Persistent inflation and the high interest rates designed to combat it are bad news for many consumers. Everything from gas to groceries costs more these days, and borrowers are paying more interest on credit cards, loans and mortgages. The good news is there’s one group that stands to benefit from high rates: savers.
Certificates of deposit (CDs) and high-yield savings accounts are two products that are especially lucrative to open at this time. They offer significantly higher rates than regular savings accounts, allowing your money to grow faster — which is especially valuable when your dollar doesn’t go as far as it used to.
If your savings are earning a meager rate of return, now is the time to switch to one of these high-earning accounts. While the average national savings rate is a paltry 0.43%, top CDs and high-yield savings accounts offer rates 12 times that or more. By opening one of these accounts, you can begin earning more today.
Explore today’s savings rates here to see how much more you could be earning.
CDs and savings accounts that pay over 12 times the national average
The following deposit accounts pay interest rates more than 12 times the national average.
CDs
If you want to open a CD, these accounts pay top rates:
Bank5 Connect — 5.50% APY (6 months): $500 minimum deposit requirement; 90 days’ interest early withdrawal penaltySantander Bank — 5.50% APY (1 year): $500 minimum deposit requirement; three months’ interest early withdrawal penaltyLimelight Bank — 5.50% APY (1 year): $1,000 minimum deposit requirement; 90 days’ interest early withdrawal penaltyLending Club — 5.50% APY (1 year): $2,500 minimum deposit requirement; 90 days’ interest early withdrawal penaltyCIBC Bank USA — 5.36% APY (1 year): $1,000 minimum deposit requirement; 30 days’ interest early withdrawal penaltyPopular Direct — 5.35% APY (6 months): $10,000 minimum deposit requirement; 120 days’ interest early withdrawal penaltyAmerica First Credit Union — 5.30% APY (6 months): 60 days’ interest early withdrawal penalty
Compare current CD offerings online now.
Savings accounts
If you’d prefer to open a high-yield savings account, check out these top-paying options:
BluPeak Credit Union (5.33% APY): $25 minimum deposit requirement; $200 monthly balance requirementTotalDirectBank (5.26% APY): $25,000 minimum deposit requirement; $2,500 monthly balance requirementMilli (5.25% APY): no minimum deposit or monthly balance requirementUFB Direct (5.25% APY): no minimum deposit or monthly balance requirementEvergreen Bank Group (5.25% APY): $100 minimum deposit requirement; no monthly balance requirementNewtek Bank (5.25% APY): no minimum deposit or monthly balance requirementPopular Direct (5.20% APY): $100 minimum deposit requirement; no monthly balance requirement
Check out current high-yield savings account options here.
The bottom line
The CDs and high-yield savings accounts listed above are a great place to start your search for an account that earns more interest. But they’re far from the only options out there.
Take the time to do your research, compare multiple accounts and weigh their interest rates against other important factors, such as fees, accessibility and restrictions. By doing a little due diligence, you can find the best account for your needs and reach your savings goals faster.