The Highest Savings Account and CD Rates This Week: June 6, 2022

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

We’ve been checking over a dozen financial institutions to keep up with the new rate offerings. Our best savings accounts guide and best CDs guide can be great starting points in your research. However, if you’re focused on finding the highest rates above all else, then this list is for you.

What are the interest rates for savings accounts today?

The FDIC keeps track of national rates for interest-earning bank accounts. The average interest rate earned by a savings account right now is 0.07% APY.

For CDs, the average interest rate will vary depending on the term you choose. The average interest rate for 1-month is 0.03% APY, and the average interest rate for a 60-month CD is 0.39% APY.

Our list includes accounts with much higher interest rates than the national average since online institutions tend to offer high-yield bank accounts. As you’ll see with our high-yield savings account options, all have higher than 1% APY, while CDs may offer over 2% APY.

Keep in mind interest-bearing accounts may fluctuate over time. Savings accounts have a variable interest rate, which means that it can change at any time. CDs work a little bit differently. When you open a CD, you’ll usually be locking in a rate for a specific period of time. The interest rate will stay the same for the entire term.

Best savings account interest rates

Annual Percentage Yield (APY)

1.01% APY

Minimum Deposit Amount

none

Annual Percentage Yield (APY)

1.01% APY

Minimum Deposit Amount

none

pros

  • High APY (minimum $1 balance to earn)
  • No opening deposit

Cons

  • You may pay a monthly fee, depending on a variety of factors
  • Other fees depend on which checking account you link to your savings account
  • Not available in certain states
  • BBB gives Citi an F in trustworthiness

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More Information

  • Monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
  • You may qualify to have the monthly fee waived, depending on which checking/savings package you have
  • No opening deposit
  • Compounding interest to maximize your savings
  • Not available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of FL, and Puerto Rico

High Yield Savings Accounts

are great tools if you’d like to earn some interest on your savings. Because the


Federal Reserve

has increased the federal funds rate twice so far since March, savings interest rates will also generally go up.

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

Citi® Accelerate Savings recently increased its savings rate to 1.01% APY, and it might be worth exploring if you live in a state 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’ll want to keep in mind with Citi® Accelerate Savings is that Citi groups its bank account into packages. You’ll need to open a savings account and a checking account, and depending on which accounts you choose, you might have to deal with monthly service fees.

The LendingClub High-Yield Savings Account and Salem Five Direct eOne Savings are two of our new top picks in our best online high-yield savings account guide.

You may like the LendingClub High-Yield Savings Account if have at least $100 for an initial deposit. Meanwhile, Salem Five Direct eOne Savings lets you deposit up to $1 million in the savings account since it’s 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 great high-yield savings account if you have at least $100 to get started. If you haven’t heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.

Lastly, the BrioDirect High-Yield Savings Account rounds out the bunch. It could be ideal if you’d like a savings account with zero monthly service fees and a competitive interest rate — just make sure you have at least $25 in your account to earn interest.

Best CD interest rates

Most of the institutions on our list are also sprinkled throughout some of our best CD guides, so if you’re looking for a specific CD term, consider reviewing these posts too:

That said, if you’re comfortable with a high initial deposit or don’t mind limited terms options, the following three CD options also might be suitable contenders — even though they aren’t in our best-of guides.

Annual Percentage Yield (APY)

1.25% to 2.75% APY

Minimum Deposit Amount

$2,500

Annual Percentage Yield (APY)

1.25% to 2.75% APY

Minimum Deposit Amount

$2,500

More Information

  • Terms ranging from 6 months to 5 years
  • Early withdrawal penalties: 90 days simple interest for terms under 24 months, 180 days simple interest for terms of 24 months or more
  • Interest compounded daily, paid monthly
  • FDIC insured

Live Oak has CDs terms from 6 months to 5 years. It stands out for its competitive interest rates and low early withdrawal penalties, but you’ll need at least $2,500 for an initial deposit. Most banks usually require a minimum of $1,000.

Annual Percentage Yield (APY)

0.50% to 2.85% APY

Minimum Deposit Amount

$10,000

Annual Percentage Yield (APY)

0.50% to 2.85% APY

Minimum Deposit Amount

$10,000

pros

  • Competitive rates for certain term lengths
  • Compounds interest daily

Cons

  • $10,000 minimum deposit
  • Standard-to-high early withdrawal penalties

More Information

  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalties: 89 days simple interest for terms under 91 days; 120 days simple interest for terms of 91 days to less than 12 months; 270 days simple interest for terms of 12 months to less than 36 months; 365 days simple interest for terms of 36 months to less than 60 months; 730 days simple interest for terms of 60 months or more
  • Interest compounded daily, paid monthly
  • FDIC insured

While the Popular Direct Certificate of Deposit didn’t make it into any of our best-guides, it still could be great if you already intend to open a CD with more than $10,000. You’ll want to pay attention to the CD early withdrawal penalties though, because some terms have high penalties.

Annual Percentage Yield (APY)

1.22% to 2.82% APY

Minimum Deposit Amount

$500

Annual Percentage Yield (APY)

1.22% to 2.82% APY

Minimum Deposit Amount

$500

More Information

  • 2 branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Banks ATMs on the East Coast
  • Terms range from 1 year to 5 years
  • Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
  • Interest compounded daily and paid monthly
  • Member FDIC

You may like CFG Bank CDs if you’re searching for the following CD terms— a 12-month, a 13-month CD, an 18-month, a 36-month CD, or a 60-month CD. You also can open a CD with a low minimum opening deposit.

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