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The average interest rate paid by a savings account right now is 0.30% Annual Percentage Yield (APY), according to the FDIC.

The best online institution for getting a competitive interest rate on a high-yield savings account is MySavingsDirect, which pays 4.35% APY on a MySavingsDirect Savings Account. National brick-and-mortar banks generally lower interest rates than online banks. For example, TD Bank pays 0.02% APY on the TD Simple Savings Account.

We've been checking over a dozen financial institutions to keep up with their new rate offerings. Our best savings accounts guide and best high-yield savings account guide can also be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.

Below, you'll find some of the most competitive interest rates for savings accounts, CDs, and high-yield checking accounts. Our top picks are the same from yesterday since rates have primarily stayed the same.

Best interest rates for savings accounts

MySavingsDirect Savings Account

Why it stands out: MySavingsDirect is an online division of Emigrant Bank. The MySavingsDirect Savings Account might be worth considering if your priority is finding an online-only savings account. 

Savings rate: 4.35% APY

What to look out for: The MySavingsDirect Savings Account offers limited access to your money. If you need to make a withdrawal from your account, you'll have to transfer money to an external bank account, which could take a few business days.

Other online banks may have ATM or debit cards which permit direct access to money in a savings account. 

Popular Direct High-Rise Savings

Why it stands out: You might like Popular Direct High-Rise Savings if you have at least $5,000 for an opening deposit. Popular Direct also may be a good choice if you're searching for a savings account that doesn't charge any monthly service fees. 

Savings rate: 4.16% APY

What to look out for: Popular Direct High-Rise Savings has a steep minimum opening deposit. Other banks will let you open a savings account with less money upfront.

Popular Direct only has savings accounts and CDs. Since there's no checking account, you won't be able to directly access money in your savings account. Instead, you'll need to transfer an external bank account, which could take a few business days to process.

UFB Best Savings

Why it stands out: UFB Direct is an online division of Axos Bank. UFB Best Savings could be a good option if you want a savings account with an ATM card. 

Savings rate: 4.11% (as of 12/14/2022) APY

What to look out for: Customers with existing savings accounts will have to call customer service to get upgraded for the newest rate.

UFB Direct also only offers savings and money market accounts. If you'd like to also open a checking account or CD, you may prefer another financial institution.

Best interest rates for CDs

Popular Direct Certificate of Deposit

Why it stands out: Popular Direct pays high interest rates on CDs. Its 3-month and 6-month CDs, in particular, stand out for their competitive interest rates.

Rates: The rates for Popular Direct CDs are as follows: 

3 months: 4.05% APY

6 months: 4.50% APY

1 year: 4.75% APY

18 months: 4.65% APY

2 year: 4.60% APY

3 year: 4.55% APY

4 year: 4.47% APY

5 year: 4.50% APY

What to look out for: The bank requires a high minimum deposit of $10,000. Other financial institutions may offer lower initial deposit requirements.

CFG Bank Certificate of Deposit

Why it stands out: CFG Bank CDs are a strong choice for a 1-year, 18-month, 3-year, or 5-year CD. You only need $500 to open a CD, and you could earn a high rate. 

Rates: The rates for CFG Bank CDs are as follows: 

1 year: 4.75% APY

18 month: 4.75% APY

3 year: 4.60% APY

5 year: 4.60% APY

What to look out for: CFG Bank doesn't have many CD terms to choose from — there are only 12-month, 18-month, 36-month, or 60-month CDs.

Quorum Federal Credit Union Term Savings

Why it stands out:  Quorum Federal Credit Union offers a competitive interest rate on a 2-year CD. 

You'll earn 4.60% APY with a minimum deposit between $1,000 and $99,999, or 4.70% APY if you deposit more than $100,000 in your account. 

Rate: The rates for Quorum Federal Credit Union Term Savings are as follows:

3 months: 1.70% APY

6 months: 1.95% APY

1 year: 2.10% APY

13 month (new money only): 4.50% APY

18 month: 2.10% APY

2 year: 4.60% APY

3 year: 2.20% APY

4 year: 2.25% APY

5 year: 2.35% APY

Keep in mind if you deposit $100,000 or more in a Term account, you'll earn an additional 0.10% APY to the rate listed.

What to look out for: To open a bank account at a credit union, you'll need to become a member first. At Quorum, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

Crescent Bank CD

Why it stands out:  Crescent Bank offers 1-year, 18-month, 2-year, and 3-year online CDs with competitive interest rates. The bank also has standard-to-low early withdrawal penalties.

Rate: The rates for Crescent Bank's online CD rates are as follows:

• 1 year: 4.60% APY
• 18 months: 4.65% APY
• 2 year: 4.65% APY
• 30 months: 4.65% APY
• 3 years: 4.40% APY
• 4 years: 4.30% APY
• 5 years: 4.30% APY

What to look out for: To deposit money into an online Crescent Bank CD, you may mail the bank a check or transfer money from a bank account at another financial institution. 

Also keep in mind that once a CD matures, it will automatically renew unless you call customer service to close it.

Alliant Certificate

Why it stands out: Alliant pays a high rate on a 3-year CD and has reasonable early withdrawal penalties. 

Rate: The rates for Alliant are as follows:

1 year: 4.60% APY

18 month: 4.25% APY

2 year: 4.25% APY

3 year: 4.60% APY

4 year: 4.25% APY

5 year: 4.25% APY

What to look out for: Credit unions require you to become a member to open an account. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.

Best interest rates for checking

Consumers Credit Union Free Rewards Checking Account

Why it stands out: The Consumers Credit Union Free Rewards Checking Account doesn't charge monthly service fees. If you qualify for a tiered rate, you'll also be eligible to get early direct deposit and unlimited ATM fee reimbursements.

You'll get the most out of the account if you do the following: 

• Earn 3.00% APY if you have less than $10,000 when you sign up to receive eDocuments, make 12 monthly debit card purchases, and receive $500 in monthly direct deposits, mobile check deposits, or transfers from other banks
• Earn 4.00% APY if you meet the requirements to earn 3% and spend $500 per month with your Consumers Credit Union Credit Card
• Earn 5.00% APY if you meet the requirements to earn 3% and spend $1,000 per month with your Consumers Credit Card
• Earn 0.20% APY if you have an account balance between $10,000.01 and $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks
• Earn 0.10% APY if you have an account balance over $25,000 when you receive eDocuments, make 12 monthly transactions, and receive $500 per month in direct deposits, mobile check deposits, or transfers from other banks

If you don't meet the requirements, you'll only earn 0.01% APY on your account balance.

Rate: 0.01% to 5.00% APY

What to look out for: Credit unions require membership to open accounts. To become a member, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5.

Juno Metal Checking Account

Why it stands out: Juno has a solid rewards checking account. The rate you'll earn will vary depending on your account balance. You can earn up to a 5% yearly bonus on the first $10,000 in your account, and 3% on balances from $10,0001 to $250,000. You'll also be able to earn 5% cash back when you shop at select retailers, and buy and sell cryptocurrency through Juno. 

Rate: 3.00% to 5.00% (depending on deposit amount) APY

What to look out for: Juno has two types of accounts: Basic and Metal. The main difference between the two accounts is that the Juno Metal Checking Account has higher limits for yearly cash back, crypto purchases, and other perks than Juno Basic. 

To qualify for Metal, you'll need to maintain a qualifying direct deposit of $250 or more per month or connect your Web3 Wallet so Juno can review your on-chain activity.

Personal Capital Cash Account

Why it stands out: The Personal Capital Cash Account might be worthwhile if you already use the investment platform Personal Capital. This cash management account doesn't charge any monthly service fees, and up to $2 million is FDIC insured in an account.

To earn 3.90% APY, you must be a Personal Capital advisory client. Otherwise, you'll earn 3.85% APY.

Rate: 3.85% to 3.90% APY

What to look out for: Personal Capital only offers a cash management account, which is an alternative option to traditional checking and savings accounts. If you would like to open different types of accounts — for example, a money market account or CD — you might consider a bank or credit union instead. 

Additional options for high-interest accounts

CFG Bank High Yield Money Market Account

Why it stands out: CFG Bank offers a high interest rate on a money market account. You may like the CFG Bank High Yield Money Market Account if you regularly maintain at least $1,000 in your account. That way, you'll earn 4.15% APY and waive the $10 monthly service fee.

Rate: 4.15% APY

What to look out for: Usually money market accounts come with an ATM card, debit card, or paper checks, but the CFG Bank High Yield Money Market Account doesn't offer these options. If you'd like to withdraw money from your account, you'll have to make a transfer to another account.