Maximize Your Returns: Today's Best CD, Checking, and Savings Rates

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Time is running out on the elevated deposit interest rates we have grown accustomed to. How do you ensure you secure the highest possible interest rate to boost your earnings from savings?

We keep an eye on the interest rates offered by various banks and credit unions every day to ensure your peace of mind when opening a new account. It seems like this might be the ideal moment to secure a higher rate before annual percentage yields plummet dramatically. Below are the leading rates from well-known banks as of Friday, May 2nd.

Nationally Offered Featured Saving Rates

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

Account Name	The APYs (Annual Percentage Yields) are correct as of May 1, 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 Promo Account	4.30%***	$1,000
Western Alliance Bank High-Return Savings Account, offered through Raisin	4.25% APY. Additionally, new clients can earn as much as $500 through specific actions.	$1 to start an account. A minimum of $25,000 required to receive the new client incentive.
CIT Bank Platinum Savings	4.10% interest rate (subject to a $5,000 minimum balance requirement) along with an initial reward of up to $300 when you enter the code PS2025****	$5,000

Nationally Offered CD Rate Highlights

Account Name	The APYs (Annual Percentage Yields) are correct as of May 1, 2025.	Minimum Account Opening Balance
Western Alliance Bank 3-Month Certificate of Deposit, offered through Raisin	4.40%	$1
Barclays 6 Month Online CD	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 CD	4.00%	$1,500
Generations Bank 3 Year CD	4.35%	$1

Highlighted High-Interest Checking Account Deals

Compare checking accounts that provide high APYs, rewards on debit card spending, or both. The APY rates (Annual Percentage Yields) were last updated on May 1, 2025.

BCU PowerPlus Checking: Up to 8.00% APY can be earned on amounts up to $15,000 (Visit the site for more information). *
With SoFi® Checking and Savings (Member FDIC), you can earn up to a $300 bonus from qualifying direct deposits until 01/31/26 for eligible members. You may also receive an annual percentage yield (APY) of up to 3.80% on your savings balance (which includes Vaults) when you set up a direct deposit or make qualified deposits. **
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).***
The Axos ONE Savings and Checking Package offers you 4.66% APY on your savings account balance and 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 along with keeping an average daily balance of $1,500.

How Much Interest Can You Earn With High-Yield Savings?

The average interest rate on a savings account is 0.41% APY, so any account that pays more than that may be worth considering. It's not unusual to find high-yield savings, CDs, or even high-yield checking accounts that pay up to eight times as much.

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 qualify as a fortune? Perhaps not. However, it amounts to roughly ten times what you'd typically earn from a standard savings account without putting in additional work. Had you consistently contributed over the course of the year, this discrepancy would be considerably larger.

About High-Yield Accounts

High-return savings accounts are not your sole option for earning competitive interest rates currently. Usually, you will find the most attractive rates offered by internet-based or lesser-known financial institutions instead of well-established nationwide banks known for their extensive physical branch networks. It’s typical because digital-only banks tend to have reduced operational expenses and thus can afford to offer higher rates as an incentive to gain new 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 setting aside funds aimed at achieving near-future objectives, such as going on vacation 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’s similar to a combination of a savings and checking account. These are commonly provided by internet-based financial institutions, and unlike traditional checking accounts, they frequently allow unrestricted transactions. Savings accounts tend to restrict the amount of monthly transfers, whereas this isn’t common practice with checking accounts. Cash management accounts usually include a debit card for convenient use; however, deposits might require an additional fee.

Certificates of Deposit

The best CD rates could surpass all the previous accounts mentioned earlier. 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 the money before this term ends, you will incur a penalty unless you choose one of the alternatives provided. best no-penalty CDs The more time you allow the bank to keep your funds, the better interest rate you will receive. CD rates remain fixed; the rate at which you initially deposited your money is what you’ll earn throughout the duration 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 before the designated period concludes. However, a no-penalty CD spares you from such penalties. Superior no-penalty CDs typically provide interest rates marginally above those offered by top-tier 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 over a brief period without needing immediate liquidity. This choice works well for beginners in saving or for people who do not possess substantial funds. 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 The interest rates will be somewhat below those of both 1-year CDs and penalty-free CDs. As compensation for locking your funds away for an extended duration, you get a guaranteed rate over the long term. This makes them ideal for incorporating into a CD ladder approach or for individuals concerned about potential decreases in interest rates in the near future.

3-Year CDs

The best 3-year CDs These often come with interest rates similar to those of 2-year certificates of deposit. They typically do not attract as much attention from typical investors, yet they serve as a crucial tool for portfolio diversification and protecting against potential decreases in market interest rates over time.

5-Year CDs

The best 5-year CDs Will provide more competitive rates compared to the other options listed, yet they remain favored choices among investors. These certificates of deposit (CDs) are ideal for individuals aiming to secure higher returns over an extended period. Typically regarded as low-risk investment tools, obtaining a beneficial interest rate ensures substantial gains from year three onward—particularly when rates decline in other markets.

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