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In its September meeting, the Federal Reserve cut interest rates for the first time in four years, meaning the clock is ticking on the high interest rates on deposits that we’ve come to expect. With rates rapidly changing, how can you know that you’re getting the interest rate?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account — and now could be a great time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Friday, October 18.
Also Read– Extra check coming to some Social Security recipients in November
Featured Nationally Available Savings Rates
Featured Nationally Available Deposit 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 10/17/2024 | Minimum Account Opening Balance |
| LendingClub LevelUp Savings Account | up to 5.30% | $0 |
| Western Alliance Bank High-Yield Savings Premier | 4.96% | $500 |
| BrioDirect High-Yield Savings Account | 5.05% | $5,000 |
| Barclays Tiered Savings | up to 4.80% | $0 |
| CIT Bank Platinum Savings | 4.70% (with $5,000 minimum balance) | $100 |
| SoFi Checking and Savings (Member FDIC) | up to 4.30% | $0 |
Featured Nationally Available CD Rates
| Account Name | APYs (Annual Percentage Yields) are accurate as of 10/17/2024 | Minimum Account Opening Balance |
| Ponce Bank 3 Month CD, powered by Raisin | 4.50% | $1 |
| Barclays 6 Month Online CD | 4.65% | $0 |
| Discover 1 Year CD | 4.10% | $2,500 |
| Sallie Mae 14 Month No-Penalty CD | 3.95% | $1 |
| Discover 18 Month CD | 3.80% | $2,500 |
| Bread Savings 2 Year High-Yield CD | 3.85% | $1,500 |
| Gainbridge FastBreak™ 5-10 Year Annuity | 5.50% Guaranteed APY for 5-10 year terms | $1,000 Premium |
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 10/17/2024.
- UFB Direct Freedom Checking with Portfolio Savings: Earn 2.00% APY on your checking account. Plus unlock up to 4.77% APY when you combine Freedom Checking with a UFB Portfolio Savings account.
- Upgrade Rewards Checking Plus and Performance Savings: Earn up to 2% cash back on purchases. Add a Performance Savings account to earn up to 4.69% APY on saving balances.
- SoFi Checking and Savings (Member FDIC): Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 12/31/24. Earn up to 4.30% APY on savings balances (including Vaults) with direct deposit.
- 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).
Also Read– Some Social Security beneficiaries will get an extra November check
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.
Also Read- These 5 Banks Have The Worst Interest Rates and Where You Can Go to Find The Best Ones
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.
Also Read– Will Mortgage Rates Come Down Even Further After the Next Fed Meeting?
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.
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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.
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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.
