Highest interest rate savings accounts to open now (2024)

The Federal Reserve may have paused rate hikes this week, but it's still not an ideal time to borrow money. After all, the Fed has raised rates 11 times over the last 18 months, so rates on everything from mortgages to credit cards are now exponentially higher than they were just a couple of years ago. That makes it a lot more expensive to take out a loan for just about anything.

But it's not all bad news on the interest rate front. While borrowers may be stretched thin by higher interest charges, savers have the opportunity to rake in big returns on their money. That's because, as the Fed increased rates, many banks and financial institutions followed suit, hiking the rates onhigh-yield savings accounts and certificates of deposit (CDs). So, if you've got some money stashed away in a regular savings account, it may be time for a change.

In fact, it's easy to find CDs and high-yield savings accounts offering returns that are nineto 10 times higher than what you can earn with regular savings accounts, which currently have an average rate of just 0.46%. But in some cases, you could earn even more than that — you just need to know where to look to find the savings accounts with the highest rates.

Explore your top savings account options here.

Highest interest rate savings accounts to open now

If you're looking for savings accounts offering the highest interest rates currently, here are some of your top options:

High-yield savings accounts

• Popular Direct – 5.40% APY: $100 minimum deposit requirement to open the account; no monthly maintenance fees; $25 fee if the account is closed within 6 months
• BrioDirect – 5.35% APY: $5,000 minimum deposit requirement to open the account; $25 minimum account balance to earn the advertised APY; no monthly maintenance fees
• BluPeak Credit Union – 5.33% APY: $25 minimum deposit requirement to open the account; no minimum balance requirement to earn dividends; $5 per month maintenance fee if the account balance is below $200
• Ivy Bank – 5.30% APY: $2,500 minimum deposit requirement to open the account; $2,500 minimum balance requirement to earn rate and APY; no monthly maintenance fees
• Vio Bank – 5.28% APY: $100 minimum opening deposit requirement; no minimum balance requirement; $5 monthly fee for paper statements
• TAB Bank – 5.27% APY: $0 minimum opening deposit requirement; $0.01 minimum balance requirement to earn advertised APY; no monthly maintenance fees
• TotalDirectBank – 5.26% APY: $25,000 minimum opening deposit via ACH is required; $2,500 minimum balance requirement to earn APY; no monthly maintenance fees
• Milli – 5.25% APY: $0 minimum opening deposit requirement; $0 minimum balance requirement, no monthly maintenance fees
• Newtek Bank – 5.25% APY: $0 minimum opening deposit requirement; $0 minimum balance requirement, no monthly maintenance fees
• UFB Direct – 5.25% APY: $0 minimum opening deposit requirement; $0 minimum balance requirement, no monthly maintenance fees

Find out how today's top savings rates could benefit you here.

Certificate of deposit accounts

• Popular Direct: 5.67% APY on 1-year CDs; 5.00% APY on 3-year CDs; 4.65% APY on 5-year CDs; $10,000 minimum deposit requirement
• LendingClub: 5.65% APY on 1-year CDs; 4.30% APY on 3-year CDs; 4.00% APY on 5-year CDs; $2,500 minimum deposit requirement
• Bread Savings: 5.60% APY on 1-year CDs; 4.95% APY on 3-year CDs; 4.75% APY on 5-year CDs; $1,500 minimum deposit requirement
• BMO Alto: 5.50% APY on 1-year CDs; 4.50% APY on 3-year CDs; 4.50% APY on 5-year CDs; no minimum deposit requirement
• Barclays: 5.50% APY on 1-year CDs; 4.50% APY on 3-year CDs; 4.50% APY on 5-year CDs; no minimum deposit requirement
• Quontic Bank: 5.30% APY on 1-year CDs; 4.40% APY on 3-year CDs; 4.30% APY on 5-year CDs; $500 minimum opening deposit requirement
• TAB Bank: 5.27% APY on 1-year CDs; 4.25% APY on 3-year CDs; 4.00% APY on 5-year CDs; $1,000 minimum deposit requirement
• Alliant Credit Union: 5.25% APY on 1-year CDs; 4.45% APY on 3-year CDs; 4.35% APY on 5-year CDs; $1,000 minimum deposit requirement
• Pentagon Federal Credit Union: 5.25% APY on 1-year CDs; 4.30% APY on 3-year CDs; 4.00% APY on 5-year CDs; $1,000 minimum deposit requirement
• Marcus by Goldman Sachs: 5.20% APY on 1-year CDs; 4.40% APY on 3-year CDs; 4.10% APY on 5-year CDs; $500 minimum deposit requirement

The bottom line

If you're leaving your savings in a regular account, you're leaving money on the table. This is a great time for savers to maximize their interest returns by moving their money to one of the top high-yield savings or CD accounts. And, there are lots to choose from, so there's bound to be a good fit for nearly every type of saver. Just be sure to do your homework and weigh all the options before opening any type of account to make sure it aligns with your financial plan and savings goal.