The rising expectations of Fed rate hikes this year may be starting to have an effect on online banks. Another major online bank increased the rate of its online savings account. Discover Bank raised its online savings account rate from 0.40% to 0.50%. It’s a similar move that Discover’s competitors have made in the last couple of months (Barclays in November and American Express earlier this month). Discover Bank also increased its money market rate 10 bps (0.45% $100k+, 0.40% under $100k.)
Before 2020, Discover’s online savings account rate had never been below 0.80%. For about 18 months from 2012 to 2013, Discover’s online savings account rate was 0.80%. The rate slowly increased from 2013 to 2017. Significant rate hikes didn’t occur until 2017 when the yield increased from 0.95% in April 2017 to 2.10% in January 2019.
Discover Bank is one of three institutions offering bonuses for online savings accounts. All three have a long history of offering competitive rates. The bonus amounts are not huge, but when rates are low, every little bit helps. Discover Bank’s bonus is up to $200. The other two are Marcus with a $100 bonus and Alliant Credit Union with a $100 bonus.
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:
- Discover Bank Online Savings (0.40% → 0.50%)
- Discover Bank Money Market (0.35% → 0.45%)
Rate changes from the less well-known CUs & online banks:
- Vio Bank Cornerstone MM (0.55% → 0.56%)
- Vio Bank High Yield Online Savings (0.51% → 0.50%)
- Andrews FCU Prestige MM ($200k+ 0.10% → 0.45%)
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) accounts
There was just one New-to-Summary (NTS) account added this week to the summary. It’s the Smart Move CD from Bellco Credit Union. Its no-penalty feature is why it’s included in this liquid account summary. I have more details on this CD in the rate guarantee section below.
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.
As I mentioned in the “New-To-Summary” section above, we have a new no-penalty CD. It’s the Smart Move CD from Bellco Credit Union. You are allowed to make one withdrawal during the account term with no penalty, as long as a minimum balance of $2,500 is left in the account. This is different from most other no-penalty CDs which require the account to be closed when an early withdrawal is made. Since the minimum balance is relatively low, I don’t consider this a major drawback. It’s also an add-on CD that allows a one-time additional deposit of $100 or more. Lastly, it offers a bump-up option in which you can request a one-time bump-up in the next interest rate anytime during the term. Bellco offers four different maturities (18, 24, 30 and 36 months). The three CDs with the longest terms all currently have a 0.90% APY. That’s an outstanding deal.
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
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). It’s important to note that these CDs have a harsh early withdrawal penalty (540 days of interest).
Credit One Bank is offering a 5-year Jumbo CD with a 1.10% APY, and its early withdrawal penalty is much smaller (180 days of interest.) The best 5-year CD at a credit union is the Jumbo CD at Michigan State University FCU. It has a 1.50% APY, and its early withdrawal penalty is also only 180 days of interest.
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. However, it has a very harsh early withdrawal penalty of two years of interest. Comenity Direct’s 3-year CD has a lower rate (1.00% APY), but the early withdrawal penalty is only 180 days of interest.
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 ($100k minimum) holds the top spot with a 1.00% APY (0.90% APY for a $1k minimum).
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.
Checking/Savings/Money Market Accounts:
- Best Savings Account Rates (Nationwide and by State)
- Best Money Market Rates (Nationwide and by State)
- Best Checking Account Rates (Nationwide and by State)
|M1 Finance||1.00% (all balances, $125 annual fee)||M1 Plus Checking (deposits held by a partner bank)|
|T-Mobile Money||1.00% (4.00% up to $3k w/checking requirements)||Checking Account (deposits held by a partner bank) - Account review|
|Connexus Credit Union||0.85% ($100k), 0.60% ($20k), 0.25% ($1k)||Money Market Account (Active checking requirement has been removed) - Forum post|
|CommunityWide Federal Credit Union||0.80% (penalty-free withdrawals first 5 days of each calendar quarter)||High Rate Quarterly Funds Account - Account review|
|ZYNLO Bank||0.80% (up to $250k) 0.10% ($250k+)||Money Market - Account review|
|Freedom Northwest Credit Union||0.80% ($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 Union||0.75% (0.85% with relationship rewards)||IRA Savings - See review|
|Merchants Bank of Indiana||0.75% (up to $1m)||Money Market Account|
|State Bank of Texas (SBT)||0.75% ($100k min)||Jumbo Money Market|
|Langley Federal Credit Union||0.75% ($1m), 0.70% ($500k), 0.65% ($250k min), 0.40% ($100k), 0.30% ($25k)||Platinum Money Market Savings - 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|
|Affirm||0.65%||Affirm Savings (deposits held by a partner bank)|
|Bank Onward||0.65% ($250 opening deposit)||Bo Savings Account review|
|ConnectOne Bank||0.65% ($2.5k min)||OneConnection Savings - Account review|
|Northpointe Bank||0.65% ($25k), 0.35% ($5k), 0.25% ($2.5k min)||Ultimate Money Market - Account review|
|Ivy Bank||0.61% ($2.5k), 0.05% ($10)||High-Yield Savings - Account review|
|Prime Alliance Bank||0.60% ($1+)||Personal Savings (0.50% rate effective June 4, 2021) - Account review|
|Monifi||0.60%||Monifi Save - Internet bank, deposits held by MidFirst Bank (currently not accepting new applications)|
|Marcus by Goldman Sachs||0.60% ($500 min)||High-Yield Online Savings Account (additional 10 bps for AARP members) - Account review|
|LendingClub Bank||0.60% ($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 Bank||0.60% ($150k), 0.50% ($5k), 0.40% (up to $5k)||Personal Money Market - Account review|
|CFG Bank||0.59% ($25k min), 0.49% ($1k)||High Yield Money Market Account - Account review|
|INSBANK Online||0.58% ($500k), 0.45% ($250), 0.35% ($75k), 0.15% ($10k), 0.05% (less than $10k)||High Yield Personal Money Market|
|Vio Bank||0.56%||Cornerstone Money Market|
|PenFed Credit Union||0.55%||Premium Online Savings Account review|
|FitnessBank||0.55% ($250k max) (requires using step tracker app and averaging 12.5k steps/daily)||Fitness Savings Account - Account review|
|ValleyDirect||0.55%||Online Savings - Internet bank, deposits held by Valley Bank|
|BrioDirect||0.55%||Money Market - Account review|
|Quontic Bank||0.55%||High Yield Savings - Account review|
|SaveBetter.com||0.55% ($1 min)||Money Market Deposit Account (deposits held by Patriot Bank) - Account review|
|Comenity Direct||0.55% ($100 min)||High-Yield Savings - Account review|
|Alliant Credit Union||0.55% ($100 min)||High-Rate Savings - Account review|
|USALLIANCE Financial||0.55% ($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|
|SFGI Direct||0.51%||SGFI Direct Savings Account - Account review|
|Discover Bank||0.50%||Online Savings - Account review|
|Barclays||0.50%||Online Savings - Account review|
|Sallie Mae Bank||0.50%||Money Market Account - Account review|
|FACILE||0.50%||Savings Account - Internet bank, deposits held by Pacific National Bank|
|Live Oak Bank||0.50% ($5 million max)||Savings Account - Account review|
|Synchrony Bank||0.50%||High Yield Savings - Account review|
|Western State Bank||0.50% (up to $3m)||High Yield Money Market - Account review|
|Chime||0.50% (no min/max, active checking required)||Chime Savings Account (deposits held by a partner bank) - Account review|
|Ally Bank||0.50%||Online Savings - Account review|
|First Internet Bank||0.50% (no min)||Money Market Savings|
|American Express National Bank||0.50%||High Yield Savings - Account review|
|Citi||0.50%||Citi Accelerate Savings Account (Not available in all states, chk relationship required)|
|Vio Bank||0.50%||Online High Yield Savings - Account review|
|TAB Bank||0.50% ($1 min)||High Yield Savings - Account review|
|National Cooperative Bank||0.50% ($100 min deposit)||Impact Money Market|
|First Foundation Bank||0.50% ($1k min)||Online Savings - Account review|
|Spectrum Credit Union||0.50% ($2.5k min)||Market Edge Savings - Account review|
|TotalDirectBank||0.50% ($5k min)||Direct Money Market Deposit Account (not available in CA or FL) - Account review|
|iGObanking.com||0.50% ($25k min)||iGOmoneymarket, new accounts and new money only - Account review|
|BankPurely||0.50% ($25k min)||PurelyMoneyMarket - Account review|
|TIAA Bank||0.50% ($25 min)||Basic Savings|
|Varo||0.50% (3.00% up to $5k w/chk requirements)||Varo Savings - Account review|
|CIT Bank||0.45% ($100 min)||Money Market - Account review|
|Rising Bank||0.45% ($1k min)||High Yield Savings - Account review|
|Northern Bank Direct||0.45% ($5k min)||Money Market - Account review|
|Popular Direct||0.45% ($5k min opening deposit)||Select Savings - Account review|
|Discover Bank||0.45% ($100k min), 0.40% ($2.5k)||Money Market - Account review|
|SaveBetter.com||0.41% ($1 min)||High Yield Savings Account (deposits held by Ponce Bank) - Account review|
|Salem Five Direct||0.40% (up to $1m)||eOne Savings, new customers only - Account review|
|MutualOne Bank||0.40% ($1m max)||Online Statement Savings - Account review|
|Virtual Bank||0.40%||eMoney Market Special - Account review|
|TIAA Bank||0.40%||Yield Pledge Money Market - Account review|
|Capital One||0.40%||360 Performance Savings - Account review|
|SaveBetter.com||0.40% ($1 min)||High Yield Savings Account (deposits held by Continental Bank) - Account review|
|Bank5 Connect||0.40% ($100 min)||High Interest Savings - Account review|
|Bethpage Federal Credit Union||0.40% ($500 min)||Money Market|
|SkyOne Credit Union||0.40% ($1k min)||Sky-high Savings|
|Amboy Direct||0.40% ($3k min/$100k max)||Personal eSavings - Account review|
|WauBank||0.40% ($5k min)||High-Yield Savings (only available in AZ, CT, FL, MA, RI, TN, VA) - Account review|
|Citizens Access||0.40% ($5k min)||Online Savings Account - Account review|
|PurePoint Financial||0.40 ($10k min)||Online Savings - Account review|
|CIT Bank||0.40% ($25k min)||Savings Builder - Account review|
|Bellco Credit Union||0.40% ($50k) 0.25% ($10k) 0.10% (up to $10k)||Premier Money Market Account|
|American Heritage Credit Union||0.36% ($10k min)||High Yield Savings|
|FNBO Direct||0.35%||Online Savings|
|DollarSavingsDirect||0.35%||Dollar Savings Account - Account review|
|Quorum Federal Credit Union||0.35%||HighQ Savings Account|
|Sallie Mae Bank||0.35%||High Yield Savings - Account review|
|Northpointe Bank||0.35% ($5k+), 0.30% ($2m+), 0.25% ($100)||Ultimate Savings - Account review|
|Customers Bank||0.35% ($25k min)||Ascent Money Market Savings|
|UmbrellaBank.com||0.31% ($25k min), 0.21% ($1k)||Money Market|
|Paramount Bank||0.30% (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 Union||0.30% ($500 min)||Money Market - Account review|
|State Bank of India (IL)||0.30% ($5k min)||Money Market|
|Nationwide by Axos Bank||0.25%||Money Market Plus|
|MySavingsDirect||0.25%||MySavings Account - Account review|
|Nationwide by Axos Bank||0.20% ($100 opening)||My Savings (requires checking with minimum monthly $1k direct deposit)|
|Nationwide by Axos Bank||0.25% ($300 opening)||Regular Savings|
|Nationwide by Axos Bank||0.20% ($100 opening)||My Savings w/o checking|
|State Bank of India (IL)||0.20% ($500 min)||Savings|
|Northfield Bank||0.15% ($225k max)||Online Platinum Savings - Account review|
|BankUnitedDirect||0.10%||Online Money Market - Account review|
|ableBanking||0.10% ($250 min)||Money Market Savings - Account review|
|Bellco Credit Union||0.90% ($2.5k min)||24-, 30- & 36-month Smart Move CD (*NTS) - Account review|
|CFSB (Colorado Federal Savings Bank)||0.65% ($5k min)||11-month No Penalty CD - Account review|
|CFG Bank||0.62% ($500 min)||13-month Penalty Free CD - Account review|
|USALLIANCE Financial||0.55% ($500)||11-month No Penalty CD Special - Account review|
|Marcus by Goldman Sachs||0.55% ($500)||8-month No Penalty CD (AARP members only) - Account review|
|Ally Bank||0.50% (no min)||No-Penalty 11-month CD - Account review|
|Marcus by Goldman Sachs||0.45% ($500 min)||7-month No Penalty CD - Account review|
|Rising Bank||0.45% ($1k min)||15-month No Penalty CD - (Potential issues, see account review)|
|My eBanc||0.40% ($100k), 0.35% ($10k)||11-month Online Flex Time Deposit - Account review|
|Marcus by Goldman Sachs||0.35% ($500 min)||11-month No Penalty CD - Account review|
|CIT Bank||0.30% ($1k min)||11-month No-Penalty CD - Account review|
|Marcus by Goldman Sachs||0.25% ($500)||13-month No Penalty CD - Account review|
|Investors eAccess||0.15% ($500)||6-month No-Penalty CD - Account review|
|PurePoint Financial||0.15% ($10k)||11-month No-Penalty CD - Account review|
|PurePoint Financial||0.10% ($10k)||13-month No-Penalty CD - Account review|
|PurePoint Financial||0.10% ($10k)||14-month No-Penalty CD - Account review|
|Citizens Access||0.05% ($5k)||11-month Liquid CD - Account review|
*New To Summary, as of January 25, 2022
Reverse Tier Savings/Money Market Accounts/Checking:
|Workers Credit Union||3.61% (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 Union||3.55% (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|
|Porte||3.00% (up to $15k), 0.20% ($15k+)||Savings Account, Checking with one-time direct deposit required (deposits held by a partner bank) - Account review|
|Affinity Plus Federal Credit Union||1.00% (up to $25k), 0.35% ($25k+)||Superior Money Market (min $500 direct deposit into any account)|
|Patelco Credit Union||1.00% (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 Pig||0.70% (up to $10k), 0.45% ($10k+)||SmartyPig Savings - Account review|
|Axos Bank||0.61% (up to $25k), 0.25% ($25k to $100k), 0.15% ($100k+)||High Yield Savings - Account review|
|All America Bank||0.30% (up to $50k), 0.05% ($50k+)||Mega Money Market Account - Account review|
|Redneck Bank||0.30% (up to $50k), 0.05% ($50k+)||Mega Money Market Account|
|La Capitol Federal Credit Union||4.25% (up to $3k), 2.00% ($3k-10k), 0.10% ($10k+)||Choice Checking|
Reward Checking Accounts:
- Noteworthy Accounts Available Nationwide:
|Consumers Credit Union||4.09% (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 Union||4.07% (up to $7.5k), 0.05% ($7.5k+)||Genius Checking Account review|
|Evansville Teachers Federal Credit Union||3.30% (up to $20k), 0.00% ($20k+)||Vertical Checking - Account review|
|Consumers Credit Union||3.09% (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 Bank||3.04% (up to $25k), 0.10% ($25k+)||First Performance Checking (available in CA, IL, MO) - Account review|
|Market USA Federal Credit Union||3.01% (up to $15k), 0.05% ($15k+)||VIP Checking Platinum Tier - Account review|
|EFCU Financial||3.01% (up to $10k), 0.05% ($10k+)||Rewards Checking - Account review|
|Keesler Federal Credit Union||3.00% (up to $25k), 0.40% ($25k+)||Kasasa Cash (easy membership in AL, LA, MS) - Account review|
|Sullivan Bank||3.00% (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 Union||3.00% (up to $15k), 0.00% ($15k+)||Max Checking|
|INOVA Federal Credit Union||3.00% (up to $15k), 0.07% ($15k+)||Shield Checking - Account review|
|Western Vista Federal Credit Union||2.53% (up to $15k), 0.01% ($15k+)||Panorama Checking - Account review|
|Great Lakes Credit Union||2.50% (up to $10k), 0.05% ($10k+)||Free Checking|
|Campus Federal||2.31% (up to $10k), 0.05% ($10k+)||Lagniappe Checking|
|Presidential Bank||2.25% (up to $25k), 0.50% ($25k+)||Advantage Checking - Account review|
|Bellco Credit Union||2.25% (up to $25k), 0.25% ($25k+)||Boost Interest Checking - Account review|
|Consumers Credit Union||2.09% (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 Bank||2.07% (blended APY up to $25k), 0.03% ($25k+)||1-2-3 Rewards Checking Account review|
|TruStone Financial Credit Union||2.02% (up to $20k), 0.10% ($20k+)||TruRate Checking - Account review|
|Hiway Federal Credit Union||2.02% ($1k-$25k), 0.01% ($25k+)||Hi Yield Checking - Account review|
|Nokomis Savings Bank||2.00% (up to $25k), 0.25% ($25k+)||Kasasa Cash - Account review|
|Elements Financial||2.00% (up to $20k), 0.10% ($20k+)||High Interest Checking - Account review|
|Signature Federal Credit Union||2.00% (up to $20k), 0.10% ($20k+)||High-Yield Checking|
|Ideal Credit Union||2.00% (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 Bank||2.00% (up to $15k), 0.25% ($15k+)||Kasasa Cash - Account review|
|Cap Ed Federal Credit Union||2.00% (up to $10k), 0.20% ($10k+)||High Yield Checking|
|Wings Financial Credit Union||1.76% (up to $25k), 0.01% ($25k+)||High Yield Checking - Account review|
|Connexus Credit Union||1.75% (up to $25k), 0.25% ($25k+)||Xtraordinary Checking|
|Partner Colorado Credit Union||1.75% (up to $10k), 0.25% ($10k-$25k), 0.05% ($25k+)||High Interest Checking|
|Finex||1.50% (up to $25k), 0.10% ($25k+)||Axcess Rewards Checking, Premier Account (formerly First New England Federal Credit Union)|
|Garden Savings Federal Credit Union||1.50% (up to $15k), 0.15% ($15k+)||Platinum Checking|
|Industrial Bank||1.47% (up to $15k), 0.20% ($15k+)||Kasasa Cash|
|United Educators Credit Union||1.25% (up to $10k), 0.25% ($10k+)||High Yield Checking|
|BankFirst||1.25% (up to $10k), 0.15% ($10k+)||Kasasa Cash|
|Heritage Bank||1.02% (up to $25k), 0.14% ($25k+)||eCentive Account|
|Quontic Bank||1.01% (up to $150k), 0.35% ($150k-$1m)||High Interest Checking - Account review|
|Envision Bank||1.01% (up to $25k), 0.05% ($25k+)||Envision Max Checking - Account review|
|Axos Bank||1.00% (up to $50k), 0.00% ($50k+)||Rewards Checking (rate and balance cap cuts scheduled for Oct 1st)|
|Northwest Federal Credit Union||1.00% (up to $15k), 0.15% ($25k+)||Kasasa Cash - Account review|
|Blue Federal Credit Union||1.00% (up to $15k), 0.10% ($15k+)||Extreme Checking (up to 3.00% w/account relationships) - Account review|
|Hanscom Federal Credit Union||1.00% (up to $15k), 0.10% ($15k+)||Kasasa Cash Checking - Account review|
|One American Bank||1.00% (up to $10k), 0.25% ($10k+)||Kasasa Cash - Account review|
|Orion Federal Credit Union||1.00% (up to $10k), 0.25% ($10k-$100k), 0.05% ($100k-$250k), 0.01% ($250k+)||Premium Checking - Account review|
|First Security Bank & Trust||0.80% (up to $15k), 0.10% ($15k+)||Kasasa Cash - Account review|
|Bay State Savings Bank||0.75% (up to $20k), 0.05% ($20k+)||Kasasa Cash - Account review|
|First Tech Federal Credit Union||0.50% (up to $15k), 0.10% ($15k+)||First Tech Rewards Checking|
|All America Bank||0.45% (up to $10k), 0.05% ($10k+)||Ultimate Rewards Checking|
|Redneck Bank||0.45% (up to $10k), 0.05% ($10k+)||Redneck Rewards Checking|
|MainStreet Bank||0.13% (all balances)||Kasasa Cash - Account review|
Certificates of Deposit:
- Best CD Rates (Nationwide and by State)
- Best IRA CD Rates (Nationwide and by State)
- Survey of the Best CD Rates (Nationwide and Local)
Bank Account Alternatives - May Not Be FDIC Insured
|Aspiration||5.00% (up to $10k), 0.10% ($10k+) Plus Save Account||Aspiration Plus Save when $1k+/mo debit card purchases in Spend Account|
|Aspiration||3.00% (up to $10k), 0.00% ($10k+) Save Account||Aspiration Save when $1k+/mo debit card purchases in Spend Account|
|GM Financial Right Notes||1.25% ($500+)|
|Ford Interest Advantage||0.65% ($50k+), 0.50% ($15k+), 0.45% (less than $15k)||Ford Interest Advantage review|
|Duke Energy PremierNotes||065% ($50k+), 0.50% ($10k+), 0.45% (less than $10k)||Duke Energy PremierNotes review|
|SoFi||0.25% SoFi Money||Cash Management Account|
|Wealthfront||0.10% Cash Account||Cash Management Account|
|Vanguard Federal Money Market Fund||0.01% 7-day yield|
|Vanguard Municipal Money Market Fund||0.01% 7-day yield|
|Fidelity Municipal Money Market Fund||0.01% 7-day yield|
|Fidelity Money Market Fund||0.01% 7-day yield|
Account Removed, No Longer Available
|HSBC Direct||0.15%||HSBC Direct Savings|