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Latest Liquid Bank Account Rates

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Savings and money market rate increases have slowed, and that will likely continue if the Fed holds rates steady at its meeting this afternoon.

In the last two weeks, the most significant rate hike was at Synchrony Bank. Its savings account rate increased 25 bps to 4.75% APY. The only other well-established online savings accounts that had rate hikes were those from Marcus by Goldman Sachs (4.40% APY) and Citi (4.35% APY). Both had rate increases of only 10 bps.

At the time of the June Fed meeting about three months ago, the savings account APYs at Synchrony, Marcus and Citi were 4.30%, 4.15% and 4.05%, respectively. The other well-established online savings accounts had similar rates. Capital One 360 Performance Savings was 4.10% APY. Ally, Discover, American Express and Barclays were at 4.00% APY. Now, these savings account APYs range from 4.25% to 4.35%. In short, the rate hikes of the well-established online banks have generally followed the Fed. Their rates have remained well below the federal funds rate, but their rate changes have been inline with the Fed.

The average online savings account yield is now on the high end of these well-established online savings account yields. As of September 1st, the average yield was 4.39%. This is up about 15 bps from August 1st, The average online savings account APY is based on the Online Savings Account Index, which tracks the average APYs of ten well-established online savings accounts.

The small and new online banks have kept their online savings account rates closer to the federal funds rate. A few of these online savings accounts are from large banks. One of the largest, BMO Bank NA with $263 billion in assets, recently began an online division called BMO Alto that offers an online savings account and online CDs. The online savings account rate has been higher than what the well-established online banks have been offering. BMO Alto Online Savings APY recently surpassed 5%, increasing from 4.85% to 5.10%. The savings account has no minimum balance requirements, and there are no monthly fees. I’ll have more on this account and BMO Alto soon.

With the target federal funds rate having been at 5.25%-5.50% for eight weeks now, you would expect many online savings accounts with APYs in this range. You can easily get this yield with money market funds (MMFs). For example, one of the largest federal MMFs, Vanguard Federal MMF (VMFXX), now has a 7 day SEC yield of 5.28%. Its compound yield (which is essentially APY) is 5.41%.

The top online savings account APYs are primarily stuck at 5.25%. There are a couple with higher rates that I’ll cover in the rate leader section below, but there are no online banks trying to stand out with APYs way above 5.25% like what we saw in 2007 when FNBO Direct and HSBC Direct were offering promotional 6% APYs on their savings accounts.

I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are now three lists. I’ve created a new list just for the banks and credit unions that are listed on the Raisin platform (formerly SaveBetter). The other two lists remain the same. One includes rate changes from the major online banks. The second one includes rate changes from online banks which are generally not well-known names.

All percentages are APYs.

Rate changes from the major online banks:

  • Synchrony Bank HY Savings (4.50% → 4.75%)
  • Marcus by Goldman Sachs HY Online Savings (4.30% → 4.40%)
  • Citi Accelerate Savings (4.25% → 4.35%)

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

  • American First CU MMDA via Raisin (5.24% → 5.26%)

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

  • Elevault Vaults (New: 5.50% up to $40k)
  • RBMAX Max Interest Savings (5.00% → 5.15%)
  • BMO Alto Online Savings (4.85% → 5.10%)
  • CNB Bank Direct Premium MM ($25k+ 4.39% → 4.70%)
  • CNB Bank Direct HY Savings (4.28% → 4.60%)

Current rate leaders

There are now 17 savings and money market accounts in the 5.25% club. This is down from 18 two weeks ago. This reduction is due to a change of banks being listed on the Raisin platform. Outside of Raisin, there were no changes to the 5.25% club.

You might have noticed that Elevault is now listed on top of the high yield savings account rate table with a 5.50% APY. Elevault is a new mobile-only banking app of Southern Bancorp, an FDIC member. Its accounts are called vaults, and they currently pay 5.50% APY. However, the maximum balance allowed for all vaults of a customer is $40k. Consequently, this is being listed in the “Reverse Tier Savings” section which includes accounts that have the highest rates on relatively small balances.

Due to the $40k max balance, Elevault isn’t included in the 5.25% club. To be in this club, online savings and money market accounts must have APYs of at least 5.25% for reasonable balances. My definition of reasonable balance is one that’s not too high or one that doesn’t have small maximum balances. Minimum balance to qualify for the 5.25% APY should be no more than $100k, and the 5.25% APY should apply to balances up to at least $250k.

The rate leader continues to be the Preferred Savings account at BluPeak Credit Union. This savings account has a 5.33% APY on all balances (minimum to open is $25). It’s only available to new members. BluPeak Credit Union (formerly named USE Credit Union) is headquartered in San Diego. People from any state are eligible to join via membership in KPBS (the PBS member station in San Diego).

The Max Savings Account from Customers Bank continues to be in second place with a 5.30% APY on all balances. This Max Savings is only available from MaxMyInterest.com.

Five banks remain in third place with 5.26% APY. The only account directly available from a bank is the Direct Money Market Deposit Account at TotalDirectBank. The 5.26% APY applies to balances of at least $2.5k. The minimum initial deposit is $25k. An important issue with TotalDirectBank is that they don’t have an ACH transfer system. You’ll have to rely on the ACH system of another bank to transfer funds. The account is available nationwide, with the exception of Florida.

The other four accounts with a 5.26% APY are only available from the Raisin platform. Three of the banks are the same as two weeks ago (OptimumBank, FVCbank and CloudBank 247). One of the four banks from two weeks ago, Hanover Bank, is no longer listed at Raisin. Hanover Bank has been replaced by American First Credit Union which increased its Money Market Deposit Account rate to 5.26% APY.

The remaining ten accounts in this club all have a 5.25% APY.

Four of the 5.25% accounts are on the Raisin platform. These four savings and money market accounts are offered by Pacific Western Bank, Oklahoma State Bank, Harborstone Credit Union, and Greenwood Credit Union. Western Alliance Bank had been offering a High Yield Savings Account on Raisin with a 5.25% APY, but the account has been removed from the Raisin listing. Western Alliance Bank continues to list CDs on Raisin.

The other six 5.25% accounts have been in the club since at least the last summary. These include the High Yield Savings and High Yield Money Market accounts at UFB Direct, the Personal High Yield Savings account at Newtek Bank, the savings and jar accounts at Milli Bank, the High-Yield Online Savings account at Evergreen Bank Group, the High Yield Savings account at Valleydirect, and the Cornerstone Money Market Savings account at Vio Bank.

Money Market Deposit Accounts (MMDA) and High YIeld Savings Accounts (HYSA) at Raisin are essentially the same. They both have a minimum balance requirement of only $1, and there’s no maximum balance. Unlike the traditional money market account, the MMDAs at Raisin have no check writing capability. Also, neither the HYSA nor the MMDA has debit card access. All deposits and withdrawals must be initiated when you’re logged onto the Raisin platform, and they can only be transferred to and from your linked external bank account.

Rate guarantees without withdrawal penalties

There’s a new rate leader for nationally available no-penalty CDs. It’s the 12-month Liquid CD that’s available from Credit Human. It has a 5.50% APY, and a minimum deposit of $5k. You are allowed to make up to two, no-penalty withdrawals during the term as long as you maintain a minimum balance of $5k. The Liquid CD also allows unlimited deposits during the term. People in any state are eligible to join the credit union, Credit Human, via membership in an association.

Second place is now All In Credit Union, which continues to offer a 9-month Jumbo CD (5.33% APY) and 9-month CD (5.27% APY). The Jumbo has a $100k minimum, and the regular CD has a $1k minimum. Each allows the member to make one penalty-free early withdrawal. People in any state are eligible to join All In Credit Union via membership in an association.

Third place is now a no-penalty CD that’s on the Raisin platform. It has a 5.31% APY and a 9-month term. It’s being offered by Freedom Bank. Right behind this no-penalty CD are three Raisin no-penalty CDs with a 5.30% APY. Two have 12-month terms (from FVCbank and GreenState Credit Union), and the other has a 4-month term (Ponce Bank).

Two of the major online banks increased the rates of their no-penalty CDs. Marcus by Goldman Sachs increased the rate of its 13-month No Penalty CD to 4.60% APY, and Synchrony Bank increased the rate of its 11-month No Penalty CD to 4.50% APY.

Raisin No Penalty CDs have two important features that customers should understand. First, early withdrawals can only be done 30 days after opening. Other no-penalty CDs only require a wait of 7 days before you can execute an early withdrawal. Second, interest can’t be paid out without closing the CD. If you need regular interest payments from your CD, don’t choose Raisin.

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

Money Market Funds

If you don’t want to deal with the hassles of the online banks that offer 5%+ yields, a money market fund can make things easier. Money market fund yields have continued to respond quickly to the Fed rate hikes. Another benefit of a money market fund is that you can do your part to put pressure on the banks to raise their deposit rates.

The Vanguard Federal Money Market Fund (VMFXX) 7-day yield is now 5.28%, up 1 bp from two weeks ago. Vanguard reports the compound yield to be 5.41%. This is defined as “the interest earned on the original principal invested and also on the interest earned in previous periods,” which would make it similar to APY for bank accounts.

The Fidelity Money Market Fund (SPRXX) has a 7-day yield of 5.05%, up 1 bp from two weeks ago. Its compound yield is 5.18%. As usual, it lags Vanguard’s yield by 20 to 25 bps.

Municipal money market fund yields have been up and down, even as the Fed keeps hiking. Two weeks ago, the yields had significant gains from the previous two weeks. Today, yields are down by a large amount from two weeks ago. The Vanguard Municipal Money Market Fund (VMSXX) 7-day yield is now 2.96%, down from 3.90% two weeks ago. The 7-day yield of the Fidelity Municipal Money Market Fund (FTEXX) is now 2.79%, down from 3.65% two weeks ago.

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

Money market fund yields tend to be close to zero when the Fed sets the target federal funds rate to 0%, and they tend to follow the target federal funds rate during a rate-hiking cycle (unlike the major online savings accounts which have let us down in this cycle.)

Reward Checking Accounts

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

Credit Union of New Jersey’s Kasasa Cash Checking remains the best deal with a 6.00% APY for balances up to $25k.

Reward checking accounts have a history of being slow to respond to rising rates, especially when compared to online savings accounts. It’s hard to find reward checking attractive when their top rates are below online savings account rates. The only reason you might consider an RCA is if the bank also offers a competitive online savings or money market account. Two examples include All America Bank and Evergreen Bank Group. In these cases, you might want both the RCA and the online savings/money market account. Keep most of your savings in the savings/money market account, and use the RCA as your primary checking account.

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

Certificate of Deposit Deals

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

Long-dated Treasury yields have been rising in September, and in the last day, yields have risen to highs not seen since 2007. This rise has been impacting brokered CD rates, and it is slowly starting to impact direct CD rates. This morning, I checked Fidelity, and the top non-callable new-issue brokered CD rates were 4.70%, 4.85%, 5.10%, and 5.30% for 5-year, 4-year, 3-year and 2-year terms, respectively. The banks that had issued the 2-year 5.30% CD were Discover, Wells Fargo and the two banks of Morgan Stanley. Last week, the top rates at Fidelity for these four terms were 4.70%, 4.80%, 5.00%, and 5.25%.

The highest brokered non-callable CD rate today at Fidelity was 5.50%. CDs with terms from 6 months to 18 months all had this top rate.

Even though longer-term Treasury yields have been rising, the yield curve remains inverted, and that condition still exists for CD rates.

The highest nationally available CD rate is now 5.90% APY for a 1-year term. That’s now available at Latino Credit Union for a $200k deposit. Its short-term CD rates went up, but its long-term CD rates had big declines, and they’re no longer rate leaders.

Another institution that had rate cuts is MapleMark Bank. It used to have the highest 2-year CD rate, but that rate fell 15 bps to 5.40% APY. The highest rate now in this 2-year category is 5.50% APY. This is available from a 21-month CD from Finworth and a 23-month CD Special at Vibrant Credit Union.

For the 3-year category, United States Senate FCU holds the top spot with a 5.34% APY 3-year Share Certificate. This requires a $200k minimum deposit. Lower rates are available with smaller minimum deposits (5.28% APY, $100k minimum and 5.23% APY, $1k minimum).

There’s a new rate leader for the 4-year and 5-year category. Farmers Insurance Federal Credit Union is offering a Flex-Term Certificate Special with a 5.00% APY available for all terms from 3 months to 60 months. Minimum deposit is $1k. After the rate cuts at Latino Credit union, Farmers Insurance FCU is now the only institution to offer 5% APY on 4-year and 5-year CDs that are nationally available online. People in any state are eligible to join this credit union via membership in an association.

If you want a competitive long-term CD at an established online bank (not a credit union) that has a mild early withdrawal penalty (EWP), Barclays continues to offer a 4.50% APY on its 5-year CD. In June, the 5-year rate fell from 4.50% APY to 4.20% APY. In July, the rate returned to 4.50% APY. According to Barclays’ CD Terms and Conditions, “You may, subject to an early withdrawal penalty, make withdrawals of principal from your CD Account before maturity.” The EWP for its long-term CDs reads as follows: “for a CD Account with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.” You can see the impact of early closure on the effective APY by using this CD Early Withdrawal Penalty Calculator

Comments

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

Political discussion that relates to the economy should be kept in my Fed meeting review post which will be published this afternoon.

Rates as of September 20, 2023

Checking/Savings/Money Market Accounts:

InstitutionAPYsNotes
First Internet Bank5.46% ($1m+), 3.76% (up to $1m) Money Market Savings
BluPeak Credit Union5.33% (no min)Preferred Savings Account (New members only, $25 min opening) - Account review
Customers Bank5.30%Max Savings (Only available through MaxMyInterest.com) - Account review
American First Credit Union5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
FVCbank5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
OptimumBank5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
CloudBank 2475.26% ($1 min) High Yield Savings Account via Raisin - Account review
TotalDirectBank5.26% ($5k min)Direct Money Market Deposit Account (not available in FL) - Account review
ValleyDirect5.25%Online Savings - Internet bank, deposits held by Valley Bank
UFB Direct5.25%UFB High Yield Money Market - Account review
UFB Direct5.25% UFB High Yield Savings - Account review
Newtek Bank5.25%Personal High Yield Savings - Account review
Harborstone Credit Union5.25% ($1 min) Money Market Deposit Account via Raisin - Account review
Oklahoma State Bank5.25% ($1 min) Money Market Deposit Account via Raisin - Account review
Vio Bank5.25%Cornerstone Money Market - Account review
Greenwood Credit Union5.25% ($1 min) High Yield Savings Account via Raisin - Account review
Pacific Western Bank5.25% ($1 min) Money Market Deposit Account via Raisin - Account review
Milli Bank5.25%Savings Account Internet bank, deposits held by First National Bank of Omaha - Account review
Evergreen Bank Group5.25% ($100 min opening) High-Yield Online Savings - Account review
SkyOne Credit Union5.24% ($1 min)Money Market Deposit Account via Raisin - Account review
Patriot Bank5.22% ($1 min) Money Market Deposit Account via Raisin - Account review
State Bank of Texas (SBT)5.22% ($100k min, new money only) Jumbo Money Market - Account review
Border Bank5.21% ($1 min) Money Market Deposit Account via Raisin - Account review
Republic Bank of Chicago5.21% ($2.5k min opening)Digital Money Market (not available in IL, IN, MI, or WI) - Account review
Grand Bank5.20% ($1 min) Money Market Deposit Account via Raisin - Account review
First Resource Bank5.20% ($1 min) Money Market Deposit Account via Raisin - Account review
Popular Direct5.20% ($100 min opening) Popular Direct Select Savings - Account review
CFG Bank5.20% ($1k)High Yield Money Market Account - Account review
GreenState Credit Union5.16% ($1 min) High Yield Savings Account via Raisin - Account review
RBMAX5.15% ($250k max)Max Interest Savings (division of Republic Bank & Trust Company)
FNBO Direct5.15%Online Savings - Account review
Columbia Bank5.15% ($1 min) High Yield Savings Account via Raisin - Account review
Blue Federal Credit Union5.15% ($1 min)Money Market Deposit Account via Raisin - Account review
Adda Bank5.15% ($1 min)High Yield Savings Account via Raisin - Account review
Ponce Bank5.15% ($1 min) Money Market Deposit Account via Raisin - Account review
Western State Bank5.15% ($5k min)High Yield Money Market - Account review
Mission Valley Bank5.12% ($1 min) Money Market Deposit Account via Raisin - Account review
Select Bank5.11% ($1 min)High Yield Savings Account via Raisin - Account review
BMO Alto5.10%Online Savings Account Account review
BankProv5.08%Max Savings (Only available through MaxMyInterest.com) - Account review
Upgrade5.07% ($1k min)Premier Savings (deposits held by Cross River Bank) Account review
BrioDirect5.06%Max Savings (Only available through MaxMyInterest.com) - Account review
The State Exchange Bank5.05% ($1 min)High Yield Savings via Raisin - Account review
CIT Bank5.05% ($5k), 0.25% (up to $5k)Platinum Savings - Account review
iGObanking.com5.05% ($25k min) iGOmoneymarket, new accounts and new money only - Account review
BankPurely5.05% ($25k min) PurelyMoneyMarket - Account review
Lemmata Savings Bank5.03% ($1 min) Money Market Deposit Account via Raisin - Account review
TAB Bank5.02% ($1 min)High Yield Savings - Account review
Salem Five Direct5.01% (up to $1m)eOne Savings, new customers only - Account review
The Atlantic Federal Credit Union5.01% ($1 min) Money Market Deposit Account via Raisin - Account review
My eBanc5.01 ($100k), 4.10% (up to $100k)SuperSaver Money Market Account - Account review
Bask Bank5.00% (no min)Bask Interest Savings Account - Account review
Quontic Bank5.00%Personal Money Market (all balances) - Account review
First Foundation Bank5.00% Online Savings - Account review
Virtual Bank5.00% eMoney Market Special - Account review
DollarSavingsDirect5.00%Dollar Savings Account - Account review
Laurel Road (a brand of KeyBank, N.A.)5.00% ($2m max)Laurel Road High Yield Savings Account - Account review
Merchants Bank of Indiana5.00% (up to $1m)Money Market Account
CommunityWide Federal Credit Union5.00% (penalty-free withdrawals first 5 days of each month)High Rate Quarterly Funds Account - Account review
EverBank5.00% (up to $250k), 4.50%-5.00% ($250k+)Yield Pledge Online Savings (1 year intro APY) - Account review
ZYNLO Bank5.00% (up to $250k) 0.10% ($250k+)Money Market - Account review
My Banking Direct5.00% ($1 min) High Yield Savings - Account review
Great Lakes Credit Union5.00% ($1 min)Money Market Deposit Account via Raisin - Account review
StagePoint Federal Credit Union5.00% ($1 min) Money Market Deposit Account via Raisin - Account review
M1 Finance5.00% (all balances, $125 annual fee) High Yield Savings (deposits held by a partner bank)
Bread Financial5.00% ($100 min)High-Yield Savings - Account review
Vibrant Credit Union5.00% ($500k), 4.00% ($250k), 1.00% ($100k), 0.01% ($1) Super Savings
Northern Bank Direct4.95% ($5k min)Money Market Premier - Account review
First Financial Northwest Bank4.85% ($1 min) Money Market Deposit Account via Raisin - Account review
Quontic Bank4.82%Max Savings (Only available through MaxMyInterest.com) - Account review
First Mid4.80% ($1 min)High Yield Savings Account via Raisin - Account review
Ivy Bank4.80% ($2.5k), 0.05% ($10)High-Yield Savings - Account review
CIBC Bank USA4.76%Agility Savings Account - Account review
Connexus Credit Union4.76% ($1m), 4.51% ($500k), 4.26% ($250k), 4.01% ($100k), 3.01% ($20k), 0.25% ($1k)Money Market Account (Active checking requirement has been removed) - Forum post
Synchrony Bank4.75%High Yield Savings - Account review
Sallie Mae Bank4.75%Money Market Account - Account review
EverBank4.75% (up to $250k), 4.15%-4.75% ($250k+)Yield Pledge Money Market (1 year intro APY) - Account review
FitnessBank4.75% ($250k max) (Requires using step tracker app and averaging 12.5k steps/daily, extra 10 bps with checking and debit card usage) Fitness Savings Account - Account review
mph.bank4.70% ($1 min) Money Market Deposit Account via Raisin - Account review
CNB Bank Direct4.70% ($25k min/$2m max)Premium Money Market - Account review
USALLIANCE Financial4.65% ($500)High Dividend Savings - Account review
Jovia Financial Credit Union4.65% ($2 min)Online Savings - Account review
PNC Bank4.65% ($1 min)High Yield Savings (Not available in all states)
CIT Bank4.65% ($100 min)Savings Connect - Account review
Brilliant Bank4.65% ($1k min)Magentic Money Market Account (replaced Luminary MMA as of 6/29) Internet bank, deposits held by Equity Bank - Account review
CNB Bank Direct4.60% ($1 min)High Yield Savings - Account review
Liberty Savings Bank4.60% ($1 min)High Yield Savings via Raisin - Account review
EverBank4.50% (up to $250k)Yield Pledge Online Savings (ongoing APY) - Account review
Sallie Mae Bank4.50%High Yield Savings - Account review
Quontic Bank4.50%High Yield Savings - Account review
LendingClub Bank4.50%High-Yield Savings - Account review
Prime Alliance Bank4.50% ($1 min)Personal Savings - Account review
Prime Alliance Bank4.50% ($1 min)Personal Money Market - Account review
Rising Bank4.50% ($1k min)High Yield Savings - Account review
Citizens Access4.50% ($5k min)Online Savings Account - Account review
SoFi Bank, N.A.4.50% (w/direct deposit), 1.20% (w/o direct deposit)SoFi Checking and Savings
CFSB (Colorado Federal Savings Bank)4.45% ($50k min) Premier Savings (New customers) - Account review
Continental Bank4.41% ($1 min) High Yield Savings Account via Raisin - Account review
CFSB (Colorado Federal Savings Bank)4.40%High Yield Savings - Account review
Ally Bank4.40%Money Market Account - Account review
Marcus by Goldman Sachs4.40% ($500 min)High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
Affirm4.35%Affirm Savings (deposits held by a partner bank)
Barclays4.35%Online Savings - Account review
MySavingsDirect4.35%MySavings Account - Account review
Citi4.35%Citi Accelerate Savings Account (Not available in all states)
Discover Bank4.30%Online Savings - Account review
Capital One4.30%360 Performance Savings - Account review
ConnectOne Bank4.30% ($250k+), 4.25% ($2.5k)Connection Plus Savings - Account review
SFGI Direct4.26%SGFI Direct Savings Account - Account review
Quorum Federal Credit Union4.25%HighQ Savings Account - Account review
American Express National Bank4.25%High Yield Savings - Account review
Ally Bank4.25%Online Savings - Account review
Smarty Pig4.25%SmartyPig Savings - Account review
E*TRADE from Morgan Stanley4.25%Premium Savings Account (sweeps account) - Account review
Discover Bank4.25% ($100k min), 4.20% ($2.5k) Money Market - Account review
Langley Federal Credit Union4.25% ($1m), 4.00% ($500k), 2.50% ($250k), 2.00% ($100k), 1.50% ($25k)Platinum Money Market Savings - Account review
First Foundation Bank4.20% ($5m max) Online Money Market Account - Account review
Idabel National Bank4.20% ($1 min) Money Market Deposit Account via Raisin - Account review
Live Oak Bank4.15% ($5 million max)High Yield Savings - Account review
EverBank4.15% ($100k), 4.05% ($50k), 3.75% (up to $50k)Yield Pledge Money Market (ongoing APY) - Account review
MutualOne Bank4.07% ($20k min)Mo Premium Savings - Account review
EmigrantDirect.com4.00%AmericanDream Savings Account - Account review
Bellco Credit Union4.00% ($50k) 3.45% ($10k)Premier Money Market Account
Lafayette Federal Credit Union3.95% ($250k), 3.80%-3.95% ($50k-$250k), 3.95%-4.38% ($250k-$1m) Premier Savings (blended APYs)
Lafayette Federal Credit Union3.80% ($20k), 3.34% ($50)Preferred Savings
Spectrum Credit Union3.75% ($100k), 3.65% ($50k), 3.55% ($25k), 3.50 ($2.5k), 0.75% (<$2.5)MarketEdge Money Market - Account review
State Department Federal Credit Union3.56% ($250k), 2.02% ($100k), 1.51% ($50k), 1.26% ($25k)Premier Money Management Shares - Account review
American Heritage Credit Union3.55% ($10k min)High Yield Savings
ConnectOne Bank3.50% ($25k), 3.40% (up to $25k)Connect Money Market - Account review
Luana Savings Bank3.40% ($750k), 3.25% ($250k), 3.09% ($100k), 2.94% ($50k), 2.78% ($2.5k)Money Market
Revolut3.25% Savings Vault - subscription rate (deposits held by Metropolitan Commercial Bank) - Account review
Northpointe Bank3.25% ($25k), 0.35% ($5k), 0.25% ($2.5k min)Ultimate Money Market - Account review
Alliant Credit Union3.10% ($100 min)High-Rate Savings - Account review
PenFed Credit Union3.00%Premium Online Savings Account review
Varo3.00% (5.00% up to $5k w/chk requirements)Varo Savings - Account review
Dow Credit Union2.91% ($500k), 2.69% ($100k), 2.46% ($50k), 1.89% (up to $50k)Premium High Yield Deposit - Account review
Amalgamated Bank2.75%Online Savings Special (6-month rate guarantee) - Account review
The Federal Savings Bank2.50% ($2k min)Online Money Market Promo - Account review
T-Mobile Money2.50% (4.00% up to $3k w/checking requirements)Checking Account (deposits held by a partner bank) (1.50% effective July 15, 2022) - Account review
Veridian Credit Union2.45% ($1m) 2.25% ($500k), 2.05% ($250k), 1.85% ($100k), 1.65% ($50k), 1.45% ($2.5k) Premier Money Market - Account review
Synchrony Bank2.25%Money Market - Account review
Security State Bank (KS)2.09% ($110k), 2.00%-2.09% ($100k+), 0.75% (under $100k)Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review
Chime2.00% (no min/max, active checking required)Chime Savings Account (deposits held by a partner bank) - Account review
MapleMark Bank2.00% ($25k min opening)Platinum Money Market - Account review
MainStreet Bank2.00% ($50k) 1.00% ($25k), 0.50% ($0.01)Personal Super Savings Money Market ($2.5k min opening) - Account review
Bethpage Federal Credit Union2.00% ($100k), 1.25% ($50k), 1.15% ($500), 0.10% (up to $499) Money Market
Vibrant Credit Union2.00% ($200k), 1.00% ($100k), 0.25% ($25k), 0.10% ($10k), 0.01% (up to $10k) Yellow Money Market (promotional rate)
NASA Federal Credit Union1.70% ($100k), 1.60% ($50k), 1.40% (up to $50k)Premier Advantage Money Market - Account review
CIT Bank1.55% ($100 min)Money Market - Account review
State Bank of India (IL)1.50% ($5k min) Money Market
Bank5 Connect1.50% ($100 min)High Interest Savings - Account review
Freedom Northwest Credit Union1.50% ($15k+), 0.75% ($10k+), 0.50% ($5k+), 035% (up to $5k) Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review
Customers Bank1.50% ($25k min)Ascent Money Market Savings
Banesco USA1.35% ($100 min)BanesGrow Savings Account Account review
Banesco USA1.35% ($2.5k-$1m)BanesFlex Money Market Account - Account review
Andrews Federal Credit Union1.15% ($200k+), 0.85% (<$200k) Prestige Money Market
Vio Bank1.10% Online High Yield Savings - Account review
U.S. Postal Federal Credit Union1.00% (1.10% with relationship rewards) IRA Savings - See review
State Bank of India (IL)1.00% ($500 min) Savings Account
SkyOne Credit Union1.00% ($1k min)Sky-high Savings
CIT Bank1.00% ($25k min)Savings Builder - Account review

No-Penalty CDs

InstitutionAPYsNotes
Credit Human5.50% ($5k)12-month Liquid CD (two penalty-free withdrawal, unlimited additional deposits) (*NTS) - Account review
All In Credit Union5.33% ($100k)9-month Jumbo No Penalty CD (one penalty-free withdrawal) - Account review
Freedom Credit Union5.31% ($1 min)9-month No Penalty CD via Raisin (*NTS) - Account review
FVCbank5.30% ($1 min)12-month No Penalty CD via Raisin - Account review
GreenState Credit Union5.30% ($1 min)12-month No Penalty CD via Raisin (*NTS) - Account review
Ponce Bank5.30% ($1 min)4-month No Penalty CD via Raisin - Account review
All In Credit Union5.27% ($1k)9-month No Penalty CD (one penalty-free withdrawl) - Account review
Technology Credit Union5.26% ($1 min)5-month No Penalty CD via Raisin - Account review
MainStreet Bank5.25% ($500 min)15-month No Penalty CD (unlimited withdrawals and additional deposits) - Account review
mph.bank5.20% ($1 min)6-month No Penalty CD via Raisin - Account review
Mission Valley Bank5.18% ($1 min)3-month No Penalty CD via Raisin - Account review
Blue Federal Credit Union5.10% ($1 min)9-month No Penalty CD via Raisin - Account review
USALLIANCE Financial5.00% ($500)11-month No Penalty CD Special - Account review
CIT Bank4.90% ($1k min)11-month No-Penalty CD - Account review
American First Credit Union4.90% ($1 min)3-month No Penalty Certificate via Raisin - Account review
First Mid4.82% ($1 min)12-month No Penalty CD via Raisin - Account review
Sallie Mae Bank4.75% ($1 min)14-month No Penalty CD via Raisin - Account review
Citi4.75% ($100k min) 4.25% ($500 min)12-month No Penalty CD
Sallie Mae Bank4.70% ($1 min)10-month No Penalty CD via Raisin - Account review
Marcus by Goldman Sachs4.60% ($500)13-month No Penalty CD - Account review
Marcus by Goldman Sachs4.60% ($500)8-month No Penalty CD (AARP members only) - Account review
Ally Bank4.55% (no min)No-Penalty 11-month CD - Account review
Synchrony Bank4.50% (no min)11-month No Penalty CD - Account review
Chartway Federal Credit Union3.50% ($500 min)12-month No Penalty CD (early closure only) - Account review
CFSB (Colorado Federal Savings Bank)3.50% ($5k min)11-month No Penalty CD - Account review
Bellco Credit Union3.40% ($2.5k min)30-month Smart Move CD - Account review
Bellco Credit Union3.40% ($2.5k min)24-month Smart Move CD - Account review
My eBanc3.30% ($100k), 3.19% ($10k)11-month Online Flex Time Deposit - Account review
Bellco Credit Union3.15% ($2.5k min)36-month Smart Move CD - Account review
MainStreet Bank2.75% ($500 min)1-year No Penalty CD (early closure only) - 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

Reverse Tier Savings/Money Market Accounts/Checking:

InstitutionAPYsNotes
Elevault5.50% (up to $40k max balance)Vault (*NTS) - Account review
All America Bank5.05% (up to $100k), 0.50% ($100k+)Mega Money Market Account - Account review
Redneck Bank5.05% (up to $100k), 0.50% ($100k+)Mega Money Market Account
Blue Federal Credit Union5.00% ($25-$1k), 1.00% ($1k-$5k), 0.50% ($5k-10k), 0.25% ($10k-$50k), 0.15% ($50k+)Accelerated Savings - Account review
Affinity Federal Credit Union4.00% (up to $5k), 1.00% ($5k+)SmartStart Savings - Account review
NuVision Federal Credit Union4.00% (up to $1k), 2.00% ($1k-5k), 1.00% ($5k-$10k), 0.50% ($10k-$25k), 0.20% ($25k+)Advantage Choice Money Market
Michigan State University Credit Union3.75% (up to $1k), 2.50% ($1k-$2k), 1.30% ($2k+)Savings Builder - Account review
Workers Credit Union3.56% (up to $1k), 0.55% ($1k-$2k), 0.60% ($2k-$3k), plus 13 more rate tiers (0.65%-1.26% in 5 bps increments)SaveUp Savings - Account review
Affinity Plus Federal Credit Union3.50% (up to $25k), 3.00% ($25k+)Superior Money Market (min $500 direct deposit into any account)
SafeAmerica Credit Union3.10% (up to $2k), 1.10% ($2k-$5k), 0.60% ($5k-$10k), 0.55% ($10k+)Blended Rate Money Market
Porte3.00% (up to $15k), 0.20% ($15k+)Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review
Dover Federal Credit Union2.00% (up to $50k), 1.50% ($50k+), 1.25% ($100k+), 0.50% ($250k+)High Yield Savings
Patelco Credit Union2.00% (up to $2k), 1.50% ($2k-$5k), 1.00% ($5k-$10k), 0.25% ($10k-$50k), 0.20% ($50k-$100k), 0.10% ($100k-$100m)Money Market Select Account - Account review
Axos Bank0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+)High Yield Savings - Account review

*New to Summary

Reward Checking Accounts:

  • Noteworthy Accounts Available Nationwide:
InstitutionAPYsNotes
Pelican State Credit Union6.05% (up to $10k), 0.50% ($10k+) Kasasa Cash Account review
Credit Union of New Jersey6.00% (up to $25k), 0.75% ($25k+) Kasasa Cash Account review
Orion Federal Credit Union6.00% (up to $10k), 2.34%-5.06% ($10k+)Premium Checking - Account review
All America Bank5.30% (up to $15k), 0.50% ($15k+)Ultimate Rewards Checking
Redneck Bank5.30% (up to $15k), 0.50% ($15k+)Redneck Rewards Checking
Veridian Credit Union5.25% (up to $20k) (rate guaranteed through August 31, 2023) Premium Plus Checking - Account review
La Capitol Federal Credit Union5.25% (up to $10k), 0.62% ($10k+)Choice Checking
Cap Ed Federal Credit Union5.25% (up to $10k), 0.10% ($10k+)High Yield Checking
Genisys Credit Union5.25% (up to $7.5k), 0.05% ($7.5k+) Genius Checking Account review
Garden Savings Federal Credit Union5.12% (up to $15k), 0.15% ($15k+)Platinum Checking
Keesler Federal Credit Union5.00% (up to $25k), 0.50% ($25k+)Kasasa Cash (easy membership in AL, LA, MS) - Account review
FitnessBank5.00% (up to $25k), 0.25% ($25k+) (requires using step tracker app and averaging 10k steps/daily) Elite Checking Account - Account review
Ideal Credit Union5.00% (up to $20k), 0.05% ($20k+)High Yield Checking - Account review
Western Vista Federal Credit Union5.00% (up to $15k), 0.25% ($15k+)Panorama Checking - Account review
Consumers Credit Union5.00% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020)
Presidential Bank4.63% (up to $25k), 3.63% ($25k+)Advantage Checking - Account review
First Bank4.59% (up to $25k), 0.10% ($25k+)First Performance Checking (available in CA, IL, MO) - Account review
Bellco Credit Union4.50% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Market USA Federal Credit Union4.50% (up to $15k), 0.01% ($15k+)VIP Checking Platinum Tier - Account review
Signature Federal Credit Union4.00% (up to $40k), 0% ($40k+)High-Yield Checking
Evergreen Bank Group4.00% (up to $25k), 0.25%% ($20k+)Evergreen Free Rewards Checking
TruStone Financial Credit Union4.00% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
First Tech Federal Credit Union4.00% (up to $15k), 0.10% ($15k+)First Tech Rewards Checking
Consumers Credit Union4.00% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020)
Department of Commerce Federal Credit Union3.50% (up to $20k), 0% ($20k+)Performance Checking Account review
Liberty Federal Credit Union3.45% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Axos Bank3.30% (up to $50k), 0.00% ($50k+)Rewards Checking
Wings Financial Credit Union3.04% (up to $25k), 0.10% ($25k+)High Yield Checking - Account review
Expedition Credit Union 3.04% (up to $20k), 0.10% ($20k+)High Yield Checking
Northwest Federal Credit Union3.00% (up to $100k), 0.25% ($100k+)Kasasa Cash - Account review
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
Consumers Credit Union3.00% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020)
Finex2.53% (up to $25k), 0.10% ($25k+)Axcess Rewards Checking, Premier Account
Great Lakes Credit Union2.50% (up to $10k), 0.05% ($10k+)Free Checking
Community Bank (TN)2.08% (up to $20k), 0.25% ($20k+)Community Advantage Checking Account review
Union Bank2.07% (blended APY up to $25k), 0.03% ($25k+)1-2-3 Rewards Checking Account review
Heritage Bank2.02% (up to $100k), 0.14% ($100k+)eCentive Checking Account
Hiway 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
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Industrial Bank1.47% (up to $15k), 0.20% ($15k+)Kasasa Cash
BankFirst1.25% (up to $15k), 0.15% ($15k+)Interest Checking
Quontic Bank1.10% (all balances)High Interest Checking - Account review
Bay State Savings Bank0.50% (up to $20k), 0.05% ($20k+)Interest Checking - Account review

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionAPYsNotes
Ford Interest Advantage5.50% rate (all balances)Ford Interest Advantage review
GM Financial Right Notes5.50% rate (all balances, $500 min opening deposit)
Betterment5.50% (new customer promo), 4.75% (ongoing) Betterment Everyday Cash Reserve Cash sweep program with partner banks
Dominion Energy DERI 5.50% rate ($50k+), 5.10% rate ($10k+), 5.00% rate (less than $10k)
Duke Energy PremierNotes5.40% rate ($50k+), 5.25% rate ($10k+), 5.20% rate (less than $10k)Duke Energy PremierNotes review
Vanguard Federal Money Market Fund5.28% 7-day yield
Fidelity Money Market Fund5.05% 7-day yield
Wealthfront4.80% Cash Account Cash sweep program with partner banks
Vanguard Municipal Money Market Fund2.96% 7-day yield
Fidelity Municipal Money Market Fund2.79% 7-day yield

Accounts Removed, No Longer Available

Hanover Bank5.26% ($1 min) Money Market Deposit Account via Raisin - Account review
Western Alliance Bank5.25% ($1 min)High Yield Savings via Raisin - Account review

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
Comments
Ally6770
  |     |   Comment #1
The CREDIT HUMAN no penalty with the add on benefit is great for 12 months and with free 2 no penalty withdrawal are a good choice for many that need a place for an emergency money or tuition money that will be needed etc.
Also great for seniors who want to open the CD for $5,000 now, and can use it next year to add more to it when IRMAA will be raised and will be able to add more to the CD after Jan 1. If other rates are not higher. Great opportunity for all.
gregk
  |     |   Comment #2
Will you be doing a write-up of the Farmers Insurance FCU 5% CD's?

Would be appreciated.
Duck
  |     |   Comment #3
Don't know if this is what your looking for but I called Farmers as I filled an application with the CU at 1st I was little put off by way too fund the CD's they want you to use that plaid I remember they were in trouble little while back for harvesting info that was enough for me. But they Farmers said I could open the account with just the $5 on cc or debit once I get my info then initiate my transfers through ach
111
  |     |   Comment #4
Kudos to Ken for pointing out - "For example, one of the largest federal MMFs, Vanguard Federal MMF (VMFXX), now has a 7 day SEC yield of 5.28%. Its compound yield (which is essentially APY) is 5.41%."

Since the metric of a "7 day SEC yield" is simply not relevant with bank or credit union liquid deposit accounts, sometimes people are slightly confused and end up comparing an MMF 7 day SEC yield with the latter's APY. The two are not quite equivalent, as Ken points out - the 7 day yield is closer to simple interest.

MMFs are not FDIC or NCUA insured. But in the entire history of MMFs, only one customer-facing (non-institutional) MMF has ever "broken the buck", and that was in 2008 when that fund held Lehman Bothers assets, to their detriment. If I recall, they delivered back 97 cents on the dollar.

Finally, for those unfortunates residing where a state income tax exists (including me), in all but 3 of those states the percentage of the MMF's holdings that are in Treasuries is completely state tax exempt. Last time I looked, for VMFXX that was 37%, although that value may have changed since then. Vanguard annually issues a list of the percentage of Treasury holdings for all its funds.

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