Highest rates for savings and deposit accounts this week: June 6, 2022

With interest rates rising steadily on savings accounts and CDs, you may be considering new banking options to make the most of your savings.

We have screened more than a dozen financial institutions to keep up with the new quotes. Our best guide to savings accounts and best guide to CDs can be great starting points in your search. However, if you are focused on finding the highest prices above all else, this list is for you.

What are the interest rates on savings accounts today?

The Federal Insurance Corporation (FDIC) tracks national rates for interest-earning bank accounts. The average interest rate earned with a savings account now is 0.07% APY.

For CDs, the average interest rate will vary based on the term you choose. The average interest rate for one month is 0.03% APY, and the average interest rate for a 60-month tablet is 0.39% APY.

Our list includes accounts with much higher interest rates than the national average because online institutions tend to offer high-return bank accounts. As you’ll see with High Yield Savings Account options, they all have a higher 1% APY, while CDs may offer more than 2% APY.

Keep in mind that interest-earning accounts may fluctuate over time. Savings accounts have a variable interest rate, which means it can change at any time. CDs work a little differently. When you open a CD, it will usually keep a rate for a set amount of time. The interest rate will remain the same for the entire term.

Best interest rates on savings account

High yield savings accounts

Great tools if you want to earn some interest on your savings. Because of

Federal Reserve

The federal funds rate has increased twice so far since March, and savings rates will generally rise.

Citi, LendingClub, Salem 5 Direct, Bread Savings, and BrioDirect offer some of the highest interest rates on savings accounts right now.

Citi® Accelerate Savings recently increased their savings rate to 1.01% APY, and it may be worth exploring if you live in a country where the account is available. The account is Not Available in the following states: California, Connecticut, some parts of Florida, some parts of Illinois, Maryland, Nevada, New Jersey, New York, Virginia, or Washington, DC.

Another thing you want to keep in mind with Citi® Accelerate Savings is that Citi bundles their bank account. You will need to open a savings account and a checking account, and depending on the accounts you choose, you may have to deal with a monthly service fee.

The LendingClub High Yield Savings Account and Salem Five Direct eOne are our new top picks in the online High Yield Savings Account Guide.

You may like the LendingClub High Yield Savings Account if you have at least $100 for the initial deposit. Meanwhile, Salem Five Direct eOne Savings allows you to deposit up to $1 million into a savings account since both are FDIC and DIF insured. The rate drops if you have more than $1 million in your account, though.

The Bread Savings High Yield Savings Account is a great high yield savings account if you have at least $100 to get started. If you haven’t heard of Bread Savings, you may be familiar with Comenity Direct. Comenity Direct was recently renamed because its parent company, Bread Financial, expanded to include lending options.

Finally, a high-yield BrioDirect savings account completes the suite. This might be ideal if you want a savings account with no monthly service fees and a competitive interest rate – just make sure you have at least $25 in your account to earn interest.

Best rates on CD

Most of the organizations on our list are also published in some of our best CD guides, so if you’re looking for a specific CD term, consider checking out these posts as well:

However, if you’re comfortable with a high initial deposit or don’t mind the limited term options, the following three CD options might also be suitable contenders – although they’re not in our best guides.

Live Oak contains CDs for 6 months to 5 years. It has competitive interest rates and low early withdrawal penalties, but you will need at least $2,500 for the initial deposit. Most banks usually require a minimum of $1,000.

Although the popular direct deposit certificate didn’t make it into any of our best guides, it can be great if you really intend to open a CD with more than $10,000. You’ll want to watch out for early CD withdrawal penalties though, as some conditions have high penalties.

You may want to get CFG CDs if you are looking for the following CD terms – 12-month CD, 13-month CD, 18-month CD, 36-month CD, or 60-month CD. You can also open a CD with a low minimum opening deposit.