14 Best High-interest CDs and Savings Accounts Today: 18-month CDs Reach 5% APY

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The average interest rate paid by a savings account right now is 0.33% Annual Percentage Yield (APY), according to the FDIC.

Today, the best financial institution for earning a competitive interest rate on an online high-yield savings account is Popular Direct, which pays 4.40% APY on Popular Direct High-Rise Savings.

National brick-and-mortar banks typically pay lower interest rates on traditional savings accounts. For example, Wells Fargo pays 0.15% APY on the Wells Fargo Way2Save® Savings Account. 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 guide and best high-yield savings account guide 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.

Best interest rates for savings accounts

Popular Direct High-Rise Savings

Why it stands out: You might like Popular Direct High-Rise Savings if you have at least $5,000 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. 

Best interest rates for CDs

CFG Bank CD

Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, or 3-year 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: 

1 year: 5.15% APY

18 month: 4.75% APY

3 year: 4.60% APY

5 year: 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, or 60-month CDs.

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
• 1 year: 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.

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: 3.50% APY
• 1 year: 4.25% 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.

Connexus Credit Union Share Certificate

Why it stands out: Connexus Credit Union has competitive interest rates on 1-year and 15-month share certificates. You also may like Connexus if you prefer banking with a credit union over a bank. You may become a member of the credit union by joining the Connexus Association with a $5 donation.

Rates: The rates for Connexus share certificates are as follows: 

1 year: 4.51% APY

15 months: 4.85% APY

2 years: 4.01% APY

3 years: 3.71% APY

4 years: 3.51% APY

5 years: 3.51% APY

What to look out for: The minimum opening deposit for a Connexus share certificate is $5,000. Other financial institutions have lower minimum opening deposit requirements. 

Popular Direct CD

Why it stands out: Popular Direct offers some of the best high-interest CDs. Its 3-month and 6-month CDs, in particular, stand out for their competitive interest rates.

Rates: The rates for Popular Direct CDs are as follows: 

3 months: 4.10% APY

6 months: 4.35% APY

1 year: 4.80%APY

18 months: 4.65% APY

2 year: 4.60% APY

3 year: 4.40% APY

4 year: 4.30% APY

5 year: 4.30% APY

What to look out for: The bank requires a high minimum deposit of $10,000. Other financial institutions may offer lower initial deposit requirements.

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% (depending on deposit amount) 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. 

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

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 4.55% APY and waive the $10 monthly service fee (with options to waive).

Rate: 4.55% 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.

UFB Best Money Market Account

Why it stands out: You may like the UFB Best 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 (with options to waive) if you don’t maintain an account balance of at least $5,000. 

Rate: 4.21% (as of 02/14/2023) 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.

U.S. Bank Elite Money Market Account

Why it stands out: The U.S. Bank Elite Money Market Account has an introductory bonus interest rate for new eligible customers who open an account by March 10, 2023.

You could earn a blended APY of 1.07% APY (3.50% during the first three months of opening an account) if you maintain an account balance between $25,000 and $499,999.99. After the three-month period, you’ll earn anywhere from 0.1% to 0.75% APY, depending on your account balance.

Rate: 0.01% to 1.07% (varies by location) APY

What to look out for: The introductory bonus interest rate is not available for anyone who currently has a U.S. Bank savings or money market account or owned one in the last six months. You also won’t be eligible for the bonus interest rate if you got another U.S. Bank bonus in the last six months. 

The U.S. Bank Elite Money Market Account also has a $10 monthly service fee (with options to waive). To waive the monthly maintenance fee, you’ll need to maintain a daily account balance of $10,000 or more.

Sophia Acevedo, CEPF

Banking Reporter