[Update 7/1/20: Just updated the rates, should all be up to date now.]
Here’s a list of the best high interest savings accounts. Get up to 5% APY with a rewards account or up to 2.5% on a basic account. We don’t receive any sort of commission for any of these, and ALL banks are included in this list.
Best Basic Savings Rates
Leaving money in a regular bank account will usually get you a terrible interest rate, currently close to 0%. With a little research, you can find accounts that offer competitive rates. These are all ordinary savings accounts and are FDIC insured up to $250,000. They do not have any requirements to earn these rates.
Here are the best options available, rated highest to lowest:
- Patriot Bank – 1.40% high yield money market; guaranteed through July 31, 2020 (our review)
- Affirm – 1.30% APY savings
- Quontic Bank – 1.30% APY money market (minimum $150,000)
- BMO Harris – 1.25% savings (most states; minimum $5,000)
- CFG Community – 1.25% APY high-yield money market (minimum $25,000)
- VirtualBank – 1.25% APY eMoney Market Account (our review)
- Varo – 1.21% APY savings
- Vio Bank – 1.21% APY savings account ($100 minimum) (our review)
- Citibank – 1.20% APY savings (not available in all states) (our review)
- First Foundation – 1.20% savings
- Popular Direct – 1.20% APY savings (minimum $5,000) (our review)
- SFGI – 1.16% APY savings
- CitizensAccess – 1.15% APY savings (minimum $5,000)
- CIBC – 1.15% savings (minimum $1,000)
- Live Oak Bank – 1.15% APY savings
- Gateway First – 1.15% savings (most states)
- Rising Bank – 1.10% savings account (pays monthly)
- Connectone – 1.10% savings ($2,500 minimum to $250,000 maximum)
- Western State Bank – 1.10% APY money market (our review)
- Comenity – 1.10% APY savings
- Bank5 Connect – 1.10% APY savings
- Bank7 – 1.10% APY savings & money market account (our review)
- Spectrum CU – 1.00% money market (minimum $2,500)
- Ally – 1.10% APY
- All America Bank – 1.10% APY on balances up to $50,000 with money market checking (our review)
- Redneck Bank – 1.10% APY money market on balances up to $50,000 (our review)
- TotalDirectBank – 1.05% money market (balances between $2,500 and $500,000)
- Marcus by Goldman Sachs – 1.05% APY savings
- Synchrony – 1.05% APY savings
- Discover – 1.01% APY savings (1.06% option here) (our review)
- Prime Alliance – 1.01% savings (minimum $10,000)
- PurePoint – 1.01% APY savings account (minimum $10,000)
- HSBC Direct – 1.01% APY savings (our review)
- CIT Bank – 1.00% APY money market account
- PenFed – 1.00% APY premium savings
- Northern Bank – 1.00% money market
- Simple – 1.00% APY in their ‘Protected Goals’ savings account
- PNC – 1.00% savings account (excludes states with branches) (our review)
- Dollar Savings Direct – 1.00% APY savings
- My ebanc – 1.00% APY money market (minimum $100,000)
- American Express – 1.00% APY savings account
- Chime – 1.00% savings
- Axos/UFB – 1.00% APY savings account (minimum $10,000) (bonus from Swagbucks)
- Capital One 360 – 1.00% APY savings
- Barclays – 1.00% APY savings
- Axos/Nationwide – 1.00% APY savings
- Star One CU – 1.00% APY money market
- Valley Direct – 1.00% APY savings ($5,000 minimum) [Available in: AL, CT, DC, DE, FL, MD, NJ, NY, PA, VA, WV]
- Salem Five Direct – 1.00% APY savings (our review)
- Sallie Mae – .99% APY money market
- Sallie Mae – .95-1.00% APY ‘smartypig’ account (balances over $10,000)
- BrioDirect – .95% savings (our review)
- WebBank – .95% APY savings ($1,000 minimum) (our review)
- TAB Bank – .90% savings
- FNBO Direct – .90% APY savings
- NBKC – .90% money market
- Northfield Bank – .85% APY platinum savings (our review)
- Envision – .80% APY savings
- Alliant Credit Union– .75% APY savings
- MySavingsDirect – .75% APY savings (no minimum) (our review)
- BankPurely – .75% APY money market (minimum $25,000)
- iGoBanking – .75% money market (minimum $25,000)
- MutualOne Bank – .70% APY savings
- NBKC – .65% Checking
- Elements Financial – .65% Helium Savings; rate guaranteed for one year (balances between $2,500 and $250,000; our review)
- EBSB Direct – .62% money market ($10,000 – $200,000)
- Northpointe – .55% APY money market and savings (minimum $25,000; our review)
- Credit Karma Savings – .52% APY (our review)
- Level Bank – .50% APY checking account (our review)
- Memory Bank– .50% money market (our review)
- Investors Bank – .40% money market (our review)
- Betterment – .40% saving account (our review)
- Wealthfront – .35% APY cash account (our review)
- Robinhood – .30% APY account (our review)
- Empower Banking – .25% APY savings (our review)
- Radius Bank – .25% APY savings (minimum $25,000)
- BBVA – .19% APY money market ($10,000 minimum; our review)
- Personal Capital – .05% APY cash account (our review)
- Memory Bank – .05% APY checking
- E*Trade Bank – .05% premium savings
- SoFi – .01% checking/savings account (.25% with $500 DD) (our review)
Other Basic Options
- Marcus by Goldman Sachs – 1.00% 7-month no penalty CD ($500 minimum)
- Ally – .95% no penalty 11-month CD (our review)
- Purepoint – .75% 11-month no penalty CD ($10,000 minimum)
- CIT Bank – .75% 11-month no-penalty CD ($1,000 minimum)
- My ebanc – .75%-1.20% 11-month no-penalty CD ($10,000 minimum); .90% rate for $100k+
- CommunityWide – 1.00% APY savings (note: funds are locked in for 3 months at a time)
- [NJ] AmboyDirect – 1.51% savings on up to $50,000 (guaranteed for 12 months)
- T-Mobile Money checking – T-Mobile customers earn 4% APY on balances up to $3,000
- Government inflation bonds (not FDIC insured) are currently offering 1.06%, you’re limiting to purchasing $10,000 annually.
- U.S. Treasury Bills
All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like Ally, Alliant, Discover, American Express and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate.
Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.
Most of these are savings accounts, though there is the SoFi account with check-writing capabilities with a nice interest rate, and the Memory Bank checking account with an okay interest rate. We wrote about these and additional options for getting a high yield on your checking account in this post.
Best CD Rates
Nationwide CD Offers:
- TotalDirectBank 1.15% 12-month CD
- Bank5 Connect 1.15% 12-month CD
- Marcus by Goldman Sachs 1.10% 12/18/24-month CD
- Limelight Bank 1.10% 12/18-month CD
- Ally 1.05% 18-month CD
- TIAA Bank 1.05% 12-month CD
- Gateway First 1.05% 12/24/36-month CD (minimum $25,000)
- First Internet Bank 1.05% APY 12-month CD
- Rising Bank 1.05% 12-month CD
- Amerant Bank 1.01% 12-month CD (available outside FL & TX; $10,000 minimum)
- Ally 1.00% 12-month CD
- Live Oak Bank 1.00% APY One-Year CD
- Comenity 1.00% APY 12-month CD
- Colorado Federal 1.00% 12-month CD
- Sallie Mae .95% 12/15-month CD
- Banesco .90% 12-month CD
- Discover .90% 12-month CD
- Synchrony .90% 12-month CD ($2,000 minimum)
- Citizens Access .85% APY 12-month CD
- Barclay’s .85% 12-month CD
- CIT Bank .75% APY 12-month CD
- Paramount Bank .75% 6-month CD ($1,000 minimum)
- Tab Bank .60% APY 12-month CD
- Capital One .50% APY 12 month CD
Other CD Offers:
- Navy Federal – 3.50% APY 12-month EasyStart CD for balances $50-$3,000 (military families only; requires direct deposit)
- American Heritage CU 4% 4-month CD on up to $2,000 (join with donation)
- Giftsforbanking 24 Month CD Offering .50% APY + Free Substantial Gift
Best Business Savings Rates
- First Internet Bank – 1.61% APY money market ($4,000 to waive fee)
- First Internet Bank – 2.07% APY 24-month CD
- Capital One 360 – 1.85% business savings (12 months only; max $1M). They also charge a cash deposit fee of $2 per $1,000 if you deposit $5,000 or more per month in cash. (Select Areas)
- Community Bank of Pleasant Hill – 1.31% business money management account (restrictive withdrawal rules)
- NBKC Bank – 1.35% business money market
- Customers Bank – .50% APY business checking [there might be geographic limitations]
- Usalliance – rate varies from .50% to 1.70% depending on deposit amount (note: $5 withdrawal fee)
- Axos Bank – 1.06% business premium savings
- Live Oak Bank – 1.00% business savings
- Axos Bank – .80% APY business checking
Mega High-Interest (Nationwide)
Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone who is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.
Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.
- Elements Financial 2% APY Rewards Checking on up to $20,000 with easy requirements – Nationwide
- Western Vista Credit Union Rewards Checking 4% APY On Balances Up To $15,000
- TAB Bank 2% APY On Balances Up To $25,000 – Direct Deposit Not Required
- ECCU Kasasa Cash Checking Account – 3% On Balances Up To $35,000 [Christian Banking]
- Orion Federal Credit Union Premium Checking 1% APY On Balances Up To $10,000 (DD Not Required)
- Heritage Bank 1.53% APY Rewards Checking Account on up to $25,000 – Available Nationwide
- Fitness Bank 1.20% APY, no limit. Requires an average of 12,500+ steps per day
- Consumer’s Credit Union 4.09% APY On Up To $10,000 Rewards Checking
- T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 (Requires T-Mobile Account)
- One American Bank – 3.5% APY Rewards Checking Account On Up To $10,000 [No Direct Deposit Required]
- Evansville Teachers Federal Credit Union: Vertical Dividend 3.30% APY Account On Balances Up To $20,000
- Great Lakes Credit Union (GLCU) – 3% Rewards Checking Account Review, up to $10,000
- Signature FCU Rewards Checking 3% APY on up to $20,000 [Nationwide]
- MarketUSA Federal Credit Union 3% APY Rewards Checking – Available Nationwide
- Lake Michigan Credit Union: 3% Reward Checking Account On Up To $15,000
- Industrial Bank 2.5% APY Checking Account on up to $15,000
- Mango Prepaid 6% Interest Rate on up to $2,500
- Blue Federal Credit Union 2% – 4% APY on up to $15,000
- The Bank Of Denver – 3% APY On Balances Up To $25,000
- Partner Colorado Credit Union 1.75% APY On Balances Up To $10,000
Insight 5% APY Prepaid Card on up to $5,000Northpointe 5% Interest Checking Account, Up to $10k
More Restrictive Options:
- Blue Federal Credit Union 4.99% APY Account (Up To $1,000)
- Premier Members Credit Union Reverse Tiered Money Market Account – Up To 2% APY on $2,000
- DCU 6.17% APY on balances up to $1000
- Netspend Prepaid 5% Interest Rate on up to $1,000
- KaiPerm Credit Union 6% APY Account On Balances Up To $1,000 (Membership Restricted)
Mega High-Interest (Regional)
Below are the regional accounts we’ve reviewed on the site. There are many more as well.
- New Hampshire, Maine: Northeast Credit Union 2.5% Checking on up to $15,000
- Iowa, Nebraska, Minnesota, South Dakota: Iowa State Bank 3.25% APY on up to $25k
- Missouri, Arkansas, Oklahoma, Kansas, Iowa, Nebraska, Illinois, Kentucky, Tennessee: Old Missouri Bank 2.01% APY Rewards Checking Account On Balances Up To $25,000
- Maryland, Delaware: Destinations Credit Union: 3% Reward Checking Account, Up to $10,000
- Wisconsin, Illinois: Landmark Credit Union 7.50% APY High Rate – Balances Of Up To $500
- Indiana, Michigan, Ohio, Illinois, Wisconsin: New Buffalo Savings Bank: 2.27% APY On Balances Up To $35,000 & $50 Amazon Giftcard
- Virginia, North Carolina: Beacon Credit Union 5.05% APY On Balances Up To $2,500
- Wyoming, Nebraska: Meridian Trust Federal Credit Union 4% APY On Balances Up To $15,000
- Illinois, Iowa: South East National Bank 3% APY On Balances Up o $10,000
- Arkansas, Mississippi: First Financial Bank 4.07% APY on Balances Up To $15,000 – Direct Deposit Not Required
- Parts of Arizona, California: Meriwest Credit Union 2.50% savings account on up to $5k [must be opened within 30 days of joining]
- New York, New Jersey: Kearny Bank 2.15% APY On Balances Up To $25,000 – Direct Deposit Not Required
- Missouri, Illinois: Scott Credit Union – Up To 3.05% APY On Balances Up To $25,000
- Minnesota, Pennsylvania, Michigan: Genisys Credit Union 4.06% APY High Yield Checking Account – Up To $7,500
- Texas, Nevada, Virginia, Michigan: InTouch Credit Union High Yield Checking Account – 2.02% APY On Balances Up To $30,000
- Texas, Mississippi, Louisiana: Origin Bank Performance Checking: 4% APY On Balances Up To $40,000 – Direct Deposit Not Required
- Tennessee, Kentucky: First Advantage Bank 2.5% APY Rewards Checking On Balances Up To $10,000
- Illinois, Indiana, Michigan: Centier Bank 4.00% Savings on up to $50,000 With 50 Debit Card Purchases
- In Alabama: Guardian Credit Union 4% APY On Balances Up To $30,000 Ultimate Checking Account
- In parts of Arkansas: Peoples Bank 5.12% APY Kasasa Checking On Balances Up To $15,000
- In California: Patelco Reverse Tiered Money Market Account – Up To 2% APY
- In parts of Georgia: MidSouth FCU 5% APY Checking Account on up to $10,000
- Parts of Illinois: Crossroads Bank 2.50% APY checking on up to $15,000
- Illinois: Hometown Community Banks 4.01% APY Checking Account (10 Debit Card Transactions Required)
- Indiana: Interra Credit Union 5% APY On Balances Up To $10,000
- Iowa Premier Bank 5% APY Checking on Balances up to $5,000
- Kansas: State Security Bank 3% APY On Balances Up To $10,000 – Direct Deposit Not Required
- Louisiana: Gibsland Bank 4.11% APY on up to $15,000
- Louisiana: Bank of Ruston: Priority Checking Account 4% APY On Balances Up To $15,000
- Louisiana: La Capitol Federal Credit Union 4.25% On Balances Up To $5,000 – Direct Deposit Not Required
- Louisiana: Bank of Montgomery (BOM) 4.07% Premium Account On Balances Up To $15,000
- Louisiana: Progressive Bank 4.05% checking account on balances up to $25,000
- Maryland: Freedom Financial Credit Union 3% APY on balances up to $10,000
- Massachusetts: 2.25% on balances up to $25,000
- Massachusetts: Alden Credit Union 5.125% APY Rewards Checking Account, up to $5,000 (not accepting new accounts)
- Michigan: Arbor Financial CU 4% Checking On Balances Up To $15,000
- Michigan: Financial Plus Credit Union 4.15% APY On Balances Up To $10,000
- Michigan: Adventure Credit Union – 4% APY On Balances Up To $10,000
- Michigan: Kellogg Community Credit Union 4% APY Checking Account On Balances Up To $15,000
- Michigan: Honor Credit Union 2.5% APY Benefits Checking Account On Balances Up To $10,000
- Michigan: AAA High-Yield Checking – 2.85% On Balances Up To $10,000
- Michigan: Dort Federal Credit Union 5% APY On Balances Up To $10,000
- Michigan: United Federal Credit Union: Ultra Checking Account – Earn 3% APY On Balances Up To $15,000
- Michigan: Chief Financial Credit Union 2.25% APY – No Direct Deposit Required
- Minnesota: St Paul Federal Credit Union 4.99% On Balances Up To $20,000
- Missouri: Legacy Bank & Trust i-Profit 4% APY on Up To $10,000
- Missouri: Ozark Bank 3% APY Checking on Balances up to $10,000
- Nebraska: Liberty First Credit Union 3% APY On Balances Up To $30,000
- Nevada: Greater Nevada Credit Union – Aspire Checking 1.75% APY On Balances Up To $25,000
- In parts of New York: Solvay Bank 4% APY Checking on Balances up to $15,000
- Ohio: Bridge Credit Union 10% APY Account On Balances Up To $1,500 (Lots Of Monthly Requirements)
- Oregon: Oregon Community Credit Union (OCCU) – 5.25% APY On Balances Up To $500 Ignite Savings Account
- South Dakota: Reliabank Ultimate Checking – 3.51% APY On Balances Up To $25,000 – Direct Deposit Not Required
- Texas: Affiliated Bank .75% APY On Balances Up To $50,000
- El Paso, Texas only: Evolve FCU Rewards ePriority Checking Account – 5.12% APY On Balances Up To $10,000
- Virginia only (?): MainStreet Bank – 3% APY Rewards Checking – Direct Deposit Not Required
- Washington: O Bee Credit Union 7.52% APY On Balances Up To $500
- Washington: STCU 5.09% APY on balances up to $500 with no requirements
- Washington: Inspirus 5.00% APY on $500 in Savings and Checking – $1000 total
- Washington: BECU 1.00% APY on balances up to $500 and 2.00% on savings balances up to $500
- Wyoming: WyHy FCU 3% APY SmartReturns Checking Account On Balances Up To $15,000 – Direct Deposit Not Required
The post Best High Yield Savings Accounts – up to 5% APY appeared first on Doctor Of Credit.
Written by Doctor Of Credit @ https://www.doctorofcredit.com
Written by Doctor Of Credit @ https://www.doctorofcredit.com