Highest savings account and CD rates this week: June 6, 2022
With ever-increasing interest rates on savings accounts and CDs, you may be considering new banking options to get the most out of your savings.
We’ve checked over a dozen financial institutions to track new rate offerings. Our guide to the best savings accounts and our guide to the best CDs can be great starting points in your search. However, if you are primarily focused on finding the highest rates, this list is for you.
What are savings account interest rates today?
The FDIC tracks national rates for interest-bearing bank accounts. The average interest rate earned by a savings account is currently 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, as online institutions tend to offer high-yield bank accounts. As you’ll see with our High Yield Savings Account options, all have an APY of over 1%, while CDs can offer over 2% APY.
Keep in mind that interest-bearing accounts can 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, you usually lock in a rate for a specific period of time. The interest rate will remain the same throughout the term.
The best savings account interest rates
Annual Percentage Yield (APY)
1.01% APY
Minimum deposit amount
None
- High APY ($1 minimum balance to earn)
- No opening deposit
- You may pay a monthly fee, depending on various factors
- Other fees depend on the current account you link to your savings account
- Not available in some states
- BBB gives Citi an F for reliability
Read our review
- Monthly fees vary depending on whether you are linked to a Citi checking account and which checking account you choose.
- You may be eligible for the monthly fee waiver, depending on the checking/savings plan you have
- No opening deposit
- Compound interest to maximize your savings
- Not available in CA, CT, IL, MD, NV, NJ, NY, VA, DC, parts of FL and Puerto Rico
High Yield Savings Accounts
are great tools if you want to earn interest on your savings. Because the
Federal Reserve
has raised the federal funds rate twice since March, interest rates on savings will also rise generally.
Citi, LendingClub, Salem 5 Direct, Bread Savings, and BrioDirect currently offer some of the highest interest rates on savings accounts.
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, parts of Florida, 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 bundles 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 may incur 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 might like the LendingClub High Yield Savings Account if you have at least $100 for an initial deposit. Meanwhile, Salem Five Direct eOne Savings allows you to deposit up to $1 million into the savings account since it is FDIC and DIF insured. However, the rate drops if you have more than $1 million in your account.
The Bread Savings High Yield Savings Account is a great high yield savings account if you have at least $100 to start with. If you haven’t heard of Bread Savings, you may be familiar with Comenity Direct. Comenity Direct recently changed its name because its parent company, Bread Financial, has expanded to include lending options.
Finally, the BrioDirect high-yield savings account completes the group. This could 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 CD Interest Rates
Many of the institutions on our list are also sprinkled throughout some of our top CD guides, so if you’re looking for a specific CD term, consider checking out these articles as well:
That said, if you’re comfortable with a high initial deposit or don’t mind limited-time options, the following three CD options might also work, although they aren’t listed in our top guides.
Annual Percentage Yield (APY)
1.25% to 2.75% APY
Minimum deposit amount
$2,500
- Terms ranging from 6 months to 5 years
- Early withdrawal penalties: 90 days of simple interest for terms less than 24 months, 180 days of simple interest for terms of 24 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Live Oak has CD durations 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 generally require a minimum of $1,000.
Annual Percentage Yield (APY)
0.50% to 2.85% APY
Minimum deposit amount
$10,000
- Competitive rates for certain durations
- Interest compounded daily
- Minimum deposit of $10,000
- Standard to high early withdrawal penalties
- Terms ranging from 3 months to 5 years
- Early withdrawal penalties: 89 days of simple interest for maturities of less than 91 days; 120 days of simple interest for terms of 91 days to less than 12 months; 270 days of simple interest for terms of 12 months to less than 36 months; 365 days of simple interest for terms of 36 months to less than 60 months; 730 days of simple interest for terms of 60 months or longer
- Interest compounded daily, paid monthly
- FDIC insured
Although the popular direct deposit certificate isn’t featured in any of our top guides, it could still be great if you’re already planning on opening a CD with more than $10,000. You will want to watch out for CD early withdrawal penalties though, as some conditions have high penalties.
Annual Percentage Yield (APY)
1.22% to 2.82% APY
Minimum deposit amount
$500
- 2 locations near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- Terms vary from 1 year to 5 years
- Early withdrawal penalties: 90 days interest for terms of 1 year; 180 days interest for terms longer than 1 year
- Interest compounded daily and paid monthly
- FDIC member
You might like CFG Bank CDs if you search for the following CD terms: a 12 month CD, a 13 month CD, an 18 month CD, a 36 month CD or a 60 month CD. You can also open a CD with a low minimum opening deposit.
