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Best Bank Account Interest Rates - Summary For July 20, 2021


In the last three weeks, only a few savings and money market accounts had rate cuts.

One of the money market accounts in the 1% group has fallen. Connexus Credit Union lowered the top tier rate of its money market account from 1.00% to 0.85%. I have more on this rate cut in my review of the rate leaders below.

One money market account that used to be near the rate leaders was the Ascent Money Market account at Customers Bank. It had another rate cut a few days ago which lowered the rate from 0.60% to 0.50%. There is still a minimum balance of $25k, which makes this much less appealing than many savings accounts which have higher rates without a large balance requirement.

Two savings accounts with long histories of remaining competitive had recent small rate cuts. SFGI Direct lowered its savings account rate from 0.56% to 0.51%. This is the first rate cut since January. Vio Bank had a similar rate cut. Its savings account rate fell from 0.57% to 0.53%, and this was also the first rate cut since January.

Paramount Bank's High Interest Checking account rate has been very competitive since the start of 2020. Unfortunately, things started to change last March when Paramount Bank created a new account, Interest Checking, for new customers. The new Interest Checking not only had a lower rate, but the top rate only applied to balances up to $100k. Existing customers continued to have the High Interest Checking with no balance cap. There was no recent rate change on the High Interest Checking account for existing customers. However, for new customers with the Interest Checking, the rate just had a big drop. It fell from 0.65% to 0.30% for balances under $100k.

There is one small positive rate change to mention. CommunityWide FCU raised the rate of its High Rate Quarterly account 20 bps to 0.80%. This is a unique savings account in which penalty-free withdrawals can only be made during the first five days of each quarter. Outside those windows, an early withdrawal has a penalty of 30-days of interest.

As these latest rate cuts show, rate declines may not be coming to an end, but they have slowed to a crawl. This can be seen in our Online Savings Account Index which tracks the average rate of 10 well-established online savings accounts continues to change very little. In May, the Online Savings Account Index increased 1.0 bp to 0.456%, and in June, it had a slight decline of 0.5 bp to 0.451%.

I’ve listed the most noteworthy rate changes that have occurred in the last three weeks. I created 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:

  • None

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

  • Connexus CU Money Market ($100k+ 1.00% → 0.85%)
  • CommunityWide FCU High Rate Quarterly (0.60% → 0.80%)
  • Lake Michigan CU Max Savings ($250k+ 0.80% → 0.65%)
  • Vio Bank Online Savings (0.57% → 0.53%)
  • SFGI Direct Savings (0.56% → 0.51%)
  • Customers Bank Ascent Money Market ($25k+ 0.60% → 0.50%)
  • Paramount Bank Interest Checking (0.65% → 0.30%)
  • Paramount Bank Money Market Deposit (0.25% → 0.05%)
  • USAA Bank Performance First Savings ($500k+ 0.25% → 0.20%)

Current rate leaders

With the rate cut at Connexus Credit Union, the 1% group is now down to just three liquid accounts. These are savings, money market or standard checking accounts that have at least a 1% APY without any small maximum balance limits.

Connexus Credit Union lowered the rates on most of its rate tiers. The top-tier rate for balances of at least $100k is now 0.85% APY. Lower tiers include 0.60% APY ($20k) and 0.25% APY ($1k). Balances under $1k earn no interest. One important change is that there is no longer an active checking account requirement to qualify for these money market rates. Readers with existing accounts have reported that they have been notified that they can earn the old rates through October 1, 2021 if they maintain their active checking accounts. Starting in October, the above new rates will apply without any checking requirements.

The institution with the highest liquid account in this 1% group is now Advancial Credit Union. Its Premium Money Market continues to offer 1.01% APY for balances of at least $100k. Unfortunately, Advancial’s field of membership doesn’t always include a way for people in any state to join. There have been times in the past when Advancial allowed people from any state to join via an association membership. There have also been times when Advancial did not provide this option. Unfortunately, Advancial is back to not providing this membership option. This is based on recent reports by readers. Please see this blog post for more details.

There are two fintechs that partner with banks that continue to offer 1.00% APY on their checking accounts. They have no balance limitations and no activity requirements to qualify for the high rate.

The most recent fintech to be in the 1% group is M1 Finance. This is a brokerage firm and robo-advisor which also offers a checking account called M1 Spend. M1 Finance has partnered with Lincoln Savings Bank which holds the deposits and allows deposits to be FDIC insured. The Spend account has two options: basic and plus. The basic account offers no interest. The plus account offers 1% APY on all balances. The downside with M1 Plus is a $125-per-year maintenance fee that can’t be waived.

The other fintech that is still in the 1% group is T-Mobile Money. Like M1 Finance, T-Mobile Money offers a checking account that earns 1% APY on all balances without any activity requirements. Unlike M1 Finance, T-Mobile Money Checking Account has no monthly service fees. T-Mobile has partnered with BankMobile, which has partnered with Customers Bank, to hold the FDIC-insured deposits (As of January 4, 2021, BankMobile is no longer a division of Customers Bank.) The Checking Account can actually be considered a reward checking account since you can earn 4% APY on up to $3k if activity requirements are met. The requirements to earn 4% APY on up to $3k include: 1) enrolled in a qualifying T-Mobile postpaid wireless plan; 2) registered for perks with your T-Mobile ID; and 3) at least 10 qualifying purchases using your T-Mobile MONEY card (This requirement replaced direct deposit.) The portion of the balance above $3k earns 1.00% APY. Also, the entire balance earns 1.00% APY if the above requirements are not met. Since the 1.00% APY can be earned without meeting any activity requirements, I’ve included the account in the savings/money market category.

The highest rate on a non-promotional and nationally-available liquid account that’s directly available from a bank is the ZYNLO Bank money market account. This account has a rate of 0.80% for all balances, and the minimum opening deposit is only $10. ZYNLO Bank had offered a promotion with a 1.25% APY, but that promotion ended in March. Please refer to my ZYNLO Bank money market review for more details.

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. As you would expect in our current rate environment, these specials have dried up. TIAA Bank was the last one to offer a rate guarantee, but that has ended. TIAA Bank’s Yield Pledge Money Market account no longer has a 1-year intro rate for new customers. There’s now just the ongoing rate which remains at 0.40% for all balances under $10 million.

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 three years, and they are something to consider, especially if you already have a savings account at the bank.

Some banks like Marcus by Goldman Sachs 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 main issue now is that their rates have been falling. Many now have rates lower than the bank’s savings account. The only reason to open a no-penalty CD with a rate that’s lower than the savings account rate is if you believe the savings account rate will fall below the no-penalty CD rate. Even if that occurs, you may earn more in the savings account if the rate falls slowly.

I’ve moved the list of no-penalty CDs into a new table below.

There were no rate changes on any of the listed no-penalty CDs over the last three weeks.

CFG Bank’s 13-month Penalty Free CD remains on top with a 0.62% 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. Back when the Fed was holding rates near zero from 2008 to 2015, money market funds had yields of around 0.01%. Now that the Fed has cut rates back to zero, money market fund yields have fallen back to 0.01%.

The 7-day yield of both the Fidelity Money Market Fund and the Fidelity Municipal Money Market Fund remains at 0.01%. This has held steady now for the last several months.

The 7-day yield of the Vanguard Federal Money Market Fund is now at 0.01%. This had been 0.02% in January. The Vanguard Municipal Money Market Fund yield remains at 0.01%.

Reward Checking Accounts

Reward checking account rates have been falling but there haven’t been widespread cuts that we’ve seen with online savings accounts.

One nationally-available reward checking account that had a rate cut in the last three weeks is Garden Savings Federal Credit Union’s Platinum Checking. Its top rate fell from 2.25% to 1.50% APY for balances up to $15k.

Overall, reward checking accounts have generally been more resistant to Fed rate cuts than online savings accounts. They’re not immune to cuts. History during the last zero bound period (2008 to 2015) has shown that reward checking accounts can sustain rates significantly higher than online savings account rates during a zero interest rate environment.

Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. However, there are a few nationally available ones in which you can earn high rates on fairly large balances. Below are five of these accounts.Two of the five are combo checking/savings accounts.

In the list below I added the blended APY for a $100k balance. For the combo account, this assumes that the funds are spread between the two accounts to maximize the APY.

  • Axos Bank Rewards Checking: 1.25% APY up to $150k (1.25% APY for $100k balance)
  • ECCU Kasasa Cash Checking: 3.00% APY on up to $10k and Kasasa Saver: 1.00% APY on up to $100k (1.20% blended APY for $100k balance)
  • Presidential Bank Advantage Checking: 2.25% APY up to $25K, 0.65% on portion above $25k (1.05% blended APY for $100k balance)
  • Quontic Bank High Interest Checking: 1.01% APY up to $100k, 0.65% APY $100k+ to $250k, 0.35% APY $250k+ (1.01% APY for $100k balance)
  • Nokomis Savings Bank Kasasa Cash: 2.00% APY up to $25k and Kasasa Saver: 0.50% APY on up to $100k (0.88% blended APY for $100k balance)

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’m now publishing my CD survey as a separate post. Please refer to my survey of the best CD rates. This recap focuses on liquid accounts.

CD Deals: In July, Abound Credit Union overtook NASA Federal Credit Union with the top long-term CD Special. Abound increased the rate of its 47-month CD Special 15 bps to 1.45% APY, while NASA FCU lowered the rate of its 49-month CD Special 5 bps to 1.35%. For more details, please refer to this Abound CD review and this NASA FCU CD review.

Consumers Credit Union continues to offer top mid-term CD rates. For a $250k minimum deposit, its 20-month CD has a 1.00% APY. Other rates include 0.90% APY for a $100k minimum deposit and a 0.80% APY for a $250 minimum deposit.

Wings Financial Credit Union has an 18-month CD Special that earns 0.85% APY with only a $500 minimum deposit.

CommunityWide Federal Credit Union has the best short-term CD rates. It’s offering 0.85% APY for both a 6-month and 1-year term. Minimum deposit is only $1k.

Marcus by Goldman Sachs continues to offer its promotional 18-month CD (0.70% APY). Minimum deposit is only $500.

Ally Bank continues to offer a 14-month Select CD with a 0.60% APY.

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 July 20, 2021

Checking/Savings/Money Market Accounts:

Advancial1.01% ($100k min)Premium Money Market - Possible easy membership - membership eligibility has been restricted in the past.
M1 Finance1.00% (all balances, $125 annual fee) M1 Plus Checking (deposits held by a partner bank)
T-Mobile Money1.00% (4.00% up to $3k w/checking requirements)Checking Account (deposits held by a partner bank) - Account review
Connexus Credit Union0.85% ($100k), 0.60% ($20k), 0.25% ($1k)Money Market Account (Active checking requirement has been removed) - Forum post
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%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
U.S. Postal Federal Credit Union0.75% (0.85% with relationship rewards) IRA Savings - See review
Merchants Bank of Indiana0.75% (up to $1m)Money Market Account
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
FitnessBank0.65% ($250k max) (requires using step tracker app and averaging 12.5k steps/daily) Fitness Savings Account - Account review
Affirm0.65%Affirm Savings (deposits held by a partner bank)
ConnectOne Bank0.65% ($2.5k min)OneConnection Savings - Account review
Marcus by Goldman Sachs0.60% ($500 min)High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
Blue Federal Credit Union0.60% ($100k), 0.55% ($50k), 0.50% ($2k) (unlimited additional deposits throughout term) 30-month Expandable CD See review
CFG Bank0.59% ($25k min), 0.49% ($1k)High Yield Money Market Account - Account review
INSBANK Online0.58% ($500k), 0.45% ($250), 0.35% ($75k), 0.15% ($10k), 0.05% (less than $10k)High Yield Personal Money Market
BrioDirect0.55%Money Market - Account review
Quontic Bank0.55% High Yield Savings - Account review
Comenity Direct0.55% ($100 min)High-Yield Savings - Account review
Alliant Credit Union0.55% ($100 min)High-Rate Savings - Account review
USALLIANCE Financial0.55% ($500)High Dividend Savings - Account review
Vio Bank0.53% Online High Yield Savings - Account review
CIBC USA (formerly The Palladin PrivateBank)0.52%Agility Savings Account - Account review
SFGI Direct0.51%SGFI Direct Savings Account - Account review
SaveBetter.com0.51% ($1 min) High Yield Savings Account (deposits held by Ponce Bank) - Account review
Live Oak Bank0.50% ($5 million max) Savings Account - Account review
Synchrony Bank0.50%High Yield Savings - Account review
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
Ally Bank0.50%Online Savings - Account review
First Internet Bank0.50% (no min) Money Market Savings
Citi0.50%Citi Accelerate Savings Account (Not available in all states, chk relationship required)
Prime Alliance Bank0.50% ($1+)Personal Savings (0.50% rate effective June 4, 2021) - Account review
TAB Bank0.50% ($1 min)High Yield Savings - Account review
National Cooperative Bank0.50% ($100 min deposit)Impact Money Market
Pen Air Federal Credit Union0.50% ($500 min)15-month Add-On CD - Account review
First Foundation Bank0.50% ($1k min)Online Savings - Account review
Rising Bank0.50% ($1k min)High Yield Savings - Account review
Spectrum Credit Union0.50% ($2.5k min)Market Edge Savings - Account review
TotalDirectBank0.50% ($5k min)Direct Money Market Deposit Account (not available in CA or FL) - Account review
Northern Bank Direct0.50% ($5k min)Money Market - Account review
Customers Bank0.50% ($25k min)Ascent Money Market Savings
iGObanking.com0.50% ($25k min) iGOmoneymarket, new accounts and new money only - Account review
BankPurely0.50% ($25k min) PurelyMoneyMarket - Account review
TIAA Bank0.50% ($25 min)Basic Savings
CFSB (Colorado Federal Savings Bank)0.50% ($50k+) Premier Savings (New customers) - Account review
PenFed Credit Union0.45% (up to $250k)Premium Online Savings
CIT Bank0.45% ($100 min)Money Market - Account review
Popular Direct0.45% ($5k min opening deposit) Select Savings - Account review
Salem Five Direct0.40% (up to $1m)eOne Savings, new customers only - Account review
MutualOne Bank0.40% ($1m max)Online Statement Savings - Account review
Virtual Bank0.40% eMoney Market Special - Account review
American Express National Bank0.40%High Yield Savings - Account review
CFSB (Colorado Federal Savings Bank)0.40% High Yield Savings - Account review
Discover Bank0.40%Online Savings - Account review
Sallie Mae Bank0.40%Money Market Account - Account review
TIAA Bank0.40%Yield Pledge Money Market - Account review
Barclays0.40%Online Savings - Account review
Capital One0.40%360 Performance Savings - Account review
Bank5 Connect0.40% ($100 min)High Interest Savings - Account review
Bethpage Federal Credit Union0.40% ($500 min)Money Market
Amboy Direct0.40% ($3k min/$100k max)Personal eSavings - Account review
WauBank0.40% ($5k min) High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review
Citizens Access0.40% ($5k min)Online Savings Account - Account review
PurePoint Financial0.40 ($10k min)Online Savings - Account review
CIT Bank0.40% ($25k min)Savings Builder - Account review
Bellco Credit Union0.40% ($50k) 0.25% ($10k) 0.10% (up to $10k)Premier Money Market Account
Quontic Bank0.40% ($150k), 0.35% ($5k), 0.30% (up to $5k)Personal Money Market - Account review
UmbrellaBank.com0.36% ($25k min), 0.21% ($1k)Money Market
FNBO Direct0.35%Online Savings
DollarSavingsDirect0.35%Dollar Savings Account - Account review
Quorum Federal Credit Union0.35%HighQ Savings Account
Sallie Mae Bank0.35%High Yield Savings - Account review
SaveBetter.com0.35% ($1 min) High Yield Savings Account (deposits held by Continental Bank) - Account review
Northpointe Bank0.35% ($5k+), 0.30% ($2m+), 0.25% ($100) Ultimate Savings - Account review
American Heritage Credit Union0.35% ($10k min)High Yield Savings
Discover Bank0.35% ($100k min), 0.30% ($2.5k) Money Market - Account review
Paramount Bank0.30% (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
SaveBetter.com0.30% ($1 min) High Yield Savings Account (deposits held by Central Bank of Kansas City) - Account review
Nationwide by Axos Bank0.30% ($100 opening)My Savings (requires checking with minimum monthly $1k direct deposit)
Latino Community Credit Union0.30% ($500 min)Money Market - Account review
State Bank of India (IL)0.30% ($5k min) Money Market
Nationwide by Axos Bank0.25%Money Market Plus
MySavingsDirect0.25%MySavings Account - Account review
Nationwide by Axos Bank0.25% ($300 opening)Regular Savings
Nationwide by Axos Bank0.20% ($100 opening)My Savings w/o checking
Northfield Bank0.20% ($225k max) Online Platinum Savings - Account review
State Bank of India (IL)0.20% ($500 min) Savings
Varo0.20% (3.00% up to $5k w/chk requirements)Varo Savings - Account review
BankUnitedDirect0.15%Online Money Market - Account review
HSBC Direct0.15%HSBC Direct Savings
ableBanking0.15% ($250 min)Money Market Savings - Account review
EBSB Direct0.10% ($10+)Money Market Special 3 - Account review

No-Penalty CDs:

CFG Bank0.62% ($500 min)13-month Penalty Free CD - Account review
USALLIANCE Financial0.55% ($500)11-month No Penalty CD Special - Account review
Marcus by Goldman Sachs0.55% ($500)8-month No Penalty CD (AARP members only) - Account review
Rising Bank0.55% ($1k min)15-month No Penalty CD - (Potential issues, see account review)
Ally Bank0.50% (no min)No-Penalty 11-month CD - Account review
SaveBetter.com0.45% ($1 min) 11-month No Penalty CD (deposits held by Continental Bank) - Account review
Marcus by Goldman Sachs0.45% ($500 min)7-month No Penalty CD - Account review
CFSB (Colorado Federal Savings Bank)0.45% ($5k min)7-month No Penalty CD (*NTS) - Account review
SaveBetter.com0.40% ($1 min) 3-month No Penalty CD (deposits held by Continental Bank)- Account review
My eBanc0.40% ($100k), 0.35% ($10k)11-month Online Flex Time Deposit - 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
SaveBetter.com0.30% ($1 min) 9-month No Penalty CD (deposits held by Central Bank of Kansas City)- Account review
Marcus by Goldman Sachs0.25% ($500)13-month No Penalty CD - Account review
Investors eAccess0.15% ($500)6-month No-Penalty CD (*NTS) - Account review
PurePoint Financial0.15% ($10k)11-month No-Penalty CD (*NTS) - Account review
PurePoint Financial0.10% ($10k)13-month No-Penalty CD (*NTS) - Account review
PurePoint Financial0.10% ($10k)14-month No-Penalty CD (*NTS) - Account review
Citizens Access0.05% ($5k)11-month Liquid CD - Account review

*New To Summary, as of July 20, 2021

Reverse Tier Savings/Money Market Accounts/Checking:

Workers Credit Union4.37% (up to $1k), 0.35% ($1k-$2k), 0.40% ($2k-$3k), plus 13 more rate tiers (0.45%-1.05% in 5 bps increments)SaveUp Savings w/Automatic Deposit - Account review
Workers Credit Union4.32% (up to $1k), 0.30% ($1k-$2k), 0.35% ($2k-$3k), plus 13 more rate tiers (0.40%-1.00% in 5 bps increments)SaveUp Savings - Account review
Porte3.00% (up to $15k), 0.50% ($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), 0.45% ($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 Bank0.40% (up to $50k), 0.15% ($50k+)Mega Money Market Account - Account review
Redneck Bank0.40% (up to $50k), 0.15% ($50k+)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:
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)
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
Keesler Federal Credit Union3.00% (up to $25k), 0.40% ($25k+)Kasasa Cash (*NTS) (easy membership in AL, LA, MS) - Account review
Sullivan Bank3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#)Kasasa Cash - Account review
ECCU3.00% (up to $10k), 0.25% ($10k+) (Cap fell from $35k to $10k on Sept 1st)Free Kasasa Cash Checking - 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
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Presidential Bank2.25% (up to $25k), 0.65% ($25k+)Advantage 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)
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
Nokomis Savings Bank2.00% (up to $25k), 0.25% ($25k+)Kasasa Cash - Account review
Elements Financial2.00% (up to $20k), 0.10% ($20k+)High Interest Checking - Account review
Signature Federal Credit Union2.00% (up to $20k), 0.10% ($20k+)High-Yield Checking
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), 0.20% ($10k+)High Yield Checking
Wings Financial Credit Union1.76% (up to $25k), 0.05% ($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), 0.25% ($10k-$25k), 0.05% ($25k+)High Interest 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
Axos Bank1.25% (up to $150k), 0.00% ($150k+)Rewards Checking
United Educators Credit Union1.25% (up to $10k), 0.25% ($10k+)High Yield Checking
BankFirst1.25% (up to $10k), 0.15% ($10k+)Kasasa Cash
Envision Bank1.10% (up to $25k), 0.05% ($25k+)Envision Max Checking - Account review
Heritage Bank1.02% (up to $25k), 0.19% ($25k+)eCentive Account
Quontic Bank1.01% (up to $100k), 0.65% ($100k-$250k), 0.35% ($250k+)High Interest Checking - Account review
Northwest Federal Credit Union1.00% (up to $25k), 0.25% ($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 Tech Federal Credit Union1.00% (up to $10k), 0.10% ($10k+)Dividend Rewards Checking
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 Bank0.60% (up to $10k), 0.15% ($10k+)Ultimate Rewards Checking
Redneck Bank0.60% (up to $10k), 0.15% ($10k+)Redneck Rewards Checking
MainStreet Bank0.13% (all balances)Kasasa Cash - Account review

*New To Summary, as of July 20, 2021

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

GM Financial Right Notes1.50% ($500+)
Aspiration1.00% ($10k max) Save Account Cash Management Account
Ford Interest Advantage0.65% ($50k+), 0.50% ($15k+), 0.45% (less than $15k)Ford Interest Advantage review
Duke Energy PremierNotes065% ($50k+), 0.50% ($10k+), 0.45% (less than $10k)Duke Energy PremierNotes review
SoFi0.25% SoFi Money Cash Management Account
Wealthfront0.10% Cash Account Cash Management Account
Vanguard Federal Money Market Fund0.01% 7-day yield
Vanguard Municipal Money Market Fund0.01% 7-day yield
Fidelity Municipal Money Market Fund0.01% 7-day yield
Fidelity Money Market Fund0.01% 7-day yield

Accounts Removed, No Longer Available

First Flight Federal Credit Union1.01% (up to $10k)High Interest Checking

Related Pages: savings accounts, money market accounts, checking accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
  |     |   Comment #1
Given the dismal deposit rates, I wish Ken would do a write-up on Citibank's new checking bonus offer (as of July 1st).
  |     |   Comment #2
my underline

Here are the steps to qualify:
  • First, open a new Checking Account between July 1, 2021 and October 4, 2021 (“Offer Period”).
  • Second, so long as October 4th has not passed, enroll in the New to Citi Checking Cash Bonus Offer on the same day you open your new Checking Account pursuant to the instructions provided. You can enroll online by clicking “enroll now” and following the instructions for online account opening or by contacting a Citibank representative by phone and asking the representative to enroll you in the New to Citi Checking Cash Bonus Offer. However, if you open your account on citi.com by any other means than those described, you will not be eligible to earn the New to Citi Checking Cash Bonus Offer.
  • Third, on the 20th Day after you open your account, we will check your “On Deposit” balance in New-to-Citibank Funds which will determine the Maximum Bonus you can try to earn (“Balance”). Your Balance must be held in your eligible Checking Account. As long as you maintain at least a $15,000 Balance every day for 60 calendar days after your 20th Day (“Maintenance Period”) you will remain eligible for a Bonus, but please understand if your Balance falls into a lower Balance Tier for even one day during the Maintenance Period, your Maximum Bonus will change (see Chart).
    • For example, if your Balance on the 20th Day is $200,000, the Maximum Bonus you can try to earn is $1,500. If your Balance is $150,000 on day 45, however, the Maximum Bonus you can earn changes to $700.
    • “New-to-Citibank Funds” are 1) funds deposited from external accounts or payees other than Citibank, N.A. and 2) must be deposited using domestic ACH transfer, Direct Deposit, checks drawn on banks other than Citibank, N.A. or wire transfer. Cash deposits, Citi Global Transfers, international ACH transfers, Zelle® transactions and person-to-person transfer services such as Apple Pay, PayPal®, and Venmo, and Zelle®, do not qualify as New-to-Citibank Funds.
    • You cannot use a Citi Accelerate Savings Account or a Citi Savings Account to maintain your Balance as part of this offer and still be eligible to earn the Bonus.
    • “20th Day” means the 20th calendar day after you open your Checking Account, but don’t worry if your 20th Day falls on a weekend or U.S. National holiday. If that happens, we will count the next Business Day as your 20th Day instead. If you open your new Checking Account by calling Citibank at 1-833-382-0004 EXT. 1088 we will look at the 30th Calendar Day to determine your Maximum Bonus.
  |     |   Comment #3
Yes, that one, - but you left out alot, most crucially the balance and bonus increments:

$15,000 - 49,999 $300
$49,999 - 199,999 $700
$200,000 or more $1,500

Best to check out the citibank page from which one can apply (I don't have link at the moment).

For a mere 60 day commitment period this is pretty good, I think, - the caveat being citibank is always a PITA to deal with, though this particular offer has been streamlined in certain respects
(like no savings account required, and use of the Basic checking account being allowed for all levels of the bonus).
  |     |   Comment #4
Ken or I shouldn't do ALL the work.
  |     |   Comment #6
So, if I fund $200K there is a 20 day waiting period where Citi check my balance, then money must maintain a balance of $200K for 60 days to receive a $1500 bonus?

Basically, I am getting $1500 for my deposited funds for 80 days. So, that is a 3.4% return for 80 days?
  |     |   Comment #7
Hypothetically you can wait until day 20 after opening to fund (but don't want to miss the cut off), so technically only a 60 day required deposit period.

I myself am establishing 4 accounts (1 each in the name of myself, my wife, & 2 daughters) each with a balance of 50K, - so for that same 200K deposit a $2800
bonus rather than $1500, - thus an almost 8% return for 60 days.
  |     |   Comment #8
So, does each of your family member get a checking account?
  |     |   Comment #9
That's my/our intention.

Not sure if this link will be functional:

  |     |   Comment #10

Will take you to the Citi application page
  |     |   Comment #14
The offer i saw included a $200 bonus if opening with at least $5000.  So, for an even better rate of return open with $5k and find more relatives.
  |     |   Comment #15
#14 - Would that offer have been for a CitiBank business checking account? Business account deposit requirements are often smaller, but usually require a branch visit as well as a credible business. 
  |     |   Comment #27
Does not appear to be for a business CA. The CA with fewest features is referred to as Basic Banking.
  |     |   Comment #28
#27 - Is a link for this offer available?
  |     |   Comment #29
The offer I got came in the mail with a promo code.
  |     |   Comment #17
Only my immediate family qualifies for ownership distribution in offers like this, beyond which concern for getting my money back would far exceed greed in pursuing the maximal bonus amount.
  |     |   Comment #5
I just got a bonus from Citi. They did not credit the bonus on time and it took me over a week to get credited. I'm not eligible:

So long as you have not owned a Citi checking account in the last 180 days
  |     |   Comment #12
There is a bonus for opening and funding a Citi Personal Wealth Management account. Depending on the amount deposited, one can get from $500 to $3,500. Also, one can get $200-$2,000 bonus for opening and funding a Citi business checking account.  
  |     |   Comment #13
Unless its been renewed, Maria, that bonus offer expired June 30th, but in any case (leaving aside the brokerage services involved) was/is definitely inferior to Citi's current checking bonus. The $3500 bonus required a $1,000,000 commitment of funds, and $50,000 gets you only $500, whereas with Citi's current checking offer the bonus amount is $700.
  |     |   Comment #16
The Citi Personal Wealth Management account bonus has indeed been renewed, until 9/30. However, you can‘t open online and many posters at DOC say it’s a lengthy account opening process.
  |     |   Comment #30
I opened an account by calling a wealth management financial advisor at a Citi branch and filling out the forms in docusign (I received an email with a link). After that I was given an option of either mailing a check or dropping it off at the branch. Everything went pretty smoothly. 
  |     |   Comment #31
Getting a checking account bonus doesn’t disqualify a person from receiving the wealth management bonus. You can do the second one after the first one, or both at the same time.
  |     |   Comment #18
Two more options for "Bank Alternatives":

1) Dominion Energy Notes (1.50% 50K+)
2) Toyota Income Notes (1.35%)
  |     |   Comment #19
I opened an account with Toyota Finacial for their " IncomeDriver Notes" paying the 1.35% for some of my cash holdings. The opening process was a bit flaky. S and P rates their short term debt at A1+.
  |     |   Comment #20
Floating rate offered and per the prospectus no insurance. And the current car loan rate is …or a negative spread of…. Vegas and Jersey offer better returns? What am I missing?
  |     |   Comment #21
The A1+ rating for short term debt is the highest from S&P. These notes and other similar notes are not FDIC insured. I highly doubt that the financial arm of one of the largest auto makers in the world will default on their debt.
  |     |   Comment #22
Ratings are after the fact…Financial arms of GM and Chrysler come to mind during Great R. If marketable, it’s reasonable to assume higher inflation rates means lower principal payback thru the market. Vegas and Atlantic City pay. Return of capital is more important to me than return on capital.  Sinking funds use to be required by some regulators for debt issue.  Good luck
  |     |   Comment #23
Thats because GM and Chrysler basically went bankrupt because their costs are high and they were poorly run. Toyota did get bailed out and is a strong corporation.

I would never get demand notes from GM or a financially risky company. No bond Iis 100% guaranteed. To reduce risk you pick a high rated bond.
  |     |   Comment #24
PS. And Ford leveraged/liened all their assets…By the family holding most/all voting common stock, the family wanted to ensure they didn’t have to return to blue collar status…the other manufacturers didn’t have that option
  |     |   Comment #25
Toyota didn't have to "leverage" any assets like Ford did. Having to leverage your assets to survive shows how poorly Ford is/ was run.

Toyota is a strong company.

You also used the word "marketable". The demand notes are liquid. They do not fluctuate in price like bonds. You can ACH funds out of your account at any time and any amounts.
  |     |   Comment #26
Leveraging ensured Ford survival

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