Latest Liquid Bank Account Rates

Two weeks ago I noted the slowdown of online savings account rate increases. I had hoped it was just due to the holidays. I’m sorry to report that rate hikes haven’t picked up. There were no major online savings accounts that had rate hikes in the last two weeks. Five of the major online banks have kept their online savings account rates at 3.30% APY since before Christmas. These include Ally, American Express, Capital One, Discover and Marcus.
With the Target Federal Funds Rate (TFFR) rising to 4.25%-4.50% more than a month ago, and with the odds being high that the TFFR will be 4.50%-4.75% by next week, you would think we would see more rate hikes at these major online banks. In 2019 when the TFFR was 2.25%-2.50%, these major online savings accounts had APYs that ranged from 2.10% to 2.25%. Based on this history, you would expect these online savings account APYs to be at least 4%.
There are a few major online banks that have been a little more aggressive with their online savings account rates. CIT Bank has been the most aggressive. Its Savings Connect account rate increased from 3.85% to 4.05% APY on January 6th. Synchrony Bank increased its online savings account rate from 3.50% to 3.75% APY on December 22nd. Live Oak Bank increased its online savings account rate from 3.10% to 3.50% APY on January 2nd, and Barclays increased its online savings account rate from 3.00% to 3.40% APY on December 16th. Even these rate increases are disappointing when you consider that the TFFR has been at 4.25%-4.50% for more than a month.
The small/new online banks have been more aggressive with rate hikes. Many of these have increased their savings or money market yields to 4.00% and above. Four of the latest rate hikes occurred at Republic Bank (4.37% APY), Brilliant Bank (4.30% APY), CFG Bank (4.25% APY) and UFB Direct (4.21% APY).
One note regarding these small online banks that are raising their rates to 4%+ is that some of them are playing games. The new rates aren’t automatically being applied to existing accounts. The latest to do this is Brilliant Bank. It just increased its money market yield from 4.01% to 4.30%. However, existing customers need to call if they want this higher rate. Even though the account has the same name and there’s no apparent small print, existing customers won’t automatically receive this higher rate. According to the CSR, this higher rate is for new accounts or existing customers who deposit new money into their money market.
Most banks that play this game will at least change the name of the account. The account with the new name gets the higher rate while the existing account with the old name continues to have the old rate. Only the new account gets promoted to new customers. UFB Direct has done this many times in the last year. However, its latest rate hike to 4.21% APY applied to its existing UFB Best Savings and Money Market accounts.
The average online savings account yield as of January 1st was 3.31%. In December, that average increased about 30 bps from 3.01% to 3.31%. However, this was a large slowdown from November when the average increased about 60 bps. Based on current rates, we will likely see another large slowdown in January. The monthly rate gain for January may be the smallest gain since last March. The online savings account average is based on the Online Savings Account Index. This 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 or online banks that have a long history. The second includes rate changes from online banks which are generally not well-known names.
All percentages are APYs.
Rate changes from the major online banks:
- None
Rate changes from the less well-known CUs & online banks:
- Republic Bank Digital MM (4.28% → 4.37%)
- Brilliant Bank MM (4.01% → 4.30%)
- CFG Bank HY MM (4.15% → 4.25%)
- UFB Direct Best Savings & MM (4.11% → 4.21%)
- Great Lakes CU MMDA via SaveBetter (4.10% → 4.20%)
- The Atlantic FCU MMDA via SaveBetter (4.10% → 4.20%)
- Vio Bank Cornerstone MM (4.01% → 4.17%)
- LendingClub Bank HY Savings (3.60% → 4.00%)
- FitnessBank Savings (12.5k+ steps 3.75% → 4.00%)
- CIBC Bank USA Agility Savings (3.62% → 3.77%)
- SFGI Direct Savings (3.26% → 3.51%)
- EmigrantDirect Savings (2.50% → 3.50%)
- USALLIANCE Financial CU High Dividend Savings (3.25% → 3.50%)
- American Heritage CU HY Savings ($10k+ 3.05% → 3.20%)
- Stopped at 3.00%
Current rate leaders
A new rate leader emerged today. Republic Bank of Chicago’s Digital Money Market (DMM) account had another rate hike. The rate increased from 4.28% to 4.37% APY, which just surpassed MySavingsDirect’s savings account rate (4.35% APY). MySavingsDirect had been the rate leader since it increased its rate from 3.90% to 4.35% APY on December 16th.
Republic Bank’s DMM was launched last year. The minimum initial deposit is $2.5k, and a $2.5k balance must be maintained to earn 4.37% APY and to avoid a $25 monthly maintenance fee. Check writing is available. Outgoing ACH transfers initiated by Republic Bank are limited to a low $2.5k per day and $10k per 30 day rolling cycle. Republic Bank places no limits on ACH transfers initiated by an external financial institution. For more details, please refer to my recent Republic Bank Digital Money Market review.
The MySavingsDirect savings account is now in second place, but it remains on top for a no minimum savings account.
Brilliant Bank’s Money Market Account (4.30% APY) is now in third place after last week’s rate hike.
Technically, Republic Bank is not the rate leader. The rate leader position goes to First Internet Bank’s Money Market Savings account. However, probably not too many people will be able to qualify for this top rate. The Money Market Savings is a tiered-rate account that earns 4.39% APY for a minimum balance of $1 million. Balances under $1 million only earn 3.30% APY.
Rate guarantees without withdrawal penalties
No-penalty CDs have less value during rising rates, but if they have a higher rate than your online savings account, you can use the no-penalty CD to boost your overall yield without losing any significant liquidity. You just have to make sure you monitor rates so that you can close the no-penalty CD and move the funds into a higher-rate savings account or new no-penalty CD.
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
We have a new no-penalty CD rate leader. Ponce Bank launched a 4-month No Penalty CD on the SaveBetter.com platform with a 4.41% APY. This just surpasses Sallie Mae Bank’s 14-month No Penalty CD on SaveBetter (4.40% APY). Even though this 4-month No Penalty CD has a higher rate, Sallie Mae Bank’s No Penalty CD is still a much better deal. Longer terms are always an advantage for no-penalty CDs. Ponce Bank’s No Penalty CD also has the same withdrawal limitation as the Sallie Mae Bank’s No Penalty CDs. 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.
Two other significant no-penalty CD rate increases occurred at Marcus and Ally. The rates of Marcus’s 13-month No Penalty CD and Ally’s 11-month No Penalty CD both increased to 3.85% APY. If you have savings accounts at these banks, you can get an easy boost in yield by moving savings that you don’t immediately need into one of these no-penalty CDs.
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 last 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 been hiking rates, money market fund yields are rising, and their yields are generally rising faster than online savings account yields from the major online banks.
Vanguard is back with a rate lead over Fidelity. The Vanguard Federal Money Market Fund 7-day yield was 4.29%, up from 4.23% two weeks ago. The Fidelity Money Market Fund 7-day yield was 4.15%, same as two weeks ago.
Municipal money market fund yields have been up and down even as the Fed keeps hiking. After a month of rising yields, the municipal money market fund yields had large declines in the last four weeks. The Vanguard Municipal Money Market Fund 7-day yield is now 1.77%, down from 2.99% two weeks ago and down from 3.63% four weeks ago. The 7-day yield of the Fidelity Municipal Money Market Fund is now 1.70%, down from 2.85% two weeks ago and down from 3.40% four weeks ago.
Reward Checking Accounts
For the nationally-available reward checking accounts, there was just one noteworthy rate increase in the last two weeks. Market USA Federal Credit Union increased the top-tier rate of its High-Rate VIP Free Checking (Platinum Tier) from 3.40% to 4.00% APY. This applies to qualifying balances up to $15k.
Reward checking accounts have a history of being slow to respond to rising rates, especially when compared to online savings accounts.
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.
CD Deals: For direct CDs that are nationally available (without any membership limitations), there are still 5% CDs available. The term lengths range from six months to 27 months. If you’re waiting for a long-term CD with a 5%+ yield, be aware that it may never come. We are still seeing some banks cutting their long-term CD rates. Today, Capital One lowered its 5-year 360 CD rate from 4.40% to 4.10% APY, and American Express National Bank lowered its 5-year CD rate from 4.25% to 3.75% APY.
Long-dated Treasury yields remain under 4%. At today’s market close, the 3-, 5-, 7- and 10-year yields were 3.84%, 3.54%, 3.51% and 3.46%, respectively (yields are based on Daily Treasury Par Yield Curve Rates..) If these yields remain under 4%, the odds of widespread 5% long-term CDs diminish. It is possible that high loan demand at certain banks and credit unions may spur them into offering 5% long-term CDs. We have been seeing a few 5% CDs (several are not nationally available), but most have been short- or mid-term CDs.
Navy Federal Credit Union began offering a 5% APY 15-month Certificate Special last week. I think many were hoping for a longer-term 5% CD. One very nice feature is that it allows unlimited add-on deposits up to a maximum balance of $250k. The minimum deposit is only $50. So there’s no downside in opening this CD with at least a $50 deposit. That’s especially the case if you’re keeping a lot in savings accounts. If rates do start to fall later this year, you can always move that money into this 5% CD.
The only bank with a nationally available 5% CD continues to be Sallie Mae Bank. It’s still offering a 27-month CD with a 5.00% APY via the SaveBetter.com platform. Unlike most of the CDs on SaveBetter, this one has a more mild early withdrawal penalty (only 180 days of interest).
One important attribute to note regarding SaveBetter CDs is that there is no option to withdraw interest. Interest can only be added back into the CD. To access any of the CD balance requires a closure of the CD with an early withdrawal penalty. SaveBetter’s product term sheets for the CDs don't clearly describe this. Under “transaction limitations”, it only states that “One-time full withdrawal of the Certificate.”
If you see 5%+ CDs at a credit union, they may not last long. On Saturday, I reported on the 18-month CD Special at XCEL Federal Credit Union (5.12% APY). People in any state can join this credit union through an association membership. I just checked XCEL’s website, and it appears that this CD Special has already ended.
The highest-rate CD that I’ve found in this rate cycle is 6.25% APY. It’s an 18-month CD Special from Democracy Federal Credit Union, and it appears to still be available. Unfortunately, it’s not nationally available. The Credit Union’s field of membership is primarily limited to residents in the Washington D.C. metro area. I have more details in this CD review.
A good alternative to short-term CDs continues to be Treasury bills. At today’s market close, the 3-, 6- and 12-month Treasury yields were 4.72%, 4.79% and 4.67%, respectively. If you live in a state with state income tax, these can be a better deal than 5% CDs for many tax brackets. Thanks to DA reader RichardW for explaining the details in this DA Forum thread.
For long-term, nationally available CDs, the top two CD yields are 4.78% APY (5-year Jumbo CD at Lafayette FCU) and 4.75% APY (49-month Certificate Special at NASA FCU). One of the long-term top rates for banks is 4.50% APY (5-year CD at CFG Bank), which is down from 4.60% APY two weeks ago.
Please keep discussions of 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. If you want to express your opinions on the Fed and the economy, please comment in my Fed meeting preview post.
Checking/Savings/Money Market Accounts:
- Best Savings Account Rates (Nationwide and by State)
- Best Money Market Rates (Nationwide and by State)
- Best Checking Account Rates (Nationwide and by State)
Institution | APYs | Notes |
---|---|---|
First Internet Bank | 4.39% ($1m+), 3.35% (up to $1m) | Money Market Savings |
Republic Bank of Chicago | 4.37% ($2.5k min opening) | Digital Money Market (not available in IL, IN, MI, or WI) - Account review |
MySavingsDirect | 4.35% | MySavings Account - Account review |
Brilliant Bank | 4.30% ($1k min) | Money Market Account Internet bank, deposits held by Equity Bank - Account review |
CFG Bank | 4.25% ($1k) | High Yield Money Market Account - Account review |
Western State Bank | 4.25% ($5k min) | High Yield Money Market - Account review |
Western Alliance Bank | 4.23% ($1 min) | High Yield Savings via SaveBetter - Account review |
UFB Direct | 4.21% | UFB Best Money Market - Account review |
UFB Direct | 4.21% | UFB Best Savings - Account review |
Great Lakes Credit Union | 4.20% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
The Atlantic Federal Credit Union | 4.20% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
The State Exchange Bank | 4.20% ($1 min) | High Yield Savings via SaveBetter - Account review |
My eBanc | 4.18 ($100k), 2.99% (up to $100k) | SuperSaver Money Market Account - Account review |
Vio Bank | 4.17% | Cornerstone Money Market |
Popular Direct | 4.16% ($5k min opening) | High Rise Savings - Account review |
Bask Bank | 4.15% (no min) | Bask Interest Savings Account - Account review |
Blue Federal Credit Union | 4.15% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
American First Credit Union | 4.15% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
mph.bank | 4.15% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
Third Coast Bank | 4.13% ($1 min) | High Yield Savings via SaveBetter - Account review |
Upgrade | 4.13% ($1k min) | Premier Savings (deposits held by Cross River Bank) Account review |
Salem Five Direct | 4.10% (up to $1m) | eOne Savings, new customers only - Account review |
Merchants Bank of Indiana | 4.08% (up to $1m) | Money Market Account |
MutualOne Bank | 4.07% ($20k min) | Mo Premium Savings - Account review |
Customers Bank | 4.05% | High-Yield Digital Savings - Account review |
My Banking Direct | 4.05% ($1 min) | High Yield Savings - Account review |
Primis Bank | 4.05% ($1) | Primis Savings Account (not offered in AK or HI) - Account review |
CIT Bank | 4.05% ($100 min) | Savings Connect - Linked eChecking required Account review |
Ivy Bank | 4.05% ($2.5k), 0.05% ($10) | High-Yield Savings - Account review |
Ivy Bank | 4.03% ($2.5k), 0.05% ($10) | Indexed Savings - Account review |
Connexus Credit Union | 4.01% ($1m), 3.41% ($500k), 3.01% ($250k), 2.15% ($100k), 2.01% ($20k), 0.25% ($1k) | Money Market Account (Active checking requirement has been removed) - Forum post |
LendingClub Bank | 4.00% | High-Yield Savings - Account review |
First Foundation Bank | 4.00% | Online Savings - Account review |
First Foundation Bank | 4.00% ($5m max) | Online Money Market Account - Account review |
ValleyDirect | 4.00% | Online Savings - Internet bank, deposits held by Valley Bank |
BMO Harris Bank | 4.00% | Online Savings Account (not available in AZ, FL, IL, IN, KS, MN, MO, WI) Account review |
FitnessBank | 4.00% ($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 |
Bread Financial (formerly Comenity Direct) | 4.00% ($100 min) | High-Yield Savings - Account review |
PNC Bank | 4.00% ($1 min) | High Yield Savings (Not available in all states) |
Liberty Savings Bank | 4.00% ($1 min) | High Yield Savings via SaveBetter - Account review |
ConnectOne Bank | 4.00% ($2.5k min) | OneConnection Savings - Account review |
ConnectOne Bank | 4.00% ($250k+), 3.90% ($2.5k) | Connection Plus Savings - Account review |
Lemmata Savings Bank | 3.95% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
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 |
CIBC Bank USA | 3.77% | Agility Savings Account - Account review |
Synchrony Bank | 3.75% | High Yield Savings - Account review |
SkyOne Credit Union | 3.75% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
SoFi Bank, N.A. | 3.75% (w/direct deposit), 1.20% (w/o direct deposit) | SoFi Checking and Savings |
Citizens Access | 3.75% ($5k min) | Online Savings Account - Account review |
Prime Alliance Bank | 3.65% ($1 min) | Personal Savings - Account review |
Prime Alliance Bank | 3.65% ($1 min) | Personal Money Market - Account review |
Continental Bank | 3.65% ($1 min) | High Yield Savings Account via SaveBetter - Account review |
TAB Bank | 3.64% ($1 min) | High Yield Savings - Account review |
State Bank of Texas (SBT) | 3.56% ($100k min, new money only) | Jumbo Money Market |
Idabel National Bank | 3.55% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
SFGI Direct | 3.51% | SGFI Direct Savings Account - Account review |
EmigrantDirect.com | 3.50% | AmericanDream Savings Account - Account review |
Live Oak Bank | 3.50% ($5 million max) | High Yield Savings - Account review |
Quontic Bank | 3.50% | High Yield Savings - Account review |
Quontic Bank | 3.50% | Personal Money Market (all balances) - Account review |
Affirm | 3.50% | Affirm Savings (deposits held by a partner bank) |
DollarSavingsDirect | 3.50% | Dollar Savings Account - Account review |
CommunityWide Federal Credit Union | 3.50% (penalty-free withdrawals first 5 days of each month) | High Rate Quarterly Funds Account - Account review |
E*TRADE from Morgan Stanley | 3.50% | Premium Savings Account (sweeps account) - Account review |
TIAA Bank | 3.50% ($25 min) | Basic Savings |
USALLIANCE Financial | 3.50% ($500) | High Dividend Savings - Account review |
Rising Bank | 3.50% ($1k min) | High Yield Savings - Account review |
BankPurely | 3.50% ($25k min) | PurelyMoneyMarket - Account review |
iGObanking.com | 3.50% ($25k min) | iGOmoneymarket, new accounts and new money only - Account review |
Sallie Mae Bank | 3.40% | Money Market Account - Account review |
Barclays | 3.40% | Online Savings - Account review |
Citi | 3.40% | Citi Accelerate Savings Account (Not available in all states) |
TIAA Bank | 3.35% ($100k), 3.00% ($50k), 2.65% ($25k), 2.35% ($10k), 1.60% (up to $10k) | Yield Pledge Money Market - Account review |
Ally Bank | 3.30% | Online Savings - Account review |
Ally Bank | 3.30% | Money Market Account - Account review |
Discover Bank | 3.30% | Online Savings - Account review |
Virtual Bank | 3.30% | eMoney Market Special - Account review |
Capital One | 3.30% | 360 Performance Savings - Account review |
American Express National Bank | 3.00% | High Yield Savings - Account review |
M1 Finance | 3.30% (all balances, $125 annual fee) | M1 Plus Checking (deposits held by a partner bank) |
Marcus by Goldman Sachs | 3.30% ($500 min) | High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review |
Ponce Bank | 3.25% ($1 min) | Money Market Deposit Account via SaveBetter - Account review |
Northern Bank Direct | 3.25% ($5k min) | Money Market - Account review |
Northpointe Bank | 3.25% ($25k), 0.35% ($5k), 0.25% ($2.5k min) | Ultimate Money Market - Account review |
Discover Bank | 3.25% ($100k min), 3.20% ($2.5k) | Money Market - Account review |
Sallie Mae Bank | 3.20% | High Yield Savings - Account review |
American Heritage Credit Union | 3.20% ($10k min) | High Yield Savings |
Smarty Pig | 3.10% | SmartyPig Savings - Account review |
ConnectOne Bank | 3.10% ($25k), 3.00% (up to $25k) | Connect Money Market - Account review |
Langley Federal Credit Union | 3.10% ($1m), 2.75% ($500k), 2.00% ($250k min), 1.50% ($100k), 1.25% ($25k) | Platinum Money Market Savings - Account review |
CFSB (Colorado Federal Savings Bank) | 3.05% ($50k min) | Premier Savings (New customers) - Account review |
CBN Bank Direct | 3.04% ($25k min/$2m max) | Premium Money Market - Account review |
CFSB (Colorado Federal Savings Bank) | 3.00% | High Yield Savings - Account review |
Quorum Federal Credit Union | 3.00% | HighQ Savings Account |
Laurel Road (a brand of KeyBank, N.A.) | 3.00% ($2m max) | Laurel Road High Yield Savings Account (NTS) - Account review |
FNBO Direct | 3.00% | Online Savings |
TotalDirectBank | 3.00% ($5k min) | Direct Money Market Deposit Account (not available in CA or FL) - Account review |
Paramount Bank | 3.00% (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 |
Spectrum Credit Union | 3.00% ($100k), 2.90% ($50k), 2.80% ($25k), 2.75% ($2.5k), 0.75% (<$2.5) | MarketEdge Money Market - Account review |
Luana Savings Bank | 3.00% ($750k), 2.89% ($250k), 2.79% ($100k), 2.68% ($50k), 2.58% ($2.5k) | Money Market |
CBN Bank Direct | 2.94% ($1 min) | High Yield Savings - Account review |
Alliant Credit Union | 2.70% ($100 min) | High-Rate Savings - Account review |
Sun East Federal Credit Union | 2.60% ($5k min) | MAX-Yield Money Market Account Special (13 month introductory rate), free withdrawals can only be done once per quarter - Account review |
The Federal Savings Bank | 2.50% ($2k min) | Online Money Market Promo - Account review |
Revolut | 2.50% | Savings Vault - subscription rate (deposits held by Metropolitan Commercial Bank) - Account review |
Bellco Credit Union | 2.50% ($50k) 1.95% ($10k) | Premier Money Market Account |
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 | 2.35% ($1m) 2.15% ($500k), 1.95% (%250k), 1.70% ($100k), 1.50% ($50k), 1.30% ($25k), 1.15% ($10k), 1.00% ($2.5k) | Premier Money Market - Account review |
PenFed Credit Union | 2.30% | Premium Online Savings Account review |
Synchrony Bank | 2.25% | Money Market - Account review |
Dow Credit Union | 2.22% ($500k), 2.06% ($100k), 1.87% ($50k), 1.46% (up to $50k) | Premium High Yield Deposit - 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 |
Amalgamated Bank | 2.00% | Online Savings - Account review |
Chime | 2.00% (no min/max, active checking required) | Chime Savings Account (deposits held by a partner bank) - Account review |
Bethpage Federal Credit Union | 2.00% ($500 min) | Money Market |
Varo | 2.00% (5.00% up to $5k w/chk requirements) | Varo Savings - 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 |
CIT Bank | 1.55% ($100 min) | Money Market - Account review |
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 |
NASA Federal Credit Union | 1.35% ($100k), 1.25% ($50k), 1.05% (up to $50k) | Premier Advantage Money Market - Account review |
ZYNLO Bank | 1.25% (up to $250k) 0.10% ($250k+) | Money Market - Account review |
Vibrant Credit Union | 1.15% ($200k), 0.50% ($100k), 0.25% ($25k), 0.10% ($10k), 0.05% (up to $10k) | Yellow Money Market (promotional rate) |
Andrews Federal Credit Union | 1.15% ($200k+), 0.85% (<$200k) | Prestige Money Market |
Vio Bank | 1.10% | Online High Yield Savings - Account review |
State Department Federal Credit Union | 1.06% ($100k), 1.00% ($50k), 0.95 ($25k) | Premier Money Management Shares - Account review |
Bank Onward | 1.00% ($250 opening deposit) | Bo Savings - Account review |
SkyOne Credit Union | 1.00% ($1k min) | Sky-high Savings |
State Bank of India (IL) | 1.00% ($5k min) | Money Market |
CIT Bank | 1.00% ($25k min) | Savings Builder - Account review |
U.S. Postal Federal Credit Union | 0.85% (0.95% with relationship rewards) | IRA Savings - See review |
State Bank of India (IL) | 0.60% ($500 min) | Savings Account |
PurePoint Financial | 0.40 ($10k min) | Online Savings - Account review |
No-Penalty CDs
Institution | APYs | Notes |
---|---|---|
Ponce Bank | 4.41% ($1 min) | 4-month No Penalty CD via SaveBetter (*NTS)- Account review |
Sallie Mae Bank | 4.40% ($1 min) | 14-month No Penalty CD via SaveBetter - Account review |
Sallie Mae Bank | 4.25% ($1 min) | 10-month No Penalty CD via SaveBetter - Account review |
CIT Bank | 4.10% ($1k min) | 11-month No-Penalty CD - Account review |
Citi | 4.05% ($500 min) | 12-month No Penalty CD |
USALLIANCE Financial | 4.00% ($500) | 11-month No Penalty CD Special - Account review |
Marcus by Goldman Sachs | 3.85% ($500) | 13-month No Penalty CD - Account review |
Ally Bank | 3.85% (no min) | No-Penalty 11-month CD - Account review |
Marcus by Goldman Sachs | 3.85% ($500) | 8-month No Penalty CD (AARP members only) - Account review |
Synchrony Bank | 3.50% (no min) | 11-month No Penalty CD - Account review |
Bellco Credit Union | 3.40% ($2.5k min) | 18-month Smart Move CD (*NTS) - Account review |
Bellco Credit Union | 3.40% ($2.5k min) | 24-month Smart Move CD (*NTS) - Account review |
My eBanc | 3.20% ($100k), 3.10% ($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 |
CFSB (Colorado Federal Savings Bank) | 2.75% ($5k min) | 11-month No Penalty CD - Account review |
Chartway Federal Credit Union | 1.50% ($500 min) | 12-month 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 |
PurePoint Financial | 0.15% ($10k) | 11-month No-Penalty CD - Account review |
PurePoint Financial | 0.10% ($10k) | 13-month No-Penalty CD - Account review |
PurePoint Financial | 0.10% ($10k) | 14-month No-Penalty CD - Account review |
*New to Summary
Reverse Tier Savings/Money Market Accounts/Checking:
Institution | APYs | Notes |
---|---|---|
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 |
All America Bank | 4.25% (up to $75k), 0.50% ($50k+) | Mega Money Market Account - Account review |
Redneck Bank | 4.25% (up to $75k), 0.50% ($50k+) | Mega Money Market Account |
La Capitol Federal Credit Union | 4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+) | Choice Checking |
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 |
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 $5k), 1.00% ($5k+) | SmartStart Savings - Account review |
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 |
Michigan State University Credit Union | 2.50% (up to $1k), 1.67% ($1k-$2k), 0.80% ($2k+) | Savings Builder - Account review |
Dover Federal Credit Union | 2.00% (up to $50k), 1.50% ($50k+), 1.25% ($100k+), 0.50% ($250k+) | High Yield Savings |
Affinity Plus Federal Credit Union | 2.00% (up to $25k), 1.50% ($25k+) | Superior Money Market (min $500 direct deposit into any account) |
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 |
Reward Checking Accounts:
- Noteworthy Accounts Available Nationwide:
Institution | APYs | Notes |
---|---|---|
Pelican State Credit Union | 5.11% (up to $10k), 1.00% ($10k+) | Kasasa Cash 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) |
All America Bank | 4.50% (up to $15k), 0.50% ($15k+) | Ultimate Rewards Checking |
Redneck Bank | 4.50% (up to $15k), 0.50% ($15k+) | Redneck Rewards Checking |
Garden Savings Federal Credit Union | 4.07% (up to $15k), 0.15% ($15k+) | Platinum Checking |
Genisys Credit Union | 4.07% (up to $7.5k), 0.05% ($7.5k+) | Genius Checking Account review |
Presidential Bank | 4.00% (up to $25k), 3.00% ($25k+) | Advantage Checking - Account review |
Ideal Credit Union | 4.00% (up to $20k), 0.05% ($20k+) | High Yield Checking - Account review |
Market USA Federal Credit Union | 4.00% (up to $15k), 0.05% ($15k+) | VIP Checking Platinum Tier - Account review |
Orion Federal Credit Union | 4.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+) | Premium Checking - Account review |
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 |
Signature Federal Credit Union | 3.50% (up to $20k), 0% ($20k+) | High-Yield Checking |
Liberty Federal Credit Union | 3.45% (up to $20k), 0.00% ($20k+) | Vertical Checking - Account review |
Wings Financial Credit Union | 3.04% (up to $25k), 0.10% ($25k+) | High Yield Checking - Account review |
First Bank | 3.04% (up to $25k), 0.10% ($25k+) | First Performance Checking (available in CA, IL, MO) - Account review |
TruStone Financial Credit Union | 3.04% (up to $20k), 0.10% ($20k+) | TruRate Checking - Account review |
EFCU Financial | 3.01% (up to $10k), 0.05% ($10k+) | Rewards Checking - Account review |
Keesler Federal Credit Union | 3.00% (up to $25k), 0.40% ($25k+) | Kasasa Cash (easy membership in AL, LA, MS) - Account review |
INOVA Federal Credit Union | 3.00% (up to $15k), 0.07% ($15k+) | Shield Checking - Account review |
Western Vista Federal Credit Union | 3.00% (up to $15k), 0.03% ($15k+) | Panorama Checking - Account review |
Lake Michigan Credit Union | 3.00% (up to $15k), 0.00% ($15k+) | Max Checking |
Sullivan Bank | 3.00% (up to $10k), 0.30% ($10k+) | Cash Rewards Checking (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review |
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 |
Bellco Credit Union | 2.25% (up to $25k), 0.25% ($25k+) | Boost Interest Checking - Account review |
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 $25k), 0.14% ($25k+) | eCentive Checking Account |
Hiway Credit Union | 2.02% ($1k-$25k), 0.01% ($25k+) | Hi Yield Checking - Account review |
Expedition Credit Union (formerly United Educators Credit Union) | 2.02% (up to $20k), 0.10% ($20k+) | High Yield Checking |
Elements Financial | 2.00% (up to $20k), 0.10% ($20k+) | High Interest Checking - Account review |
Cap Ed Federal Credit Union | 2.00% (up to $10k), 0.10% ($10k+) | High Yield Checking |
Connexus Credit Union | 1.75% (up to $25k), 0.25% ($25k+) | Xtraordinary Checking |
First Tech Federal Credit Union | 1.50% (up to $15k), 0.10% ($15k+) | First Tech Rewards Checking |
Industrial Bank | 1.47% (up to $15k), 0.20% ($15k+) | Kasasa Cash |
Axos Bank | 1.25% (up to $50k), 0.00% ($50k+) | Rewards Checking |
BankFirst | 1.25% (up to $15k), 0.15% ($15k+) | Interest Checking |
Quontic Bank | 1.10% (all balances) | High Interest Checking - Account review |
FitnessBank | 1.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) | Fitness Checking Account - Account review |
Northwest Federal Credit Union | 1.00% (up to $15k), 0.25% ($25k+) | Kasasa Cash - Account review |
Blue Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Extreme Checking (up to 3.00% w/account relationships) - Account review |
Hanscom Federal Credit Union | 1.00% (up to $15k), 0.10% ($15k+) | Kasasa Cash Checking - Account review |
First Security Bank & Trust | 0.80% (up to $15k), 0.10% ($15k+) | Kasasa Cash - 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 |
---|---|---|
GM Financial Right Notes | 4.50% ($500+) | |
Vanguard Federal Money Market Fund | 4.29% 7-day yield | |
Ford Interest Advantage | 4.25% (all balances) | Ford Interest Advantage review |
Duke Energy PremierNotes | 4.25% ($50k+), 4.10% ($10k+), 4.05% (less than $10k) | Duke Energy PremierNotes review |
Fidelity Money Market Fund | 4.15% 7-day yield | |
Wealthfront | 3.80% Cash Account | Cash Management Account |
Vanguard Municipal Money Market Fund | 1.77% 7-day yield | |
Fidelity Municipal Money Market Fund | 1.70% 7-day yield |
Accounts No Longer Available
CFBank | 3.65% ($25k min) | Money Market, 6 month rate guarantee - Account review |
Campus Federal | 2.01% (up to $10k), 0.05% ($10k+) | Lagniappe Checking ONLY AVAILABLE IN LOUISIANA |
First State Bank (OH) | 3.00% (up to $15k), 0.25% ($15k+) | Kasasa Cash ONLY AVAILABLE IN OHIO- Account review |
Post Publication Edits
1/25/2022: Citi 12-month No Penalty CD rate has been increased.
On the other side of that though is that personal savings, which are more likely to be held at banks and credit unions are cratering. Individuals are getting poorer because of their increased cost of living and reduction in real wages over the past two years due to the record inflation, so fewer are able to save. I would guess that this would be the overriding factor.
Also, banks and credit unions need for cash depends on loan demand. While mortgage loan demand is up over the past few weeks due to falling long term interest rates, it is much lower than last year. So that reduces bank/cu lenders need for cash to fund those loans. Credit card, auto and other loans are also a factor.
So it's primarily the relative demand for loans compared to the supply of deposits that affects the price they are willing to pay for your deposit (i.e. the rate).
But… consider buying yourself a month’s time by purchasing a 4 week T-bill which beats all of these banks with no state tax to boot. Then revisit the issue at the end of February.
4.17% and 4.29%
I haven't "looked under the hood" to see what's going on here, but I'm curious. 7 day yields on these funds have dropped by half (from 3.4% to 1.7%) in the last month? seems like a big move for a "sleepy" investment in a rising rate environment.
I suspect possibly some kind of institutional reason why there is this apparent market inefficiency. For example, large institutions need to keep their investments in this kind of fund to fulfill some commitment.
I also note that money market funds in aggregate are experiencing a near all time record level of assets so I would expect these funds to be flush with cash just like the other types of funds. But that still doesn't explain the apparent anomaly in the relative yields.
The other possible explanations I can think of are not as flattering.
But its an interesting observation and I'd be interested in knowing more about what is going on in that market.
Also been tracking Barclays for a few quarters and they move savings rate a few days after Fed meeting, normally on a Thursday or Friday. Recently its always increase by less than the Fed increase so my guess is 3.6% maximum.
Interest rate may change at any time based on changes in the index
Minimum balance to open CD is $1000