Today's Best High-interest CDs and Best Savings Accounts: March 14, 2023

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The average interest rate paid by a savings account right now is 0.35% Annual Percentage Yield (APY), according to the FDIC.

Popular savings account options

The highest rate isn't necessarily going to be the right account for you. You may be looking for a bank with a national presence. You might be wary of banks since Silicon Valley Bank recently failed — but up to $250,000 per deposit er is safe in a federally insured bank should it fail. If you're interested in a good rate at a national brand, here are some banks that offer competitive rates.

• Capital One 360 Performance Savings: 3.40% APY
• Ally High Yield Savings Account: 3.60% APY
• Discover Online Savings Account: 3.50% APY
• TD Signature Savings: 0.01% to 3.51% APY

Best savings rates today

• UFB Preferred Savings: 5.02% APY
• Popular Direct High-Rise Savings: 4.35% APY
• Primis Savings Account: 4.35% APY
• MySavingsDirect Savings Account: 4.35% APY
• Bask Bank Interest Savings Account: 4.35% APY

Best CD rates today

• Alliant 6 Month Certificate: 5.00% APY
• Capital One 11 Month 360 CD: 5.00% APY
• Barclays 1 Year Online CD: 5.00% APY
• Bethpage Federal Credit Union 1 Year Certificate Account: 5.00% APY
• Synchrony 14 Month CD: 5.00% APY
• Rising Bank 15 Month CD: 5.00% APY
• Air Force Federal Credit Union 18 Month Certificate Account:  5.05% to 5.25% APY
• Ally 18 Month High Yield CD: 5.00% APY
• Bread Savings 2 Year High-Yield CD: 4.75% APY
• CFG Bank 3 Year CD: 4.60% APY

Best checking account rates today

• Consumers Credit Union Free Rewards Checking Account: 0.01% to 5.00% APY
• Juno Metal Checking Account: 3.00% to 5.00% APY
• Primis Premium Checking: 4.35% APY

Best money market account rates today

• UFB Preferred Money Market Account: 5.02% APY
• CFG Bank High Yield Money Market Account: 4.70% APY

Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is UFB Direct, which pays 5.02% APY on UFB Preferred Savings.

National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, TD Bank pays 0.02% APY on TD Bank Simple Savings. If you'd like to earn a more competitive 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 these bank accounts have FDIC insurance, and the credit unions are NCUA-insured.

Best interest rates for savings accounts

UFB Preferred Savings

Why it stands out: UFB Preferred Savings comes with a complimentary ATM card, so you'll have easy access to your bank account.

Savings rate: 5.02% APY

What to look out for: Customers with existing savings accounts may have to call customer service to get upgraded for the newest rate.

UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.

Popular Direct High-Rise Savings

Why it stands out: You might like Popular Direct High-Rise Savings if you have at least $10,000 for an opening deposit. Popular Direct also may be a good choice if you're searching for a savings account that doesn't charge any monthly service fees. 

Savings rate: 4.40% APY

What to look out for: Popular Direct High-Rise Savings has a steep minimum opening deposit. Other banks will let you open a savings account with less money upfront.

Popular Direct only has savings accounts and CDs. Since there's no checking account, you won't be able to directly access money in your savings account. Instead, you'll need to transfer an external bank account, which could take a few business days to process.

Primis Savings Account

Why it stands out: Primis Bank is a financial institution with branches in Maryland and Virginia. It offers an online savings account with a competitive interest rate. The Primis Savings Account may be a good option if you're searching for a savings account with a low minimum opening deposit.

Savings rate: 4.35% APY

What to look out for: The Primis Savings Account is an online-only account. If you would prefer to open an account at a Primis Bank branch, there are comparable bank accounts available. 

MySavingsDirect Savings Account

Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The MySavingsDirect Savings Account might be worth considering if your priority is finding an online-only savings account. 

Savings rate: 4.35% APY

What to look out for: The MySavingsDirect Savings Account offers limited access to your money. If you need to make a withdrawal from your account, you'll have to transfer money to an external bank account, which could take a few business days.

Other online banks may have ATM or debit cards which permit direct access to money in a savings account. 

Bask Bank Interest Savings Account

Why it stands out: The Bask Bank Interest Savings Account pays a competitive interest rate and has a $0 minimum opening deposit.

Savings rate: 4.35% APY

What to look out for: Bask Bank doesn't offer checking accounts, ATM cards, or debit cards. You'll need to link an external bank account and initiate a bank transfer to deposit or withdraw money.

Best interest rates for CDs

Air Force Federal Credit Union Certificate Account

Why it stands out: Air Force Federal Credit Union could be a good choice for CDs if you meet any the requirements for membership. The credit union's most competitive CD is its 18-month term, but you'll only be able to deposit new money. New money means any funds that haven't already been deposited into an Air Force Federal Credit Union account.

Rate: The rates for Air Force Federal Credit Union Certificates depend on how you deposit. You'll earn a higher interest rate when you open an account with $100,000. 

• 6 months: 4.00 to 4.25% to APY
• 12 months: 4.75% to 5.00% APY
• 18 months: 5.05% to 5.25% APY 
• 2 years: 3.75% to 4.00% APY
• 3 years: 4.00% to 4.25% APY
• 5 years: 3.50% to 3.75% APY
• 7 years: 3.30% APY

What to look out for: To open accounts at Air Force Federal Credit Union, you'll have to meet certain membership requirements. You may be eligible if you or a family member: live, work, or go to school in select areas in Texas or Mississippi; are an active duty member or veteran of the US Armed Forces or National Guard living in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi; or you make a $10 donation to the Dream Education Foundation or $25 to the Airman Heritage Foundation.

Alliant Certificate 

Why it stands out: Alliant Credit Union is a strong choice if you would rather be part of a credit union instead of a bank. Alliant Certificates offer competitive interest rates, particularly for 3-month and 6-month terms.

Rate: The rates for Alliant Certificates are as follows:

• 3 months: 4.85% APY
• 6 months: 5.00% APY
• 12 months: 4.65% APY
• 18 months: 4.50% APY
• 2 years: 4.45% APY
• 3 years: 4.45% APY
• 4 years: 4.30% APY
• 5 years: 4.35% APY

What to look out for: Credit unions require you to become a member to open accounts. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Ally High Yield CD

Why it stands out: Ally High-Yield CDs are a good option if you want to open a CD with a $0 minimum opening deposit. It also has low early withdrawal penalties for most terms. The 18-month CD offers the most competitive interest rate right now. 

Rate: The rates for Ally High-Yield CDs are as follows:

• 3 months: 2.00% APY
• 6 months: 3.40% APY
• 9 months: 4.15% APY
• 12 months: 4.50% APY
• 18 months: 5.00% APY
• 3 years: 4.25% APY
• 5 years: 4.25% APY

What to look out for: Ally doesn't allow you to deposit cash. To fund your account, you'll need to transfer money from an external bank account or deposit a check through mobile banking.

Barclays Online CD

Why it stands out: Barclays CDs do not require a minimum opening balance and have reasonable early withdrawal penalties. The 1-year and 18-month terms stand out for their competitive interest rates. 

Rate: The rates for Barclays Online CDs are as follows:

• 12 months: 5.00% APY
• 18 months: 4.80% APY
• 2  years: 4.35% APY
• 3 years: 4.30% APY
• 4 years:4.30% APY
• 5 years: 4.30% APY

What to look out for: Barclays doesn't offer a checking account or money market account. If you need to access your cash quickly, you'll need to transfer money to an external bank account which could take a few days to process. 

Bethpage Federal Credit Union Certificate Account

Why it stands out: You may like Bethpage Credit Union if you prefer banking with a credit union instead of a bank. 

Bethpage offers a competitive interest rate on its 1-year certificate. You also might find Bethpage appealing if you'd like to open an account with a low initial deposit.

Rates: The rates for Bethpage Certificate Accounts are as follows: 

• 3 months: 2.25% APY
• 6 months: 4.30% APY
• 12 months:  5.00% APY
• 18 months: 4.45% APY
• 2 years: 4.50% APY
• 30 months: 3.70% APY
• 3 years: 3.75% APY
• 4 years: 3.85% APY
• 5 years: 4.00%APY

What to look out for: To join Bethpage FCU, you need to open a Bethpage Federal Credit Union Savings account with $5.

Bread Savings High-Yield CD

Why it stands out: Bread Savings offers high interest rates on CDs.  The 1-year, in particular, stands out for its competitive interest rate.

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

• 12 months: 5.00% APY
• 2 years: 4.75% APY
• 3 years: 4.35% APY
• 4 years: 4.35% APY
• 5 years: 4.25% APY

What to look out for: Bread Savings High-Yield CDs have a $1,500 minimum. Other financial institutions let you open an account with less upfront.

Capital One 360 CD

Why it stands out: Capital One 360 CDs do not require an initial deposit and come in a variety of terms. Capital One has a special limited-time offer, where you could earn 5.00% APY on an 11-month CD if you open an account by March 14, 2023.

Rate: The rates for Capital One 360 CDs are as follows:

• 6 months: 3.30% APY
• 9 months: 3.30% APY
• 11 months: 5.00% APY
• 12 months: 4.15% APY
• 18 months: 4.25% APY
• 2 years: 4.30% APY
• 30 months: 4.30% APY
• 3 years: 4.30% APY
• 4 years: 4.20% APY
• 5 years: 4.10% APY

What to look out for: Capital One 360 doesn't have no-penalty CDs or bump-up CDs. If you're looking for these special types of CDs, you might prefer another online bank.

CFG Bank Certificate of Deposit

Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, or 3-year term. 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: 5.15% APY
• 18 months: 5.00% APY
• 3 years: 4.60% APY
• 5 years: 4.50% APY

What to look out for: CFG Bank doesn't have many CD terms to choose from — there are only 12-month, 18-month, 36-month, and 60-month CDs.

Rising Bank CD

Why it stands out: Rising Bank CDs could be a good choice if you're searching for short-term CDs. The 1-year and 15-month terms offer the highest rates. 

Rates: The rates for Rising Bank are as follows: 

• 6 months: 3.80% APY
• 12 months: 5.00% APY
• 15 months: 5.00% APY
• 2 years: 3.80% APY
• 3 years: 3.85% APY

What to look out for: Rising Bank doesn't have many CD terms to choose from. If you're searching for terms over 3 years, you'll have to choose another financial institution.

Another thing to keep in mind is interest is compounded and deposited every three months. Other institutions may compound monthly or even daily. Depending on how much you deposit into a CD, this may or may not make a significant difference.

Synchrony CD

Why it stands out: Synchrony lets you open a CD with $0 upfront. Its 14-month CD also notably pays 5.00% APY.

Rates: The rates for Synchrony CDs are as follows: 

• 3 months: 2.25% APY
• 6 months: 4.25% APY
• 9 months: 4.30% APY
• 12 months: 4.50% APY
• 13 months: 4.50% APY
• 14 months: 5.00% APY
• 15 months: 4.50% APY
• 16 months: 4.50% APY
• 18 months: 5.00% APY
• 19 months: 4.90% APY
• 2 years: 4.90% APY
• 3 years: 4.30% APY
• 4 years: 4.30% APY
• 5 years: 4.30% APY

What to look out for: You'll want to consider whether you have a preference on how you'll withdraw money from a CD. At Synchrony, you must call customer service to cash out your CD. 

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 $10,000 in your account, and 3% on balances from $10,0001 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: 3.00% 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: 4.35%  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 also 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

UFB Preferred Money Market Account

Why it stands out: You may like the UFB Preferred Money Market Account if you would like a money market account that includes paper checks and a debit card.

You'll earn a high interest rate on the account, but there's a $10 monthly service fee if you don't maintain an account balance of at least $5,000. 

Rate: 5.02% APY

What to look out for: If you don't think you can maintain at least $5,000 in your account to avoid the monthly service fee, there are other banks that have lower minimum balance requirements or no monthly service fees.

Keep in mind that UFB Direct only offers a high-yield savings account and a money market account. If you would also like to open a checking account or CD with the same institution, another bank may be a better fit.

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 4.70% APY and waive the monthly fee.

Rate: 4.70% 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.

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

Silicon Valley Bank was one of the largest banks in the US, and it failed on March 10. 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 big-name brands on our list, such as Capital One and TD Bank, are FDIC-insured. The smaller brands, like CFG and Rising Bank, are also insured. Federal insurance matters more than the actual bank brand.