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Latest Liquid Bank Account Rates

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Quite a few online savings accounts had rate increases in the last two weeks. Most of the rates increased by only 20 bps or less. However, there were a few that had large rate increases that exceeded 30 bps. I expect these rate increases will accelerate as we see additional 50-bp rate hikes by the Fed.

The major online banks have been slow with their rate hikes, and the size of most of their rate hikes have been only 10 bps.

Marcus by Goldman Sachs and Ally Bank are two examples.

Ally Bank’s Online Savings account rate was stuck at 0.50% (its all-time lowest rate) since December 2020. On May 11th, Ally finally had a rate increase. The rate increased from 0.50% to 0.60%. Its Money Market account had this same rate hike.

Marcus by Goldman Sachs had the same bottom in 2021. That bottom rate of 0.50% held from November 2020 to last month when Marcus increased the rate to 0.60%. With today’s 10-bp rate hike that increased the rate to 0.70%, its rate remains 10 bps higher than Ally’s.

PenFed is a credit union and not a bank, but it now operates a lot like an online bank, and it is as popular as any online bank with many DA readers. Its online savings account, the Premium Online Savings, had a 10-bp rate increase today that moved the rate from 0.60% to 0.70%. This account reached a bottom rate of 0.45% in March 2021. PenFed started 5-bp rate hikes in October, and in April, the rate had reached 0.60%. It’s nice to see today’s rate increase was 10 bps.

The smaller online banks continue to be more aggressive than the major online banks with their rate hikes. Thirteen of them had rate hikes that increased their APYs to at least 1.00%.

In April, the average online savings account rate had its largest monthly gain since 2019. The average online savings account rate increased 4.0 bps in April, rising from 0.501% to 0.541%. So far this year, the average has increased 8.5 bps.

The average online savings account rate fell slightly in 2021, falling 5 bps from 0.51% to 0.46%. That decline occurred in the first half of 2021. There was no net change in the average from June 1st to January 1st.

Our Online Savings Account Index tracks the average rate of ten well-established online savings accounts.

I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are two lists. The first list includes rate changes from the major online banks. The second includes rate changes from past rate leaders which are generally not well-known names. All percentages are APYs:

Rate changes from the major online banks:

  • CIT Bank Savings Connect (0.60% → 0.90%)
  • Live Oak Bank High Yield Online Savings (0.60% → 0.80%)
  • Sallie Mae Bank MM (0.65% → 0.75%)
  • Marcus by Goldman Sachs Online Savings (0.60% → 0.70%)
  • PenFed CU Premium Online Savings (0.60% → 0.70%)
  • Ally Bank Online Savings & MM (0.50% → 0.60%)

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

  • Bask Bank Interest Savings (0.80% → 1.25%)
  • State Bank of Texas Jumbo MM - new money (0.75% → 1.15%)
  • Vibrant CU Yellow MM Promo ($200k+ 0.40% → 1.15%)
  • Luana Savings Bank Insured MM ($750k+ 0.90% → 1.06%)
  • Liberty Savings Bank HY Savings via SaveBetter (0.56% → 1.06%)
  • CFG Bank High Yield MM (0.82% → 1.02%)
  • Salem Five Direct eOne Savings (0.40% → 1.01%)
  • Patriot Bank via SaveBetter MMDA (0.70% → 1.01%)
  • USALLIANCE Financial CU High Dividend Savings (0.65% → 1.00%)
  • First Foundation Bank Online Savings (0.65% → 1.00%)
  • My Banking Direct High Yield Savings (0.77% → 1.00%)
  • BrioDirect High-Yield Savings (0.40% → 1.00%)
  • Langley FCU Platinum MM ($1m 0.75% → 1.00%)
  • CFSB Premier Savings (0.70% → 0.90%)
  • LendingClub Bank High-Yield Savings (0.70% → 0.85%)
  • Ivy Bank High-Yield Savings (0.70% → 0.85%)
  • CFG Bank High Yield MM (0.80% → 0.82%)
  • CFSB High Yield Savings (0.60% → 0.80%)
  • Citizens Access Online Savings (0.50% → 0.75%)
  • Popular Direct High Rise Savings (0.50% → 0.75%)
  • DollarSavingsDirect Savings (0.35% → 0.75%)
  • EmigrantDirect Savings (0.35% → 0.75%)
  • Valleydirect Online Savings (0.70% → 0.75%)
  • CIBC Bank USA Agility Savings (0.62% → 0.72%)
  • SFGI Direct Savings (0.51% → 0.71%)
  • TotalDirectBank Direct MMDA (0.50% → 0.60%)
  • Wings Financial CU High YIeld Savings (0.45% → 0.55%)
  • MySavingsDirect Savings (0.25% → 0.50%)

Update 5/19/2022: Post publication rate changes:

  • Synchrony Bank High Yield Savings (0.60% → 0.85%) on 5/19
  • Valleydirect Online Savings (0.75% → 0.80%) on 5/19

Current rate leaders

The 1% club had a large expansion with the addition of 13 online savings or money market accounts with APYs of at least 1.00%. I’ll soon have to create a more exclusive club, such as the 1.25% club. Perhaps by the end of the year, I’ll be creating a 3% club.

My definition of the 1% club are institutions that are offering a yield of at least 1.00% on their liquid bank accounts with no small balance limitations and no activity requirements to qualify for the high rate.

SoFi Bank Checking and Savings account now shares the top spot with the Bask Bank Interest Savings. Both have a yield of 1.25%. On May 5th, the Bask Bank Interest Savings yield increased 45 bps to 1.25%. This applies to all balances, and unlike the SoFi Bank account, there are no direct deposit requirements.

The next highest yield is 1.15% at State Bank of Texas and Vibrant Credit Union.

The Jumbo Money Market account at State Bank of Texas had a 40-bp rate increase on Friday. No interest is paid for balances under $100k, and the 1.15% APY only applies to new money.

Vibrant Credit Union has started offering promotional tiered rates on its Yellow Money Market account that range from 1.15% APY for balances of at least $200k to 0.10% APY for balances of $10k to under $25k.

Connexus Credit Union’s Money Market Account has the third highest rate (1.11% APY). This requires a balance of at least $100k. Balances that range from $20k to under $100k earn 1.00% APY, and balances from $1k to under $20k earn 0.25% APY.

Both Vibrant and Connexus have easy membership requirements that make it possible for people in any state to join the credit union.

For savings accounts that don’t require large balances to earn a 1%+ yield, the one with the third highest rate (after SoFi Bank and Bask Bank) is Liberty Savings Bank via SaveBetter. Through the SaveBetter platform, Liberty Savings Bank is offering its High Yield Savings account that earns 1.06% APY on all balances of at least $1. For more details about this account, Liberty Savings Bank and the SaveBetter platform, please refer to my Liberty Savings Bank savings account review.

Rate guarantees without withdrawal penalties

When rates are falling, the best savings and money market deals are specials that guarantee a rate for a period of time. These promotions had dried up during the pandemic, but they have started to return as rates have started to rise. Of course, when rates are rising, the rate guarantee has much less value.

Sun East FCU has improved its MAX-Yield Money Market Account Special by adding a 1.00% APY with a 15-month guarantee period. The old one had only a 0.60% APY. Maximum balance is $250k.

No-penalty CDs have some of the liquidity of savings and money market accounts, but like CDs, they offer a rate lock which can be useful when rates are falling. No-penalty CDs have become more common at online banks in the last four years, and they are something to consider, especially if you already have a savings account at the bank.

Some banks like Ally Bank make it easy to open and close the No Penalty CDs. You just lose access to the money in the No Penalty CD for the first six days from account funding. After that, you are free to close the CD without penalty

The rates of no-penalty CDs are finally starting to rise. Four no-penalty CDs in the list below had rate increases in the past two weeks. Two of these four increased their yields to at least 1.00%. We now have four no-penalty CDs with yields of at least 1.00%.

CFG Bank is one of the two that increased its no-penalty CD yield to 1%+. It now has a 1.07% APY on its 13-month term no-penalty CD, what it calls the Penalty Free CD.

The other bank in this group is Colorado Federal Savings Bank (CFSB). On Friday, its 11-month No Penalty CD yield increased 25 bps to 1.00%.

Ally Bank is the largest bank to increase its no-penalty CD rate. On Friday, the rate increased 10 bps to 0.70%. That was just a week after a 10-bp rate hike. Before that May 6th rate hike, the rate had been stuck at 0.50% since December 2020.

I just realized today that the Ally No-Penalty CD had its 13-year anniversary this month. Ally first launched the No-Penalty CD in May 2009. At that time, it had a 9-month term and a 2.50% APY.

Since Ally introduced its No-Penalty CDs 13 years ago, several other online banks have introduced their own no-penalty CDs. The latest one is Synchrony Bank which has pretty much copied the Ally no-penalty CD model with an 11-month term and the same early closure functionality (full closure only after the first six days.) Synchrony’s No-Penalty CD also happens to currently have the same rate (0.70% APY). Update 5/19: Synchrony 11-month No-Penalty CD APY increased from 0.70% to 0.90%.

USALLIANCE Financial Credit Union’s 11-month No Penalty CD remains on top with a 1.25% APY.

Remember that when talking about no-penalty CDs (that function like Ally’s No Penalty CD), a longer term is always better. Since you can close these types of no-penalty CDs at any time after the first six days, I can’t think of a reason to choose a shorter-term no-penalty CD if the rate is the same.

Money Market Funds

Another option for your cash instead of savings accounts and money market accounts are money market funds from brokerages. These don’t have FDIC coverage, but they can be reasonable alternatives to deposit accounts. Their rates tend to be close to zero when the Fed sets the target federal funds rate to 0%, and they tend to follow the target federal funds rate during a rate-hiking cycle.

Before March, the four money market funds that I have followed have maintained a 7-day yield of only 0.01%. Now that the Fed has started hiking rates, money market fund yields are rising, with yields close to the yields of many online savings accounts. These may soon top the highest online savings account rates after the next one or two Fed rate hikes.

The Vanguard Federal Money Market Fund now has the highest yield. In the last two weeks, its 7-day yield increased from 0.26% to 0.65%.The Vanguard Municipal Money Market Fund isn’t far behind. Its 7-day yield increased from 0.32% to 0.63%.

Fidelity’s money market funds continue to lag Vanguard. Nevertheless, Fidelity did finally make significant rate increases.

In the last two weeks, the 7-day yield of the Fidelity Money Market Fund increased from 0.07% to 0.48%. The Fidelity Municipal Money Market Fund 7-day yield increased from 0.26% to 0.42%.

Reward Checking Accounts

For the nationally-available reward checking accounts, there were no changes in the last two weeks.

Overall, reward checking accounts have generally held up better in a zero-rate environment than online savings accounts. However, we will probably see fewer rate hikes as interest rates rise. If or when online savings accounts eventually rise above 2%, many reward checking accounts with top rates stuck at or below 2% will become much less appealing for savers.

Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. However, there are a couple nationally-available ones in which you can earn high rates on fairly large balances. Below are two of these accounts.

In the list below I added the blended APY for a $100k balance.

  • Quontic Bank High Interest Checking: 1.01% APY up to $150k, 0.35% APY $150k+ to $1m (1.01% APY for $100k balance)
  • Presidential Bank Advantage Checking: 2.25% APY up to $25K, 0.75% on portion above $25k (1.13% blended APY for $100k balance)

There are several reward checking accounts in which you can earn a relatively high APY on a large balance of $100k to $250k. All of these are only available to certain regions of the nation. To earn a high rate on a large balance requires that you also open a reward savings account with the reward checking account. The blended APY of the reward checking/savings combo can be over 1% for large balances. I’ve created this table to keep track of these checking/savings combos that offer a relatively high blended APY on large balances. Most are under the Kasasa brand and have the names of Kasasa Cash (checking) and Kasasa Saver (savings.)

To find the highest reward checking rates and balance caps in your state or nationwide, please refer to our reward checking rate table. If you're new to reward checking, please refer to my blog post, Overview of Reward Checking and Our Reward Checking Table.

Certificate of Deposit Rates

I publish my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts, but I’ll include a few of the best CD deals.

CD Deals: For direct CDs that are nationally available (without any membership limitations), Connexus Credit Union now has the highest rates for terms of one to five years. Connexus just increased these CD rates today. Below is a list of these new rates by term:

  • 5-year: 3.21% APY
  • 4-year: 3.11% APY
  • 3-year: 3.01% APY
  • 2-year: 2.86% APY
  • 1-year: 2.26% APY

I’ll be publishing a blog post on these new rates soon.

For banks with nationally available CDs, KS StateBank is on top with the highest rates. Below is a list of these rates by term:

  • 5-year: 3.00% APY
  • 4-year: 2.90% APY
  • 3-year: 2.85% APY
  • 2-year: 2.60% APY
  • 18-mo: 2.30% APY
  • 1-year: 2.00% APY

For more details, please see my review of KS StateBank and these CDs.

For the major online banks, the two best mid-term CD deals are Synchrony Bank’s 16-month CD Special (1.85% APY) and Ally Bank’s 20-month Select CD (2.00% APY). Update 5/19: Synchrony 16-month Special CD APY increased from 1.85% to 2.00%.

For terms under one year, NASA FCU has the best deal with a 1.60% APY on a 9-month term (see review).

If you’re looking for CDs, you should also consider Treasury bills and notes. Their yields have gone up considerably in the last month, and now they have yields higher than CD yields for maturities from six months to ten years. Please refer to this Treasury page for the latest Treasury yields.

This is my new weekly summary with the Fed review split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review blog post.

Rates as of May 18, 2022

Checking/Savings/Money Market Accounts:

InstitutionAPYsNotes
Bask Bank1.25% (no min) Bask Interest Savings Account - Account review
SoFi Bank, N.A.1.25% (w/direct deposit), 0.70% (w/o direct deposit)SoFi Checking and Savings
State Bank of Texas (SBT)1.15% ($100k min, new money only) Jumbo Money Market
Vibrant Credit Union1.15% ($200k), 0.50% ($100k), 0.25% ($25k), 0.10% ($10k), 0.05% (up to $10k) Yellow Money Market (promotional rate)(*NTS)
Connexus Credit Union1.11% ($100k), 1.00% ($20k), 0.25% ($1k)Money Market Account (Active checking requirement has been removed) - Forum post
Liberty Savings Bank via SaveBetter.com1.06% ($1 min) High Yield Savings Account - Account review
Luana Savings Bank1.06% ($750k), 1.00% ($250k), 0.95% ($100k), 0.90% ($50k), 0.85% ($2.5k)Money Market
CFG Bank1.02% ($1k)High Yield Money Market Account - Account review
Salem Five Direct1.01% (up to $1m)eOne Savings, new customers only - Account review
Patriot Bank via SaveBetter.com1.01% ($1 min) Money Market Deposit Account - Account review
Merchants Bank of Indiana1.01% (up to $1m)Money Market Account
Aldefi (formerly ECCU) 1.01% (up to $100k) High-Yield Money Market (one year rate guarantee,new members only)
First Foundation Bank1.00% Online Savings - Account review
M1 Finance1.00% (all balances, $125 annual fee) M1 Plus Checking (deposits held by a partner bank)
My Banking Direct1.00% ($1 min)High Yield Savings - Account review
BrioDirect1.00% ($25 min)High Yield Savings (*NTS) - Account review
Bread Financial (formerly Comenity Direct)1.00% ($100 min)High-Yield Savings - Account review
USALLIANCE Financial1.00% ($500)High Dividend Savings - Account review
Sun East Federal Credit Union1.00% ($5k min)MAX-Yield Money Market Account Special (15 month introductory rate), free withdrawals can only be done once per quarter - Account review
Langley Federal Credit Union1.00% ($1m), 0.85% ($500k), 0.75% ($250k min), 0.50% ($100k), 0.40% ($25k)Platinum Money Market Savings - Account review
T-Mobile Money1.00% (4.00% up to $3k w/checking requirements)Checking Account (deposits held by a partner bank) - Account review
CIT Bank0.90% ($200 min)Savings Connect - Linked eChecking required Account review
CFSB (Colorado Federal Savings Bank)0.90% ($50k min) Premier Savings (New customers) - Account review
mph.bank via SaveBetter.com0.85% ($1 min) Money Market Deposit Account - Account review
Ivy Bank0.85% ($2.5k), 0.05% ($10)High-Yield Savings - Account review
Live Oak Bank0.80% ($5 million max) High Yield Savings - Account review
Prime Alliance Bank0.80% ($1+)Personal Savings (0.50% rate effective June 4, 2021) - Account review
CFSB (Colorado Federal Savings Bank)0.80%High Yield Savings - Account review
Vio Bank0.80%Cornerstone Money Market
Bank Onward0.80% ($250 opening deposit)Bo Savings - Account review
CommunityWide Federal Credit Union0.80% (penalty-free withdrawals first 5 days of each calendar quarter)High Rate Quarterly Funds Account - Account review
ZYNLO Bank0.80% (up to $250k) 0.10% ($250k+)Money Market - Account review
Freedom Northwest Credit Union0.80% ($15k+), 0.65% ($10k+), 0.50% ($5k+), 035% (up to $5k) Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review
DollarSavingsDirect0.75%Dollar Savings Account - Account review
LendingClub Bank0.75% (all balances) High-Yield Savings - Account review
Quontic Bank0.75% High Yield Savings - Account review
ValleyDirect0.80% (Update 5/19: 0.75% → 0.80%) Online Savings - Internet bank, deposits held by Valley Bank
Sallie Mae Bank0.75%Money Market Account - Account review
Ponce Bank via SaveBetter.com0.75% ($1 min) Money Market Deposit Account - Account review
U.S. Postal Federal Credit Union0.75% (0.85% with relationship rewards) IRA Savings - See review
TAB Bank0.75% ($1 min)High Yield Savings - Account review
Citizens Access0.75% ($5k min)Online Savings Account - Account review
Popular Direct0.75% ($5k min opening deposit) High Rise Savings - Account review
CIBC Bank USA 0.72%Agility Savings Account - Account review
SFGI Direct0.71%SGFI Direct Savings Account - Account review
PenFed Credit Union0.70% Premium Online Savings Account review
BrioDirect0.70%Money Market - Account review
Barclays0.70%Online Savings - Account review
Monifi0.70%Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications)
CIT Bank0.70% ($100 min)Money Market - Account review
Marcus by Goldman Sachs0.70% ($500 min)High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
Dow Chemical Employees Credit Union0.68% ($500k), 0.60% ($50k), 0.49 (up to $50k)Simple High Yield Deposit - Account review
Security State Bank (KS)0.68% ($110k), 0.45%-0.68% ($100k+), 0.25% (under $100k)Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review
Affirm0.65%Affirm Savings (deposits held by a partner bank)
Banesco USA0.65% ($100 min)BanesGrow Savings Account Account review
Rising Bank0.65% ($1k min)High Yield Savings - Account review
ConnectOne Bank0.65% ($2.5k min)OneConnection Savings - Account review
Northpointe Bank0.65% ($25k), 0.35% ($5k), 0.25% ($2.5k min)Ultimate Money Market - Account review
Paramount Bank0.65% (up to $100k), 0.10% APY ($100k+) ($100 min deposit) Interest Checking (non-reward checking) - Account review, $100k cap only applies to accounts opened after 3/24/21
Ally Bank0.60%Online Savings - Account review
First Internet Bank0.60% (no min) Money Market Savings
American Express National Bank0.60%High Yield Savings - Account review
Discover Bank0.60%Online Savings - Account review
Capital One0.60%360 Performance Savings - Account review
Synchrony Bank0.85% (Update 5/19: 0.60% → 0.85%)High Yield Savings - Account review
TIAA Bank0.60% ($25 min)Basic Savings
Citi0.60%Citi Accelerate Savings Account (Not available in all states, chk relationship required)
Alliant Credit Union0.60% ($100 min)High-Rate Savings - Account review
Bethpage Federal Credit Union0.60% ($500 min)Money Market
Spectrum Credit Union0.60% ($2.5k min)Market Edge Savings - Account review
TotalDirectBank0.60% ($5k min)Direct Money Market Deposit Account (not available in CA or FL) - Account review
The Federal Savings Bank0.60% ($100k), 0.40% ($50k), 0.30% ($25k), 0.20% ($10k), 0.15% ($1k)Money Market - Account review
Quontic Bank0.60% ($150k), 0.50% ($5k), 0.40% (up to $5k)Personal Money Market - Account review
Sallie Mae Bank0.55%High Yield Savings - Account review
Quorum Federal Credit Union0.55%HighQ Savings Account
FitnessBank0.55% ($250k max) (requires using step tracker app and averaging 12.5k steps/daily) Fitness Savings Account - Account review
CIT Bank0.55% ($25k min)Savings Builder - Account review
Discover Bank0.55% ($100k min), 0.50% ($2.5k) Money Market - Account review
State Department Federal Credit Union0.55% ($100k), 0.50% ($50k), 0.45 ($25k)Premier Money Management Shares - Account review
MySavingsDirect0.50%MySavings Account - Account review
TIAA Bank0.50%Yield Pledge Money Market - Account review
FACILE0.50%Savings Account - Internet bank, deposits held by Pacific National Bank
Western State Bank0.50% (up to $3m)High Yield Money Market - Account review
Chime0.50% (no min/max, active checking required)Chime Savings Account (deposits held by a partner bank) - Account review
Vio Bank0.50% Online High Yield Savings - Account review
Continental Bank via SaveBetter.com0.50% ($1 min) High Yield Savings Account - Account review
National Cooperative Bank0.50% ($100 min deposit)Impact Money Market
SkyOne Credit Union0.50% ($1k min)Sky-high Savings
UmbrellaBank.com0.50% ($25k min), 0.21% ($1k)Money Market
iGObanking.com0.50% ($25k min) iGOmoneymarket, new accounts and new money only - Account review
BankPurely0.50% ($25k min) PurelyMoneyMarket - Account review
Kinecta Federal Credit Union0.50% ($100k), 0.40% ($50k), 0.25% ($10k), 0.10% ($2.5k)High-Yield Money Market - Account review
Varo0.50% (5.00% up to $5k w/chk requirements)Varo Savings - Account review
American Heritage Credit Union0.46% ($10k min)High Yield Savings
FNBO Direct0.45%Online Savings
Northern Bank Direct0.45% ($5k min)Money Market - Account review
MutualOne Bank0.40% ($1m max)Online Statement Savings - Account review
Virtual Bank0.40% eMoney Market Special - Account review
Bank5 Connect0.40% ($100 min)High Interest Savings - Account review
State Bank of India (IL)0.40% ($5k min) Money Market
WauBank0.40% ($5k min) High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review
PurePoint Financial0.40 ($10k min)Online Savings - Account review
Bellco Credit Union0.40% ($50k) 0.25% ($10k) 0.10% (up to $10k)Premier Money Market Account
Northpointe Bank0.35% ($5k+), 0.30% ($2m+), 0.25% ($100) Ultimate Savings - Account review
Customers Bank0.35% ($25k min)Ascent Money Market Savings
Nationwide by Axos Bank0.30% ($100 opening)My Savings (requires checking with minimum monthly $1k direct deposit)
State Bank of India (IL)0.30% ($500 min) Savings
Latino Community Credit Union0.30% ($500 min)Money Market - Account review
Nationwide by Axos Bank0.25%Money Market Plus
Nationwide by Axos Bank0.25% ($300 opening)Regular Savings
Nationwide by Axos Bank0.20% ($100 opening)My Savings w/o checking
Northfield Bank0.15% ($225k max) Online Platinum Savings - Account review
BankUnitedDirect0.10%Online Money Market - Account review
ableBanking0.10% ($250 min)Money Market Savings - Account review

*New to Summary

No-Penalty CDs

InstitutionAPYsNotes
USALLIANCE Financial1.25% ($500)11-month No Penalty CD Special - Account review
Bellco Credit Union1.15% ($2.5k min)36-month Smart Move CD - Account review
CFG Bank1.07% ($500 min)13-month Penalty Free CD - Account review
CFSB (Colorado Federal Savings Bank)1.00% ($5k min)11-month No Penalty CD - Account review
My eBanc0.85% ($10k)11-month Online Flex Time Deposit - Account review
Marcus by Goldman Sachs0.75% ($500)13-month No Penalty CD - Account review
Marcus by Goldman Sachs0.75% ($500)8-month No Penalty CD (AARP members only) - Account review
Synchrony Bank0.90% (no min) (Update 5/19: 0.70% → 0.90%)11-month No Penalty CD (*NTS) - Account review
Ally Bank0.70% (no min)No-Penalty 11-month CD - Account review
Chartway Federal Credit Union0.70% ($500 min)12-month No Penalty CD (early closure only) - Account review
MainStreet Bank0.70% ($500 min)1-year No Penalty CD (early closure only) - Account review
Rising Bank0.65% ($1k min)15-month No Penalty CD - (Potential issues, see 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
CIT Bank0.30% ($1k min)11-month No-Penalty CD - Account review
Investors eAccess0.15% ($500)6-month No-Penalty CD - Account review
PurePoint Financial0.15% ($10k)11-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)13-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)14-month No-Penalty CD - Account review
Citizens Access0.05% ($5k)11-month Liquid CD - Account review

*New to Summary

Reverse Tier Savings/Money Market Accounts/Checking:

InstitutionAPYsNotes
Workers Credit Union3.61% (up to $1k), 0.15% ($1k-$2k), 0.20% ($2k-$3k), plus 13 more rate tiers (0.25%-0.85% in 5 bps increments)SaveUp Savings w/Automatic Deposit - Account review
Workers Credit Union3.55% (up to $1k), 0.10% ($1k-$2k), 0.15% ($2k-$3k), plus 13 more rate tiers (0.20%-0.80% in 5 bps increments)SaveUp Savings - Account review
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
Affinity Plus Federal Credit Union1.00% (up to $25k), 0.35% ($25k+)Superior Money Market (min $500 direct deposit into any account)
Patelco Credit Union1.00% (up to $2k), 0.50% ($2k-$5k), 0.30% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m)Money Market Select Account - Account review
Smarty Pig0.70% (up to $10k), 0.55% ($10k+)SmartyPig Savings - Account review
Axos Bank0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+)High Yield Savings - Account review
All America Bank0.55% (up to $50k), 0.05% ($50k+) (0.85% effective 5/23/2022)Mega Money Market Account - Account review
Redneck Bank0.55% (up to $50k), 0.05% ($50k+) (0.85% effective 5/23/2022)Mega Money Market Account
La Capitol Federal Credit Union4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+)Choice Checking

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionAPYsNotes
Consumers Credit Union4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020)
Genisys Credit Union4.07% (up to $7.5k), 0.05% ($7.5k+) Genius Checking Account review
Evansville Teachers Federal Credit Union3.30% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Consumers Credit Union3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020)
First Bank3.04% (up to $25k), 0.10% ($25k+)First Performance Checking (available in CA, IL, MO) - Account review
Market USA Federal Credit Union3.01% (up to $15k), 0.05% ($15k+)VIP Checking Platinum Tier - Account review
EFCU Financial3.01% (up to $10k), 0.05% ($10k+)Rewards Checking - Account review
Keesler Federal Credit Union3.00% (up to $25k), 0.40% ($25k+)Kasasa Cash (easy membership in AL, LA, MS) - Account review
Sullivan Bank3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#)Kasasa Cash (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
INOVA Federal Credit Union3.00% (up to $15k), 0.07% ($15k+)Shield Checking - Account review
Western Vista Federal Credit Union2.53% (up to $15k), 0.01% ($15k+)Panorama Checking - Account review
Great Lakes Credit Union2.50% (up to $10k), 0.05% ($10k+)Free Checking
Campus Federal2.31% (up to $10k), 0.05% ($10k+)Lagniappe Checking
Presidential Bank2.25% (up to $25k), 0.75% ($25k+)Advantage Checking - Account review
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Consumers Credit Union2.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020)
Community Bank (TN)2.08% (up to $20k), 0.25% ($20k+)Community Advantage Checking Account review
Union Bank2.07% (blended APY up to $25k), 0.03% ($25k+)1-2-3 Rewards Checking Account review
TruStone Financial Credit Union2.02% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
Hiway Federal Credit Union2.02% ($1k-$25k), 0.01% ($25k+)Hi Yield Checking - Account review
Elements Financial2.00% (up to $20k), 0.10% ($20k+)High Interest Checking - Account review
Ideal Credit Union2.00% (up to $20k), 0.05% ($20k+)High Yield Checking - Account review
First State Bank (OH)2.00% (up to $15k), 0.25% ($15k+)Kasasa Cash - Account review
Southwest National Bank2.00% (up to $15k), 0.25% ($15k+)Kasasa Cash - Account review
Cap Ed Federal Credit Union2.00% (up to $10k), 0.10% ($10k+)High Yield Checking
Wings Financial Credit Union1.76% (up to $25k), 0.01% ($25k+)High Yield Checking - Account review
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Partner Colorado Credit Union1.75% (up to $10k), 0.50% ($10k-$25k), 0.25% ($25k+)High Interest Checking
Signature Federal Credit Union1.50% (up to $20k), 0% ($20k+)High-Yield Checking
Finex1.50% (up to $25k), 0.10% ($25k+)Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union)
Garden Savings Federal Credit Union1.50% (up to $15k), 0.15% ($15k+)Platinum Checking
Industrial Bank1.47% (up to $15k), 0.20% ($15k+)Kasasa Cash
United Educators Credit Union1.25% (up to $10k), 0.25% ($10k+)High Yield Checking
Axos Bank1.25% (up to $50k), 0.00% ($50k+)Rewards Checking
BankFirst1.25% (up to $15k), 0.15% ($15k+)Interest Checking
Heritage Bank1.02% (up to $25k), 0.14% ($25k+)eCentive Account
Quontic Bank1.01% (up to $150k), 0.35% ($150k-$1m)High Interest Checking - Account review
Envision Bank1.01% (up to $25k), 0.05% ($25k+)Envision Max Checking - Account review
Northwest Federal Credit Union1.00% (up to $15k), 0.15% ($25k+)Kasasa Cash - Account review
Blue Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Extreme Checking (up to 3.00% w/account relationships) - Account review
Hanscom Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Kasasa Cash Checking - Account review
One American Bank1.00% (up to $10k), 0.25% ($10k+)Kasasa Cash - Account review
Orion Federal Credit Union1.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+)Premium Checking - Account review
First Security Bank & Trust0.80% (up to $15k), 0.10% ($15k+)Kasasa Cash - Account review
Bay State Savings Bank0.75% (up to $20k), 0.05% ($20k+)Kasasa Cash - Account review
All America Bank0.70% (up to $10k), 0.05% ($10k+) (1.00% effective 5/23/2022)Ultimate Rewards Checking
Redneck Bank0.75% (up to $10k), 0.05% ($10k+) (1.00% effective 5/23/2022)Redneck Rewards Checking
First Tech Federal Credit Union0.50% (up to $15k), 0.10% ($15k+)First Tech Rewards Checking

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionAPYsNotes
Aspiration5.00% (up to $10k), 0.10% ($10k+) Plus Save Account Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account
Aspiration3.00% (up to $10k), 0.00% ($10k+) Save Account Aspiration Save when $1k+/mo debit card purchases in Spend Account
GM Financial Right Notes1.75% ($500+)
Wealthfront0.85% Cash Account Cash Management Account
Ford Interest Advantage0.80% ($50k+), 0.65% ($15k+), 0.60% (less than $15k)Ford Interest Advantage review
Duke Energy PremierNotes0.75% ($50k+), 0.60% ($10k+), 0.55% (less than $10k)Duke Energy PremierNotes review
Vanguard Federal Money Market Fund0.65% 7-day yield
Vanguard Municipal Money Market Fund0.63% 7-day yield
Fidelity Money Market Fund0.48% 7-day yield
Fidelity Municipal Money Market Fund0.42% 7-day yield

Post Publication Edits:

5/19/2022: Synchrony Bank High Yield Savings rate increased.
5/19/2022: Synchrony Bank 11-month No Penalty rate increased.
5/19/2022: Valleydirect Online Savings rate increased.

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
Comments
deskandchairs
  |     |   Comment #1
SBT and " New Money" I have a (previously existing) jumbo MMA with SBT. I called to find out about the ins and outs of how this new money thing worked. The CSA agent looked up my account and begin negotiating with me on how much new money would be required, but the essence was that, with an additional investment, they would convert ALL of my old account to the new "MMK-2022 product." My additional deposit just settled so I now have the 1.15% on all my funds, not just the 'new money.' I called on another institution's 'new money' offer and also found that was not as restrictive as it sounds, so it appears to pay to call on these offers and not take them literally.
kcfield
  |     |   Comment #2
Thanks for sharing. Please tell us what institution you are referring to, as SBT is an acronym for multiple financial institutions (Sterling Bank and Trust, State Bank and Trust, etc.).
Nonchalance
  |     |   Comment #3
Typing is difficult. Given the rate, I'd guess he or she is talking about State Bank of Texas.
deskandchairs
  |     |   Comment #4
State Bank of Texas Jumbo MM - new money (0.75% - 1.15%)
NYCDoug
  |     |   Comment #5
SBT Offer / Info here: https://statebnk.com/personal-banking/money-market/
Buckeyes
  |     |   Comment #6
If the Fed was going the other way, it would be a race to 0.

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