Survey: Latest Liquid Bank Account Rates in March 2024

Disclaimer: All rates displayed below are from March 21, 2024 and may not be accurate later than that date.

Update 4/3/2024: For an up-to-date Liquid Account Summary, please refer to this scaled-down version in the DA Forum: Liquid Account Leaderboard for April 3, 2024. For the latest savings, money market and reward checking rates, please refer to DA's savings account rate table, money market account rate table and reward checking account rate table.

Some changes are coming to the DA blog. First, this will be the last weekly summary. More attention will be placed in DA’s main rate tables to ensure they remain the best resource for finding the highest rates on CDs, IRA CDs, savings accounts, money market accounts and checking accounts. Second, the daily blog posts on noteworthy rate deals will no longer be published.

Instead of deal posts and weekly summaries, I plan to publish weekly on the blog in-depth articles on banking topics that are newsworthy and/or educational. Other financial writers will also be contributing to the blog with educational pieces and data studies.

To keep up-to-date on the best deals and on noteworthy rate changes, please check out the Bank Promotions section of the DA Forum. Many DA members already contribute valuable news on deals and rate changes. Each Forum thread in this section is tied to a specific bank, credit union or fintech. I plan on being more active in this Forum.

As DA readers know, the deals blog posts include many details of the product and the institution, which can include banks, credit unions or fintechs. The long-term plan is to move that valuable information into the institution profile pages (Alliant Credit Union profile page is an example of an institution profile page.) These institution profile pages already contain many details about the institution, such as financial health and branch locations. Each institution profile page also provides product rate tables. We want these pages to be the one place where you can find all the useful details about the institution and its deposit products.

In addition to bank promotions and rate changes, the DA Forum includes other sections, such as financial news, “ask the community”, and miscellaneous. The latest thread Forum page provides a convenient list of the latest Forum postings. To keep this page useful, please avoid political topics. The focus should be on deposit accounts, rates and financial institutions.

I’ve been publishing these weekly summaries for more than 18 years, and it’s difficult for me to see them come to an end. However, I’m happy that I’ll be able to focus more on banking news and education, and I look forward to helping DA remain the best resource on the web for finding the best rates on all types of deposit accounts.

For discussions about the Fed funds rate and where deposit rates are going, please refer to my Fed meeting review. These Fed meeting reviews will continue.

With the Fed remaining in the “higher-for-longer” mode, most online banks should keep their online savings and money market rates steady. That is what we’ve seen in the last two weeks and also since 2024 began. However, a few banks have already begun lowering their rates. Three noteworthy rate cuts in the last two weeks took place at Ally Bank, Discover Bank and Sallie Mae Bank (see their rate cut details below).

Due to rate cuts in the last month at a few of the well-established online banks, the Online Savings Account Index did decline in February. This Index tracks the average APYs of ten well-established online savings accounts. In February, the Index fell 5 bps to 4.44%.In January, the Index remained unchanged at 4.49%, and in December it gained 3 bps. I don’t expect any significant declines until the Fed sends a strong signal that rate cuts are coming.

I’ve listed the most noteworthy rate changes that have occurred in the last two weeks. There are now three lists. There’s one for the well-established online banks. There’s another one for the savings and money market accounts on the Raisin platform, and the third list is for the savings and money market accounts at the smaller and/or newer online banks that are not well-known names.

All percentages are APYs.

Rate changes from the major online banks:

• Sallie Mae Bank MMA (4.75% → 4.65%)
• Ally Bank Savings (4.35% → 4.25%)
• Ally Bank MMA (4.35% → 4.25%)
• Discover Bank Online Savings (4.30% → 4.25%)
• Discover Bank MMA ($100k+ 4.20% → 4.05%)

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

• First Mid Bank & Trust MMDA via Raisin (New: 5.30%)
• Hanover Bank MMDA via Raisin (5.20% → 5.30%)
• AVB Bank HY Savings via Raisin (New: 5.27%)
• Customers Bank HY Savings via Raisin (5.30% → 5.26%)
• Western Alliance Bank HY Savings via Raisin (5.28% → 5.26%)
• American First CU MMDA via Raisin (5.28% → 5.26%)
• DR Bank HY Savings via Raisin (5.30% → 5.26%)
• Nelnet bank HY Savings via Raisin (New: 5.13%)

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

• Popular Direct Select Savings (5.20% → 5.15%)
• All America Bank Mega MMA (up to $100k: 5.05% → 4.90%)
• Redneck Bank Mega MMA (up to $100k: 5.05% → 4.90%)

Current rate leaders

From two weeks ago, the number of savings and money market accounts in the 5.25% club has increased from 31 to 33.

Poppy Bank remains alone as the rate leader after Milli Bank slashed its savings account rate from 5.50% to 4.75% APY in February. Poppy Bank continues to offer 5.50% APY on its Premier Savings account, and this rate is still guaranteed to last for three months after account opening.

Out of the 33 accounts in the 5.25% club, 16 are available from banks and credit unions that offer their accounts directly to consumers from their websites or mobile apps. There have been no changes in these 16 since two weeks ago. The next highest rate from this group after Poppy Bank’s 5.50% APY is 5.35% APY. This is offered by My Banking Direct, Brilliant Bank and BrioDirect.

The savings and money market accounts available on the Raisin platform make up 14 of the 33 accounts in the 5.25% club. This is up from 12, two weeks ago. Two left the group, and four were added to the group. The net effect is an additional two institutions.

Two banks that were listed on Raisin two weeks ago with 5.25%+ savings accounts are no longer being listed. These are First Resource Bank and Prism Bank.

One bank is new to Raisin (AVB Bank). It’s listing a High Yield Savings Account with a 5.27% APY. Another bank (First Mid Bank & Trust) is back on the Raisin listings after being unlisted for some time. It’s now offering a Money Market Deposit Account with a 5.30% APY. DR Bank’s High Yield Savings Account had been removed in February, but it’s back on the Raisin listings with a 5.26% APY.

Lastly, Hanover Bank recently joined the 5.25% group after it increased the rate of its Money Market Deposit Account from 5.20% to 5.30% APY.

The remaining three in the 5.25% club are savings accounts offered exclusively through the MaxMyInterest.com platform. These haven’t changed in quite some time. They include Customers Bank (5.36% APY), BankProv (5.36% APY) and Veritex Community Bank (5.34% APY). Since Customers Bank offers savings accounts from both the MaxMyInterest platform and from the Raisin platform, I only include the MaxMyInterest one for inclusion in the 5.25% club since it has the highest rate.

In summary, this week’s 5.25% club includes 16 savings and money market accounts directly available to consumers, 14 savings and money market accounts only available from Raisin, and 3 savings accounts only available from MaxMyInterest.com. That’s a total of 33 savings and money market accounts.

To be in the 5.25% club, online savings and money market accounts must have APYs of at least 5.25% for reasonable balances. My definition of reasonable balances is a minimum balance to qualify for 5.25%+ APY of no more than $100k and a maximum balance of at least $250k.

One institution that doesn’t qualify is First Internet Bank since its Money Market Savings account requires a minimum balance of $1 million to earn 5.48% APY.

Rate guarantees without withdrawal penalties

Climate First Bank‘s 6-month No-Penalty CD Special continues to be the rate leader for no-penalty CDs. It’s available directly from the bank’s website with a 5.34% APY and a minimum deposit of $500.

The next five in the rankings are no-penalty CDs on the Raisin platform. Technology Credit Union offers the highest rate (5.25% APY, 5-month term). The next three offer a 5.15% APY and have terms of 3-, 4- and 5-months. The fifth is Blue Federal Credit Union’s 9-month No-Penalty Certificate (5.10% APY).

No other no-penalty CDs have APYs above 5% now. All In Credit Union’s 9-month no-penalty CDs had been in this group, but the new APYs are 4.96% ($100k minimum) and 4.91% ($1k minimum).

For terms of 11 months or longer, the highest rate is still 5.00% APY. This continues to be available from USALLIANCE Financial Credit Union (11-month term), SkyOne Federal Credit Union on Raisin (12-month term), and M.Y. Safra Bank (13-month term).

The two best no-penalty CD deals from well-established online banks continue to be the 11-month no-penalty CD from CIT Bank (4.90% APY) and the 13-month no-penalty CD from Marcus by Goldman Sachs (4.70% APY).

In addition to no-penalty CDs, there are also three savings and money market accounts with promotional rate guarantees.

The best deal remains the High-Yield Savings Account at Ivy Bank, which is still guaranteeing 5.30% APY on balances of at least $2.5k to a maximum of $1 million through 6/30/2024. Of course, the value of this guarantee is shrinking as time moves forward. June 30th is now close to three months away.

The one that has the highest rate is Poppy Bank’s Premier Online Savings account which has a 5.50% APY that’s guaranteed to last for three months after account opening. A minimum balance of $1k is required. Regarding the balance limit, Poppy’s FAQ provides this answer: “There is no limit on the balance you may maintain in your account. However, the initial deposit made through Plaid is limited to $2 million. Additional deposits can be made through online banking after the account is opened or by visiting a Poppy Bank Branch.”

The longest guarantee period is at EverBank, which has a one-year intro rate guarantee on its Yield Pledge Money Market account. This intro rate had been 4.75% APY, but it’s now only 4.30% APY. This intro rate applies to balances up to $250k, and it’s guaranteed for one year after opening.

There’s one new account with a rate guarantee. Climate First Bank has added a rate guarantee to its Choice Personal Money Market. The Bank is now guaranteeing 5.34% APY on this account until June 1, 2024. This account requires a minimum $50k deposit to open, and there’s a $15 monthly service charge if your daily minimum balance falls below $5k.

With significant odds that the Fed will start cutting rates around the middle of this year, no-penalty CDs are becoming more attractive. If interest rates fall, your no-penalty CD rate will remain unchanged until maturity or until you close it. Thus, the longer the term of the no-penalty CD, the better deal it is. No-penalty CDs with shorter terms don’t have any value over longer terms since you are free to close the CD without penalty soon after the CD is funded.

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 funds have done better than many online savings accounts of keeping their rates close to the federal funds rate. 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 5.27%, no change from two weeks ago. Vanguard reports the compound yield to be 5.40%. 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 5.03%, also no change from two weeks ago. Its compound yield is 5.16%. 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 rates unchanged. That has recently changed. Yields have been holding fairly steady for the last four weeks. The Vanguard Municipal Money Market Fund (VMSXX) 7-day yield is now 3.25%, up slightly from 3.24% two weeks ago. The 7-day yield of the Fidelity Municipal Money Market Fund (FTEXX) is now 3.19%, up from 3.08% 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 three noteworthy rate changes in the last two weeks.

Two of the changes were on the rewards checking accounts at All America Bank and its online division, Redneck Bank. Rates on both accounts fell from 5.30% to 5.15% APY for balances up to $15k.

The third noteworthy rate change was at First Tech Federal Credit Union. Its reward checking account rate increased from 4.00% to 5.00% APY for balances up to $15k. This is one of the rare RCAs that allows the use of either a debit card or credit card to qualify for the top rate. Unfortunately, the card usage requirements are more difficult than those of the average RCA. A monthly total of 20 card purchases are required, and the total minimum monthly spend is $500. It also requires a monthly direct deposit or ACH transaction of at least $1k. First Tech FCU also has a limited-time promotional offer on this RCA. Members who open a new RCA or those who already have one, can earn a $300 bonus. To qualify for the bonus, a new payroll direct deposit of at least $1k must be set up and maintained for a minimum of three months.

There are three reward checking accounts with top yields of at least 6% for balances of at least $25k. These include Andrews FCU’s Kasasa Cash (6.00% APY, up to $25k), Credit Union of New Jersey (6.00% APY, up to $25k), and FitnessBank (6.00% APY, up to $25k). There’s also one with a $20k cap (Pelican State Credit Union’s Kasasa Cash, 6.05% APY on up to $20k). These accounts might be worth the effort for those who want to maximize their interest earnings. In addition to offering a yield higher than the top online savings accounts, these RCAs have a big rate advantage over most of the checking accounts at online banks, which have low rates.

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.

We continue to see a slow fall of CD rates. A few of the credit unions that had market-leading CD rates did cut their rates in March, but some did hold their rates steady.

The best long-term CD deal in January and February had been at Advancial Credit Union. For a $50k minimum deposit, its 5-year and 4-year CD rates were 5.40% APY and 5.20% APY, respectively. Advancial’s rates went down in March, but amazingly, they remain rate leaders in the 5- and 4-year categories. Its 5-year CD now has APYs of 5.01% ($50k minimum), 4.91% ($25k minimum), and 4.80% ($1k minimum), and its 4-year CD now has APYs of 4.81% ($50k minimum), 4.71% ($25k minimum), and 4.60% ($1k minimum). Note, Advancial has a history of being erratic in providing an easy path to membership for people in any state. Due to this, Advancial products haven’t been included in DA’s rate tables when the “Nationwide Only” filter option is selected. For more details about these Certificates and how to join Advancial, please refer to this review of Advancial Certificates. Thanks to the DA readers who have shared their experiences joining Advancial and opening these CDs in the comments of the review and in this DA Forum thread.

For the 3-year category, DollarSavingsDirect (DSD) appears to be the only institution offering a yield of at least 5%. A couple of credit unions that had been offering 5% have lowered their rates in March. DSD has been offering 5.00% APY on its 3-year CD since last August. Before you open a DSD CD, you first must have a DSD online savings account, which also has a 5.00% APY. DSD is an online division of Emigrant Bank, which has three different online divisions. The other two are MySavingsDirect and EmigrantDirect. All three online divisions have the same products, but they typically have different rates. MySavingsDirect was also offering 5.00% APY on its 3-year CD, but this rate fell to 3.00% APY in February. For more details about this 3-year CD, please refer to my review of MySavingsDirect CDs. All three online divisions share the same online account platform and CD features. Please refer to my report on the recent changes at Emigrant Bank.

There’s a new leader in the 2-year category. Credit Human’s 18-23 month CD has taken the lead after Pelican State Credit Union’s 24-month Share Certificate rate fell from 5.27% to 5.00% APY. Credit Human’s 18-23 month CD has a 5.20% APY with a $500 minimum deposit. This qualifies for the 2-year category since a 23-month term can be chosen.

Hughes Federal Credit Union held its 17-month CD rates steady in March, and thus, these remain the rate leaders for the 18-month category. It continues to offer its 17-month Special with a 5.65% APY ($99k minimum) and a 5.60% APY ($50k minimum). Please refer to this Hughes FCU CD review for details.

Global Innovations Bank, is currently the rate leader for the 1-year category. It’s offering 5.51% APY on a 12-month CD Special. Minimum deposit is $10k. The 12-month CD Special can only be opened online using CD Valet. The "Open Now" button at CD Valet takes the user to the start of the online application at Global Innovations' website. More details are available in this Global Innovations Bank CD review. It should be noted that this is a small bank with less than $100 million in assets. This rate and/or availability may not last long.

Alliant Credit Union has the second highest 1-year CD rate (5.45% APY). This is only available for Alliant’s Jumbo Certificate, which requires a $75k minimum deposit. The non-Jumbo version has a 5.40% APY with a $1k minimum deposit. These rates are available not only for a 12-month term, but also for terms up to 17 months. More details are available in this Alliant Credit Union CD review.

For the under 1-year category, Newtek Bank’s 6-month CD Special (5.55% APY) is now the rate leader. The previous rate leader was Andrews Federal Credit Union which had offered a 6-month Certificate Special with a 5.75% APY, but this Special has ended. Newtek Bank’s CDs have a $2.5k minimum deposit. More details are available in this Newtek Bank CD review.

Comments

Please keep discussions of politics 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.

Rates as of March 21, 2024

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)

*New to Summary

No-Penalty CDs

Reverse Tier Savings/Money Market Accounts/Checking:

Reward Checking Accounts:

• Best Reward Checking Account Rates

• Noteworthy Accounts Available Nationwide:

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

• Investment Discussion Forum

• Series I Savings Bond Purchased after November 1, 2023

Accounts Removed, No Longer Available