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Best bank interest rates of July 2020

Grow your money faster with some of the highest APYs available today.

Updated

Fact checked
High-yield bank accounts reward you with interest while you manage your money and work toward your goals. We looked at the top checking, savings, money market and CD accounts from over 75 institutions. We narrowed down our choices by selecting those that had high APYs, nationwide availability, no monthly fees and low opening deposit requirements, so you can get started growing your money today.

Best interest rates for checking accounts

Consumers Credit Union Rewards Checking

Consumers Credit Union Rewards Checking logo
Finder Rating: 4 / 5

★★★★★

Apply now
at Consumers Credit Union (IL)'s secure site
Up to 4.09%
APY
None
Fees
None
Min. opening deposit
Consumers Credit Union offers one of the highest rates we've seen of any bank account. But to earn the highest APY you'll need to meet requirements, such as the total amount of purchases you make a month.
  • High APY. Earn up to 4.09% APY on balances up to $10,000. Then, 0.2% on balances up to $25,000 and 0.1% on balances over $25,000.
  • Fee-free ATMs. Withdraw money for free at over 30,000 ATMs nationwide.
  • Unlimited ATM refunds. If you meet the APY requirements, CCU will refund any non-ATM fees you incur.
  • CCU members only. If you don't meet membership eligibility requirements, you can make a charitable donation to one of its supported charities.
  • APY requirements. To earn a high APY on balances up to $10,000, you'll need to meet one of the following criteria: 3.09%: Enroll in eDocuments, complete at least 12 debit card purchases totaling at least $100 and post a minimum of $500 direct deposit or ACH credits a month. 4.09%: Meet the 3.09% APY conditions and spend at least $500 in CCU Visa credit card purchases a month.4.09%: Meet the 3.09% APY conditions and spend at least $1,000 in CCU Visa credit card purchases a month.
APY 4.09%
Account fees $0 monthly
Can the fee be waived? Yes
Insufficient funds fee $30
ATM transaction fee $0
Wire transfer fee $10
Overdraft fee $30

Simple

1%
APY
None
Fees
None
Min. opening deposit
Simple is a digital checking account designed for budgeting and saving. It comes with an optional savings account that allows you to earn up to 1%.
  • Budgeting tools. This account comes with built-in tools that help you stick to a budget and save automatically.
  • No fees. Simple doesn't charge fees for monthly maintenance, overdrafts, transfers or card replacements.
  • Large ATM network. Use over 40,000 Allpoint ATMs nationwide for free. If you use an ATM outside of this network, Simple won't charge you any fees, but the operator might.
  • No branches. Simple is a digital bank, which means you won't find any brick and mortar locations where you can bank in person.
  • No bill pay. Unlike most banks, Simple doesn't offer electronic bill pay as a service.
  • APY requirements. You'll need to open a Protected Goals Account to earn the advertised APY — which is Simple's version of a savings account. Otherwise, you'll earn 0.01%.
APY 1%
Account fees $0 monthly
Can the fee be waived? Yes
Insufficient funds fee $0
ATM transaction fee $0
Wire transfer fee $0
Overdraft fee $0
Accout closure fee $0

NBKC Personal Account

Up to 0.75%
APY
None
Fees
$5
Min. opening deposit
The NBKC Personal Account is built on simplicity. It has no hidden fees or fine print, an easy signup process and a competitive 0.75% APY — a rate higher than most savings accounts.
  • ATM rebates. Use over 32,000 MoneyPass ATMs in the US for free. Plus, get up to $12 in monthly ATM rebates for withdrawing cash outside of this network.
  • Branch locations. While most of the options on our list are from online-only banks, NBKC has four physical branches in Kansas and Missouri if you want to bank in person.
  • Low fees. As an NBKC customer, you won't pay for overdrafts, personal checks, cashier's checks, bill payments and incoming domestic wires.
  • Expensive wire transfers. Expect to pay $45 for outgoing wires.
  • Limited customer service. NBKC customer service is only available by phone or email weekdays from 8 a.m. to 5 p.m. CT. There's no weekend service.
APY 0.75%
Account fees $0 monthly
Can the fee be waived? Yes
Insufficient funds fee $0
ATM transaction fee $0
Foreign transaction fee 0%
Overdraft fee $0

If these accounts aren’t quite what you’re looking for, compare other high-interest checking account options.

Best interest rates for savings accounts

Vio Bank High Yield Online Savings

1.21%
APY
$5 monthly
Fees
$100
Min. opening deposit
The Vio Bank High Yield Online Savings account is designed for anyone that wants to earn a competitive interest rate. It has no monthly fees, but you'll need at least $100 to get started.
  • Competitive interest rate. Earn 1.21% on your total account balance — no strings attached.
  • Easy-to-waive fee. Vio Bank waives the $5 monthly fee when you enroll in electronic statements.
  • Convenient customer service. Customer service is available by phone seven days a week.
  • Opening deposit. You'll need at least $100 to open an account, which is higher than most savings accounts.
  • Excessive transaction fee. Expect to pay a $10 fee if you make more than six outgoing transactions a month. Although Vio Bank could be waiving this policy due to coronavirus.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit $10

BrioDirect High Yield Savings

BrioDirect High Yield Savings logo
0.95%
APY
None
Fees
$25
Min. opening deposit
BrioDirect gives your savings a boost with its high-yield savings account. It has an attractive interest rate and a low $25 opening deposit. But it doesn't come with ATM access.
  • Earns interest. You'll earn 0.95% APY on your total balance when you open an account with at least $25.
  • No monthly fees. BrioDirect doesn't charge any fees to open or maintain your account.
  • Daily compound interest. Your savings grows even quicker with interest that compounds each day.
  • Excessive transaction fees. BrioDirect charges a $10 fee each time you make more than six outgoing transactions a month.
  • No ATM card. Like most savings accounts, this one doesn't come with an ATM card, so you can't withdraw cash on the go.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Marcus by Goldman Sachs Online Savings

1.05%
APY
None
Fees
None
Min. opening deposit
The Marcus by Goldman Sachs Online Savings account touts $1 million in FDIC-insurance and same-day transfers on deposits of up to $100,000. But it doesn't come with an ATM card for cash withdrawals.
  • Same-day transfers. It takes some banks up to three business days to process funds from an external account, but Marcus processes them same-day for up to $100,000.
  • High insurance. While most banks offer FDIC insurance for the first $250,000 in your account, Marcus by Goldman Sachs insures balances up to $1 million.
  • Daily customer service. If you need assistance, you can speak with a representative seven days a week.
  • No ATM access. This savings account doesn't come with an ATM card for cash withdrawals and Marcus doesn't have any branch locations.
  • Maximum account balance. You can't hold more than $1,000,000 in this account at a time, including interest.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit

Continue comparing savings account options if these top picks don’t check all your boxes.

Best interest rates for CDs

Marcus by Goldman Sachs High-yield CDs

1.3%
1-year APY
1.3%
3-year APY
1.35%
5-year APY
$500
Min. opening deposit
Grow your savings faster with a high-yield CD from Marcus by Goldman Sachs. Terms range from three months to six years, giving the ultimate flexibility to choose a term that suits your needs.
  • Competitive rates. Generally, you'll earn a higher rate the longer you lock your money away.
  • Low minimum deposit. While most banks require you to have $10,000 or more to open a CD, Marcus lets you get started with just $500.
  • 10-day CD rate guarantee. If Marcus increases its CD rates within 10 days of you opening your account, you'll automatically get bumped up to the higher rate.
  • Low APYs on short-term CDs. Six and nine-month CDs have APYs below 1%, which is lower than the competition.
  • No branch locations. This bank is online-only, so you can't open an account at a bank or get face-to-face support.
  • No partial withdrawals. You'll have to withdraw your full balance if you need to access your CD funds before maturity.
6-month term 0.6%
9-month term 0.7%
12-month term 1.3%
18-month term 1.3%
24-month term 1.3%
48-month term 1.3%
60-month term 1.35%
72-month term 1.35%

Pen Air FCU CDs

1.5%
1-year APY
1.8%
3-year APY
2%
5-year APY
$500
Min. opening deposit
Pen Air Federal Credit Union is based in Pensacola, Florida. Its five-year CD has a high APY and allows for penalty-free interest withdrawals at any time. But it's primarily open to active duty, retired military and civil service employees.
  • Competitive APY. When you open a Pen Air CD, you lock in a high 2% APY on your total account balance.
  • Accessible interest. You can't touch your principal balance for five years, but you can withdraw your interest at any time.
  • Membership discounts. As a Pen Air member, you get access to special discounts for services at TurboTax, Sprint, TruStage Auto Insurance and more.
  • Limited customer service. Unlike other credit unions that offer live chat functions, the only way to get assistance at Pen Air is by phone, US mail or by visiting a local branch.
  • Early withdrawal penalty. You'll pay a penalty equal to 180 days of interest if you withdraw your money before the five-year term.
  • Membership requirements. This credit union is primarily open to active duty, civil service employees and retired military and their families. But anyone can join when they become a member of the Friends of the Navy Marine Corps Relief Society.
3-month term 0.7%
6-month term 1.1%
12-month term 1.5%
15-month term 1.5%
18-month term 1.6%
24-month term 1.7%
48-month term 1.9%
60-month term 2%

Synchrony Bank CDs

1%
1-year APY
1.25%
3-year APY
1.4%
5-year APY
$2,000
Min. opening deposit
Synchrony Bank has CDs ranging from three months to five years. Rates are competitive, but you'll need at least $2,000 to get started.
  • Competitive APYs. Earn up to 1.4% APY depending on the term you choose.
  • Flexible terms. Synchrony CD terms start out at three months and go up to five years.
  • Accessible interest. You can't touch your principal balance before maturity, But you can withdraw your CD's interest for free at any time.
  • High minimum deposit. You'll need to set aside at least $2,000 to open a Synchrony CD.
  • Early withdrawal penalty. Expect to pay a fee equal to 90 to 365 days of simple interest based on the total amount you withdraw if you need your funds early.
  • Low APYs for short-term CDs. Three-month CDs earn 0.25% APY, 6-month CDs earn 0.5% and 9-month CDs earn 0.75%. These rates are low compared to other banks.
3-month term 0.25%
6-month term 0.5%
9-month term 0.75%
12-month term 1%
13-month term 1%
15-month term 1%
18-month term 1.05%
24-month term 1.1%
48-month term 1.3%
60-month term 1.4%

Check out other top CD rates if these aren’t quite what you’re looking for.

Best interest rates for money market accounts

CIT Bank Money Market

CIT Bank Money Market logo
Apply now
at CIT Bank's secure site
1%
APY
None
Fees
$100
Min. opening deposit
Park your money in the CIT Bank Money Market account and earn an impressive 1.3% APY. Plus, enjoy no monthly fees.
  • High APY. Enjoy a 1% APY on your total account balance, which is significantly higher than the national average.
  • Few fees. CIT Bank doesn't charge for online transfers, monthly maintenance or online transfers.
  • Linked accounts. Connect up to 10 accounts to your CIT Bank Money Market account.
  • Miscellaneous fees. You'll pay $10 to send wires if your account balance is below $25,000. Plus, $25 for overdrafts and $30 to stop a bill payment.
  • Low transfer limits. You can't send more than $50 a day through People Pay and PayPal. But you can transfer up to $2 million daily electronically.
  • No live chat. Most fully-online banks offer a live chat function, but CIT Bank doesn't.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $10

NBKC Personal Money Market Savings

1.01%
APY
None
Fees
$5
Min. opening deposit
NBKC helps you grow your savings and maintain easy access to it with its Personal Money Market Savings account. It has no fees, a high APY and a low opening deposit — three dreamy qualities of any money market account.
  • Low opening deposit. Most money market accounts require deposits of $1,000 or more, but you only need $5 to open this one.
  • Few fees. You won't ever pay for monthly maintenance fees, overdrafts, returned payments, incoming domestic wire transfers or to close your account.
  • Large ATM network. Dip your card into 32,000 MoneyPass ATMs nationwide. If you use an ATM outside of this network, NBKC reimburses you for up to $12 in fees each month.
  • Limited support window. NBKC representatives are only available on weekdays from 8 a.m. to 5 p.m. CT. There's no weekend service available.
  • Expensive wire transfers. Expect to pay $45 to send international wire transfers.
Interest compounding Daily
Minimum to earn interest $0.01
Monthly transaction limit 6
Fee per transaction over limit

Redneck Mega Money Market

Up to 1.1%
APY
None
Fees
$500
Min. opening deposit
The Redneck Bank Money Market account is full of personality. If you'd like an account that earns a high interest rate and makes you laugh at the same time, it might be for you. But there's a $500 opening deposit.
  • Earn interest. You'll earn 1.1% on the first $50,000 in your account. After that, the APY drops to 0.25%.
  • No monthly fees. Money market accounts are notorious for having expensive fees. But you won't pay anything to open or maintain this one.
  • Free ATM usage. Redneck Bank lets you withdraw cash for free at any ATM worldwide. But you may still pay ATM operator fees.
  • Miscellaneous fees. You'll pay $5 for a new debit card, $10 if your account goes dormant and $5 if you make more than six withdrawals a month.
  • Bill pay isn't always free. Your first 10 bill payments each month are free. After that, you'll pay $0.50 for each one.
  • Opening deposit. You need to set aside at least $500 for this account. While this is low compared to other money market accounts, it's higher than other options on our list.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit $5

Want to explore more account options? Check out our list of top money market accounts.

How to get the best interest rates

Don’t stop at the advertised interest rate when comparing interest-bearing accounts. Here are various points to consider that will help you determine which account is best for you:

  • The base rate. The standard interest rate is where your comparison should start. Check to see if it is variable or fixed and how it compares against other interest-bearing accounts.
  • Introductory rates. Some banks will offer an introductory rate on an interest-bearing account. Check to see for how long that rate is in effect, and if you need to meet any requirements in order to maintain it. Compare both this rate with the account’s standard rate if you can find a higher standard rate on another account, you could be better off in the long term.
  • Compound interest. Ideally, you want a high-interest account where interest is calculated daily and paid into the account monthly. This allows you to grow your money faster by being paid for interest that you have already earned.
  • Terms. Check to see if the interest rate is only applied if you are able to meet certain conditions, such as maintain a minimum balance or make a limited number of withdrawals.
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How do interest rates work?

Wondering how interest rates work? They have a major impact on how your money will grow, and they’re constantly changing. In the early 2010s, average interest rates in the US dropped and then held steady at a low rate for several more years. We’re just now beginning to see interest rates climbing back up, which means that money in the bank will be able to accrue interest more quickly.

When interest is calculated, when it is deposited and if the account allows for compound interest will all be determining factors when comparing interest rates. Compound interest means that you accrue interest both on the money you put into the account and on the interest you’ve already earned.

How are interest rates calculated on my account?

Interest is calculated by this formula: Daily closing balance/365 x Interest rate/100″

If you are comparing high-interest accounts and wondering about the significance of having the interest calculated daily and paid monthly, it basically means you will earn more interest.

Check our compound interest calculator

Things to consider when choosing an interest-bearing account

Interest rates are not the only important feature for an interest-bearing account. When making your comparisons check for:

Pros

  • Minimal fees. If you open an account with high fees, those charges will automatically eat into any interest you’d earn. Be sure to shop around for an account that has little to no fees, so you can keep more money in you pocket.
  • Introductory rates. An introductory rate on interest can give you a big boost and help you earn even more money.
  • Security. Ensure that the financial institution is insured by the FDIC so that you’re safe is something happens to the bank.

Cons

  • Fees and penalties. Certain monthly fees could apply to interest-bearing account products as well as penalties for making too many withdrawals if you open a savings or money market account. Read the fine print carefully to make sure that extra fees aren’t eating your funds.
  • Balance requirements. You might be expected to open the account with a certain amount of funds, or have to maintain a minimum balance in order to avoid fees.

Tax implications

Any interest earned on a high-yield account is taxable as income. This includes earnings on children’s accounts and CDs. However, you can claim deductions on expenses tied to earning the income. This can include account-keeping fees from the bank, management fees or financial consultations.

What are the risks?

You could easily not meet your earning potential by not weighing the type of interest-bearing accounts and the interest rate carefully. In order to avoid this, make sure that you are:

  • Choosing the right account. If you’re saving towards a goal that is a few years off, you’ll get the highest return with a certificate of deposit. If you simply want to earn interest on money you plan on spending immediately, consider an interest-bearing checking account.
  • Not mistaking an introductory rate for the standard. Check the advertised rate carefully, as this may just be the introductory interest rate. The standard rate is what will be applied after the introductory period ends.

What is a negative interest rate?

Bottom line

Finding the perfect interest-bearing account can feel overwhelming, but a high interest rate coupled with low fees will help your money grow. Take your time to compare rates, balance requirements, linked accounts and your level of trust in the bank itself — and then open your account and start watching your money grow.

Compare today’s interest rates

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
UFB Direct High Yield Savings
0.40%
$0
$100
Go to site
View details
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
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Compare up to 4 providers

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
CIT Bank Term CDs
0.75%
0.75%
1%
1%
1.05%
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
BBVA CD
0.4%
0.45%
0.4%
Discover CDs
0.9%
0.9%
1.01%
1.05%
1.15%
Discover IRA CDs
0.9%
0.9%
1.01%
1.05%
1.15%
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Compare up to 4 providers

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