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The average interest rate paid by a savings account at this time is 0.21% Annual Percentage Yield (APY), based on the FDIC.
The Best institution that is online getting a competitive interest rate on a high-yield savings account is UFB Direct, which pays 3.83% (as of 11/14/2022) APY on UFB Direct UFB High Rate Savings. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, US Bank pays 0.01% APY on the US Bank Standard Savings Account.
Below if you prioritize finding the highest rates above all else, this list is, you’ll find some of the most interest that is competitive for savings accounts, hybrid checking/savings accounts, money market accounts, and CDs.
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Open a merchant account with any account balance
Best brick-and-mortar checking account rate
Earn 2.00% APY you link an eligible checking account or credit card with any account balance if you have an account balance of $250,000 or more, and
Best checking/savings combo rate
Best money market account rate
Open and continue maintaining a merchant account with no less than $1,000
Maintain at the very least $1,000 in a merchant account for your term that is entire
Best 1-year CD or rate that is 3-year
Maintain at the very least $500 in a merchant account for your term that is entire
Maintain at the very least $1,000 in a merchant account for your term that is entire
Maintain at the very least $1,500 in a merchant account for your term that is entire
Best online savings account rate
Annual Percentage Yield (APY)
3.83% (at the time of 11/14/2022)
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
3.83% (at the time of 11/14/2022)
Minimum Deposit Amount
$0
Details
Annual Percentage Yield (APY)
3.83% (at the time of 11/14/2022)
Minimum Deposit Amount
$0
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A check mark. What this means is a confirmation of one’s intended interaction.
A check mark. What this means is a confirmation of one’s intended interaction.
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May never be very easy to deposit cash (Only cash accepting ATMs)
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Earn up to 3.83% APY*.
No monthly maintenance fees.
No minimum deposit required to open an account.
Access your funds 24/7 with easy-to-use banking that is digital.
FDIC insured through Axos Bank
* the percentage that is annual (APY) is accurate as of 11/14/2022. The interest rate and APY that is corresponding for is variable and it is set at our discretion. That is a tiered rate account that is variable. Interest rates may often change as as daily without prior notice. Fees may reduce earnings.
It indicates an section that is expandable menu, or sometimes previous / next navigation options.UFB DirectWhy it stands out:UFB High Rate Savings is an online division of Axos Bank.
could be a option that is good you would like a savings account with zero monthly service fees and an aggressive interest rate.Savings rate:
3.83% (at the time of 11/14/2022) APYthings to be aware of:
UFB Direct only offers savings and cash market accounts. If you wish to also open a checking account or CD, you are likely to prefer another institution that is financial
Best brick-and-mortar savings account rate
Annual Percentage Yield (APY)
0.01% to 2.00%
Minimum Deposit Amount
None
Fees
$15 (with choices to waive)
Annual Percentage Yield (APY)
0.01% to 2.00%
Minimum Deposit Amount
None
Fees
$15 (with choices to waive)
Details
Fees
$15 (with choices to waive)
Annual Percentage Yield (APY)
0.01% to 2.00%
Minimum Deposit Amount
None
A check mark. It indicates a confirmation of your interaction that is intended competitive APY whenever you backlink to another eligible TD Bank account Check mark icon
A check mark. What this means is a confirmation of one’s interaction that is intended higher APY with higher balance Check mark icon
A check mark. It indicates a confirmation of your interaction that is intended check deposit Check mark icon
A check mark. What this means is a confirmation of one’s intended interaction.
A check mark. What this means is a confirmation of one’s intended interaction.
A check mark. What this means is a confirmation of one’s intended interaction.
A check mark. What this means is a confirmation of one’s intended interaction.
A check mark. What this means is a confirmation of one’s intended interaction.
A dash. It often indicates an interaction to shrink a part.
A dash. It often indicates an interaction to shrink a part.
Low APY if you do not backlink to another TD banking account
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Earn 0.01% to 2.00% APY when you link an eligible TD Bank account
Earn 0.01% to 0.50% APY if you maintain a $2,500 balance
FDIC insuredAdditional Reading
Chevron iconTD Signature SavingsIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Why it stands out:
is a brick-and-mortar financial institution on the East Coast with over 1,100 branches in 15 states and 2,600 free ATMs.
TD if you don’t have an eligible TD Bank account
Waive $15 monthly service fee by maintaining a $10,000 minimum balance, linking to a TD Beyond Checking Account, or opening an IRA
No out-of-network ATM fees and ATM fee refunds Bank offers a greater rate of interest on
whenever you maintain a account that is certain and you link a TD Bank personal checking account, small business checking account, credit card, mortgage, or home equity loan.
Savings rate:
0.01% to 2.00% APY
What to look out for:
has a $15 service fee that is monthly. To waive the fee, you should maintain a $10,000 minimum account that is daily, link an eligible TD Bank checking account, or open an IRA.
Also be aware that if you wish to earn 2.00% APY, you will have to maintain a merchant account balance of $250,000 or maybe more.
Best checking/savings combo rate
Annual Percentage Yield (APY)
3.30%
Minimum Deposit Amount
$1
3.30%
Pros & Cons
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Check mark icon
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No physical branch locations
Dash icon
A dash. It often indicates an interaction to shrink a part.
To deposit cash, pay a fee at a Green Dot location
It indicates an section that is expandable menu, or sometimes previous / next navigation options.WealthfrontFDIC insured for $2 millionWealthfront Cash Account19,000 free ATMs
Autopilot feature lets you set maximum account balance, and automatically transfers money into investments it stands out:
The
is a solid cash management account if you exceed maximum balance by more than $100
Interest compounded daily, paid monthly
Additional Reading
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Why. Cash management accounts are available by online-only institutions that are not technically banks, and these accounts combine traditional savings and account that is checking into one account.
A cash account might be appealing if you already invest with
. With the
, you’ll earn a interest rate that is competitive. You can also have a debit card additionally the capacity to get money 2 days early with early deposits that are direct
Savings rate:
3.30% APY
What to look out for:
3.85%
CFG Bank High Yield Money Market Account
Minimum Deposit Amount
Annual Percentage Yield (APY)
$1,000
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Check mark icon
Dash icon
A dash. It often indicates an interaction to shrink a section.
$1,000 opening deposit
Dash icon
A dash. It often indicates an interaction to shrink a section.
A dash. It often indicates an interaction to shrink a section.Bask Bank$1,000 minimum opening deposit
Dash iconA dash. It often indicates an interaction to shrink a section.
Limited term optionsDash icon
A dash. It often indicates an interaction to shrink a section.
Standard-to-high early withdrawal penalties
Highlights
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Terms consist of half a year to two years
Early withdrawal penalties: For terms 12 months and under, the penalty is 3 months of simple interest; for just about any terms over 12 months, the penalty is 180 times of simple interest
Interest compounded daily, deposited monthly
FDIC insured through Texas Capital Bank
Additional Reading
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Why it stands apart:
is an on-line division of Texas Capital Bank. Its 6-month CD pays a interest that is high.
6-month CD rate:
4.00% APY
What to look out for:
Annual Percentage Yield (APY)
$500
4.50% to 4.60%
Details
Annual Percentage Yield (APY)
$500
Pros & Cons
Chevron icon
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Check mark icon
A check mark. It indicates a confirmation of your interaction that is intended.500 minimum opening deposit
A check mark. What this means is a confirmation of one’s intended interaction.Standard early withdrawal penalties
Dash iconA dash. It often indicates an interaction to shrink a part.
Limited term options
Highlights
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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
Additional Reading
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Why it stands out:
are a strong choice for a 1-year CD you could earn a high rate because you only need $500 to open a CD, and.
1-year CD rate:
4.50% to 4.60%
Annual Percentage Yield (APY)
$1,000
Details
Annual Percentage Yield (APY)
$1,000
Pros & Cons
Chevron icon
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Check mark icon
A check mark. It indicates a confirmation of your interaction that is intended interest rate
Check mark iconA check mark. What this means is a confirmation of one’s intended interaction.
Standard CD termsCheck mark icon
A check mark. What this means is a confirmation of one’s intended interaction.
Standard early withdrawal penalties
Dash icon
A dash. It often indicates an interaction to shrink a part.
$1,000 minimum opening deposit
Highlights
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3 branches in Louisiana
Terms range from 12 months to 5 years
Early withdrawal penalties: 90 days interest for a 1-year CD term; 180 days interest for all other CD terms
Interest compounded and deposited monthly
Member FDIC
Why it stands out:
Crescent Bank is an bank that is online offers competitive interest levels on many different CD terms. It is 1-year CD, in particular, stands apart because of its interest that is high rate
1-year CD rate:
4.50% APY
Annual Percentage Yield (APY)
$500
4.50% to 4.60%
Details
Annual Percentage Yield (APY)
$500
Pros & Cons
Chevron icon
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Check mark icon
A check mark. It indicates a confirmation of your interaction that is intended.500 minimum opening deposit
Chevron icon(*)It indicates an section that is expandable menu, or sometimes previous / next navigation options.(*)CD terms consist of 12 months to five years(*)Early withdrawal penalty: 180 days interest that is simple terms between 1 year and 3 years; 365 days simple interest for terms between 4 years and 5 years(*)Interest compounded daily, paid monthly(*)FDIC Insured(*)Additional Reading(*)Chevron icon(*)It indicates an expandable section or menu, or sometimes previous / next navigation options.(*)Why it stands out: (*) pays higher CD rates than what you would earn at many brick-and-mortar banks or online banks. Its 5-year CD, in particular, stands out for its competitive rate.(*)5-year CD rate: (*)4.75% APY(*)What to look out for:(*) The minimum opening deposit for Bread Savings CDs is $1,500. Other banks have lower opening that is minimum.(*)Bread Savings is an bank that is online-only a high-yield checking account and CDs. It generally does not have a checking account or ATM network.(*)Junior Banking Reporter(*)Top Offers From Your Partners(*)
A high-yield bank account that earns 3.30% annual percentage yield. No account fees. APY at the time of 11/14/2022.
