Best High-Interest Accounts of November 2024 (up to 5.12%)
Our list of the best high-interest accounts.
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High-interest deposit accounts beat regular bank accounts when it comes to the best places for your money, helping your balance grow faster. These savings and checking accounts, CDs and other deposit products provide a safe place for your cash while earning a competitive yield.
Why trust NerdWallet
These accounts usually have online access and many don’t charge a monthly fee. Note that some have transaction or balance requirements to earn the best rates. High-yield checking accounts, for example, might require you to make a certain number of debit card transactions each month. If you can meet the conditions, however, they're worth a look. And while some accounts are offered by banks, others are offered by credit unions or nonbanks (providers that partner with a bank to offer deposit insurance).
NerdWallet did extensive, independent research on dozens of account providers to identify the best options. Read on for more details about NerdWallet’s best high-interest accounts.
Summary of best high-interest accounts
Best accounts for CDs
Best accounts for checking
Best accounts for savings
High-interest deposit accounts beat regular bank accounts when it comes to the best places for your money, helping your balance grow faster. These savings and checking accounts, CDs and other deposit products provide a safe place for your cash while earning a competitive yield.
Why trust NerdWallet
These accounts usually have online access and many don’t charge a monthly fee. Note that some have transaction or balance requirements to earn the best rates. High-yield checking accounts, for example, might require you to make a certain number of debit card transactions each month. If you can meet the conditions, however, they're worth a look. And while some accounts are offered by banks, others are offered by credit unions or nonbanks (providers that partner with a bank to offer deposit insurance).
NerdWallet did extensive, independent research on dozens of account providers to identify the best options. Read on for more details about NerdWallet’s best high-interest accounts.
Summary of best high-interest accounts
Best accounts for CDs
Best accounts for checking
Best accounts for savings
Best High-Interest Accounts of November 2024 (up to 5.12%)
Our pick for
CDs
Why We Like It
BMO Alto offers competitive CD rates with no minimum deposit or balance requirements. Note that BMO Alto is part of BMO (which includes BMO Bank and other accounts under the BMO brand). All institutions that are part of the BMO Financial Group are considered to be part of one institution. That means deposits you make at any BMO institution count toward your FDIC insurance limit of $250,000 at BMO.
Why We Like It
Alliant Credit Union offers share certificates (a credit union’s equivalent to certificates of deposit) with rates that are highly competitive with those of other online institutions. The minimum opening deposit of $1,000 is lower than what some institutions require, though some online banks don’t have a minimum requirement at all.
Why We Like It
Popular Direct offers some of the most competitive CD rates available. Term lengths range from three months to five years, with interest compounded daily. The required minimum deposit of $10,000 is quite steep, though; some banks only require a deposit of $500. But the interest rates could be well worth it if you won’t soon need access to a chunk of cash.
Why We Like It
Anyone can become a member of NASA Federal Credit Union, and its excellent share certificate rates could make it worthwhile to join. You’ll need to deposit at least $1,000 to open an account, which is comparable to the minimum requirement at other credit unions. Terms from six months to five years are available.
Our pick for
Checking
$0
5.00%
With $0 min. balance for APY
N/A
Why We Like It
You can earn 3.00% APY on balances up to $10,000 in this high-yield checking account at Consumers Credit Union if you also make 12 monthly debit card purchases, have monthly electronic transactions of at least $500 (this could include direct deposits, mobile check deposits or ACH bank transfers) and receive e-statements.
You can earn even more if you use a Consumers Credit Union credit card, too. Meet the requirements above and also make $500 in credit card purchases, and you earn 4.00% APY on balances up to $10,000. Make an additional $500 in credit card purchases, and the APY on balances up to $10,000 is 5.00%.
If you meet monthly requirements but have more than $10,000 in your account, the excess earns 0.10% APY or 0.20% APY, depending on the amount. If you don’t meet monthly requirements, your money earns 0.01% APY on all balances.
$0
4.65%
With $0 min. balance for APY
N/A
Why We Like It
The Ultimate Rewards Checking account from All America Bank offers a competitive 4.65% APY on balances up to $15,000 each month and 0.50% APY for balances over that amount. Other perks of this high-yield checking account include up to $25 in foreign ATM fee refunds each month, no minimum balance requirement and no monthly fee. Opening the account online requires a $500 minimum deposit.
The rewards are solid, but here's the catch: To take advantage of the high rate, you’ll need to receive electronic statements and make at least 10 debit card transactions each month. Otherwise, the APY is 0.25% and paper statements cost $3 per month. Note that 10 online bill pay transactions are included for free each month, and each additional transaction costs $0.50.
$0
5.12%
With $0 min. balance for APY
N/A
Why We Like It
Hope Credit Union’s checking account pays 5.12% APY on balances up to $10,000 each month that you meet a few requirements: Have a direct deposit to or an automatic payment out of your account, make at least 12 debit card transactions, opt into e-statements and log into your account online or on the mobile app at least once. If you don’t meet the requirements, you’ll earn 0.10% APY on your balance. It also offers up to $20 in ATM fee reimbursements. To join Hope Credit Union, you can pay a $10 membership fee, $5 of which goes to an affiliated nonprofit.
$0
3.00%
With $0 min. balance for APY
N/A
Why We Like It
Lake Michigan Credit Union’s Max Checking doesn’t have a minimum balance requirement or monthly fees. The account pays 3.00% on balances up to $15,000, but customers must meet several monthly requirements: opt for e-statements, receive at least one direct deposit, have at least 10 posted debit or credit card purchases and log into your account at least four times. Interest isn’t paid on balances over $15,000, and interest isn’t paid if requirements aren’t met. The credit union will also reimburse up to $10 per month in out-of-network ATM fees.
New memberships are currently available to residents of all states except California.
Our pick for
Savings
4.75%
With $0 min. balance for APY
N/A
Why We Like It
EverBank’s Performance Savings accounts offers a highly competitive 4.75% APY on any balance — there’s no minimum balance requirement to open or keep the account, making it a good option even if you don’t have much to put away. There’s also no monthly maintenance fee. You can set up your account online and fund it by online transfer or mobile deposit.
5.00%
With $500 min. balance for APY
N/A
Why We Like It
You’ll need to deposit at least $500 to open the Openbank High Yield Savings account, but setting aside a chunk of cash this way can be lucrative: You’ll earn a super competitive 5.00% APY on your balance. There are no monthly fees for this account, which earned nearly five stars in our rating. Openbank is offered by Santander Bank, and your funds will be FDIC insured up to the standard maximum amount.
5.00%
With $25 min. balance for APY
N/A
Why We Like It
Opening the High-Yield Savings account from BrioDirect requires a high minimum deposit of $5,000, but you only need to maintain a balance of $25 to earn its competitive 5.00% APY. There are no monthly fees.
The Fed lowered its benchmark rate multiple times in the second half of 2024. You can still find high interest rates on savings accounts and CDs, but you may need to shop around.
Why choose a high-interest account?
Your money can grow faster than in a standard account. This is especially ideal for building a cash cushion, say, for an emergency fund or holiday savings goal. The national average for savings accounts is 0.43%. If you put your money in a high-yield account that earns around 5%, it's earning much more than the national average, with little additional effort on your part. The same holds for CDs.
What to look for in a high-interest account
Search for accounts that have competitive rates and low fees. You don’t want to pay a monthly maintenance charge, because that would likely cost you more than what you would earn, even with a strong interest rate. You may also want to look for extra perks, such as checking accounts that come with ATM fee refunds (in case you’re charged by ATM owners for using out-of-network ATMs), and savings accounts with tools and calculators that make automatic savings deposits easy. Along with stronger yields, the high-interest accounts tend to offer more perks than standard bank accounts.
» Ready to explore more options? Check out our lists of the best high-interest online savings accounts and best checking accounts for this month.
How often do high interest account rates change?
It depends on the type of account. Savings accounts typically have variable rates that can theoretically change at any time. CDs, on the other hand, typically offer fixed rates for a certain term length. The institutions on the list have consistently had some of the best interest rates, whether variable or fixed.
To find out how to get the best return for your money, check out NerdWallet’s lists of the best savings rates and best CD rates on a regular basis.
Money market accounts and cash management accounts are banking alternatives that also have variable rates, and sometimes those rates are competitive with checking, savings and CDs. Read our primers on money market accounts and cash management accounts to learn more about those products.
» Want to learn more? Read NerdWallet’s picks for the best money market account and best cash management account options.
Frequently asked questions about high-interest bank accounts
What is a high-interest account?
High-interest accounts are deposit accounts that earn an annual percentage yield, or APY, that is much higher than the national average. For example, the national average for savings accounts is 0.42%, and the best high-interest savings accounts have yields that are currently many times that amount.
Are high-interest bank accounts safe?
High-interest bank accounts are generally safe because most are federally insured up to $250,000 per depositor, through the Federal Deposit Insurance Corp. for banks and the National Credit Union Administration for credit unions. With an insured account, if a bank or credit union fails and goes out of business, you would still be able to access your money, up to the insured amount. All the accounts on this list are insured.
Do all high-interest accounts have high minimum deposit requirements?
No. Some accounts have opening deposit minimums, but many do not. You will want to look at the account’s individual requirements before applying to open one. It’s worth noting, however, that interest is calculated as a percentage of the bank balance, so the balance needs to be above zero to earn a return. Use NerdWallet’s savings calculator to figure your potential earnings.
What’s the difference between a high-interest account and an investment account?
High-interest deposit accounts are federally insured accounts offered by banks and credit unions (and sometimes nonbank providers). They are safe places to put your money that earn an established rate of return. However, that return is often less than you might earn over time if you put your money in a riskier investment vehicle, such as stocks and bonds. With investments, you can earn a better yield over the long term, but there is also a risk that your account could lose value.
Last updated on November 1, 2024
Methodology
We took a close look at over 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.
To recap our selections...
NerdWallet's Best High-Interest Accounts of November 2024 (up to 5.12%)
- BMO Alto Certificate of Deposit: Best for CDs
- Consumers Credit Union Free Rewards Checking: Best for Checking
- EverBank Performance℠ Savings: Best for Savings
- Openbank High Yield Savings: Best for Savings
- BrioDirect High-Yield Savings: Best for Savings
- Alliant Credit Union Certificate: Best for CDs
- Popular Direct CD: Best for CDs
- All America Bank Ultimate Rewards Checking: Best for Checking
- HOPE Rewards Checking: Best for Checking
- Lake Michigan Credit Union Max Checking: Best for Checking
- NASA Federal Credit Union Share Certificate: Best for CDs
