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The clock is ticking on the high interest rates for deposits that we've come to expect. How can you be sure that you're getting the best interest rate to earn money on your savings?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account — and it's looking like now is the time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Thursday, May 29.
Featured Nationally Available Savings Rates
Open a new bank account or cash management account and earn best-in-class rates.
| Account Name | APYs (Annual Percentage Yields) are accurate as of 05/28/2025 | Minimum Account Opening Balance |
| Varo Savings Account | 5.00% APY with qualifying deposits on balances up to $5,000 and 2.50% APY on the rest* | $0 |
| LendingClub LevelUp Savings Account | up to 4.40%** | $0 |
| Believe Savings | 4.20% plus an additional 0.40% APY for a charity of your choice. | $100 |
| Raisin High-Yield Savings Account | Up to 4.30% APY. Plus, new customers can earn up to $500 with qualifying activities. | $1 to open an account. Use code BOOST to earn a bonus: $75 for $10k, $250 for $25k, or $500 for $50k deposited. |
| Western Alliance Bank High-Yield Savings Account, powered by Raisin | 4.25% APY. Plus, new customers can earn up to $500 with qualifying activities. | $1 to open an account. Use code BOOST to earn a bonus: $75 for $10K, $250 for $25K, or $500 for $50K deposited. |
| Barclays Tiered Savings | 4.00% to 4.20%*** | $0 |
Featured Nationally Available CD Rates
| Account Name | APYs (Annual Percentage Yields) are accurate as of 05/28/2025 | Minimum Account Opening Balance |
| Western Alliance Bank 3 Month CD, powered by Raisin | 4.40% | $1 |
| Barclays 6 Month Online CD | 3.80% | $0 |
| LendingClub 14 Month CD | 4.10% | $500 |
| USALLIANCE Financial 11 Month No Early Withdrawal Penalty Certificate | 4.20% | $500 |
| Discover 18 Month CD | 3.80% | $0 |
| Bread Savings 2 Year High-Yield CD | 4.00% | $1,500 |
| Generations Bank 3 Year CD | 4.35% | $1 |
Featured High Interest Checking Account Offers
Compare checking accounts that offer high APYs, rewards on debit card purchases, or both. APYs (Annual Percentage Yields) are accurate as of 05/28/2025.
- LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
- SoFi® Checking and Savings (Member FDIC): Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 01/31/26. Earn up to 3.80% annual percentage yield (APY) on savings balances (including Vaults) with direct deposit or qualifying deposits.**
- Discover® Cashback Debit Account: Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details).
- Capital One 360 Checking: Earn $250 when you open a new account with promo code CHECKING250 and receive at least 2 direct deposits, each of $500 or more, within 75 days of account opening
How Much Interest Can You Earn With High-Yield Savings?
The average interest rate on a savings account is 0.41% APY, so any account that pays more than that may be worth considering. It's not unusual to find high-yield savings, CDs, or even high-yield checking accounts that pay up to eight times as much.
Here's how it works: Let's say your savings account pays that average rate, 0.41% APY, and compounds daily. You put $1,500 in that account, and don't contribute any more for a year. At the end of the year, you have $1,506.16 — you earned a whopping $6.16 in interest.
Now, let's pretend everything remains the same except the savings account you choose. This time, you open a high-yield savings account that pays 4% APY. At the end of that same year, you should have $1,561.21, thanks to earning $61.21 in interest.
Is it a fortune? Maybe not. But it's still about 10 times as much as you would have gotten in a typical savings account, with no effort on your part. If you had continued contributing throughout the year, the difference would be even more stark.
About High-Yield Accounts
High-yield savings accounts aren't the only accounts paying favorable rates right now. You'll typically see the highest rates at online or lower-profile institutions rather than national brands with a significant brick-and-mortar presence. This is 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 provide 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 shorter-term goals, like a vacation or big purchase.
High-Yield Checking Accounts
The best high-yield checking accounts tend to pay slightly lower rates than high-yield savings, but even they are strong in today's rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it's typically to a checking account. If you transfer money to pay a bill, you typically do it from a checking account. Checking accounts are used for everyday spending and usually come with checks and/or debit cards to make that easy.
Money Market Accounts
The best money market accounts could be considered a middle ground between checking and savings: They are used for saving money but typically provide easy access to your account through checks or a debit card. They usually offer a tiered interest rate depending on your balance.
Cash Management Accounts
A cash management account is also like a savings/checking hybrid. You'll generally 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 doesn't. Cash management accounts typically 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 may outpace any of the other accounts we've described above. That's because a certificate of deposit requires you to "lock in" your money for a predetermined amount of time ranging from three months to five years. To retrieve it before then, you'll pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you'll let the bank hold your money, the higher rate you'll get. CD rates aren't variable; the rate you get upon depositing your money is the rate you'll get for the length of your term.
About CD Terms
Locking your money into an account in exchange for a higher interest rate can be a big decision. Here's what you need to know about common CD terms.
No-Penalty CDs
Most CDs charge you a fee if you need to withdraw money from your account before the term ends. But with a no-penalty CD, you won't have to pay an early withdrawal penalty. The best no-penalty CDs will offer rates slightly higher than the best high-yield savings accounts, and can offer a substantially improved interest rate over traditional brick-and-mortar savings accounts.
6-Month CDs
The best 6-month CDs are offering interest rates in the mid-5% range. Six-month CDs are best for those who are looking for elevated rates on their savings for short-term gains, but are uncomfortable having limited access to their cash in the long term. These can be a good option for those who may just be getting started with saving, or who don't have a large emergency fund for unexpected expenses.
1-Year CDs
The best 1-year CDs tend to offer some of the top CD rates, and are a popular option for many investors. A 1-year term can be an attractive option for someone building a CD ladder, or for someone who has a reasonable cash safety net but is still concerned about long-term expenses.
2-Year CDs
The best 2-year CD rates will be slightly lower than 1-year and no-penalty CD rates. In exchange for a longer lock-in period, investors receive a long-term commitment for a specific rate. These are best used as part of a CD ladder strategy, or for those worried about a declining rate market in the foreseeable future.
3-Year CDs
The best 3-year CDs tend to have rates that are comparable to 2-year CDs. These are usually less popular for your average investor, but can be an important lever when diversifying investments and hedging against the risk of unfavorable rate markets in the long term.
5-Year CDs
The best 5-year CDs will offer lower rates than the other terms on our list, but are still popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally viewed as safe investment vehicles, and securing a favorable rate can yield considerable earnings in year three and beyond — even if rates fall elsewhere.