Latest Liquid Bank Account Rates

Savings and money market rate increases have slowed, and that will likely continue if the Fed holds rates steady at its meeting this afternoon.
In the last two weeks, the most significant rate hike was at Synchrony Bank. Its savings account rate increased 25 bps to 4.75% APY. The only other well-established online savings accounts that had rate hikes were those from Marcus by Goldman Sachs (4.40% APY) and Citi (4.35% APY). Both had rate increases of only 10 bps.
At the time of the June Fed meeting about three months ago, the savings account APYs at Synchrony, Marcus and Citi were 4.30%, 4.15% and 4.05%, respectively. The other well-established online savings accounts had similar rates. Capital One 360 Performance Savings was 4.10% APY. Ally, Discover, American Express and Barclays were at 4.00% APY. Now, these savings account APYs range from 4.25% to 4.35%. In short, the rate hikes of the well-established online banks have generally followed the Fed. Their rates have remained well below the federal funds rate, but their rate changes have been inline with the Fed.
The average online savings account yield is now on the high end of these well-established online savings account yields. As of September 1st, the average yield was 4.39%. This is up about 15 bps from August 1st, The average online savings account APY is based on the Online Savings Account Index, which tracks the average APYs of ten well-established online savings accounts.
The small and new online banks have kept their online savings account rates closer to the federal funds rate. A few of these online savings accounts are from large banks. One of the largest, BMO Bank NA with $263 billion in assets, recently began an online division called BMO Alto that offers an online savings account and online CDs. The online savings account rate has been higher than what the well-established online banks have been offering. BMO Alto Online Savings APY recently surpassed 5%, increasing from 4.85% to 5.10%. The savings account has no minimum balance requirements, and there are no monthly fees. I’ll have more on this account and BMO Alto soon.
With the target federal funds rate having been at 5.25%-5.50% for eight weeks now, you would expect many online savings accounts with APYs in this range. You can easily get this yield with money market funds (MMFs). For example, one of the largest federal MMFs, Vanguard Federal MMF (VMFXX), now has a 7 day SEC yield of 5.28%. Its compound yield (which is essentially APY) is 5.41%.
The top online savings account APYs are primarily stuck at 5.25%. There are a couple with higher rates that I’ll cover in the rate leader section below, but there are no online banks trying to stand out with APYs way above 5.25% like what we saw in 2007 when FNBO Direct and HSBC Direct were offering promotional 6% APYs on their savings accounts.
I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are now three lists. I’ve created a new list just for the banks and credit unions that are listed on the Raisin platform (formerly SaveBetter). The other two lists remain the same. One includes rate changes from the major online banks. The second one includes rate changes from online banks which are generally not well-known names.
All percentages are APYs.
Rate changes from the major online banks:
- Synchrony Bank HY Savings (4.50% → 4.75%)
- Marcus by Goldman Sachs HY Online Savings (4.30% → 4.40%)
- Citi Accelerate Savings (4.25% → 4.35%)
Rate changes from banks & CUs on the Raisin.com platform
- American First CU MMDA via Raisin (5.24% → 5.26%)
Rate changes from the less well-known CUs & online banks:
- Elevault Vaults (New: 5.50% up to $40k)
- RBMAX Max Interest Savings (5.00% → 5.15%)
- BMO Alto Online Savings (4.85% → 5.10%)
- CNB Bank Direct Premium MM ($25k+ 4.39% → 4.70%)
- CNB Bank Direct HY Savings (4.28% → 4.60%)
Current rate leaders
There are now 17 savings and money market accounts in the 5.25% club. This is down from 18 two weeks ago. This reduction is due to a change of banks being listed on the Raisin platform. Outside of Raisin, there were no changes to the 5.25% club.
You might have noticed that Elevault is now listed on top of the high yield savings account rate table with a 5.50% APY. Elevault is a new mobile-only banking app of Southern Bancorp, an FDIC member. Its accounts are called vaults, and they currently pay 5.50% APY. However, the maximum balance allowed for all vaults of a customer is $40k. Consequently, this is being listed in the “Reverse Tier Savings” section which includes accounts that have the highest rates on relatively small balances.
Due to the $40k max balance, Elevault isn’t included in the 5.25% club. To be in this club, online savings and money market accounts must have APYs of at least 5.25% for reasonable balances. My definition of reasonable balance is one that’s not too high or one that doesn’t have small maximum balances. Minimum balance to qualify for the 5.25% APY should be no more than $100k, and the 5.25% APY should apply to balances up to at least $250k.
The rate leader continues to be the Preferred Savings account at BluPeak Credit Union. This savings account has a 5.33% APY on all balances (minimum to open is $25). It’s only available to new members. BluPeak Credit Union (formerly named USE Credit Union) is headquartered in San Diego. People from any state are eligible to join via membership in KPBS (the PBS member station in San Diego).
The Max Savings Account from Customers Bank continues to be in second place with a 5.30% APY on all balances. This Max Savings is only available from MaxMyInterest.com.
Five banks remain in third place with 5.26% APY. The only account directly available from a bank is the Direct Money Market Deposit Account at TotalDirectBank. The 5.26% APY applies to balances of at least $2.5k. The minimum initial deposit is $25k. An important issue with TotalDirectBank is that they don’t have an ACH transfer system. You’ll have to rely on the ACH system of another bank to transfer funds. The account is available nationwide, with the exception of Florida.
The other four accounts with a 5.26% APY are only available from the Raisin platform. Three of the banks are the same as two weeks ago (OptimumBank, FVCbank and CloudBank 247). One of the four banks from two weeks ago, Hanover Bank, is no longer listed at Raisin. Hanover Bank has been replaced by American First Credit Union which increased its Money Market Deposit Account rate to 5.26% APY.
The remaining ten accounts in this club all have a 5.25% APY.
Four of the 5.25% accounts are on the Raisin platform. These four savings and money market accounts are offered by Pacific Western Bank, Oklahoma State Bank, Harborstone Credit Union, and Greenwood Credit Union. Western Alliance Bank had been offering a High Yield Savings Account on Raisin with a 5.25% APY, but the account has been removed from the Raisin listing. Western Alliance Bank continues to list CDs on Raisin.
The other six 5.25% accounts have been in the club since at least the last summary. These include the High Yield Savings and High Yield Money Market accounts at UFB Direct, the Personal High Yield Savings account at Newtek Bank, the savings and jar accounts at Milli Bank, the High-Yield Online Savings account at Evergreen Bank Group, the High Yield Savings account at Valleydirect, and the Cornerstone Money Market Savings account at Vio Bank.
Money Market Deposit Accounts (MMDA) and High YIeld Savings Accounts (HYSA) at Raisin are essentially the same. They both have a minimum balance requirement of only $1, and there’s no maximum balance. Unlike the traditional money market account, the MMDAs at Raisin have no check writing capability. Also, neither the HYSA nor the MMDA has debit card access. All deposits and withdrawals must be initiated when you’re logged onto the Raisin platform, and they can only be transferred to and from your linked external bank account.
Rate guarantees without withdrawal penalties
There’s a new rate leader for nationally available no-penalty CDs. It’s the 12-month Liquid CD that’s available from Credit Human. It has a 5.50% APY, and a minimum deposit of $5k. You are allowed to make up to two, no-penalty withdrawals during the term as long as you maintain a minimum balance of $5k. The Liquid CD also allows unlimited deposits during the term. People in any state are eligible to join the credit union, Credit Human, via membership in an association.
Second place is now All In Credit Union, which continues to offer a 9-month Jumbo CD (5.33% APY) and 9-month CD (5.27% APY). The Jumbo has a $100k minimum, and the regular CD has a $1k minimum. Each allows the member to make one penalty-free early withdrawal. People in any state are eligible to join All In Credit Union via membership in an association.
Third place is now a no-penalty CD that’s on the Raisin platform. It has a 5.31% APY and a 9-month term. It’s being offered by Freedom Bank. Right behind this no-penalty CD are three Raisin no-penalty CDs with a 5.30% APY. Two have 12-month terms (from FVCbank and GreenState Credit Union), and the other has a 4-month term (Ponce Bank).
Two of the major online banks increased the rates of their no-penalty CDs. Marcus by Goldman Sachs increased the rate of its 13-month No Penalty CD to 4.60% APY, and Synchrony Bank increased the rate of its 11-month No Penalty CD to 4.50% APY.
Raisin No Penalty CDs have two important features that customers should understand. First, early withdrawals can only be done 30 days after opening. Other no-penalty CDs only require a wait of 7 days before you can execute an early withdrawal. Second, interest can’t be paid out without closing the CD. If you need regular interest payments from your CD, don’t choose Raisin.
Some banks like CIT Bank and 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
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 fund yields have continued to respond quickly to the Fed rate hikes. 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 5.28%, up 1 bp from two weeks ago. Vanguard reports the compound yield to be 5.41%. 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 5.05%, up 1 bp from two weeks ago. Its compound yield is 5.18%. 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 hiking. Two weeks ago, the yields had significant gains from the previous two weeks. Today, yields are down by a large amount from two weeks ago. The Vanguard Municipal Money Market Fund (VMSXX) 7-day yield is now 2.96%, down from 3.90% two weeks ago. The 7-day yield of the Fidelity Municipal Money Market Fund (FTEXX) is now 2.79%, down from 3.65% 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 changes in the last two weeks.
Credit Union of New Jersey’s Kasasa Cash Checking remains the best deal with a 6.00% APY for balances up to $25k.
Reward checking accounts have a history of being slow to respond to rising rates, especially when compared to online savings accounts. It’s hard to find reward checking attractive when their top rates are below online savings account rates. The only reason you might consider an RCA is if the bank also offers a competitive online savings or money market account. Two examples include All America Bank and Evergreen Bank Group. In these cases, you might want both the RCA and the online savings/money market account. Keep most of your savings in the savings/money market account, and use the RCA as your primary checking account.
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.
Long-dated Treasury yields have been rising in September, and in the last day, yields have risen to highs not seen since 2007. This rise has been impacting brokered CD rates, and it is slowly starting to impact direct CD rates. This morning, I checked Fidelity, and the top non-callable new-issue brokered CD rates were 4.70%, 4.85%, 5.10%, and 5.30% for 5-year, 4-year, 3-year and 2-year terms, respectively. The banks that had issued the 2-year 5.30% CD were Discover, Wells Fargo and the two banks of Morgan Stanley. Last week, the top rates at Fidelity for these four terms were 4.70%, 4.80%, 5.00%, and 5.25%.
The highest brokered non-callable CD rate today at Fidelity was 5.50%. CDs with terms from 6 months to 18 months all had this top rate.
Even though longer-term Treasury yields have been rising, the yield curve remains inverted, and that condition still exists for CD rates.
The highest nationally available CD rate is now 5.90% APY for a 1-year term. That’s now available at Latino Credit Union for a $200k deposit. Its short-term CD rates went up, but its long-term CD rates had big declines, and they’re no longer rate leaders.
Another institution that had rate cuts is MapleMark Bank. It used to have the highest 2-year CD rate, but that rate fell 15 bps to 5.40% APY. The highest rate now in this 2-year category is 5.50% APY. This is available from a 21-month CD from Finworth and a 23-month CD Special at Vibrant Credit Union.
For the 3-year category, United States Senate FCU holds the top spot with a 5.34% APY 3-year Share Certificate. This requires a $200k minimum deposit. Lower rates are available with smaller minimum deposits (5.28% APY, $100k minimum and 5.23% APY, $1k minimum).
There’s a new rate leader for the 4-year and 5-year category. Farmers Insurance Federal Credit Union is offering a Flex-Term Certificate Special with a 5.00% APY available for all terms from 3 months to 60 months. Minimum deposit is $1k. After the rate cuts at Latino Credit union, Farmers Insurance FCU is now the only institution to offer 5% APY on 4-year and 5-year CDs that are nationally available online. People in any state are eligible to join this credit union via membership in an association.
If you want a competitive long-term CD at an established online bank (not a credit union) that has a mild early withdrawal penalty (EWP), Barclays continues to offer a 4.50% APY on its 5-year CD. In June, the 5-year rate fell from 4.50% APY to 4.20% APY. In July, the rate returned to 4.50% APY. According to Barclays’ CD Terms and Conditions, “You may, subject to an early withdrawal penalty, make withdrawals of principal from your CD Account before maturity.” The EWP for its long-term CDs reads as follows: “for a CD Account with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.” You can see the impact of early closure on the effective APY by using this CD Early Withdrawal Penalty Calculator
Comments
Please keep discussions of politics, the Fed and the economy 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 which will be published this afternoon.
Rates as of September 20, 2023
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 | |
---|---|---|---|
First Internet Bank | 5.46% ($1m+), 3.76% (up to $1m) | Money Market Savings | |
BluPeak Credit Union | 5.33% (no min) | Preferred Savings Account (New members only, $25 min opening) - Account review | |
Customers Bank | 5.30% | Max Savings (Only available through MaxMyInterest.com) - Account review | |
American First Credit Union | 5.26% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
FVCbank | 5.26% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
OptimumBank | 5.26% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
CloudBank 247 | 5.26% ($1 min) | High Yield Savings Account via Raisin - Account review | |
TotalDirectBank | 5.26% ($5k min) | Direct Money Market Deposit Account (not available in FL) - Account review | |
ValleyDirect | 5.25% | Online Savings - Internet bank, deposits held by Valley Bank | |
UFB Direct | 5.25% | UFB High Yield Money Market - Account review | |
UFB Direct | 5.25% | UFB High Yield Savings - Account review | |
Newtek Bank | 5.25% | Personal High Yield Savings - Account review | |
Harborstone Credit Union | 5.25% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Oklahoma State Bank | 5.25% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Vio Bank | 5.25% | Cornerstone Money Market - Account review | |
Greenwood Credit Union | 5.25% ($1 min) | High Yield Savings Account via Raisin - Account review | |
Pacific Western Bank | 5.25% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Milli Bank | 5.25% | Savings Account Internet bank, deposits held by First National Bank of Omaha - Account review | |
Evergreen Bank Group | 5.25% ($100 min opening) | High-Yield Online Savings - Account review | |
SkyOne Credit Union | 5.24% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Patriot Bank | 5.22% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
State Bank of Texas (SBT) | 5.22% ($100k min, new money only) | Jumbo Money Market - Account review | |
Border Bank | 5.21% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Republic Bank of Chicago | 5.21% ($2.5k min opening) | Digital Money Market (not available in IL, IN, MI, or WI) - Account review | |
Grand Bank | 5.20% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
First Resource Bank | 5.20% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Popular Direct | 5.20% ($100 min opening) | Popular Direct Select Savings - Account review | |
CFG Bank | 5.20% ($1k) | High Yield Money Market Account - Account review | |
GreenState Credit Union | 5.16% ($1 min) | High Yield Savings Account via Raisin - Account review | |
RBMAX | 5.15% ($250k max) | Max Interest Savings (division of Republic Bank & Trust Company) | |
FNBO Direct | 5.15% | Online Savings - Account review | |
Columbia Bank | 5.15% ($1 min) | High Yield Savings Account via Raisin - Account review | |
Blue Federal Credit Union | 5.15% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Adda Bank | 5.15% ($1 min) | High Yield Savings Account via Raisin - Account review | |
Ponce Bank | 5.15% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Western State Bank | 5.15% ($5k min) | High Yield Money Market - Account review | |
Mission Valley Bank | 5.12% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Select Bank | 5.11% ($1 min) | High Yield Savings Account via Raisin - Account review | |
BMO Alto | 5.10% | Online Savings Account Account review | |
BankProv | 5.08% | Max Savings (Only available through MaxMyInterest.com) - Account review | |
Upgrade | 5.07% ($1k min) | Premier Savings (deposits held by Cross River Bank) Account review | |
BrioDirect | 5.06% | Max Savings (Only available through MaxMyInterest.com) - Account review | |
The State Exchange Bank | 5.05% ($1 min) | High Yield Savings via Raisin - Account review | |
CIT Bank | 5.05% ($5k), 0.25% (up to $5k) | Platinum Savings - Account review | |
iGObanking.com | 5.05% ($25k min) | iGOmoneymarket, new accounts and new money only - Account review | |
BankPurely | 5.05% ($25k min) | PurelyMoneyMarket - Account review | |
Lemmata Savings Bank | 5.03% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
TAB Bank | 5.02% ($1 min) | High Yield Savings - Account review | |
Salem Five Direct | 5.01% (up to $1m) | eOne Savings, new customers only - Account review | |
The Atlantic Federal Credit Union | 5.01% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
My eBanc | 5.01 ($100k), 4.10% (up to $100k) | SuperSaver Money Market Account - Account review | |
Bask Bank | 5.00% (no min) | Bask Interest Savings Account - Account review | |
Quontic Bank | 5.00% | Personal Money Market (all balances) - Account review | |
First Foundation Bank | 5.00% | Online Savings - Account review | |
Virtual Bank | 5.00% | eMoney Market Special - Account review | |
DollarSavingsDirect | 5.00% | 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 Indiana | 5.00% (up to $1m) | Money Market Account | |
CommunityWide Federal Credit Union | 5.00% (penalty-free withdrawals first 5 days of each month) | High Rate Quarterly Funds Account - Account review | |
EverBank | 5.00% (up to $250k), 4.50%-5.00% ($250k+) | Yield Pledge Online Savings (1 year intro APY) - Account review | |
ZYNLO Bank | 5.00% (up to $250k) 0.10% ($250k+) | Money Market - Account review | |
My Banking Direct | 5.00% ($1 min) | High Yield Savings - Account review | |
Great Lakes Credit Union | 5.00% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
StagePoint Federal Credit Union | 5.00% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
M1 Finance | 5.00% (all balances, $125 annual fee) | High Yield Savings (deposits held by a partner bank) | |
Bread Financial | 5.00% ($100 min) | High-Yield Savings - Account review | |
Vibrant Credit Union | 5.00% ($500k), 4.00% ($250k), 1.00% ($100k), 0.01% ($1) | Super Savings | |
Northern Bank Direct | 4.95% ($5k min) | Money Market Premier - Account review | |
First Financial Northwest Bank | 4.85% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Quontic Bank | 4.82% | Max Savings (Only available through MaxMyInterest.com) - Account review | |
First Mid | 4.80% ($1 min) | High Yield Savings Account via Raisin - Account review | |
Ivy Bank | 4.80% ($2.5k), 0.05% ($10) | High-Yield Savings - Account review | |
CIBC Bank USA | 4.76% | Agility Savings Account - Account review | |
Connexus Credit Union | 4.76% ($1m), 4.51% ($500k), 4.26% ($250k), 4.01% ($100k), 3.01% ($20k), 0.25% ($1k) | Money Market Account (Active checking requirement has been removed) - Forum post | |
Synchrony Bank | 4.75% | High Yield Savings - Account review | |
Sallie Mae Bank | 4.75% | Money Market Account - Account review | |
EverBank | 4.75% (up to $250k), 4.15%-4.75% ($250k+) | Yield Pledge Money Market (1 year intro APY) - Account review | |
FitnessBank | 4.75% ($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 | |
mph.bank | 4.70% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
CNB Bank Direct | 4.70% ($25k min/$2m max) | Premium Money Market - Account review | |
USALLIANCE Financial | 4.65% ($500) | High Dividend Savings - Account review | |
Jovia Financial Credit Union | 4.65% ($2 min) | Online Savings - Account review | |
PNC Bank | 4.65% ($1 min) | High Yield Savings (Not available in all states) | |
CIT Bank | 4.65% ($100 min) | Savings Connect - Account review | |
Brilliant Bank | 4.65% ($1k min) | Magentic Money Market Account (replaced Luminary MMA as of 6/29) Internet bank, deposits held by Equity Bank - Account review | |
CNB Bank Direct | 4.60% ($1 min) | High Yield Savings - Account review | |
Liberty Savings Bank | 4.60% ($1 min) | High Yield Savings via Raisin - Account review | |
EverBank | 4.50% (up to $250k) | Yield Pledge Online Savings (ongoing APY) - Account review | |
Sallie Mae Bank | 4.50% | High Yield Savings - Account review | |
Quontic Bank | 4.50% | High Yield Savings - Account review | |
LendingClub Bank | 4.50% | High-Yield Savings - Account review | |
Prime Alliance Bank | 4.50% ($1 min) | Personal Savings - Account review | |
Prime Alliance Bank | 4.50% ($1 min) | Personal Money Market - Account review | |
Rising Bank | 4.50% ($1k min) | High Yield Savings - Account review | |
Citizens Access | 4.50% ($5k min) | Online Savings Account - Account review | |
SoFi Bank, N.A. | 4.50% (w/direct deposit), 1.20% (w/o direct deposit) | SoFi Checking and Savings | |
CFSB (Colorado Federal Savings Bank) | 4.45% ($50k min) | Premier Savings (New customers) - Account review | |
Continental Bank | 4.41% ($1 min) | High Yield Savings Account via Raisin - Account review | |
CFSB (Colorado Federal Savings Bank) | 4.40% | High Yield Savings - Account review | |
Ally Bank | 4.40% | Money Market Account - Account review | |
Marcus by Goldman Sachs | 4.40% ($500 min) | High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review | |
Affirm | 4.35% | Affirm Savings (deposits held by a partner bank) | |
Barclays | 4.35% | Online Savings - Account review | |
MySavingsDirect | 4.35% | MySavings Account - Account review | |
Citi | 4.35% | Citi Accelerate Savings Account (Not available in all states) | |
Discover Bank | 4.30% | Online Savings - Account review | |
Capital One | 4.30% | 360 Performance Savings - Account review | |
ConnectOne Bank | 4.30% ($250k+), 4.25% ($2.5k) | Connection Plus Savings - Account review | |
SFGI Direct | 4.26% | SGFI Direct Savings Account - Account review | |
Quorum Federal Credit Union | 4.25% | HighQ Savings Account - Account review | |
American Express National Bank | 4.25% | High Yield Savings - Account review | |
Ally Bank | 4.25% | Online Savings - Account review | |
Smarty Pig | 4.25% | SmartyPig Savings - Account review | |
E*TRADE from Morgan Stanley | 4.25% | Premium Savings Account (sweeps account) - Account review | |
Discover Bank | 4.25% ($100k min), 4.20% ($2.5k) | Money Market - Account review | |
Langley Federal Credit Union | 4.25% ($1m), 4.00% ($500k), 2.50% ($250k), 2.00% ($100k), 1.50% ($25k) | Platinum Money Market Savings - Account review | |
First Foundation Bank | 4.20% ($5m max) | Online Money Market Account - Account review | |
Idabel National Bank | 4.20% ($1 min) | Money Market Deposit Account via Raisin - Account review | |
Live Oak Bank | 4.15% ($5 million max) | High Yield Savings - Account review | |
EverBank | 4.15% ($100k), 4.05% ($50k), 3.75% (up to $50k) | Yield Pledge Money Market (ongoing APY) - Account review | |
MutualOne Bank | 4.07% ($20k min) | Mo Premium Savings - Account review | |
EmigrantDirect.com | 4.00% | AmericanDream Savings Account - Account review | |
Bellco Credit Union | 4.00% ($50k) 3.45% ($10k) | Premier Money Market Account | |
Lafayette Federal Credit Union | 3.95% ($250k), 3.80%-3.95% ($50k-$250k), 3.95%-4.38% ($250k-$1m) | Premier Savings (blended APYs) | |
Lafayette Federal Credit Union | 3.80% ($20k), 3.34% ($50) | Preferred Savings | |
Spectrum Credit Union | 3.75% ($100k), 3.65% ($50k), 3.55% ($25k), 3.50 ($2.5k), 0.75% (<$2.5) | MarketEdge Money Market - Account review | |
State Department Federal Credit Union | 3.56% ($250k), 2.02% ($100k), 1.51% ($50k), 1.26% ($25k) | Premier Money Management Shares - Account review | |
American Heritage Credit Union | 3.55% ($10k min) | High Yield Savings | |
ConnectOne Bank | 3.50% ($25k), 3.40% (up to $25k) | Connect Money Market - Account review | |
Luana Savings Bank | 3.40% ($750k), 3.25% ($250k), 3.09% ($100k), 2.94% ($50k), 2.78% ($2.5k) | Money Market | |
Revolut | 3.25% | Savings Vault - subscription rate (deposits held by Metropolitan Commercial Bank) - Account review | |
Northpointe Bank | 3.25% ($25k), 0.35% ($5k), 0.25% ($2.5k min) | Ultimate Money Market - Account review | |
Alliant Credit Union | 3.10% ($100 min) | High-Rate Savings - Account review | |
PenFed Credit Union | 3.00% | Premium Online Savings Account review | |
Varo | 3.00% (5.00% up to $5k w/chk requirements) | Varo Savings - Account review | |
Dow Credit Union | 2.91% ($500k), 2.69% ($100k), 2.46% ($50k), 1.89% (up to $50k) | Premium High Yield Deposit - Account review | |
Amalgamated Bank | 2.75% | Online Savings Special (6-month rate guarantee) - Account review | |
The Federal Savings Bank | 2.50% ($2k min) | Online Money Market Promo - Account review | |
T-Mobile Money | 2.50% (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 Union | 2.45% ($1m) 2.25% ($500k), 2.05% ($250k), 1.85% ($100k), 1.65% ($50k), 1.45% ($2.5k) | Premier Money Market - Account review | |
Synchrony Bank | 2.25% | 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 | |
Chime | 2.00% (no min/max, active checking required) | Chime Savings Account (deposits held by a partner bank) - Account review | |
MapleMark Bank | 2.00% ($25k min opening) | Platinum Money Market - Account review | |
MainStreet Bank | 2.00% ($50k) 1.00% ($25k), 0.50% ($0.01) | Personal Super Savings Money Market ($2.5k min opening) - Account review | |
Bethpage Federal Credit Union | 2.00% ($100k), 1.25% ($50k), 1.15% ($500), 0.10% (up to $499) | Money Market | |
Vibrant Credit Union | 2.00% ($200k), 1.00% ($100k), 0.25% ($25k), 0.10% ($10k), 0.01% (up to $10k) | Yellow Money Market (promotional rate) | |
NASA Federal Credit Union | 1.70% ($100k), 1.60% ($50k), 1.40% (up to $50k) | Premier Advantage Money Market - Account review | |
CIT Bank | 1.55% ($100 min) | Money Market - Account review | |
State Bank of India (IL) | 1.50% ($5k min) | Money Market | |
Bank5 Connect | 1.50% ($100 min) | High Interest Savings - Account review | |
Freedom Northwest Credit Union | 1.50% ($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 Bank | 1.50% ($25k min) | Ascent Money Market Savings | |
Banesco USA | 1.35% ($100 min) | BanesGrow Savings Account Account review | |
Banesco USA | 1.35% ($2.5k-$1m) | BanesFlex Money Market Account - Account review | |
Andrews Federal Credit Union | 1.15% ($200k+), 0.85% (<$200k) | Prestige Money Market | |
Vio Bank | 1.10% | Online High Yield Savings - Account review | |
U.S. Postal Federal Credit Union | 1.00% (1.10% with relationship rewards) | IRA Savings - See review | |
State Bank of India (IL) | 1.00% ($500 min) | Savings Account | |
SkyOne Credit Union | 1.00% ($1k min) | Sky-high Savings | |
CIT Bank | 1.00% ($25k min) | Savings Builder - Account review |
No-Penalty CDs
Institution | APYs | Notes |
---|---|---|
Credit Human | 5.50% ($5k) | 12-month Liquid CD (two penalty-free withdrawal, unlimited additional deposits) (*NTS) - Account review |
All In Credit Union | 5.33% ($100k) | 9-month Jumbo No Penalty CD (one penalty-free withdrawal) - Account review |
Freedom Credit Union | 5.31% ($1 min) | 9-month No Penalty CD via Raisin (*NTS) - Account review |
FVCbank | 5.30% ($1 min) | 12-month No Penalty CD via Raisin - Account review |
GreenState Credit Union | 5.30% ($1 min) | 12-month No Penalty CD via Raisin (*NTS) - Account review |
Ponce Bank | 5.30% ($1 min) | 4-month No Penalty CD via Raisin - Account review |
All In Credit Union | 5.27% ($1k) | 9-month No Penalty CD (one penalty-free withdrawl) - Account review |
Technology Credit Union | 5.26% ($1 min) | 5-month No Penalty CD via Raisin - Account review |
MainStreet Bank | 5.25% ($500 min) | 15-month No Penalty CD (unlimited withdrawals and additional deposits) - Account review |
mph.bank | 5.20% ($1 min) | 6-month No Penalty CD via Raisin - Account review |
Mission Valley Bank | 5.18% ($1 min) | 3-month No Penalty CD via Raisin - Account review |
Blue Federal Credit Union | 5.10% ($1 min) | 9-month No Penalty CD via Raisin - Account review |
USALLIANCE Financial | 5.00% ($500) | 11-month No Penalty CD Special - Account review |
CIT Bank | 4.90% ($1k min) | 11-month No-Penalty CD - Account review |
American First Credit Union | 4.90% ($1 min) | 3-month No Penalty Certificate via Raisin - Account review |
First Mid | 4.82% ($1 min) | 12-month No Penalty CD via Raisin - Account review |
Sallie Mae Bank | 4.75% ($1 min) | 14-month No Penalty CD via Raisin - Account review |
Citi | 4.75% ($100k min) 4.25% ($500 min) | 12-month No Penalty CD |
Sallie Mae Bank | 4.70% ($1 min) | 10-month No Penalty CD via Raisin - Account review |
Marcus by Goldman Sachs | 4.60% ($500) | 13-month No Penalty CD - Account review |
Marcus by Goldman Sachs | 4.60% ($500) | 8-month No Penalty CD (AARP members only) - Account review |
Ally Bank | 4.55% (no min) | No-Penalty 11-month CD - Account review |
Synchrony Bank | 4.50% (no min) | 11-month No Penalty CD - Account review |
Chartway Federal Credit Union | 3.50% ($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 Union | 3.40% ($2.5k min) | 30-month Smart Move CD - Account review |
Bellco Credit Union | 3.40% ($2.5k min) | 24-month Smart Move CD - Account review |
My eBanc | 3.30% ($100k), 3.19% ($10k) | 11-month Online Flex Time Deposit - Account review |
Bellco Credit Union | 3.15% ($2.5k min) | 36-month Smart Move CD - Account review |
MainStreet Bank | 2.75% ($500 min) | 1-year No Penalty CD (early closure only) - 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 |
Reverse Tier Savings/Money Market Accounts/Checking:
Institution | APYs | Notes |
---|---|---|
Elevault | 5.50% (up to $40k max balance) | Vault (*NTS) - Account review |
All America Bank | 5.05% (up to $100k), 0.50% ($100k+) | Mega Money Market Account - Account review |
Redneck Bank | 5.05% (up to $100k), 0.50% ($100k+) | Mega Money Market Account |
Blue Federal Credit Union | 5.00% ($25-$1k), 1.00% ($1k-$5k), 0.50% ($5k-10k), 0.25% ($10k-$50k), 0.15% ($50k+) | Accelerated Savings - Account review |
Affinity Federal Credit Union | 4.00% (up to $5k), 1.00% ($5k+) | SmartStart Savings - Account review |
NuVision Federal Credit Union | 4.00% (up to $1k), 2.00% ($1k-5k), 1.00% ($5k-$10k), 0.50% ($10k-$25k), 0.20% ($25k+) | Advantage Choice Money Market |
Michigan State University Credit Union | 3.75% (up to $1k), 2.50% ($1k-$2k), 1.30% ($2k+) | Savings Builder - Account review |
Workers Credit Union | 3.56% (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 |
Affinity Plus Federal Credit Union | 3.50% (up to $25k), 3.00% ($25k+) | Superior Money Market (min $500 direct deposit into any account) |
SafeAmerica Credit Union | 3.10% (up to $2k), 1.10% ($2k-$5k), 0.60% ($5k-$10k), 0.55% ($10k+) | Blended Rate Money Market |
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 |
Dover Federal Credit Union | 2.00% (up to $50k), 1.50% ($50k+), 1.25% ($100k+), 0.50% ($250k+) | High Yield Savings |
Patelco Credit Union | 2.00% (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 Bank | 0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+) | High Yield Savings - Account review |
*New to Summary
Reward Checking Accounts:
- Noteworthy Accounts Available Nationwide:
Institution | APYs | Notes |
---|---|---|
Pelican State Credit Union | 6.05% (up to $10k), 0.50% ($10k+) | Kasasa Cash Account review |
Credit Union of New Jersey | 6.00% (up to $25k), 0.75% ($25k+) | Kasasa Cash Account review |
Orion Federal Credit Union | 6.00% (up to $10k), 2.34%-5.06% ($10k+) | Premium Checking - Account review |
All America Bank | 5.30% (up to $15k), 0.50% ($15k+) | Ultimate Rewards Checking |
Redneck Bank | 5.30% (up to $15k), 0.50% ($15k+) | Redneck Rewards Checking |
Veridian Credit Union | 5.25% (up to $20k) (rate guaranteed through August 31, 2023) | Premium Plus Checking - Account review |
La Capitol Federal Credit Union | 5.25% (up to $10k), 0.62% ($10k+) | Choice Checking |
Cap Ed Federal Credit Union | 5.25% (up to $10k), 0.10% ($10k+) | High Yield Checking |
Genisys Credit Union | 5.25% (up to $7.5k), 0.05% ($7.5k+) | Genius Checking Account review |
Garden Savings Federal Credit Union | 5.12% (up to $15k), 0.15% ($15k+) | Platinum Checking |
Keesler Federal Credit Union | 5.00% (up to $25k), 0.50% ($25k+) | Kasasa Cash (easy membership in AL, LA, MS) - Account review |
FitnessBank | 5.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) | Elite Checking Account - Account review |
Ideal Credit Union | 5.00% (up to $20k), 0.05% ($20k+) | High Yield Checking - Account review |
Western Vista Federal Credit Union | 5.00% (up to $15k), 0.25% ($15k+) | Panorama Checking - Account review |
Consumers Credit Union | 5.00% (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) |
Presidential Bank | 4.63% (up to $25k), 3.63% ($25k+) | Advantage Checking - Account review |
First Bank | 4.59% (up to $25k), 0.10% ($25k+) | First Performance Checking (available in CA, IL, MO) - Account review |
Bellco Credit Union | 4.50% (up to $25k), 0.25% ($25k+) | Boost Interest Checking - Account review |
Market USA Federal Credit Union | 4.50% (up to $15k), 0.01% ($15k+) | VIP Checking Platinum Tier - Account review |
Signature Federal Credit Union | 4.00% (up to $40k), 0% ($40k+) | High-Yield Checking |
Evergreen Bank Group | 4.00% (up to $25k), 0.25%% ($20k+) | Evergreen Free Rewards Checking |
TruStone Financial Credit Union | 4.00% (up to $20k), 0.10% ($20k+) | TruRate Checking - Account review |
First Tech Federal Credit Union | 4.00% (up to $15k), 0.10% ($15k+) | First Tech Rewards Checking |
Consumers Credit Union | 4.00% (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 Union | 3.50% (up to $20k), 0% ($20k+) | Performance Checking Account review |
Liberty Federal Credit Union | 3.45% (up to $20k), 0.00% ($20k+) | Vertical Checking - Account review |
Axos Bank | 3.30% (up to $50k), 0.00% ($50k+) | Rewards Checking |
Wings Financial Credit Union | 3.04% (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 |
Northwest Federal Credit Union | 3.00% (up to $100k), 0.25% ($100k+) | Kasasa Cash - Account review |
Lake Michigan Credit Union | 3.00% (up to $15k), 0.00% ($15k+) | Max Checking |
Consumers Credit Union | 3.00% (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) |
Finex | 2.53% (up to $25k), 0.10% ($25k+) | Axcess Rewards Checking, Premier Account |
Great Lakes Credit Union | 2.50% (up to $10k), 0.05% ($10k+) | Free Checking |
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 |
Heritage Bank | 2.02% (up to $100k), 0.14% ($100k+) | eCentive Checking Account |
Hiway 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 |
Connexus Credit Union | 1.75% (up to $25k), 0.25% ($25k+) | Xtraordinary Checking |
Industrial Bank | 1.47% (up to $15k), 0.20% ($15k+) | Kasasa Cash |
BankFirst | 1.25% (up to $15k), 0.15% ($15k+) | Interest Checking |
Quontic Bank | 1.10% (all balances) | High Interest Checking - Account review |
Bay State Savings Bank | 0.50% (up to $20k), 0.05% ($20k+) | Interest Checking - Account review |
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 |
---|---|---|
Ford Interest Advantage | 5.50% rate (all balances) | Ford Interest Advantage review |
GM Financial Right Notes | 5.50% rate (all balances, $500 min opening deposit) | |
Betterment | 5.50% (new customer promo), 4.75% (ongoing) Betterment Everyday Cash Reserve | Cash sweep program with partner banks |
Dominion Energy DERI | 5.50% rate ($50k+), 5.10% rate ($10k+), 5.00% rate (less than $10k) | |
Duke Energy PremierNotes | 5.40% rate ($50k+), 5.25% rate ($10k+), 5.20% rate (less than $10k) | Duke Energy PremierNotes review |
Vanguard Federal Money Market Fund | 5.28% 7-day yield | |
Fidelity Money Market Fund | 5.05% 7-day yield | |
Wealthfront | 4.80% Cash Account | Cash sweep program with partner banks |
Vanguard Municipal Money Market Fund | 2.96% 7-day yield | |
Fidelity Municipal Money Market Fund | 2.79% 7-day yield |
Accounts Removed, No Longer Available
Hanover Bank | 5.26% ($1 min) | Money Market Deposit Account via Raisin - Account review |
Western Alliance Bank | 5.25% ($1 min) | High Yield Savings via Raisin - Account review |
Also great for seniors who want to open the CD for $5,000 now, and can use it next year to add more to it when IRMAA will be raised and will be able to add more to the CD after Jan 1. If other rates are not higher. Great opportunity for all.
Would be appreciated.
Since the metric of a "7 day SEC yield" is simply not relevant with bank or credit union liquid deposit accounts, sometimes people are slightly confused and end up comparing an MMF 7 day SEC yield with the latter's APY. The two are not quite equivalent, as Ken points out - the 7 day yield is closer to simple interest.
MMFs are not FDIC or NCUA insured. But in the entire history of MMFs, only one customer-facing (non-institutional) MMF has ever "broken the buck", and that was in 2008 when that fund held Lehman Bothers assets, to their detriment. If I recall, they delivered back 97 cents on the dollar.
Finally, for those unfortunates residing where a state income tax exists (including me), in all but 3 of those states the percentage of the MMF's holdings that are in Treasuries is completely state tax exempt. Last time I looked, for VMFXX that was 37%, although that value may have changed since then. Vanguard annually issues a list of the percentage of Treasury holdings for all its funds.