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With the Federal Reserve last week announcing its widely expected rate cut, a few savings account rates have come down. But nine of last week's top 11 accounts are still paying their stellar rate.
Among these is market leader Pibank, whose Pibank Savings account offers 5.50%. Available to open with any deposit amount (even no initial funds), it also has no minimum ongoing balance requirement and charges no monthly maintenance fees. Although Pibank is relatively new to the U.S., it's owned by the brick-and-mortar Intercredit Bank, which has been FDIC-insured since 1984.
Beyond Pibank, two more accounts pay exceptional rates. Both Newtek Bank and Openbank still offer their runner-up rate of 5.25%, and neither has an ongoing minimum balance requirement. But these aren't your only great options. Our daily ranking of the best high-yield savings accounts includes six more choices that will let you earn an annual percentage yield (APY) of 5.00% or more. Going with any of these top nine accounts will put you in an elite tier of savings rates.
Rates on savings accounts surged last spring to their highest level in over 20 years, reaching a peak rate of 5.55% in April. That's thanks to the Federal Reserve's aggressive rate-hike campaign of 2022–2023, which aimed to bring down decades-high inflation. Though the Fed has since made two rate cuts, you can still earn very close to the peak savings rate.
You can find additional details on all of the top high-yield savings accounts by checking our daily roundup of the top APYs. We research rates from more than 100 federally insured institutions every business day to keep our rankings current.
| Institution | APY | Required Opening Deposit | Minimum Balance Requirement |
|---|---|---|---|
| Pibank | 5.50% | Any amount | Any amount |
| Newtek Bank | 5.25% | Any amount | Any amount |
| Openbank | 5.25% | $500 | Any amount |
| TotalBank | 5.11% | $25,000 | $2,500 |
| Forbright Bank | 5.00% | Any amount | Any amount |
| BrioDirect | 5.00% | $5,000 | $25 |
| Fitness Bank | 5.00% | $100 | $100 |
| Poppy Bank | 5.00% | Any amount | $1,000 |
| Ivy Bank | 5.00% | $2,500 | $2,500 |
Worried that having savings at another bank will be inconvenient? Don't fret. Online banking makes transfers between banks extremely easy. And though the transfer process takes one to three days, you can handle this by not moving all of your savings to the new account. Instead, hold back a small reserve at your primary bank so you can make immediate transfers to checking if needed.
Savings accounts have variable rates, meaning the bank or credit union can change your interest rate anytime it wants—and without warning. One of the main drivers for how institutions set savings account rates is the Federal Reserve's benchmark interest rate, the federal funds rate. Though banks and the Fed don't move in exact lockstep on their rates, they generally head in the same direction.
Unfortunately for savers, the Fed has kicked off what's expected to be a series of rate cuts. The Fed cut the fed funds rate for a second time this year, lowering it 0.25 percentage points on Nov. 7. That comes after a 0.50-point reduction on Sept. 18. A further cut could come in December 2024, with more reductions likely in 2025. Each Fed decrease that comes to pass will put downward pressure on savings account rates.
But it's good to keep some perspective. Even if, say, the best savings account rate comes down from today's 5.50% to maybe 4.50% by the end of the year—or even 3.50% by the end of 2025—these are still historically high returns. You can see this easily in the graph below, which shows that back in 2022, before the Fed's rate-hike campaign, the APY on the highest-paying nationwide savings account was a meager 0.70%.
If you can commit to not touching a portion of your savings for months or years, it's a smart time to open one of the nation's best certificates of deposit (CDs), as they're also paying historically high rates. While APYs on new CDs will drift lower with the fed funds rate, a CD you open now will have a guaranteed return that's yours to keep until the CD matures.
Right now, you can lock in a rate as high as 5.50% with the best 6-month CD, or up to 5.00% with the top 1-year CD. For terms of 18 months to 5 years, the top CD rates range from 4.30% to 4.65%, offering a rate guarantee that will last until at least late 2026 and as long as 2029.
But hurry if you want to open a CD. Like savings accounts, CD rates will be pushed lower by any rate reductions from the Fed. So it's best to lock in a guaranteed CD rate as soon as you possibly can.
We update these rankings every business day to give you the best deposit rates available:
Best High-Yield Savings Accounts
Best Money Market Accounts
Best 3-Month CD Rates
Best 6-Month CD Rates
Best 1-Year CD Rates
Best 18-Month CD Rates
Best 2-Year CD Rates
Best 3-Year CD Rates
Best 4-Year CD Rates
Best 5-Year CD Rates
Note that the "top rates" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often five, 10, or even 15 times higher.
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
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