Savings & Money Market Rates 2023

FDIC Insured up to $250,000  •  National rate is 0.06%  •  June 4th, 2023

What you'll need to open your new account

Advertiser Disclosure
Savings (Rate as of 6/4/2023)
4.00%APY
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  • For APY: $0
  • Rate: 4.00%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC It only takes about 5 minutes to open a fee-free account.
Savings (Rate as of 6/4/2023)
4.50%APY
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  • For APY: $1
  • Rate: 4.50%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC No fee online savings account with a great rate.
Savings (Rate as of 6/4/2023)
4.85%APY
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  • For APY: $5,000
  • Rate: 4.74%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC No Monthly Fees. $5,000 balance required for highest rate.
Savings (Rate as of 6/4/2023)
4.80%APY
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  • For APY: $0
  • Rate: 4.80%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC No minimum balance and no monthly maintenance fees! Laurel Road is a brand of KeyBank N.A.
Savings (Rate as of 6/4/2023)
4.75%APY
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  • For APY: $0
  • Rate: 4.64%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Savings (Rate as of 6/4/2023)
4.00%APY
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  • For APY: $0
  • Rate: 4.00%
  • No Monthly Fees
  • Write Checks: No
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Member FDIC Savings accounts at 4.00% APY. A rate greater than 5x the national average.
Other Banks
Rates as of June 4th, 2023
Banks & Reviews APY Rate For APY
Burke & Herbert Bank & Trust Company (MMA) 0.01% 0.01% $1,000
Farmers Bank (MMA) 0.01% 0.01% $1,000
Truist (MMA) 0.01% 0.01% $200
Bank of America (Savings) 0.01% 0.01% $100
Truist (Savings) 0.01% 0.01% $25
USAA Federal Savings Bank (Savings) 0.01% 0.01% $25
Applied Bank (MMA) 0.02% 0.02% $500
TD Bank, NA (Savings) 0.02% 0.02% $1
Woodforest National Bank (Savings) 0.03% 0.03% $25
Burke & Herbert Bank & Trust Company (MMA $25k) 0.03% 0.03% $25,000
Armed Forces Bank, N.A. (Savings) 0.03% 0.03% $25
Union Bank (Michigan) (Savings) 0.05% 0.05% $50
Northwest Federal Credit Union (Savings) 0.05% 0.05% $1
State Department Federal Credit Union (Savings) 0.05% 0.05% $1
Apple Federal Credit Union (Savings) 0.05% 0.05% $5
Washington Savings Bank (Savings) 0.05% 0.05% $50
Burke & Herbert Bank & Trust Company (Savings) 0.05% 0.05% $50
Pendleton Community Bank, Inc. (Savings) 0.05% 0.05% $50
Old Dominion National Bank (Savings) 0.05% 0.05% $100
Citibank (MMA) 0.05% 0.05% $100
Applied Bank (Savings) 0.05% 0.05% $100
Virginia Credit Union (MMA) 0.05% 0.05% $100
Langley FCU (Savings) 0.05% 0.05% $100
Langley FCU (MMA) 0.05% 0.05% $100
Washington Savings Bank (MMA) 0.05% 0.05% $2,500
Woodforest National Bank (Savings $10k) 0.05% 0.05% $10,000
America First FCU (Savings) 0.05% 0.05% $1
Farmers Bank (Savings) 0.10% 0.10% $100
Schools First FCU (Savings) 0.10% 0.10% $5
Old Dominion National Bank (Savings $10k) 0.10% 0.10% $10,000
United Bank (Savings) 0.10% 0.10% $2,500
Farmers Bank (MMA $25k) 0.15% 0.15% $25,000
Union Bank (Michigan) (Savings $10k) 0.15% 0.15% $10,000
Pendleton Community Bank, Inc. (MMA) 0.15% 0.15% $1,000
Presidential Bank, FSB (Savings) 0.15% 0.15% $100
Wells Fargo (Savings) 0.15% 0.15% $25
Investors eAccess (MMA) 0.15% 0.15% $0
Union Bank (Michigan) (Savings $25k) 0.20% 0.20% $25,000
Pendleton Community Bank, Inc. (MMA $25k) 0.20% 0.20% $25,000
Lone Star Bank (MMA) 0.25% 0.25% $250
Sandy Spring Bank (Savings) 0.25% 0.25% $25
Wells Fargo (MMA) 0.25% 0.25% $50
Northpointe Bank (Savings) 0.25% 0.25% $100
Presidential Bank, FSB (MMA) 0.25% 0.25% $1,000
WebBank (Savings) 0.25% 0.25% $1,000
Sandy Spring Bank (MMA) 0.25% 0.25% $2,500
Northpointe Bank (MMA) 0.25% 0.25% $2,500
Presidential Bank, FSB (MMA $10k) 0.30% 0.30% $10,000
First Horizon Bank (Savings) 0.30% 0.30% $50
Woodforest National Bank (MMA) 0.35% 0.35% $25
BMO Harris Bank (MMA) 0.35% 0.35% $5,000
Northpointe Bank (Savings $10k) 0.35% 0.34% $10,000
Northpointe Bank (MMA $10k) 0.35% 0.34% $10,000
PurePoint Financial (Savings) 0.40% 0.40% $10,000
Lone Star Bank (Savings) 0.40% 0.40% $200
Apple Federal Credit Union (MMA) 0.40% 0.40% $5
Union Bank (Michigan) (MMA) 0.45% 0.45% $5,000
United Bank (MMA) 0.50% 0.50% $1,000
FinWise Bank (MMA) 0.50% 0.50% $1,000
FinWise Bank (Savings) 0.50% 0.50% $500
Boeing Employees Credit Union (Savings) 0.50% 0.50% $1
Banesco USA (Savings) 0.55% 0.55% $300
First Horizon Bank (MMA) 0.60% 0.60% $50
Northwest Federal Credit Union (MMA) 0.64% 0.64% $1
Schools First FCU (MMA) 0.70% 0.70% $2,000
Fulton Bank, NA (MMA) 0.70% 0.70% $1,000
Northwest Federal Credit Union (MMA $25k) 0.72% 0.72% $25,000
Langley FCU (MMA $10k) 0.75% 0.75% $10,000
Popular Direct (Savings) 0.75% 0.75% $5,000
Fulton Bank, NA (MMA $10k) 0.80% 0.80% $10,000
First Internet Bank of Indiana (Savings) 0.80% 0.80% $25
Amalgamated Bank (Savings) 0.81% 0.81% $1
First Horizon Bank (MMA $25k) 0.85% 0.85% $25,000
Schools First FCU (MMA $10k) 0.90% 0.90% $10,000
Amalgamated Bank (MMA) 0.90% 0.90% $1
Amalgamated Bank (Savings $10k) 1.00% 1.00% $10,000
Old Dominion National Bank (MMA) 1.00% 1.00% $1,000
Fulton Bank, NA (MMA $25k) 1.00% 1.00% $25,000
Langley FCU (MMA $25k) 1.00% 1.00% $25,000
Amalgamated Bank (MMA $25k) 1.06% 1.05% $25,000
Apple Federal Credit Union (MMA $10k) 1.10% 1.10% $10,000
Apple Federal Credit Union (MMA $25k) 1.15% 1.15% $25,000
State Department Federal Credit Union (MMA) 1.21% 1.20% $2,000
State Department Federal Credit Union (MMA $25k) 1.26% 1.25% $25,000
Armed Forces Bank, N.A. (MMA) 1.30% 1.29% $25
Banesco USA (MMA) 1.35% 1.35% $2,500
Armed Forces Bank, N.A. (MMA $10k) 1.50% 1.49% $10,000
BankPurely, a division of Flushing Bank (Savings) 1.50% 1.49% $100
Bank5 Connect (Savings) 1.50% 1.49% $100
America First FCU (MMA) 1.50% 1.49% $1
FinWise Bank (MMA $10k) 1.51% 1.50% $10,000
Armed Forces Bank, N.A. (MMA $25k) 1.60% 1.59% $25,000
America First FCU (MMA $10k) 1.70% 1.69% $10,000
Virginia Credit Union (MMA $10k) 1.75% 1.74% $10,000
Boeing Employees Credit Union (MMA) 1.76% 1.75% $1
Virginia Credit Union (MMA $25k) 2.25% 2.23% $25,000
Pentagon FCU (Savings) 2.70% 2.68% $5
Quorum (Savings) 3.00% 2.96% $10,000
Northpointe Bank (MMA $25k) 3.25% 3.20% $25,000
Northpointe Bank (Savings $25k) 3.25% 3.20% $25,000
First Internet Bank of Indiana (MMA) 3.66% 3.60% $100
FNBO Direct (Savings) 3.75% 3.68% $1
Discover Bank (MMA) 3.80% 3.73% $0
Morgan Stanley Private Bank (Savings) 3.85% 3.78% $1
Ally Bank (Savings) 3.85% 3.78% $0
Discover Bank (Savings) 3.90% 3.83% $0
DollarSavingsDirect (Savings) 4.00% 3.92% $1
Live Oak Bank (Savings) 4.00% 3.92% $0
American Express (Savings) 4.00% 3.92% $0
Quorum Federal Credit Union (Savings) 4.00% 3.92% $1
Colorado Federal Savings Bank (Savings) 4.00% 3.93% $1
Synchrony Bank (Savings) 4.15% 4.15% $0
Sallie Mae (MMA) 4.15% 4.07% $0
Valley Bank (Savings) 4.20% 4.11% $1
Rising Bank (Savings) 4.25% 4.17% $1,000
LendingClub (Savings) 4.25% 4.25% $0
Valley Direct (Savings) 4.50% 4.40% $1
BMO Harris Bank (Savings) 4.50% 4.40% $0
CIBC Bank USA (Savings) 4.52% 4.43% $1
Western State Bank (MMA) 4.55% 4.55% $5,000
BankPurely, a division of Flushing Bank (MMA) 4.75% 4.64% $25,000
VirtualBank (MMA) 4.80% 4.70% $100
Primis Bank (Savings) 4.92% 4.80% $1
Varo Bank (Savings) 5.00% 4.87% $1
MyBankingDirect (Savings) 5.00% 4.88% $500
Salem Five Bank (Savings) 5.01% 4.90% $10

The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

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Rates proudly provided by Bankrate logo

1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.

2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.

What are you looking for?

Investing your money in the right type of account is important. Banks offer a variety of different accounts. These accounts vary in fees, interest rates, and opening balance requirements. Some accounts also limit the number of times you can access your money. To find the best account for your needs, know the difference between accounts offered.

Types of Accounts

Checking Account

A checking account allows for multiple daily access to your money. Some checking accounts earn interest, but not all. Checks and debit cards are available to use the money in checking accounts.

Savings Account

A savings account is the most basic savings option offered by a financial institution. Most banks offer at least one savings account. Federal regulations only allow six withdrawals each month from a savings account. You cannot write checks from a savings account.

Money Market Account (MMA)

A money market account is similar to a savings account. You can write checks just like a checking account but are limited to six withdrawals per month.

Certificate of Deposit (CD)

A certificate of deposit is a long-term savings strategy. CDs are created to earn higher interest rates based on their term length. Terms range from one week to many years. Breaking a term by withdrawing the investment early—before term maturity—will result in a fee that is different per bank. Jumbo CDs earn higher interest, though require a large investment.

High Yield Accounts

High yield saving, checking, MMA, and CD accounts offer considerably higher interest rates. Local brick-and-mortar banks often do not offer competitive rates. These institutions offer other benefits to draw new members. Online banks, however, offer high yield interest to attract members. The banks that BankTruth represents are high yield interest accounts. Some of these will require a larger account balance to earn the interest, though just as many do not require anything special.

Rates and Fees

Different banks offer different interest rates on all account types. The higher the interest rates, the more money you earn. For example, high yield savings accounts generally earn more than 1.00%. Typical savings accounts only earn 0.01%. If you have $1,000 invested in both accounts, the account with 0.01% interest will earn $0.10 in one year. The high yield account offering 1.00% will earn $10 in one year.

Fees for these accounts depend on the bank and the account type. The monthly fees for accounts should offer ways to waive the monthly fees. Keeping a certain amount in the account or signing up for direct deposit are two common ways to waive fees. Be sure you know the account fees, and the ways to waive the fees before you open an account. Some accounts do not have any fees.

Online Banking

Most banks offer some online and mobile banking, allowing you to see account balances and make transfers or deposits. You can pay bills, turn your debit card on and off, and set up account alerts. Some online banking allows you to make a budget to better track your spending habits.

Where most banks offer some form of online banking, some banks are online only. These banks have no local branches. Online only banks generally have high-interest rates and few to no fees. Since they are not paying for buildings, they pass the savings onto the customer. Everything for your account is online, including opening the account and making transfers. Online only banks generally require you to set up the account with an external bank. This enables you to make transfers to and from the online-only account.

Opening an Online Account

When opening an online account, choose between opening the account in your name or a joint account. Typically you open a joint account with another family member or your spouse. If a person is not 18 years or older, a parent or guardian will have to cosign to open the account with them. You can open these accounts as joint accounts or custodial accounts. A custodial account means the parent controls the account until the child is 18.

To open an account online, you will need the following information:

  • Address
  • Date of birth
  • Social Security Number
  • Driver license number or other government-issued ID
  • External bank routing number or debit card information
  • Email address

Some banks might ask about your other bank accounts, employment, and income. If you are opening a joint account, you will need the above information for both names listed on the account.

Banks allow you to open more than one of a specific type of account. A beneficial feature if you are saving for some specific, such as a vacation or large purchase. Most banks have specific accounts for college, retirement funds, children, and teens.

FDIC Insured

When opening an account, be sure the bank is FDIC insured. FDIC stands for the Federal Deposit Insurance Corporation. It is a government corporation of the United States of America. Investing your money in a bank that is FDIC insured means your money is protected up to $250,000 per bank. If the bank were to fail, you will not lose your investment. The NCUA protects credit unions the same way the FDIC protects banks.

What Account Is Best?

To find the best account depends on the access you need to your money. If you have money you can set aside for a long time, a CD will earn the best interest rates. If you need more access to your money, consider one of the other accounts. The more you can invest and leave alone, the more interest you will earn.

Online only accounts generally have higher interest rates than typical banks. Look into all the different bank options to find the bank and account that best fits your needs. Be sure to know the interest rate on the account as well as the fees.