Today’s Best High-interest CDs and Best Savings Accounts: June 5, 2023

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The FDIC says the average savings account in the US pays 0.40% Annual Percentage Yield (APY), but the average isn’t anywhere near the best rates available today.

The best CD rate right now is 5.28% APY on a 12-month CFG Bank CD, 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. We’ve also included rates from high-yield checking and money market accounts.

Best savings rates today

These accounts currently have the highest rates right now:

• Western Alliance Bank High Yield Savings Account, powered by SaveBetter: 5.05% APY
• Salem Five Direct eOneSavings: 5.01% APY
• Popular Direct Savings: 5.00% APY
• M1 High Yield Savings Account: Up to 5.00% APY

Best CD rates today

• Consumers Credit Union 10 Month Share Certificate: 5.00% to 5.25% APY
• CFG Bank 1 Year CD: 5.28% APY
• CIBC Bank USA 1 Year Agility CD: 5.27% APY
• BrioDirect High-Yield 1 Year CD: 5.25% APY
• Limelight Bank 1 Year CD: 5.25% APY
• First Internet Bank of Indiana 1 Year CD: 5.22% APY
• CFG Bank 18 Month CD: 5.25% APY

Best checking account rates today

• Redneck Bank Rewards Checking Account: 0.25% APY to 5.30% APY
• Consumers Credit Union Free Rewards Checking Account: 0.01% to 5.00% APY
• Juno Metal Checking Account: 4.00% to 5.00% APY

Best money market account rates today

• First Internet Bank of Indiana Money Market Account: 3.66% APY to 5.20% APY
• CFG Bank High Yield Money Market Account: 5.07% APY
• Ponce Bank Money Market Account, powered by SaveBetter: 5.05% APY
• Redneck Bank Mega Money Market Account: 0.50% to 5.05% APY

Popular savings account options

If you’re wary of 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. Savings accounts from popular online banks can offer good rates, too. If want to explore national brands, here are some institutions that offer competitive rates:

• SoFi Checking and Savings: Up to 4.20% APY
• Citi Accelerate Savings: 4.05% APY
• American Express High Yield Savings Account: 4.00% APY
• Capital One 360 Performance Savings: 4.00% APY
• Discover Online Savings Account: 3.90% APY
• Ally Savings Account: 3.85% APY

Generally, national brick-and-mortar banks pay lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on the Bank of America Advantage Savings Account. To get 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 check over three dozen financial institutions daily 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. 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.

Salem Five Direct eOne Savings

Why it stands out: Salem Five Direct eOne Savings has a $10 minimum opening deposit and offers 5.01% APY. It has zero minimum balance requirements and zero monthly service fees.

When you open the account, you have to use “new money.” New money refers to funds that have not already been deposited into another Salem Five or Salem Five Direct bank account.

Savings rate: 5.01% APY 

What to look out for: You won’t be able to open Salem Five Direct eOne Savings if you currently have a checking or savings account with Salem Five Bank. (If you have an eOne Checking Account with Salem Five Direct, you’ll still qualify to open an eOne Savings Account).

Salem Five Direct may also transfer money to a Statement Savings Account if you have more than $1 million in your account. This account only offers 0.01% APY.

Popular Direct Savings

Why it stands out: Popular Direct Savings pays a high interest rate, and it doesn’t charge monthly service fees. It’s a good option if you’re specifically searching for competitive savings and CD rates, and you do not need immediate access to your savings (the institution doesn’t offer a checking account).

Savings rate: 5.00% APY

What to look out for: Popular Direct has a $100 minimum opening deposit. If you would prefer to open an account with less money upfront, one of our other top picks will be more appealing.

You might prefer another financial institution if you’re an avid mobile app user. The Popular Direct mobile app has lackluster ratings in the Google Play and Apple stores. That said, the app doesn’t have a lot of ratings yet.

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. 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 a membership fee of $10 per month or an annual fee of $95 per year. Currently, there is a 3-month free trial to become an M1 Plus member, and if you refer a friend you’ll get six months free. If you’re not an M1 Plus Client, you’ll only earn 1.50% APY. 

Best interest rates for 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: 5.28% 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.

CIBC Bank USA Agility CDs

Why it stands out: CIBC Bank USA is the US division of the Toronto-based bank Canadian Imperial Bank of Commerce. You can open online-only savings accounts or CDs (referred to as Agility accounts) from anywhere in the US. CIBC Bank USA currently offers competitive CD rates on 1-year, 18-month, and 2-year terms. You may also earn an even higher rate if you deposit $25,000 or more with select terms. 

Rates: The rates for CIBC Bank USA Agility CDs are as follows: 

• 9 months: 5.11% APY
• 12 months: 5.27% APY
• 18 months: 4.97% to 5.02% APY
• 2 years: 4.75% to 4.80% APY
• 30 months: 4.20% to 4.25% APY

What to look out for: CIBC USA also has checking accounts and a money market account in the US, but these accounts are only available in select counties in Illinois, Michigan, Missouri, or Wisconsin.

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.

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.

Limelight Bank CDs

Why it stands out: Limelight Bank has a competitive interest rate on its 1-year online CD.

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

• 6 months: 3.50% APY
• 12 months: 5.25% APY
• 18 months: 4.95% APY
• 36 months: 4.00% APY

What to look out for: Limelight Bank doesn’t have savings, checking, or money market accounts. If you prioritize opening different types of bank account at the same bank, you’ll have to choose another financial institution.

Also, Limelight Bank uses the same mobile app as its parent company, CCBank. 

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.

Popular Direct CDs

Why it stands out: Popular Direct  pays high interest rates on CDs.  You might like this institution if you’re specifically looking for a high-yield savings account and CDs.

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

• 3 months: 4.50% APY
• 6 months: 5.10% APY
• 12 months: 5.22% APY
• 18 months: 5.00% APY
• 24 months:4.65% APY
• 36 months:4.55% APY
• 48 months:4.30% APY
• 60 months:4.50% APY

What to look out for: The bank requires a high minimum deposit of $10,000 for CDs. It also charges relatively high penalties if you withdraw funds before your CD matures, especially for longer terms.

Best interest rates for checking

Redneck Bank Rewards Checking Account

Why it stands out: Redneck Bank is an online division of All America Bank. With the Redneck Bank Rewards Checking Account, you could earn 5.30% APY on account balances up to $15,000 and 0.50% APY on balances over $15,000 if you meet certain requirements. Each month, you’ll have to make 10 qualifying debit card transactions and receive online bank statements. 

Rate: 0.25% APY to 5.30% APY

What to look out for: If you do not meet the requirements, you’ll only earn 0.25% APY on the account. 

The Redneck Bank Rewards Checking Account also requires a minimum opening deposit of $500. Other banks may require less money upfront to open a checking account. 

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 $50,000 in your account, and 4% on balances from $50,0001 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.

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.

Redneck Bank Mega Money Market Account

Why it stands out: Redneck Bank also offers a money market account with a high interest rate for account balances up to $100,000. The account has a $500 minimum opening deposit.

Rate: You’ll earn 5.05% APY on balances up to $100,000. Any amount over $100,000 will earn 0.50% APY

What to look out for: The Redneck Bank Mega Money Market Account has a limit of one account per person. 

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

In the last few months, three bank failures occurred. 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 be moved into another insured institution, or you’ll 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 First Internet Bank of Indiana, are also insured. Federal insurance matters more than the actual bank brand.