Today’s Best High-Interest CDs and Best Savings Accounts: May 19, 2023

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The average savings account in the US pays 0.40% Annual Percentage Yield (APY), according to the FDIC. The best CD rate right now is 5.50% APY on a CD from Northern Bank Direct, and the best savings account rate is 5.05% APY from Western Alliance Bank, powered by SaveBetter.

Whether you’re looking for the best CD rates or best high-yield savings account, we’ve done the research to help you find the right account for you.

Popular savings account options

If you’re cautious about banks since First Republic Bank failed remember that up to $250,000 per depositor is safe in a federally insured bank even if it is shut down.

Sometimes, you’ll find the highest savings rates at banks you haven’t heard of before. Popular savings options from national brands can offer good rates, too. If want to explore national brands, here are some popular online banks that offer competitive rates:

Best savings rates today

These accounts currently have the highest rates right now:

Best CD rates today

Best checking account rates today

Best money market account rates today

Today, one of the best online high-yield savings accounts for earning a competitive interest rate is the Western Alliance Bank High Yield Savings Account, powered by SaveBetter. You can earn up to 5.05% APY with a $1 minimum opening deposit

National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on the Advantage Savings account. To earn a higher interest rate at a national brick-and-mortar bank, you’ll probably have to consider a premium savings account or money market account.

We’ve been checking over two dozen financial institutions to keep up with their new rate offerings. Our best savings accounts and best high-yield savings accounts guides can also be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.

Below, you’ll find some of the best high-interest savings accounts, CDs, high-yield checking accounts, and money market accounts available. All of the banks on our list have FDIC insurance, and the credit unions are federally insured by the NCUA.

Best interest rates for savings accounts

Western Alliance Bank High Yield Savings Account, powered by SaveBetter

Why it stands out: This high-yield savings account pays a great interest rate. You only need $1 to get started, and there are no monthly fees.

The account is available through and managed by SaveBetter, a digital savings marketplace that connects you with multiple high-yield savings options. There are other high-yield savings accounts available on SaveBetter that pay 5.00% APY or more. Currently, the Western Alliance Bank High Yield Savings Account pays the highest rate.

Savings rate: 5.05% APY

What to look out for: You’ll have to be comfortable with a fully online banking experience. You also can’t get a checking account with SaveBetter, so it may not be the best option if you want to do all your banking with one company.

M1 High-Yield Savings Account

Why it stands out: If you invest with M1 Finance, you might like the newly launched M1 High-Yield Savings Account. The high-yield savings is being rolled out to existing M1 users. Through this account, M1 Plus members can earn 5.00% APY. 

Your deposits are insured by M1 Finance’s partner bank, B2 Bank. Through B2’s Insured Deposit Network Program, your money may be spread across other financial institutions in the program, which means that up to a total of $5 million can be federally insured in the M1 High-Yield Savings Account.

Savings rate: Up to 5.00% APY

What to look out for: M1 Plus clients have to pay an annual fee of $125 for membership. If you’re not an M1 Plus Client, you’ll only earn 1.50% APY. 

Primis Savings

Why it stands out: The Primis Savings Account has a $1 minimum opening deposit and doesn’t charge any fees for domestic or international incoming wire transfers.

Savings rate: 4.92% APY

What to look out for: Primis Savings is only available online. If you would like to open a savings account at a Primis Bank branch in Maryland or Virginia, there are comparable accounts offered. 

First Foundation Bank Online Savings Account

Why it stands out: First Foundation Bank has an online savings account available to anyone in the US. The account doesn’t have monthly service fees, and you may request an ATM card.

Savings rate: 4.85% APY

What to look out for: First Foundation Bank has a $1,000 minimum opening deposit, which is pretty steep compared to other financial institutions.

When you open the account, you have to use “new money.” New money means that you can’t use funds that have been deposited into another First Foundation Bank account. 

Popular Direct Savings

Why it stands out: Popular Direct Savings offers a competitive interest rate with a $100 minimum opening deposit.

Savings rate: 4.85% APY

What to look out for: When you set up your Popular Direct Savings, you have to link it to an external account to transfer funds for your opening deposit. For the first 70 days you have the account, you can only transfer money from Popular Direct into the account you used to fund the savings account — no other accounts.

CIT Bank Platinum Savings

Why it stands out: If you plan on keeping more than $5,000 in your account, you might like CIT Bank Platinum Savings. The account pays 4.85% APY if you have a balance of $5,000 or more.

Savings rate: Up to 4.85% APY

What to look out for: You’ll only earn 0.25% APY on balances under $5,000.

Best interest rates for CDs

Northern Bank Direct CD

Why it stands out: Northern Bank Direct is a great choice if you’re searching for short-term CDs. It has a 15-month term paying 5.50% APY. Northern Bank Direct CDs only require a minimum of $500.

Rate: The rates for Northern Bank CDs are as follows:

• 6 months: 0.40% APY
• 9 months: 0.40% APY
• 12 months: 0.50% APY
• 15 months: 5.50% APY
• 17 months: 3.75% APY
• 18 months: 0.55% APY
• 2 years: 0.60% APY
• 30 months: 0.60% APY
• 3 years: 0.65% APY
• 4 years: 0.65% APY
• 5 years: 0.65% APY

What to look out for: Northern Bank Direct is the online division of Northern Bank. It offers CDs and a money market account, but not traditional checking or savings account. You can open regular checking and savings accounts at a branch. However, branches are only located in Massachusetts.

Consumers Credit Union Share Certificates

Why it stands out: Consumers Credit Union offers a variety of share certificates, ranging from 91 days to 5 years. It also lets you open certificates with as little as $250. The 10-month term offers the most competitive interest rate — you can earn up to 5.25% APY with a minimum deposit of $250,000.

Rate: Consumers Credit Union offers an additional 0.10% APY on select certificates with a minimum opening deposit of $100,000 or more, and 0.20% APY on minimum opening deposits of $250,000 or more. The rates for Consumers Credit Union Share Certificates are as follows:

• 91 days: 0.50% APY
• 6 months: 0.65% APY
• 10 months: 5.00% to 5.25% APY
• 12 months: 1.00% to 1.20% APY
• 17 months: 4.30% to 4.50% APY
• 18 months: 0.90% to 1.10% APY
• 2 years:1.20% to 1.40% APY
• 30 months:1.00% to 1.20% APY
• 3 years: 1.30% to 1.50% APY
• 4 years: 1.35% to 1.55% APY
• 5 years: 1.50% to 1.70% APY

What to look out for: To become a member, you’ll have to pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Premier Members Credit Union Share Certificate

Why it stands out: Premier Members Credit Union may be a solid option if you prefer credit unions over banks and meet the eligibility requirements to become a member. The credit union is offering a limited-time 10-month share certificate that pays 5.25% APY. Once the 10-month certificate matures, it will automatically renew to a 6-month regular share certificate.

Rate: The rates for Premier Members Credit Union share certificates are as follows:

• 6 months: 2.50% APY
• 10 months (limited-time offer): 5.25% APY
• 12 months: 3.00% APY
• 18 months: 3.00% APY
• 2 years: 3.00% APY
• 3 years: 3.00% APY
• 4 years: 3.00% APY
• 5 years: 3.00% APY

What to look out for: The easiest way to become a member of the credit union is probably by joining Impact on Education, a charity of the Boulder Valley School District. You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.

BrioDirect High-Yield CD

Why it stands out: BrioDirect has a competitive interest rate on its promotional 1-year CD. Its CDs also have a low minimum opening deposit of $500.

Rates: The rates for BrioDirect High-Yield CDs are as follows: 

• 30 days: 0.05% APY
• 3 months: 0.25% APY
• 5 months: 0.15% APY
• 9 months: 0.30% APY
• Promo 12 months: 5.25% APY
• 18 months: 1.35% APY
• 2 years: 2.30% APY
• 30 months: 0.45% APY
• 3 years: 2.45% APY
• 4 years: 0.45% APY
• 5 years: 0.45% APY

What to look out for: BrioDirect currently isn’t offering a high-yield savings account, checking account, or money market account. You’ll only be able to get CDs.

CFG Bank CDs

Why it stands out: CFG Bank is a great choice for a 1-year or 18-month CD. You only need $500 to open a CD, and you could earn a high rate. 

Rates: The rates for CFG Bank CDs are as follows: 

• 12 months: 5.25% APY
• 18 months: 5.25% APY
• 3 years: 4.60% APY
• 5 years: 4.50% APY

What to look out for: There are only a few terms to choose from. CFG Bank only has 1-year, 18-month, 3-year, and 5-year CDs.

First Internet Bank of Indiana CDs

Why it stands out: First Internet Bank of Indiana pays high interest rates on CDs. Its 1-year term, in particular, stands out for its competitive rate.

First Internet Bank of Indiana also has a savings account, a money market account, and two types of checking accounts.

Rates: The rates for First Internet Bank of Indiana CDs are as follows: 

• 3 months: 3.04% APY
• 6 months: 5.06% APY
• 12 months: 5.22% APY
• 18 months: 4.86% APY
• 24 months: 4.70% APY
• 36 months: 4.54% APY
• 48 months: 4.54% APY
• 60 months: 4.49% APY

What to look out for: First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.

Best interest rates for checking

Consumers Credit Union Free Rewards Checking Account

Why it stands out: The Consumers Credit Union Free Rewards Checking Account doesn’t charge monthly service fees. If you qualify for a tiered rate, you’ll also be eligible to get early direct deposit and unlimited ATM fee reimbursements.

You’ll get the most out of the account if you do the following: 

• Earn 3.00% APY if you have $10,000 or less when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn 4.00% APY if you meet the requirements to earn 3.00% APY and spend $500 per month with your Consumers Credit Union Credit Card
• Earn 5.00% APY if you meet the requirements to earn 3.00% APY and spend $1,000 per month with your Consumers Credit Card
• Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

If you don’t meet the requirements, you’ll only earn 0.10% APY on your account balance.

Rate: 0.01% to 5.00% APY

What to look out for: Credit unions require membership to open accounts. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Juno Metal Checking Account

Why it stands out: Juno has a solid rewards checking account. The rate you’ll earn will vary depending on your account balance. You can earn up to a 5% yearly bonus on the first $25,000 in your account, and 4% on balances from $25,0001 to $250,000. You’ll also be able to earn 5% cash back when you shop at select retailers, and buy and sell cryptocurrency through Juno. 

Rate: 4.00% to 5.00% APY

What to look out for: Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than Juno Basic Checking Account. 

To qualify for Metal, you’ll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.

Primis Premium Checking

Why it stands out: Similar to the Primis Savings Account, Primis Premium Checking offers a competitive interest rate and low minimum opening deposit. This checking account may also be a good option if you are looking for a checking account that has early direct deposit.

Rate: 4.92% APY

What to look out for: Primis ATMs are primarily located near Primis branches. If you don’t live in Maryland or Virginia, you’ll have to use out-of-network ATMs. Primis doesn’t charge ATM fees and will provide reimbursements if you’re charged by an out-of-network ATM provider.  That said, you may have to wait until the business day your statement cycle ends to receive your ATM reimbursements.

Another thing to keep in mind is that Primis Premium Checking is only available online. If you would like to open a checking account at a Primis Bank branch, there are comparable accounts offered. 

Best interest rates for money market accounts

First Internet Bank of Indiana Money Market Account

Why it stands out: The First Internet Bank of Indiana Money Market Account pays 3.66% APY on account balances of $1 million or under and 5.20% APY on account balances over $1 million. 

First Internet Bank of Indiana is part of the IntraFi Network. The program has nearly 3,000 participating banks and offers FDIC insurance protection for balances over the $250,000 limit. Here’s how it works: Your money is spread across other FDIC-insured financial institutions in the network. Up to $150 million may be FDIC-insured through IntraFi Network Deposits.

Rate: 3.66% to 5.20% APY

What to look out for: You’ll need to maintain at least $4,000 in your account to waive a $5 monthly service fee.

CFG Bank High Yield Money Market Account

Why it stands out: CFG Bank offers a high interest rate on a money market account. You may like the CFG Bank High Yield Money Market Account if you regularly maintain at least $1,000 in your account. That way, you’ll earn 5.07% APY and waive the monthly fee.

Rate: 5.07% APY

What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks. However, the CFG Bank High Yield Money Market Account doesn’t have these options. If you’d like to withdraw money from your account, you’ll have to make a transfer to another account.

Ponce Bank Money Market Account, powered by SaveBetter

Why it stands out: You may like the Ponce Bank Money Market Account if you’re looking for an account with a low minimum opening deposit. You’ll only need $1 to open the account.

The account is available through and managed by SaveBetter. There are other money market accounts available on SaveBetter that pay 5.00% APY or more. Currently, the Ponce Bank Money Market Account pays the highest rate.

Rate: 5.05% APY

What to look out for: Your banking experience will be completely online. Also, keep in mind SaveBetter doesn’t have any checking accounts, so it may not be the best option if you want to do all your banking with one company.

Premier Members Credit Union Money Market Account

Why it stands out: Premier Members Credit Union has a solid money market account that pays a high interest rate on low account balances. You can earn 5.00% APY on balances up to $2,000. 

If you plan to deposit more than $2,000 in your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.

Rate: Up to 5.00% APY

What to look out for: To open a bank account at Premier Members Credit Union you must become a member. The easiest way to become a member is to join Impact on Education, a charity of the Boulder Valley School District.

You can also become a member if you or a family member live or work in an eligible Colorado County (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo, or Weld are all eligible); are a student, faculty member, or staff member in either the Boulder Valley School District or Westminster Public Schools; are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or are an employee or member of one of 750 organizations the credit union serves.

How to balance a high APY vs. brand in an uncertain banking environment

In the last two months, three banks were shut down by the FDIC. Earning a high APY on a savings account or CD seems great, but how important is a high rate when your bank could fail?

If a bank is insured by the Federal Deposit Insurance Corporation (FDIC), up to $250,000 is safe per depositor in a savings, checking, CD, and money market account. This means that if you have a joint account, $500,000 is safe. The same is true for credit unions, which are insured by the National Credit Union Administration (NCUA). If your bank failed, your money with either move into another insured institution, or you would receive a check for the money that was in your accounts.

The national brands on our list, such as Capital One and Discover, are FDIC-insured. The smaller brands, like CFG and Primis Bank, are also insured. Federal insurance matters more than the actual bank brand.