CD and Savings Interest Rates Today: Grow Your Savings

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Banks are racing to attract customers’ dollars right now, and people with cash are well-positioned to benefit from a high-rate environment. With rates changing rapidly, how can you be sure you’re getting the best savings account or CD?

We monitor bank and credit union rates daily to help you feel confident before opening a new account. Experts don’t expect CD rates to rise in 2024, so now may be a good time to lock in a rate if you’re ready. Here are the best rates on popular savings accounts and CDs as of Sunday, July 28.

Deposit rates available nationwide

Nationally available CD prices

Savings Account Bonus

Alliant High Rate Savings Account

Earn a $100 bonus when you deposit at least $100 per month for 12 consecutive months and have a balance of $1,200 or more at the end of the 12 calendar month period (offer expires December 31, 2024).

See more savings account bonuses »

Premium Combined Checking and Savings Account Bonus

SoFi Checking and Savings Account (Member FDIC)

Earn up to $300 with qualifying direct deposit for eligible customers (offer expires 12/31/24, conditions apply). Earn up to 4.60% APR on savings balances (including safety deposit boxes) with direct deposit.

See more bank account bonuses »

About High Yield Accounts

High-yield savings accounts aren’t the only ones offering great rates right now. You’ll typically see the highest rates at online or smaller institutions rather than national brands with a significant physical presence. That’s normal; online banks have lower overhead costs and are willing to pay high rates to attract new customers.

High Yield Savings Accounts

The best high-yield savings accounts offer the security of a savings account with the added benefit of a high annual return. Savings accounts are held at a bank or credit union (rather than invested through a brokerage account) and are ideal for saving money for short-term goals, such as a vacation or a major purchase.

High Yield Checking Accounts

The best high-yield checking accounts tend to offer slightly lower rates than high-yield savings accounts, but even they are solid in today’s interest rate environment. A checking account is like a hub for your money: If your paycheck is direct deposited, it’s usually in a checking account. If you transfer money to pay a bill, you’re usually doing so from a checking account. Checking accounts are used for everyday spending and typically come with checks and/or debit cards to make this easier.

Money Market Accounts

The best money market accounts can be thought of as a compromise between checking and savings accounts: They’re used to save money, but typically offer easy access to your account through checking or a debit card. They typically offer a tiered interest rate based on your balance.

Cash Management Accounts

A cash management account is also a savings/checking account hybrid. You’ll typically see them offered by online banks, and unlike a checking account, they usually offer unlimited transfers. A savings account often limits the number of monthly transfers, while a checking account does not. Cash management accounts usually come with a debit card for easy access, but you may have to pay a fee if you want to deposit money.

Certificates of deposit

The best CD rates can beat all of the other accounts we’ve covered above. That’s because a certificate of deposit requires you to “lock up” your money for a predetermined period of time, anywhere from three months to five years. To get it back before that time, you’ll have to pay a penalty (unless you opt for one of the best no-penalty CDs). The longer you let the bank hold your money, the higher the rate you’ll get. CD rates aren’t variable; the rate you get when you deposit your money is the rate you’ll get for the entire term.

About CD Terms

Locking up your money in 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.

CD without penalty

Most CDs charge you a fee if you have to withdraw money from your account before the end of the term. But with a no-penalty CD, you won’t have to pay an early withdrawal penalty. The best no-penalty CDs will offer slightly higher rates than the best high-yield savings accounts and may offer a significantly improved interest rate over traditional savings accounts.

6 month CD

The best 6-month CDs offer interest rates in the 5% range. 6-month CDs are best suited for those who are looking for high rates on their savings for short-term gains but aren’t comfortable with limited access to their money over the long term. They can be a good option for those who are just starting out saving or don’t have a large emergency fund to cover unexpected expenses.

One year CD

The best one-year CDs tend to offer some of the highest CD rates and are a popular option for many investors. A one-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 CD

The best 2-year CD rates will be slightly lower than 1-year CD rates and with no penalty. In exchange for a longer lock-in period, investors receive a long-term commitment to a specific rate. They are best used as part of a laddering CD strategy, or for those who are concerned about a decline in the rate market in the foreseeable future.

3 year CD

The best 3-year CDs typically have rates comparable to 2-year CDs. They are generally less popular with the average investor, but can be an important lever for diversifying investments and protecting against the risk of adverse long-term interest rate markets.

5 year CD

The best 5-year CDs will offer lower rates than the other terms on our list, but remain popular options for investors. These CDs are best for those looking to lock in high rates for the long term. CDs are generally considered safe investment vehicles, and securing a favorable rate can generate significant gains in year three and beyond, even if rates drop elsewhere.