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Best Bank Account Interest Rates - Summary For January 11, 2022

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Rate changes on savings, money market and checking accounts continue to be rare, and that will probably continue until the Fed starts to hike rates (appears likely in March.) We may see an occasional small rate hike like we saw last week at a major online bank. The major online bank is American Express National Bank, and it increased its High Yield Savings Account rate from 0.40% to 0.50%. The 0.40% rate began in March and was the all-time rate bottom for American Express. Before 2020, the lowest rate of the High Yield Savings Account was 0.75% back in 2012.

There were also noteworthy rate hikes at Northpointe Bank and at Colorado Federal Savings Bank (CFSB.)

Northpointe Bank increased the rate of its Ultimate Money Market account from 0.35% to 0.65% for balances of at least $25k. Northpointe launched this account in 2017 with a 1.50% APY that was guaranteed for 12 months. A year later, the rate increased to 2.30% APY, with a rate guarantee for new accounts of 3 months. The account became uncompetitive in 2020, with the rate falling to a low of 0.35% in early 2021.

As in the case of Northpointe Bank, we may see them and other banks offering rate guarantees on new accounts this year. Of course, rate guarantees don’t mean much when rates are rising.

At CFSB, its Premium Savings account rate increased from 0.55% to 0.60% for balances of at least $50k. Its High Yield Savings account rate increased from 0.45% to 0.51%. CFSB’s High Yield Savings account has a long history. I first reviewed it in 2009. The rate fell to 0.85% in 2011, and the rate remained at that level until late 2017. It reached a high of 2.00% APY in early 2019. The rate fell to the all-time low of 0.40% last March. That rate lasted until late October when the rate increased to 0.45%.

Keep an eye out on the online divisions of Emigrant Bank (EmigrantDirect, MySavingsDirect and DollarSavingsDirect). Rates at these banks have been below average for the last year, but that may change if the Fed starts to hike. The bank has a long history of making big savings account rate hikes early in rising rate cycles. Way back in 2005, EmigrantDirect was the first to offer 3% APY, and in 2018, MySavingsDirect was one of the early online banks to offer 2.25% (September 2018) and 2.40% (December 2018). After these initial rate hikes, the bank seems to try to keep rates competitive for about a year or two before falling behind. I wouldn’t be surprised if we see something similar in 2022 and 2023.

The average online savings account rate was unchanged in December. The average remains at 0.46%. The average online savings account rate fell slightly in 2021, falling 5 bps from 0.51% to 0.46%. That decline occurred in the first half of 2021. There has been no net change in the average from June 1st to January 1st. I suspect that we won’t see much change until after the Fed’s first rate hike, and even after liftoff, it may take another one or two Fed rate hikes before we see online banks making widespread rate hikes on their savings accounts.

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

I’ve listed the most noteworthy rate changes that have occurred in the last 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:

  • American Express National Bank High Yield Savings (0.40% → 0.50%)

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

  • Langley FCU Platinum MM ($1m+ 0.60% → 0.75%)
  • Northpointe Bank Ultimate MM ($25k+ 0.35% → 0.65%)
  • Colorado Federal Savings Bank Premium Savings ($50k+ 0.55% → 0.60%)
  • Colorado Federal Savings Bank High Yield Savings (0.45% → 0.51%)
  • CNB Bank Direct Premium MM (0.49% → 0.39%)
  • Blue FCU Sky High Savings (0.35% → 0.30%)

Current rate leaders

There’s no change in the rate leaders. There continues to be just two liquid accounts in the 1% group. These are savings, money market or standard checking accounts that have at least a 1% APY without any small maximum balance limits.

The two institutions in the 1% group are fintechs that partner with banks. Both 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.

M1 Finance is one of the two fintechs in the 1% group. Since we started to track M1 Finance in February 2021, its 1% APY on all balances has held. This is a brokerage firm and robo-advisor which also offers a checking account called M1 Spend. The fintech has been growing fast. This November Financial Brand article on M1 Finance and its CEO offers some insights into the company and its plans to be a complete solution for “investing, saving, borrowing and spending.”

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. However, it’s currently waiving this fee for the first year.

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. Since we started to track the T-Mobile Money Checking Account in April 2019, its 1% APY on all balances has held.

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.

One major downside with both M1 Finance and T-Mobile Money is that neither allows joint accounts or accounts with POD/ITF beneficiaries. Unfortunately, this is typical with many fintech bank accounts.

Connexus Credit Union’s Money Market Account continues to be in third place with its 0.85% APY for balances of at least $100k. This account had been in the 1% group, but the rate fell in July. The rates for smaller balances are now 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.

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 balances up to $250k, 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. Customers who had this promotion are now earning the standard rate (0.80% APY). For more details on ZYNLO and the money market account, please refer to my ZYNLO Bank money market review.

Advancial Credit Union used to offer a very competitive money market account. Its top rate had been 1% earlier this year. Now Advancial has stopped accepting applications for this account. On its rates page, Advancial has this note below the Premium Money Market title: ”No longer offered or available to open. Rate information provided for existing accounts.”

New-To-Summary (NTS) savings or money market accounts

There were two New-to-Summary (NTS) accounts added this week to the summary. Neither are offering great rates, but they’re high enough to be included.

The first NTS account is the Platinum Money Market Savings at Langley Federal Credit Union. Its top-tier rate is very competitive at 0.75%, but this requires an extremely high balance of $1 million. The rate falls to 0.70% for a $500k minimum and 0.65% for a $250k minimum. The yields are much lower for more reasonable balances (0.40% for $100k+ and 0.30% for $25k+.)

The other NTS account is the Ultimate Money Market from Northpointe Bank. As I mentioned above, this account launched in 2017 and remained competitive until 2020. The latest rate hike has brought it back to a competitive online account. The top rate is now 0.65% for balances of at least $25k. Lower rates apply on smaller balances (0.35% for $5k+ and 0.25% for $2.5k+.)

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. With the potential for rising rates soon, we may start to see promotional rate guarantees. Of course, these guarantees aren’t that useful when rates are rising.

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 little advantage over top savings account rates. In fact, 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.

In the last three weeks, there was just one no-penalty CD rate change. Colorado Federal Savings Bank increased the rate of its 11-month no-penalty CD from 0.55% to 0.65%. This now is the top nationally-available no-penalty CD. CFG Bank’s 13-month Penalty Free CD is now in second place 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%. These may become competitive again after a few Fed rate hikes.

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

Overall, reward checking accounts have generally held up better in a zero-rate environment than online savings accounts, but they’re not immune to cuts (either rate cuts, balance cap cuts or reduced availability). History during the last zero-rate period (2008 to 2015) has shown that reward checking accounts can sustain rates significantly higher than online savings account rates.

Most reward checking accounts have fairly small balance caps and won’t provide much earnings on large balances. However, there are a couple nationally-available ones in which you can earn high rates on fairly large balances. Below are two of these accounts. ECCU’s Kasasa accounts had been in this list, but it was removed after ECCU stopped offering new Kasasa accounts.

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

  • Quontic Bank High Interest Checking: 1.01% APY up to $150k, 0.35% APY $150k+ to $1m (1.01% APY for $100k balance)
  • Presidential Bank Advantage Checking: 2.25% APY up to $25K, 0.50% on portion above $25k (0.94% blended APY for $100k balance)

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

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

Certificate of Deposit Rates

I’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: For CDs that are nationally available (without any membership limitations), the highest yield continues to be 1.70%. This is available at NASA FCU, which increased the yield of its 49-month CD Special from 1.60% to 1.70% in December.

For banks, the highest nationally available CD rate regardless of maturity length is now 1.35% APY (7-year term) at First National Bank of America. It also has a top 5-year CD rate for a bank (1.25% APY).

For the 3-year category, Hughes Federal Credit Union continues to have the top spot with a 1.21% APY on its 3-year Jumbo CD ($99k minimum). It has a 1.11% APY for a $1k minimum deposit.

Quontic Bank increased its 3-year CD rate to 1.10% APY, and that keeps it as the rate leader for banks.

For the 2-year category, Western Vista FCU’s 29-month CD Special (1.19% APY) now holds the top spot. Hughes Federal Credit Union’s 29-month CD (1.11% APY) now holds second place.

For the 18-month category, Consumers Credit Union is now the clear rate leader with a new 16-month CD Special (This 16-month replaced the 20-month Special.) The 16-month APYs range from 1.30% for a $250k minimum to 1.10% for a $250 minimum.

For 1-year terms, Quorum Federal Credit Union’s special 13-month CD ($1k minimum) and EFCU Financial’s 12-month Jumbo CD ($100k minimum) share the top spot with a 0.90% APY. Note, Poppy Bank (which continues to offer a 1% 12-month CD) is no longer offering its CDs online.

For terms under one year, Veridian Credit Union’s 9-month Jumbo CD (0.85%) and EFCU Financial’s 6-month Jumbo CD (0.85%) share the top spot. NASA FCU’s 9-month CD Special (0.80%) is the highest rate for small deposits ($10k minimum)..

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 January 11, 2022

Checking/Savings/Money Market Accounts:

InstitutionRatesNotes
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% (up to $250k) 0.10% ($250k+)Money Market - Account review
Freedom Northwest Credit Union0.80% ($15k+), 0.65% ($10k+), 0.50% ($5k+), 035% (up to $5k) Rise Money Market (checking account w/$15k min balance required, no online application, small credit union) - Account review
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
State Bank of Texas (SBT)0.75% ($100k min)Jumbo Money Market
Langley Federal Credit Union0.75% ($1m), 0.70% ($500k), 0.65% ($250k min), 0.40% ($100k), 0.30% ($25k)Platinum Money Market Savings (*NTS) - Account review
Security State Bank (KS)0.68% ($110k), 0.45%-0.68% ($100k+), 0.25% (under $100k)Investment Savings Account (linked Investment Checking required), APY is average of Savings and Checking, 0.60%+ APY assumes Savings balance of at least $100k - Account review
Affirm0.65%Affirm Savings (deposits held by a partner bank)
Bank Onward0.65% ($250 opening deposit)Bo Savings Account review
ConnectOne Bank0.65% ($2.5k min)OneConnection Savings - Account review
Northpointe Bank0.65% ($25k), 0.35% ($5k), 0.25% ($2.5k min)Ultimate Money Market (*NTS) - Account review
Ivy Bank0.61% ($2.5k), 0.05% ($10)High-Yield Savings - Account review
Prime Alliance Bank0.60% ($1+)Personal Savings (0.50% rate effective June 4, 2021) - Account review
Monifi0.60%Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications)
Marcus by Goldman Sachs0.60% ($500 min)High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review
LendingClub Bank0.60% ($2.5k min), 0.50% (up to $2.5k)High-Yield Savings - Account review
CFSB (Colorado Federal Savings Bank)0.60% ($50k+) Premier Savings (New customers) - Account review
Quontic Bank0.60% ($150k), 0.50% ($5k), 0.40% (up to $5k)Personal Money Market - Account 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
PenFed Credit Union0.55% Premium Online Savings Account review
FitnessBank0.55% ($250k max) (requires using step tracker app and averaging 12.5k steps/daily) Fitness Savings Account - Account review
ValleyDirect0.55% Online Savings - Internet bank, deposits held by Valley Bank
BrioDirect0.55%Money Market - Account review
Quontic Bank0.55% High Yield Savings - Account review
SaveBetter.com0.55% ($1 min) Money Market Deposit Account (deposits held by Patriot Bank) - Account review
Comenity Direct0.55% ($100 min)High-Yield Savings - Account review
Alliant Credit Union0.55% ($100 min)High-Rate Savings - Account review
Vio Bank0.55%Cornerstone Money Market
USALLIANCE Financial0.55% ($500)High Dividend Savings - Account review
CIBC USA (formerly The Palladin PrivateBank)0.52%Agility Savings Account - Account review
CFSB (Colorado Federal Savings Bank)0.51% High Yield Savings - Account review
Vio Bank0.51% Online High Yield Savings - Account review
SFGI Direct0.51%SGFI Direct Savings Account - Account review
Barclays0.50%Online Savings - Account review
Sallie Mae Bank0.50%Money Market Account - Account review
FACILE0.50%Savings Account - Internet bank, deposits held by Pacific National Bank
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
American Express National Bank0.50%High Yield Savings - Account review
Citi0.50%Citi Accelerate Savings Account (Not available in all states, chk relationship required)
TAB Bank0.50% ($1 min)High Yield Savings - Account review
National Cooperative Bank0.50% ($100 min deposit)Impact Money Market
First Foundation Bank0.50% ($1k min)Online 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
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
Varo0.50% (3.00% up to $5k w/chk requirements)Varo Savings - Account review
CIT Bank0.45% ($100 min)Money Market - Account review
Rising Bank0.45% ($1k min)High Yield Savings - Account review
Northern Bank Direct0.45% ($5k min)Money Market - Account review
Popular Direct0.45% ($5k min opening deposit) Select Savings - Account review
SaveBetter.com0.41% ($1 min) High Yield Savings Account (deposits held by Ponce Bank) - 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
Discover Bank0.40%Online Savings - Account review
TIAA Bank0.40%Yield Pledge Money Market - Account review
Capital One0.40%360 Performance Savings - Account review
SaveBetter.com0.40% ($1 min) High Yield Savings Account (deposits held by Continental Bank) - Account review
Bank5 Connect0.40% ($100 min)High Interest Savings - Account review
Bethpage Federal Credit Union0.40% ($500 min)Money Market
SkyOne Credit Union0.40% ($1k min)Sky-high Savings
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
American Heritage Credit Union0.36% ($10k min)High Yield Savings
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
Northpointe Bank0.35% ($5k+), 0.30% ($2m+), 0.25% ($100) Ultimate Savings - Account review
Customers Bank0.35% ($25k min)Ascent Money Market Savings
Discover Bank0.35% ($100k min), 0.30% ($2.5k) Money Market - Account review
UmbrellaBank.com0.31% ($25k min), 0.21% ($1k)Money Market
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
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 Bank0.20% ($100 opening)My Savings (requires checking with minimum monthly $1k direct deposit)
Nationwide by Axos Bank0.25% ($300 opening)Regular Savings
Nationwide by Axos Bank0.20% ($100 opening)My Savings w/o checking
State Bank of India (IL)0.20% ($500 min) Savings
Northfield Bank0.15% ($225k max) Online Platinum Savings - Account review
HSBC Direct0.15%HSBC Direct Savings
BankUnitedDirect0.10%Online Money Market - Account review
ableBanking0.10% ($250 min)Money Market Savings - Account review

*New To Summary, as of January 11, 2022

No-Penalty CDs

InstitutionRatesNotes
CFSB (Colorado Federal Savings Bank)0.65% ($5k min)11-month No Penalty CD - Account review
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
Ally Bank0.50% (no min)No-Penalty 11-month CD - Account review
Marcus by Goldman Sachs0.45% ($500 min)7-month No Penalty CD - Account review
Rising Bank0.45% ($1k min)15-month No Penalty CD - (Potential issues, see 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
Marcus by Goldman Sachs0.25% ($500)13-month No Penalty CD - Account review
Investors eAccess0.15% ($500)6-month No-Penalty CD - Account review
PurePoint Financial0.15% ($10k)11-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)13-month No-Penalty CD - Account review
PurePoint Financial0.10% ($10k)14-month No-Penalty CD - Account review
Citizens Access0.05% ($5k)11-month Liquid CD - Account review

Reverse Tier Savings/Money Market Accounts/Checking:

InstitutionRatesNotes
Workers Credit Union3.61% (up to $1k), 0.15% ($1k-$2k), 0.20% ($2k-$3k), plus 13 more rate tiers (0.25%-0.85% in 5 bps increments)SaveUp Savings w/Automatic Deposit - Account review
Workers Credit Union3.55% (up to $1k), 0.10% ($1k-$2k), 0.15% ($2k-$3k), plus 13 more rate tiers (0.20%-0.80% in 5 bps increments)SaveUp Savings - Account review
Porte3.00% (up to $15k), 0.50% ($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 Bank0.30% (up to $50k), 0.05% ($50k+)Mega Money Market Account - Account review
Redneck Bank0.30% (up to $50k), 0.05% ($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:
InstitutionRatesNotes
Consumers Credit Union4.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+) Rewards Checking Tier A- debit card and $1k credit card requirements (Changes effective May 2020)
Genisys Credit Union4.07% (up to $7.5k), 0.05% ($7.5k+) Genius Checking Account review
Evansville Teachers Federal Credit Union3.30% (up to $20k), 0.00% ($20k+)Vertical Checking - Account review
Consumers Credit Union3.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier B- debit card and $500 credit card requirements (Changes effective May 2020)
First Bank3.04% (up to $25k), 0.10% ($25k+)First Performance Checking (available in CA, IL, MO) - Account review
Market USA Federal Credit Union3.01% (up to $15k), 0.05% ($15k+)VIP Checking Platinum Tier - Account review
EFCU Financial3.01% (up to $10k), 0.05% ($10k+)Rewards Checking - Account review
Keesler Federal Credit Union3.00% (up to $25k), 0.40% ($25k+)Kasasa Cash (easy membership in AL, LA, MS) - Account review
Sullivan Bank3.00% (up to $10k), 0.30% ($10k+) (2 accounts per SS#)Kasasa Cash (available in AR, IA, IL, KS, KY, MO, NE, OK, TN) - Account review
Lake Michigan Credit Union3.00% (up to $15k), 0.00% ($15k+)Max Checking
INOVA Federal Credit Union3.00% (up to $15k), 0.07% ($15k+)Shield Checking - Account review
Western Vista Federal Credit Union2.53% (up to $15k), 0.01% ($15k+)Panorama Checking - Account review
Great Lakes Credit Union2.50% (up to $10k), 0.05% ($10k+)Free Checking
Campus Federal2.31% (up to $10k), 0.05% ($10k+)Lagniappe Checking
Presidential Bank2.25% (up to $25k), 0.50% ($25k+)Advantage Checking - Account review
Bellco Credit Union2.25% (up to $25k), 0.25% ($25k+)Boost Interest Checking - Account review
Consumers Credit Union2.09% (up to $10k), 0.20% ($10k-$25k), 0.10% ($25k+)Rewards Checking Tier C - debit card with NO credit card requirements (Changes effective May 2020)
Community Bank (TN)2.08% (up to $20k), 0.25% ($20k+)Community Advantage Checking Account review
Union Bank2.07% (blended APY up to $25k), 0.03% ($25k+)1-2-3 Rewards Checking Account review
TruStone Financial Credit Union2.02% (up to $20k), 0.10% ($20k+)TruRate Checking - Account review
Hiway Federal Credit Union2.02% ($1k-$25k), 0.01% ($25k+)Hi Yield Checking - Account review
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), 0.01% ($25k+)High Yield Checking - Account review
Connexus Credit Union1.75% (up to $25k), 0.25% ($25k+)Xtraordinary Checking
Partner Colorado Credit Union1.75% (up to $10k), 0.25% ($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
United Educators Credit Union1.25% (up to $10k), 0.25% ($10k+)High Yield Checking
BankFirst1.25% (up to $10k), 0.15% ($10k+)Kasasa Cash
Heritage Bank1.02% (up to $25k), 0.14% ($25k+)eCentive Account
Quontic Bank1.01% (up to $150k), 0.35% ($150k-$1m)High Interest Checking - Account review
Envision Bank1.01% (up to $25k), 0.05% ($25k+)Envision Max Checking - Account review
Axos Bank1.00% (up to $50k), 0.00% ($50k+)Rewards Checking (rate and balance cap cuts scheduled for Oct 1st)
Northwest Federal Credit Union1.00% (up to $15k), 0.15% ($25k+)Kasasa Cash - Account review
Blue Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Extreme Checking (up to 3.00% w/account relationships) - Account review
Hanscom Federal Credit Union1.00% (up to $15k), 0.10% ($15k+)Kasasa Cash Checking - Account review
One American Bank1.00% (up to $10k), 0.25% ($10k+)Kasasa Cash - Account review
Orion Federal Credit Union1.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+)Premium Checking - Account review
First Security Bank & Trust0.80% (up to $15k), 0.10% ($15k+)Kasasa Cash - Account review
Bay State Savings Bank0.75% (up to $20k), 0.05% ($20k+)Kasasa Cash - Account review
First Tech Federal Credit Union0.50% (up to $15k), 0.10% ($15k+)First Tech Rewards Checking
All America Bank0.45% (up to $10k), 0.05% ($10k+)Ultimate Rewards Checking
Redneck Bank0.45% (up to $10k), 0.05% ($10k+)Redneck Rewards Checking
MainStreet Bank0.13% (all balances)Kasasa Cash - Account review

Certificates of Deposit:

Bank Account Alternatives - May Not Be FDIC Insured

InstitutionRatesNotes
Aspiration5.00% (up to $10k), 0.10% ($10k+) Plus Save Account Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account
Aspiration3.00% (up to $10k), 0.00% ($10k+) Save Account Aspiration Save when $1k+/mo debit card purchases in Spend Account
GM Financial Right Notes1.25% ($500+)
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

Related Pages: savings accounts, money market accounts, reward checking accounts, 1-year CD rates, nationwide deals, Internet banks
Comments
rav
  |     |   Comment #1
With BankMobile no longer having relationship with FDIC-insured Customers Bank, how does BankMobile (and thus T-Mobile Money) maintain FDIC insurance on accounts? Thanks!
GreenDream
  |     |   Comment #2
BankMobile is no longer owned by Customer's bank that does not mean that the two entities have no business relationships. If you read the small print on the bank mobile website you'll see the following information:

"© 2022 BMTX, Inc., a wholly owned subsidiary of BM Technologies, Inc. All Rights Reserved. Accounts provided by Customers Bank, Member FDIC"
Rickny
  |     |   Comment #3
As per T-Mobile Money FAQs: T-Mobile MONEY accounts are FDIC-insured up to $250,000 through Customers Bank. T-Mobile MONEY is powered by BMTX, accounts provided by Customers Bank, Member FDIC.
Mikey1
  |     |   Comment #4
I have literally logged in to T-Mobile Money every single day for months just to verify the 1% on balances above $3,000. And that whooshing sound outside your window that you’ll hear will be my funds (and many others) exiting when we see 0.5% (or worse) instead.
Rickny
  |     |   Comment #5
#4 With rates likely to go up why do think T Mobile will reduce their rate to .50%?

Some people believed that T Mobile's rate would follow Customer's rates down just because Customer's holds the accounts. That didn't happen.

If T Mobile drops their rate below others people will most likely (myself included) will move their funds if a higher rate option is available.

History does show that interest rate leaders can become tomorrows laggards.
GreenDream
  |     |   Comment #6
With the Fed talking about raising rates, I think we're pretty close to the bottom for rate cutting. Though anything is possible I think it's rather doubtful T-mobile will be dropping their rates for no good reason just as rates in general are set to begin rising.

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