue to be the 11-month no-penalty CD from CIT Bank (4.90% APY) and the 13-month no-penalty CD from Marcus by Goldman Sachs (4.70% APY).

Ally Bank again lowered the rate of its 11-month No Penalty CD. The rate fell 10 bps to 4.15% APY. The rate had been 4.55% APY in January.

In addition to no-penalty CDs, there are also three savings and money market accounts with promotional rate guarantees.

The best deal remains the High-Yield Savings Account at Ivy Bank, which is still guaranteeing 5.30% APY on balances of at least $2.5k to a maximum of $1 million through 6/30/2024. Of course, the value of this guarantee is shrinking as time moves forward. June 30th is now only about four months away.

The one that has the highest rate is Poppy Bank’s Premier Online Savings account which has a 5.50% APY that’s guaranteed to last for three months after account opening. A minimum balance of $1k is required. Regarding the balance limit, Poppy’s FAQ provides this answer: “There is no limit on the balance you may maintain in your account. However, the initial deposit made through Plaid is limited to $2 million. Additional deposits can be made through online banking after the account is opened or by visiting a Poppy Bank Branch.”

The longest guarantee period is at EverBank. Its Yield Pledge Money Market account has an intro APY of 4.75% for first-time Yield pledge MM account holders. The 4.75% APY applies to balances up to $250k, and it’s guaranteed for one year after opening.

With significant odds that the Fed will start cutting rates in the first half of 2024, no-penalty CDs are becoming more attractive. If interest rates fall, your no-penalty CD rate will remain unchanged until maturity or until you close it. Thus, the longer the term of the no-penalty CD, the better deal it is. No-penalty CDs with shorter terms don’t have any value over longer terms since you are free to close the CD without penalty soon after the CD is funded.

Money Market Funds

If you don’t want to deal with the hassles of the online banks that offer 5%+ yields, a money market fund can make things easier. Money market funds have done better than many online savings accounts of keeping their rates close to the federal funds rate. Another benefit of a money market fund is that you can do your part to put pressure on the banks to raise their deposit rates.

The Vanguard Federal Money Market Fund (VMFXX) 7-day yield is now 5.27%, no change from two weeks ago. Vanguard reports the compound yield to be 5.40%. This is defined as “the interest earned on the original principal invested and also on the interest earned in previous periods,” which would make it similar to APY for bank accounts.

The Fidelity Money Market Fund (SPRXX) has a 7-day yield of 5.04%, no change from two weeks ago. Its compound yield is 5.17%. As usual, it lags Vanguard’s yield by 20 to 25 bps.

Municipal money market fund yields have been up and down, even as the Fed keeps rates unchanged. It seems like their yields have large gains around the start of the month, and then their yields fall during the month. Their yields have gone down since February 7th, but the declines are mild. The Vanguard Municipal Money Market Fund (VMSXX) 7-day yield is now 3.37%, down from 3.45% two weeks ago. The 7-day yield of the Fidelity Municipal Money Market Fund (FTEXX) is now 3.22%, down from 3.38% two weeks ago.

Money market funds from brokerages are another option for your cash. They don’t have FDIC coverage, but they can be reasonable alternatives to deposit accounts. To maximize safety, choose only those that invest in Treasurys or federal government debt. Also, stay with the major brokerage firms like Fidelity, Vanguard or Schwab.

Money market fund yields 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 (unlike the major online savings accounts which have let us down in this cycle.)

Reward Checking Accounts

For the nationally-available reward checking accounts (RCAs), there were no noteworthy rate or cap changes in the last two weeks.

There is a new RCA from a credit union with easy membership requirements. Its rates and balance cap are a little disappointing, but it’s nice to see a new RCA that’s nationally available. It’s the new High Yield Checking from Illinois-based Credit Union 1. This credit union used to only have private deposit insurance via ASI. That changed in 2022, and now deposits are insured by the NCUA. The High Yield Checking has a top rate of 5.25% APY for balances up to $10k. The two monthly requirements are 1) 15 qualifying debit card OR bill pay transactions, and 2) deposit a minimum $1k into the checking account. In addition to these two monthly requirements, you must be enrolled in digital banking and eStatements. There’s no monthly fee even if you don’t meet these requirements. The rate for when the requirements are not met or for the portion of the balance above $10k is tiny (just 0.01%). Credit Union 1 does offer a no-minimum online savings account. The rate is also a little disappointing (3.30% APY), but it could be useful for deposits when the High Yield Checking reaches $10k.

There are three reward checking accounts with top yields of at least 6% for balances of at least $25k. These include Andrews FCU’s Kasasa Cash (6.00% APY, up to $25k), Credit Union of New Jersey (6.00% APY, up to $25k), and FitnessBank (6.00% APY, up to $25k). There’s also one with a $20k cap (Pelican State Credit Union’s Kasasa Cash, 6.05% APY on up to $20k). These accounts might be worth the effort for those who want to maximize their interest earnings. In addition to offering a yield higher than the top online savings accounts, these RCAs have a big rate advantage over most of the checking accounts at online banks, which have low rates.

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 Deals

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.

We continue to see a slow fall of CD rates. A few of the credit unions that had market-leading CD rates did cut their rates in February, but several held their rates steady.

Advancial is one of the credit unions that held their rates steady. Its 5-year Jumbo Certificate continues to be a rate leader by a wide margin. Its 5-year Certificates are the only nationally-available 5-year CDs with yields over 5%. For a $50k minimum deposit, Advancial’s 5-year Jumbo Certificate (5.40% APY) tops the second place CD by 51 bps. Its Junior Jumbo Certificate (5.29% APY, $25k minimum) and regular Certificate (5.19% APY, $1k minimum) are also well above 5%. Note, Advancial has a history of being erratic in providing an easy path to membership for people in any state. Due to this, Advancial products haven’t been included in DA’s rate tables when the “Nationwide Only” filter option is selected. For more details about these Certificates and how to join Advancial, please refer to this review of Advancial Certificates. Thanks to the DA readers who have shared their experiences joining Advancial and opening these CDs in the comments of the review and in this DA Forum thread.

Advancial is also the rate leader for the 4-year category. Advancial’s 4-year Jumbo CD has a 5.20% APY ($50k minimum), the 4-year Junior Jumbo CD has a 5.10% APY ($25k minimum), and the 4-year regular CD has a 4.99% APY ($1k minimum).

Lafayette Federal Credit Union held its rates steady in February, and now it’s the rate leader for the 3-year and 2-year categories. Its Jumbo Certificates ($100k) have a 5.20% APY for the 3-year term and a 5.30% APY for the 2-year term. The non-Jumbo CDs for these terms ($500 minimum) have rates that are 10 bps lower.

In the 2-year category, Pelican State Credit Union isn’t far behind with a 5.27% APY on its 24-month Share Certificate ($500 minimum).

Hughes Federal Credit Union held its 17-month CD rates steady in February, and thus, these remain the rate leaders for the 18-month category. It continues to offer its 17-month Special with a 5.65% APY ($99k minimum) and a 5.60% APY ($50k minimum). Please refer to this Hughes FCU CD review for details.

Two of the three institutions that had been rate leaders for the 1-year category have lowered their rates. T Bank lowered its 13-month CD Special rate from 5.65% to 5.25% APY, and Salem Five Direct lowered its 12-month eCD rate from 5.55% to 5.00% APY. [ Update 2/22/24: CIBC Bank USA just replaced the 12-month Agility CD with a 13-month Agility CD that pays 5.36% APY ]. The highest 1-year rate from a bank is now 5.51% APY on the 12-month Agility CD from CIBC Bank USA ($1k minimum deposit). Lafayette Federal Credit Union is now on top in the 1-year category for both its Jumbo Certificate (5.61% APY) and its regular Certificate (5.56% APY).

For the under 1-year category, Andrews FCU is the rate leader with its 6-month Share Certificate Special (5.75% APY). This is only available for new members. In January, NASA FCU’s 9-month Share Certificate Special had this top spot, but its rate fell 15 bps to 5.55% APY in February.

Comments

Please keep discussions of politics to a minimum in the comments of this post. The focus of the comments should be deposit accounts and rates. Comments in this post that include politics may be removed. Also, comments with any rudeness towards others will be removed.

Political discussion that relates to the economy should be kept in my Fed meeting review post.

Rates as of February 21, 2024

Checking/Savings/Money Market Accounts:

InstitutionAPYsNotes
Poppy Bank5.50%Poppy Premier Online Savings (3-month rate guarantee) - Account review
Milli Bank5.50%Savings Account (Savings and Jars, app-based mobile bank, deposits held by First National Bank of Omaha) - Account review
First Internet Bank5.48% ($1m+), 3.77% (up to $1m) Money Market Savings
Customers Bank5.36%Max Savings (Only available through MaxMyInterest.com) - Account review
BankProv5.36%Max Savings (Only available through MaxMyInterest.com) - Account review
My Banking Direct5.35% ($1 min) High Yield Savings - Account review
Brilliant Bank5.35% ($1k min)Surge Money Market Account (replaced Magnetic MMA as of 11/1) Internet bank, deposits held by Equity Bank - Account review
BrioDirect5.35%High-Yield Savings ($5k min opening deposit) - Account review
Climate First Bank5.34%Choice Personal Money Market ($50k min/$10m max) - Account review
Veritex Bank5.34%Max Savings (Only available through MaxMyInterest.com) - Account review
BluPeak Credit Union5.33% ($2.5k min; $100 min opening deposit)Max Money Market Account - Account review
VyStar Credit Union5.32% ($1 min)High Yield Savings Account via Raisin - Account review
RBMAX5.32% ($1 min)High Yield Savings Account via Raisin - Account review
Customers Bank5.32% ($1 min)High Yield Savings Account via Raisin - Account review
Vio Bank5.30%Cornerstone Money Market - Account review
DR Bank5.30% ($1 min)High Yield Savings Account via Raisin - Account review
American First Credit Union5.30% ($1 min) Money Market Deposit Account via Raisin - Account review
Ivy Bank5.30% ($2.5k - $1m), 0.05% ($10)High-Yield Savings (rate guaranteed through 6/30/2024) - Account review
Generations Bank5.29% ($1 min) Money Market Deposit Account via Raisin - Account review
Western Alliance Bank5.28% ($1 min) High Yield Savings Account via Raisin - Account review
Prism Bank5.28% ($1 min) Money Market Deposit Account via Raisin - Account review
Ponce Bank5.28% ($1 min) Money Market Deposit Account via Raisin - Account review
TAB Bank5.27% ($1 min)High Yield Savings - Account review
CloudBank 2475.26% ($1 min) High Yield Savings Account via Raisin - Account review
Dayspring Bank5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
CFBank5.26% ($1 min)High Yield Savings Account via Raisin - Account review
OptimumBank5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
UNCLE Credit Union5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
TotalDirectBank5.26% ($5k min)Direct Money Market Deposit Account (not available in FL) - Account review
Jenius Bank5.25% (no min)Jenius Savings Account (not available in HI or NM) - Account review
UFB Direct5.25%UFB Secure Money Market - Account review
UFB Direct5.25% UFB Secure Savings - Account review
Newtek Bank5.25%Personal High Yield Savings - Account review
WECU5.25% ($1 min)High Yield Savings Account via Raisin - Account review
Harborstone Credit Union5.25% ($1 min) Money Market Deposit Account via Raisin - Account review
Evergreen Bank Group5.25% ($100 min opening) High-Yield Online Savings - Account review
CFG Bank5.25% ($1k)High Yield Money Market Account - Account review
Banesco USA5.25% ($2.5k min opening, $300 min balance)BanesFlex Money Market Promo (*NTS) - Account review
SkyOne Credit Union5.24% ($1 min)Money Market Deposit Account via Raisin - Account review
NASB5.24% ($25k min) Interest Savings - Account review
State Bank of Texas (SBT)5.22% ($100k min, new money only) Jumbo Money Market - Account review
Republic Bank of Chicago5.21% ($2.5k min opening)Digital Money Market (not available in IL, IN, MI, or WI) - Account review
Popular Direct5.20% ($100 min opening) Popular Direct Select Savings - Account review
Hanover Bank5.20% ($1 min) Money Market Deposit Account via Raisin - Account review
EverBank5.15% Performance Savings - Account review
RBMAX5.15% ($250k max)Max Interest Savings (division of Republic Bank & Trust Company)
Blue Federal Credit Union5.15% ($1 min)Money Market Deposit Account via Raisin - Account review
Bread Financial5.15% ($100 min)High-Yield Savings - Account review
Mission Valley Bank5.12% ($1 min) Money Market Deposit Account via Raisin - Account review
Bask Bank5.10% (no min)Bask Interest Savings Account - Account review
BMO Alto5.10%Online Savings Account Account review
OMB Bank5.08% ($5k min)High Interest Online Savings - Account review
Primis Bank5.07% ($1k min)Primis Savings Account Account review
Upgrade5.07% ($1k min)Premier Savings (deposits held by Cross River Bank) Account review
The State Exchange Bank5.05% ($1 min)High Yield Savings via Raisin - Account review
CIT Bank5.05% ($5k), 0.25% (up to $5k)Platinum Savings - Account review
iGObanking.com5.05% ($25k min) iGOmoneymarket, new accounts and new money only - Account review
BankPurely5.05% ($25k min) PurelyMoneyMarket - Account review
Credit One Bank, N.A.5.05% ($100k min) Jumbo High Yield Savings Account - Account review
Lemmata Savings Bank5.03% ($1 min) Money Market Deposit Account via Raisin - Account review
CIBC Bank USA5.01%Agility Savings Account - Account review
Salem Five Direct5.01% (up to $1m)eOne Savings, new customers only - Account review
LendingClub Bank5.00%High-Yield Savings - Account review
Quontic Bank5.00%Personal Money Market (all balances) - Account review
Virtual Bank5.00% eMoney Market Special - Account review
DollarSavingsDirect5.00%Dollar Savings Account - Account review
Laurel Road (a brand of KeyBank, N.A.)5.00% ($2m max)Laurel Road High Yield Savings Account - Account review
Merchants Bank of Indiana5.00% (up to $1m)Money Market Account
CommunityWide Federal Credit Union5.00% (penalty-free withdrawals first 5 days of each month)High Rate Quarterly Funds Account - Account review
ZYNLO Bank5.00% Tomorrow Savings - Account review
ZYNLO Bank5.00% (up to $250k) 0.10% ($250k+)Money Market - Account review
FitnessBank5.00% ($250k max) (Requires using step tracker app and averaging 12.5k steps/daily, extra 10 bps with checking and debit card usage) Fitness Savings Account - Account review
Greenwood Credit Union5.00% ($1 min)High Yield Savings Account via Raisin - Account review
GreenState Credit Union5.00% ($1 min) High Yield Savings Account via Raisin - Account review
M1 Finance5.00% (all balances, $125 annual fee) High Yield Savings (deposits held by a partner bank)
Jovia Financial Credit Union5.00% ($2 min)Online Savings - Account review
Rising Bank5.00% ($1k min)High Yield Savings - Account review
Langley Federal Credit Union5.00% ($1m), 4.00% ($500k), 2.40% ($250k), 2.00% ($100k), 1.40% ($25k)Platinum Money Market Savings - Account review
Citizens State Bank4.95% ($1 min)High Yield Savings Account via Raisin - Account review
Northern Bank Direct4.95% ($5k min)Money Market Premier - Account review
First Foundation Bank4.90% ($5m max) Online Money Market Account - Account review
First Foundation Bank4.90%Online Savings - Account review
Adda Bank4.90% ($1 min)High Yield Savings Account via Raisin - Account review
First Resource Bank4.85% ($1 min) Money Market Deposit Account via Raisin - Account review
Quontic Bank4.82%Max Savings (Only available through MaxMyInterest.com) - Account review
My eBanc4.81 ($100k), 3.90% (up to $100k)SuperSaver Money Market Account - Account review
ValleyDirect4.80%Online Savings - Internet bank, deposits held by Valley Bank
First Mid4.80% ($1 min)High Yield Savings Account via Raisin - Account review
Border Bank4.80% ($1 min) Money Market Deposit Account via Raisin - Account review
FNBO Direct4.75%Online Savings (not accepting new applications) - Account review
Synchrony Bank4.75%High Yield Savings - Account review
Sallie Mae Bank4.75%Money Market Account - Account review
EverBank4.75% (up to $250k), 4.30%-4.75% ($250k+)Yield Pledge Money Market (1 year intro APY) - Account review
CoVantage Credit Union4.75% ($750k), 4.25% ($500k), 4.10% ($250k), 3.25% ($100k), 2.50% ($25k), 0.85% (up to $25k)Money Market Account
mph.bank4.70% ($1 min) Money Market Deposit Account via Raisin - Account review
CNB Bank Direct4.70% ($25k min/$2m max)Premium Money Market - Account review
ConnectOne Bank4.70% ($250k+), 4.60% ($2.5k)Connection Plus Savings - Account review
USALLIANCE Financial4.65% ($500)High Dividend Savings - Account review
PNC Bank4.65% ($1 min)High Yield Savings (Not available in all states)
CIT Bank4.65% ($100 min)Savings Connect - Account review
SoFi Bank, N.A.4.60% (w/direct deposit), 1.20% (w/o direct deposit)SoFi Checking and Savings
CNB Bank Direct4.60% ($1 min)High Yield Savings - Account review
Liberty Savings Bank4.60% ($1 min)High Yield Savings via Raisin - Account review
Lafayette Federal Credit Union4.58% ($20k), 4.27% ($50)Preferred Savings
Lafayette Federal Credit Union4.58%-4.99% ($50k min to open) Premier Savings (blended APYs)
Marcus by Goldman Sachs4.50%High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
Sallie Mae Bank4.50%High Yield Savings - Account review
Quontic Bank4.50%High Yield Savings - Account review
Prime Alliance Bank4.50% ($1 min)Personal Savings - Account review
Prime Alliance Bank4.50% ($1 min)Personal Money Market - Account review
Citizens Access4.50% ($5k min)Online Savings Account - Account review
Citi4.45%Citi Accelerate Savings Account (Not available in all states)
CFSB (Colorado Federal Savings Bank)4.45% ($50k min) Premier Savings (New customers) - Account review
Continental Bank4.41% ($1 min) High Yield Savings Account via Raisin - Account review
Live Oak Bank4.40% ($5 million max)High Yield Savings - Account review
CFSB (Colorado Federal Savings Bank)4.40%High Yield Savings - Account review
Ally Bank4.40%Money Market Account - Account review
Ally Bank4.35%Online Savings - Account review
American Express National Bank4.35%High Yield Savings - Account review
Capital One4.35%360 Performance Savings - Account review
Affirm4.35%Affirm Savings (deposits held by a partner bank)
Barclays4.35%Online Savings - Account review
MySavingsDirect4.35%MySavings Account - Account review
Discover Bank4.30%Online Savings - Account review
EverBank4.30% ($100k), 4.05% ($50k), 3.75% (up to $50k)Yield Pledge Money Market (ongoing APY) - Account review
SFGI Direct4.26%SGFI Direct Savings Account - Account review
Quorum Federal Credit Union4.25%HighQ Savings Account - Account review
Smarty Pig4.25%SmartyPig Savings - Account review
E*TRADE from Morgan Stanley4.25%Premium Savings Account (sweeps account) - Account review
Discover Bank4.20% ($100k min), 4.15% ($2.5k) Money Market - Account review
Connexus Credit Union4.15% ($1m), 3.77% ($500k), 3.50% ($250k), 3.25% ($100k), 3.01% ($20k), 0.25% ($1k)Money Market Account (Active checking requirement has been removed) - Forum post
MutualOne Bank4.07% ($20k min)Mo Premium Savings - Account review
EmigrantDirect.com4.00%AmericanDream Savings Account - Account review
Bellco Credit Union4.00% ($50k) 3.45% ($10k)Premier Money Market Account
Spectrum Credit Union4.00% ($100k), 3.90% ($50k), 3.80% ($25k), 3.75% ($2.5k), 0.75% (<$2.5)MarketEdge Money Market - Account review
American Heritage Credit Union3.75% ($10k min)High Yield Savings
State Department Federal Credit Union3.56% ($250k), 2.02% ($100k), 1.51% ($50k), 1.26% ($25k)Premier Money Management Shares - Account review
Idabel National Bank3.50% ($1 min) Money Market Deposit Account via Raisin - Account review
ConnectOne Bank3.50% ($25k), 3.40% (up to $25k)Connect Money Market - Account review
Luana Savings Bank3.35% ($750k), 3.20% ($250k), 3.04% ($100k), 2.89% ($50k), 2.73% ($2.5k)Money Market
Credit Union 13.30% (new money required)High Yield Savings (*NTS)
Andrews Federal Credit Union3.25% (up to $250k), 1.24% ($250k+) Celebration Money Market - Account review
Revolut3.25% Savings Vault - subscription rate (deposits held by Metropolitan Commercial Bank) - Account review
Northpointe Bank3.25% ($25k), 0.35% ($5k), 0.25% ($2.5k min)Ultimate Money Market - Account review
Alliant Credit Union3.10% ($100 min)High-Rate Savings - Account review
PenFed Credit Union3.00%Premium Online Savings Account review
Varo3.00% (5.00% up to $5k w/chk requirements)Varo Savings - Account review
Dow Credit Union2.91% ($500k), 2.69% ($100k), 2.46% ($50k), 1.89% (up to $50k)Premium High Yield Deposit - Account review
Amalgamated Bank2.75%Online Savings Special (6-month rate guarantee) - Account review
The Federal Savings Bank2.50% ($2k min)Online Money Market Promo - Account review
T-Mobile Money2.50% (4.00% up to $3k w/checking requirements)Checking Account (deposits held by a partner bank) (1.50% effective July 15, 2022) - Account review
Veridian Credit Union2.45% ($1m) 2.25% ($500k), 2.05% ($250k), 1.85% ($100k), 1.65% ($50k), 1.45% ($2.5k) Premier Money Market - Account review
Great Lakes Credit Union2.40% ($1 min)Money Market Deposit Account via Raisin - Account review
Synchrony Bank2.25%Money Market - Account review
Security State Bank (KS)2.09% ($110k), 2.00%-2.09% ($100k+), 0.75% (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
Chime2.00% (no min/max, active checking required)Chime Savings Account (deposits held by a partner bank) - Account review
MapleMark Bank2.00% ($25k min opening)Platinum Money Market - Account review
Bethpage Federal Credit Union2.00% ($250k), 1.50% ($100k), 1.25% ($50k), 1.15% ($500), 0.10% (up to $499) Money Market
NASA Federal Credit Union1.95% ($100k), 1.85% ($50k), 1.65% (up to $50k)Premier Advantage Money Market - Account review
CIT Bank1.55% ($100 min)Money Market - Account review
State Bank of India (IL)1.50% ($5k min) Money Market
Bank5 Connect1.50% ($100 min)High Interest Savings - Account review
Freedom Northwest Credit Union1.50% ($15k+), 0.75% ($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
Customers Bank1.50% ($25k min)Ascent Money Market Savings
Banesco USA1.35% ($100 min)BanesGrow Savings Account Account review
Banesco USA1.35% ($2.5k-$1m)BanesFlex Money Market Account - Account review
Vio Bank1.10% Online High Yield Savings - Account review
OMB Bank1.00% (up to $100k)High Interest Savings - Account review
U.S. Postal Federal Credit Union1.00% (1.10% with relationship rewards) IRA Savings - See review
State Bank of India (IL)1.00% ($500 min) Savings Account
SkyOne Credit Union1.00% ($1k min)Sky-high Savings
CIT Bank1.00% ($25k min)Savings Builder - Account review
Vibrant Credit Union1.00% ($250k), 0.50% ($50k), 0.01% ($1)Super Savings
Vibrant Credit Union0.25% ($25k), 1.00% ($100k), 0.10% ($10k), 0.01% ($1) Yellow Money Market (promotional rate)

*New to Summary

No-Penalty CDs

InstitutionAPYsNotes
Technology Credit Union5.36% ($1 min)5-month No Penalty CD via Raisin - Account review
Mission Valley Bank5.35% ($1 min)3-month No Penalty CD via Raisin - Account review
Climate First Bank5.34% ($1k)6-month No Penalty CD Special, $500 min (unlimited penalty-free withdrawals) - Account review
OptimumBank5.30% ($1 min)5-month No Penalty CD via Raisin - Account review
Ponce Bank5.30% ($1 min)4-month No Penalty CD via Raisin - Account review
All In Credit Union5.27% ($100k)9-month Jumbo No Penalty CD (one penalty-free withdrawal) - Account review
All In Credit Union5.22% ($1k)9-month No Penalty CD (one penalty-free withdrawl) - Account review
Blue Federal Credit Union5.10% ($1 min)9-month No Penalty CD via Raisin - Account review
USALLIANCE Financial5.00% ($500)11-month No Penalty CD Special - Account review
SkyOne Federal Credit Union5.00% ($1 min)12-month No Penalty CD via Raisin - Account review
Freedom Bank5.00% ($1 min)9-month No Penalty CD via Raisin - Account review
M.Y. Safra Bank5.00% ($5k)13 Month MYSB Direct Online No-Penalty CD - Account review
Freedom Bank4.95% ($1 min)12-month No Penalty CD via Raisin - Account review
CIT Bank4.90% ($1k min)11-month No-Penalty CD - Account review
WECU4.90% ($1 min)5-month No Penalty CD via Raisin - Account review
GreenState Credit Union4.90% ($1 min)12-month No Penalty CD via Raisin - Account review
First Mid4.82% ($1 min)12-month No Penalty CD via Raisin - Account review
Sallie Mae Bank4.75% ($1 min)14-month No Penalty CD via Raisin - Account review
WECU4.75% ($1 min)12-month No Penalty CD via Raisin - Account review
Credit Human4.75% ($5k)12-month Liquid CD (two penalty-free withdrawal, unlimited additional deposits) - Account review
Sallie Mae Bank4.70% ($1 min)10-month No Penalty CD via Raisin - Account review
Marcus by Goldman Sachs4.70% ($500)13-month No Penalty CD - Account review
Marcus by Goldman Sachs4.60% ($500)8-month No Penalty CD (AARP members only) - Account review
Ally Bank4.15% (no min)No-Penalty 11-month CD - Account review
Synchrony Bank3.65% (no min)11-month No Penalty CD - Account review
Chartway Federal Credit Union3.50% ($500 min)12-month No Penalty CD (early closure only) - Account review
CFSB (Colorado Federal Savings Bank)3.50% ($5k min)11-month No Penalty CD - Account review
Bellco Credit Union3.40% ($2.5k min)30-month Smart Move CD - Account review
Bellco Credit Union3.40% ($2.5k min)24-month Smart Move CD - Account review
My eBanc3.30% ($100k), 3.19% ($10k)11-month Online Flex Time Deposit - Account review
Bellco Credit Union3.15% ($2.5k min)36-month Smart Move CD - Account review
mph.bank3.00% ($1 min)6-month No Penalty CD via Raisin - Account review
Marcus by Goldman Sachs0.45% ($500 min)7-month No Penalty CD - Account review
Marcus by Goldman Sachs0.35% ($500 min)11-month No Penalty CD - Account review
Citi0.05% ($500 min)12-month No Penalty CD

Reverse Tier Savings/Money Market Accounts/Checking:

InstitutionAPYsNotes
Michigan State University Credit Union5.25% (up to $1k), 3.75% ($1k-$2k), 1.31% ($2k+)Savings Builder - Account review
Elevault5.13% (up to $50k max balance)Vault - Account review
All America Bank5.05% (up to $100k), 0.50% ($100k+)Mega Money Market Account - Account review
Redneck Bank5.05% (up to $100k), 0.50% ($100k+)Mega Money Market Account
Blue Federal Credit Union5.00% ($25-$1k), 1.00% ($1k-$5k), 0.50% ($5k-10k), 0.25% ($10k-$50k), 0.15% ($50k+)Accelerated Savings - Account review
Garden Savings Federal Credit Union4.07% (up to $15k), 1.00% ($15k+)Accelerate Savings
Affinity Plus Federal Credit Union4.00% (up to $25k), 3.50% ($25k+)Superior Money Market (min $500 direct deposit into any account)
Affinity Federal Credit Union4.00% (up to $10k), 1.00% ($10k+)SmartStart Savings - Account review
NuVision Federal Credit Union4.00% (up to $1k), 2.00% ($1k-5k), 1.00% ($5k-$10k), 0.50% ($10k-$25k), 0.20% ($25k+)Advantage Choice Money Market
Workers Credit Union3.56% (up to $1k), 0.55% ($1k-$2k), 0.60% ($2k-$3k), plus 13 more rate tiers (0.65%-1.26% in 5 bps increments)SaveUp Savings - Account review
SafeAmerica Credit Union3.10% (up to $2k), 1.10% ($2k-$5k), 0.60% ($5k-$10k), 0.55% ($10k+)Blended Rate Money Market
Porte3.00% (up to $15k), 0.20% ($15k+)Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review
Dover Federal Credit Union2.00% (up to $50k), 1.50% ($50k+), 1.25% ($100k+), 0.50% ($250k+)High Yield Savings
Patelco Credit Union2.00% (up to $2k), 1.50% ($2k-$5k), 1.00% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m)Money Market Select Account - Account review
Axos Bank0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+)High Yield Savings - Account review

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionAPYsNotes
OnPath Federal Credit Union7.00% (up to $10k) Rewards High-Yield Checking - Account review
La Capitol Federal Credit Union6.25% (up to $10k), 0.72% ($10k+)Choice Checking
Pelican State Credit Union6.05% (up to $20k), 0.50% ($10k+) Kasasa Cash - Account review
Andrews Federal Credit Union6.00% (up to $25k) Kasasa Cash - Account review
Credit Union of New Jersey6.00% (up to $25k), 0.75% ($25k+) Kasasa Cash - Account review
FitnessBank6.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) Elite Checking Account - Account review
Orion Federal Credit Union6.00% (up to $10k), 2.34%-5.06% ($10k+)Premium Checking - Account review
Community Bank (TN)5.35% (up to $20k), 0.25% ($20k+)Community Advantage Checking - Account review
All America Bank5.30% (up to $15k), 0.50% ($15k+)Ultimate Rewards Checking
Redneck Bank5.30% (up to $15k), 0.50% ($15k+)Redneck Rewards Checking
Veridian Credit Union5.25% (up to $20k)Premium Plus Checking - Account review
Credit Union 15.25% (up to $10k), 0.01% ($10k+)High Yield Checking (*NTS)
Cap Ed Federal Credit Union5.25% (up to $10k), 0.10% ($10k+)High Yield Checking
Genisys Credit Union5.25% (up to $7.5k), 0.05% ($7.5k+) Genius Checking - Account review
Garden Savings Federal Credit Union5.12% (up to $15k), 0.15% ($15k+)Platinum Checking
Keesler Federal Credit Union5.00% (up to $25k), 0.50% ($25k+)Kasasa Cash (easy membership in AL, LA, MS) - Account review
Ideal Credit Union5.00% (up to $20k), 0.05% ($20k+)High Yield Checking - Account review
Western Vista Federal Credit Union5.00% (up to $15k), 0.25% ($15k+)Panorama Checking - Account review
Consumers Credit Union5.00% (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)
Great Lakes Credit Union5.00% (up to $10k), 0.05% ($10k+)Free Checking Tier 3 - 40+ debit card transactions
Presidential Bank4.63% (up to $25k), 3.63% ($25k+)Advantage Checking - Account review
First Bank4.59% (up to $25k), 0.10% ($25k+)First Performance Checking (available in CA, IL, MO) - Account review
Bellco Credit Union4.50% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Market USA Federal Credit Union4.50% (up to $15k), 0.01% ($15k+)VIP Checking Platinum Tier - Account review
Signature Federal Credit Union4.00% (up to $40k), 0% ($40k+)High-Yield Checking
Northwest Federal Credit Union4.00% (up to $25k), 0.50% ($25k+)Dividend Rewards Checking - Account review
Evergreen Bank Group4.00% (up to $25k), 0.25%% ($20k+)Evergreen Free Rewards Checking
TruStone Financial Credit Union4.00% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
First Tech Federal Credit Union4.00% (up to $15k), 0.10% ($15k+)First Tech Rewards Checking
Consumers Credit Union4.00% (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)
Department of Commerce Federal Credit Union3.50% (up to $20k), 0% ($20k+)Performance Checking - Account review
Liberty Federal Credit Union3.45% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Axos Bank3.30% (up to $50k), 0.00% ($50k+)Rewards Checking
Wings Financial Credit Union3.04% (up to $25k), 0.10% ($25k+)High Yield Checking - Account review
Expedition Credit Union 3.04% (up to $20k), 0.10% ($20k+)High Yield Checking
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
Consumers Credit Union3.00% (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)
Great Lakes Credit Union2.75% (up to $10k), 0.05% ($10k+)Free Checking Tier 2 - 20-39 debit card transactions
Union Bank2.07% (blended APY up to $25k), 0.03% ($25k+)1-2-3 Rewards Checking - Account review
Heritage Bank2.02% (up to $100k), 0.14% ($100k+)eCentive Checking Account
Elements Financial2.00% (up to $20k), 0.10% ($20k+)High Interest Checking - Account review
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Industrial Bank1.47% (up to $15k), 0.20% ($15k+)Kasasa Cash
BankFirst1.25% (up to $15k), 0.15% ($15k+)Interest Checking
Quontic Bank1.10% (all balances)High Interest Checking - Account review
Bay State Savings Bank0.30% (up to $20k), 0.05% ($20k+)Interest Checking - Account review

*New to Summary

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionAPYsNotes
Ford Interest Advantage5.50% rate (all balances)Ford Interest Advantage review
GM Financial Right Notes5.50% rate (all balances, $500 min opening deposit)
Dominion Energy DERI 5.50% rate (all balances)
Betterment5.50% (new customer promo), 4.75% (ongoing) Betterment Everyday Cash Reserve Cash sweep program with partner banks
Duke Energy PremierNotes5.40% rate ($50k+), 5.25% rate ($10k+), 5.20% rate (less than $10k)Duke Energy PremierNotes review
Vanguard Federal Money Market Fund5.27% 7-day yield
Fidelity Money Market Fund5.04% 7-day yield
Wealthfront5.00% Cash Account Cash sweep program with partner banks
Vanguard Municipal Money Market Fund3.37% 7-day yield
Fidelity Municipal Money Market Fund3.22% 7-day yield

Accounts Removed, No Longer Available

InRoads Federal Credit Union5.32% ($1 min)High Yield Savings Account via Raisin - Account review
Patriot Bank5.22% ($1 min) Money Market Deposit Account via Raisin - Account review

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
Comments
deplorable_1
  |     |   Comment #1
It seems like the banks were in a big hurry to cut CD rates unfortunately. On the plus side savings accounts seem to be holding up well and my 3 corporate debt accounts are still at the top of the leader board. It's nice getting a top rate on liquid cash for a change without the need to tie up funds.

I have no idea why the FED seemed to be in some kind of an all fired rush to telegraph what I would consider a very premature rate cut other than the fact that it's an election year to boost the stock market. The market has been clamoring for a rate cut since the FED first hiked rates above 0% and I think this had some influence on the FED to stop hiking prematurely as well.

What we have now are actually what I would consider "normal" interest rates. To fight inflation they should have been raised to 6% minimum. And rates should have never been left at 0% for so long. I think this is part of why the yield curve has yet to normalize. Going back to 0% at some point seems to be expected. Just imagine if they had taken rates negative like what was being discussed earlier.
milty
  |     |   Comment #5
I agree with much of what you said, except I don't see that it was the Fed, as a whole, telegraphing rate cuts. Instead I think it has been the financial industry from the get go, like you said, especially seen by its keeping long-term rates low, nowhere near matching the historical record given the FFR.
Cracker
  |     |   Comment #6
You make a very important point. These are not high rates. They are simply returning to historical normals. I hope they never cut them. We savers deserve a return on our money.

Some financial institutions (I'm looking at you Ally) are betting big on rate cuts and cutting their rates in anticipation. I'm locking in high rates while I can, but think in the long term, they're wrong and there will not be a return to ZIRP anytime soon.
ichaelm
  |     |   Comment #7
Deplorable, I agree with you that the Fed will cut interest rates since it's an election year, but the truth is that this isn't really necessary. The DJIA and the S&P both hit all-time historical highs this morning, breaking the records that they just set last week.
denbish
  |     |   Comment #8
You can thank your buddy Trump for the 0% interest rates. That was one of his great ideas along with the permanent tax cuts for the rich and only temporary tax cuts for everyone else which expires 12/31/2025; Marginal rates will revert to their permanent pre-TCJA levels of 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.
LovinSomeCDs
  |     |   Comment #9
Even if Biden somehow wins a second term, he wont let those tax cuts expire. That would be suicide for the democrats.
Sanger
  |     |   Comment #10
Hey LovinSomeCDs the democrats get a pass on everything Biden does he will let those tax cuts expire! because those were Trumps tax cuts Just like he did when he came in office, he reversed the border wall. Policies he does not give a **** about the American people just the Illegals for VOTES !
milty
  |     |   Comment #14
My prediction is that the Legislature will decide about those tax cuts and Biden will sign it.
deplorable_1
  |     |   Comment #20
@denbish: Excuse me but Obama had the 0% interest rates for nearly 8 years. Interest rates went UP while Trump was in office due to increased economic activity which can be inflationary yet still good for the country.
LovinSomeCDs
  |     |   Comment #3
Locked in a 24 month at 5.5 today. Still good rates out there.

Ladder and it wont matter!
milty
  |     |   Comment #15
Where did you get that 5.5 CD? Is it nationwide? Getting difficult to get a 5% rate for 36mo or more.
CDmanFL
  |     |   Comment #16
Milty,
That’s why I’m dabbling (for the first time) in corporate bonds. Just bought one today from Deutsche Bank for 5.5% with 4 years of call protection. It is a 10 year bond and they have an A rating. Also considering similar bonds from Bristol Myers Squibb, Intel, Morgan Stanley, Goldman Sachs, Barclays, etc. Time to delve into some other asset classes given the drop in CD rates.
milty
  |     |   Comment #17
Thanks for the info.
Rickny
  |     |   Comment #19
CDFL Those bonds bought on secondary market oe new issue? What did the bonds cost?
LovinSomeCDs
  |     |   Comment #4
Feds will make either 1 or 2 rate CUTS this year. Most likey one 25 bps cut by summer.

Shamelessly, I stepped out of character at the end of 2022/beginning of 2023, and LISTENED (just listened) to some posters on this site/and the Squawkbox hosts, and ALMOST paid the penalty to break some CDs early. I had to refocus and tell myself that that was a silly strategy, and to stick with what has worked...ladder and it wont matter.

Not only did the rates not plummet all through 2023, they actually increased more by the time my CDs were maturing, and then I simply rolled them over. Now, some more are maturing this summer, and im betting the rates hold steady or actually increase. If they do go down a bit, all will be ok and I will still sleep fine at night.
kcfield
  |     |   Comment #12
LSCDS: As a great economist once said, "Ladder and it won't matter."
kcfield
  |     |   Comment #18
It was the more contemporary financial commentator Adorin Someeighttracks :]

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