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 over a dozen financial institutions to keep up with the new quotes. Our Best Savings Account Guide And the Best guide for cds They 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

Annual Percentage Return (APY)

1.01% APY

Minimum deposit amount

no one

Annual Percentage Return (APY)

1.01% APY

Minimum deposit amount

no one

Positives

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

Negatives

  • You may pay a monthly fee, depending on a variety of factors
  • Other fees depend on the checking account you link to your savings account
  • Not available in some countries
  • Gives BBB Citi a grade of F for credibility


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more information

  • The monthly fee depends on whether you link to a Citi checking account, and which checking account you choose
  • You may qualify for a monthly fee waiver, depending on your checking/savings package
  • No deposit opening
  • Double interest to maximize your savings
  • Not available in California, CT, IL, MD, NV, NJ, NY, VA, DC, certain parts of Florida and Puerto Rico


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® Savings Acceleration I recently raised the 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 Citi® Savings Acceleration is that Citi bundles her bank account in bundles. 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 high-yield LendingClub and Salem Five Direct eOne savings account are our new top picks on our site Best Online Guide to High Yield Savings Account.

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. It was recently rebranded as Comenity Direct because it The parent company, Bread Financial, has 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.

Annual Percentage Return (APY)

1.25% to 2.75% APY

Minimum deposit amount

2500 dollars

Annual Percentage Return (APY)

1.25% to 2.75% APY

Minimum deposit amount

2500 dollars

more information

  • Periods ranging from 6 months to 5 years
  • Early Withdrawal Fines: 90 days simple interest for terms less than 24 months, 180 days simple interest for 24 months or more
  • Compound interest daily, paid monthly
  • FDIC insured

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.

Annual Percentage Return (APY)

0.50% to 2.85% APY

Minimum deposit amount

$10,000

Annual Percentage Return (APY)

0.50% to 2.85% APY

Minimum deposit amount

$10,000

Positives

  • Competitive rates for certain periods
  • Compound with daily interest

Negatives

  • $10,000 minimum deposit
  • Early withdrawal penalties from the standard to the highest

more information

  • Periods ranging from 3 months to 5 years
  • Early Withdrawal Fines: 89 days simple interest for terms less than 91 days; 120 days simple interest for periods from 91 days to less than 12 months; 270 days simple interest for terms ranging from 12 months to less than 36 months; 365 days simple interest for periods from 36 months to less than 60 months; 730 days simple interest for 60 months or more
  • Compound interest daily, paid monthly
  • FDIC insured

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.

Annual Percentage Return (APY)

1.22% to 2.82% APY

Minimum deposit amount

500 dollars

Annual Percentage Return (APY)

1.22% to 2.82% APY

Minimum deposit amount

500 dollars

more information

  • Two branches near Baltimore, Maryland
  • Free access to over 1,600 M&T Bank ATMs on the East Coast
  • Terms range from 1 to 5 years
  • Early Withdrawal Penalties: 90 days of interest for one year; 180 days of interest for periods longer than 1 year
  • Interest is accrued daily and paid monthly
  • Member of the Federal Insurance Institute

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.