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Banks are now competing for customer dollars, and people with spare cash are well positioned to benefit from a high-stakes environment. With rates changing rapidly, how can you be sure you’re buying the best savings account or best CD?
We monitor bank and credit union rates daily to help you feel confident before opening a new account. Here are the highest rates on popular savings accounts and CDs for Tuesday, November 21.
Featured domestic deposit rates
Leading CD rates
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Leading interest rates on high-yield savings accounts
The leading high-yield checking account
Earn an average of 7.00% APR daily on balances up to $10,000 and 0.50% APR on balances over $10,000.
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New: Bonus for Savings Account
Savings account at CIBC Bank
Earn a $250 bonus by depositing between $25,000 and $49,999.99 in new funds during the third-party financing period and maintaining at least $25,000 in new funds through 3/18/24. Earn a $500 bonus by depositing $50,000 or more in new funds during the third-party financing period and holding at least $50,000 in new funds through 3/18/24.
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The leading savings account and money market bonus
Earn up to $4,100 on qualifying trades: Open a Relationship Plus money market account and maintain a qualifying balance to receive a bonus of up to $3,500. Maximize your bonus by adding a personal checking account to earn an extra $600
Leading checking and savings account bonus
Earn a bonus of up to $250 with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.50% APY on savings balances (including Vaults) with direct deposit.
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Information about high-yield accounts
High-yield savings accounts aren’t the only accounts offering favorable rates these days. Typically, the highest rates are seen at online or lesser-known institutions, rather than national brands with a significant brick-and-mortar presence. It’s normal; Online banks have lower overhead costs and are willing to pay high rates to attract new customers.
High-yield savings accounts
The best high-yield savings accounts offer the security of a savings account with the added bonus of a high APY. Savings accounts are held at a bank or credit union – not invested through a brokerage account – and are best for saving cash in pursuit of short-term goals like a vacation or big purchase.
High-performance checking accounts
The best high-yield checking accounts typically offer slightly lower rates than high-yield savings accounts, but even they are strong in today’s rate environment. Your checking account is like the center of your money: If your paycheck is deposited directly, it usually goes into your checking account. If you’re transferring money to pay a bill, you’ll usually do so from your checking account. Checking accounts are used for everyday spending and usually come with checking and/or debit cards to make it easier.
Money market accounts
The best money market accounts can be considered a middle ground between checking and saving: they’re designed to save money, but typically provide easy access to the account via checking or a debit card. They usually offer a tiered interest rate depending on the balance.
Cash management accounts
A cash management account is also a savings and checking hybrid. You’ll usually see them offered by online banks and, unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account does not. Cash management accounts usually come with a debit card for easy access, but you may have to pay a fee if you want to deposit cash.
Certificates of deposit
The best CD rates can outperform any of the other accounts we’ve covered above. This is because a certificate of deposit requires you to “lock up” your money for a predetermined period of time, ranging from three months to five years. To get it back sooner, you’ll pay a penalty (unless you opt for one of the best penalty-free CDs). The longer you let the bank hold your money, the higher the rate you will receive. CD rates are not variable; the rate you receive after depositing your money is the rate you will receive for the life of the contract.
Information about CD terms and conditions
Locking up money in your account in exchange for a higher interest rate can be an important decision. Here’s what you need to know about common CD terms.
CDs without penalty
Most CDs charge a fee if you want to withdraw money from your account before the deadline. But with a penalty-free CD, you won’t have to pay an early withdrawal penalty. The best no-penalty CDs will offer interest rates that are slightly higher than the best high-yield savings accounts and may offer significantly better interest rates compared to traditional land-based savings accounts.
CDs for 6 months
The best 6-month CDs offer interest rates in the mid-5% range. Six-month CDs are best for those who are looking for higher interest rates on their savings for short-term gains, but are not comfortable with limited access to their cash over the long term. This may be a good option for those who are just starting to save or don’t have a large emergency fund for unexpected expenses.
CDs for 1 year
The best annual CDs offer some of the highest CD rates and are a popular option for many investors. The one-year term may be an attractive option for someone building a CD ladder or for someone who has reasonable cash security but is still concerned about long-term expenses.
The best 2-year CD rates will be slightly lower than the 1-year and penalty-free CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment at a specified interest rate. They are best used as part of a CD laddering strategy or for those concerned about the interest rate market declining in the foreseeable future.
The best 3-year CDs usually have rates comparable to 2-year CDs. They tend to be less popular with the average investor, but can be an important lever for diversifying your investments and hedging against the risk of unfavorable interest rate markets over the long term.
The best 5-year CDs will offer lower rates than the rest of the terms on our list, but are still a popular option for investors. These CDs are best for those who want to secure high interest rates for the long term. CDs are generally viewed as safe investment vehicles, and securing favorable interest rates can yield significant returns in the third year and beyond – even if rates fall elsewhere.
Products in this post: BrioDirect High-Yield Savings Account, High-Yield Savings Account for Bank customers, Safe UFB savingsMission Valley Bank 3-Month No Penalty Deposit CD, TotalDirectBank 6-Month CD, Credit Human 6-Month Stock Certificate, Newtek Bank 24-Month Variable Rate CD, Valley Direct 3-Year Variable Rate CD interest, 5-year United States Senate Federal Credit Union certificate, 5-year Smart Share certificate, Valley Direct, 3-Year Variable CDTechnology Credit Union 5-month penalty-free CD, Chase private client checking℠, SoFi checking and saving
SoFi checking and saving
Earn a bonus of up to $250 with qualifying direct deposits for eligible customers through 12/31/2023. Earn up to 4.60% APY on savings balances (including Vaults) with direct deposit