Discover Today’s Top CD, Checking, and Savings Rates

Locate a Competent Financial Adviser

Finding a financial advisor It doesn’t have to be complicated. With SmartAsset’s free tool, you can quickly match with up to three fee-only financial advisors who cater to your locality. All of these advisors undergo careful evaluation. SmartAsset and must adhere to a fiduciary duty to prioritize your best interests. Start your search now.

The information and offers on this page might have been modified or altered after the initial publishing date. Please check out our article for updates. Business Insider for current information.

Affiliate links for the items featured on this page come from partnering companies that provide compensation to us, and certain conditions pertain to the offers mentioned (refer to our) advertising disclosure with our partner listing For additional information, please refer to this link). Nevertheless, our viewpoints are solely ours.). How do we evaluate banking products? to create impartial product reviews.

Following years of substantial interest yields, the window to capitalize on your funds in banking instruments such as checking and savings accounts is closing rapidly. What steps should you take to ensure you secure the highest possible interest rate for your deposited assets?

We monitor rates from banks and credit unions daily to help you feel confident before you open a new account — and it's looking like now is the time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Saturday, May 3.

Featured Nationally Available Savings Rates

Create a new savings account or cash management account to get top-tier interest rates.

Account Name	The APY rates (Annual Percentage Yields) are correct as of May 2, 2025.	Minimum Account Opening Balance
BrioDirect High-Yield Savings Account	4.45%	$5,000
LendingClub LevelUp Savings Account	up to 4.40%*	$0
Barclays Tiered Savings	up to 4.30%**	$0
Valley Direct High-Yield Savings Promotion Account	4.30%***	$1,000
Western Alliance Bank High-Yield Savings Account, offered through Raisin	4.25% APY. Additionally, new clients have the opportunity to earn as much as $500 through eligible actions.	Deposit just $1 to start your new account. Enter code BOOST to receive bonuses based on deposit levels: get $75 when you add $10K, $250 upon adding $25K, or $500 once you reach $50K.
CIT Bank Platinum Savings	4.10% interest rate (subject to a minimum balance of $5,000) along with a one-time sign-up bonus of up to $300 when using the code PS2025****	$5,000

Nationally Offered CD Rate Highlights

Account Name	The Annual Percentage Yields (APYs) are correct as of May 2, 2025.	Minimum Account Opening Balance
Western Alliance Bank 3-Month Certificate of Deposit, offered through Raisin	4.40%	$1
Barclays 6-Month Online Certificate of Deposit	3.80%	$0
LendingClub 14 Month CD	4.10%	$500
Synchrony 13 Month CD	4.35%	$0
Discover 18 Month CD	3.80%	$0
Bread Savings 2-Year High-Yield Certificate of Deposit (CD)	4.00%	$1,500
Generations Bank 3-Year Certificate of Deposit	4.35%	$1

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 05/02/2025.

BCU PowerPlus Checking: Earn up to 8.00% APY on balances up to $15,000 (See website for details).*
With SoFi® Checking and Savings (Member FDIC), you can earn up to a $300 bonus when you set up qualifying direct deposits as an eligible customer by January 31, 2026. Additionally, you can receive up to a 3.80% annual percentage yield (APY) on your savings balance (this includes Vaults) if you have either a direct deposit or meet certain deposit requirements. **
Discover® Cashback Debit Account: Get 1% cash back on as much as $3,000 each month from qualifying debit card transactions (visit the site for more information). ***
The Axos ONE Savings and Checking Package offers a 4.66% APY on your savings account balance and a 0.51% APY on your checking account balance when you have at least $1,500 in monthly direct deposits by the 25th of every month and maintain an average daily balance of $1,500.

How Much Interest Can You Earn From High-Yield Savings Accounts?

The typical interest rate for a savings account The interest rate of 0.41% APY means that an account offering higher returns might be worth looking into. It’s quite common to come across high-yield savings accounts, certificates of deposit (CDs), or even certain high-yield checking accounts that can offer yields up to eight times greater.

Here's how it works: Let's say your savings account pays that average rate, 0.41% APY, and compounds daily. You put $1,500 in that account, and don't contribute any more for a year. At the end of the year, you have $1,506.16 — you earned a whopping $6.16 in interest.

Now, let's pretend everything remains the same except the savings account you choose. This time, you open a high-yield savings account that pays 4% APY. At the end of that same year, you should have $1,561.21, thanks to earning $61.21 in interest.

Could it be considered a fortune? Perhaps not. However, it amounts to roughly ten times what you'd typically receive from a standard savings account without putting in any additional work. Had you consistently contributed over the course of the year, this discrepancy would be even more pronounced.

About High-Yield Accounts

High-yield savings accounts are not the sole option offering attractive interest rates currently. Usually, you will find the best rates at online banks or lesser-known financial institutions as opposed to well-established nationwide brands with numerous physical branches. It’s typical for this scenario because internet-based banks operate with reduced operational expenses and tend to offer higher rates to draw in more clients.

High-Yield Savings Accounts

The best high-yield savings accounts offer the safety of a savings account along with the additional benefit of a high annual percentage yield (APY). Savings accounts are kept at banks or credit unions rather than being managed via a brokerage account. They work well for accumulating funds aimed at achieving near-future objectives, such as planning a trip or making a significant buy.

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.

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 It functions similarly to a combination of a savings and checking account. These are commonly provided by internet-based financial institutions, and unlike traditional checking accounts, they usually allow unrestricted transactions. Savings accounts frequently restrict the amount of monthly transfers, whereas this type does not. A key feature of cash management accounts is typically an accompanying debit card for convenient use; however, services such as cash deposits might incur fees.

Certificates of Deposit

The best CD rates could surpass all the previously mentioned options. This is due to the fact that with a certificate of deposit, you must commit your funds for a specific period, which can range anywhere from three months to five years. If you withdraw these funds prematurely, you will incur a penalty unless you choose one of the alternatives 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.

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

Many certificates of deposit (CDs) impose fees when you withdraw funds prematurely, prior to the end of the set period. However, with a no-penalty CD, you avoid these early withdrawal penalties. Top-tier no-penalty CDs provide interest rates that are marginally better than those offered by top high-yield savings accounts and significantly outperform conventional bank savings accounts in terms of interest rates.

6-Month CDs

The best 6-month CDs are providing interest rates around the 5% mark. Six-month certificates of deposit (CDs) are ideal for individuals seeking higher returns on their savings within a brief period, yet prefer not to tie up their funds indefinitely. This choice works well for beginners in saving or those without substantial amounts to invest. 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.

2-Year CDs

The best 2-year CD rates Will be somewhat below the interest rates offered on one-year certificates of deposit without penalties. As compensation for locking up funds for an extended duration, investors get a guaranteed rate over the long term. They work well when incorporated into a certificate of deposit ladder approach or for individuals concerned about potential decreases in interest rates in the near 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.

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.

Read the original article on Business Insider

If you enjoyed this story, be sure to follow Business Insider on MSN.