CD and savings rates today: Discover today’s best rates

Affiliate links for the products on this page are from partners who compensate us, and terms apply to the offers listed (see our advertising disclosure with our partner list for more details). However, our opinions are our own. Check out how we rate banking products to write unbiased product reviews.

Banks are currently fighting for their customers’ money, and people with cash reserves are well positioned to benefit from a high interest rate environment. With interest rates changing so quickly, how can you be sure you’re getting the best savings account or deposit protection?

We monitor bank and credit union interest rates daily so you can feel confident before opening a new account. Experts don’t expect CD rates to rise in 2024, so now could 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 Saturday, August 17.

Selected deposit rates available nationwide

Selected CD plans available nationwide

Savings account bonus

Alliant high-interest 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-month period (offer ends December 31, 2024).

View more savings account bonuses »

Leading bonus for combined accounts with checking and savings accounts

SoFi Checking and Savings (Member FDIC)

Earn up to $300 with qualified direct deposit for eligible customers (offer expires 12/31/24, terms apply). Earn up to 4.60% APY on savings (including Vaults) with direct deposit.

View more bank account bonuses »

About high-interest accounts

High-yield savings accounts aren’t the only accounts currently offering great interest rates. You’ll usually find the highest rates at online or lesser-known institutions, rather than national brands with a significant local presence. That’s normal; online banks have lower overhead costs and are willing to pay high interest rates to attract new customers.

High-interest savings accounts

The best high-interest savings accounts offer the security of a savings account with the added bonus of a high annual interest rate. Savings accounts are held at a bank or credit union — not through a brokerage account — and are best for saving cash for shorter-term goals, like a vacation or a big purchase.

High-interest checking accounts

The best high-interest checking accounts tend to offer slightly lower interest rates than high-interest savings accounts, but even they are strong in today’s interest rate environment. A checking account is like a hub for your money: When your paycheck is direct deposited, it’s usually done into a checking account. When you transfer money to pay a bill, you usually do it from a checking account. Checking accounts are used for everyday expenses and usually come with checks and/or debit cards to facilitate this.

Money market accounts

The best money market accounts can be thought of as a middle ground between a checking and a savings account: They’re designed for saving money, but they typically offer easy access to your account via check or debit card. They typically offer a tiered interest rate that depends on your account balance.

Cash management accounts

A cash management account is also a sort of hybrid between a savings account and a checking account. They are typically offered by online banks and, unlike a checking account, usually offer unlimited transfers. A savings account often limits the number of monthly transfers, whereas 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 cash.

Certificates of deposit

The best CD interest rates may beat any of the other accounts we’ve covered above. That’s because a certificate of deposit requires you to “lock” your money for a set period of time, from three months to five years. To withdraw it before then, you’ll have to pay a penalty (unless you opt for one of the best CDs with no penalty). The longer you leave your money in the bank, the higher your interest rate will be. CD interest rates aren’t variable; the interest rate you get when you deposit your money is the interest rate you’ll get for the length of your term.

About CD Terms

Tying your money in an account and getting a higher interest rate can be a big decision. Here’s what you need to know about common CD terms.

CDs without penalty

Most CDs charge a fee if you need to withdraw money from your account before the term ends. However, with a no-penalty CD, you don’t have to pay an early withdrawal penalty. The best no-penalty CDs offer slightly higher interest rates than the best high-yield savings accounts and can offer a significantly better interest rate than traditional savings accounts.

6-month CDs

The best 6-month CDs offer interest rates in the mid-5% range. 6-month CDs are best for those who are looking for higher interest rates on their savings for short-term gains, but are uncomfortable with limited access to their cash in the long term. They can be a good option for those who are just starting to save or don’t have a large emergency fund for unexpected expenses.

1-year CDs

The best 1-year CDs typically offer some of the highest CD interest 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 someone who has a decent cash safety net but is still concerned about long-term expenses.

2-year CDs

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

3-year CDs

The best 3-year CDs typically have interest rates comparable to 2-year CDs. These tend to be less popular with the average investor, but can be an important lever in diversifying investments and hedging against the risk of unfavorable interest rate markets over the long term.

5-year CDs

The best 5-year CDs offer lower interest rates than the other terms on our list, but are still popular options for investors. These CDs are best for those who want to lock in high interest rates for the long term. CDs are generally considered safe investment vehicles, and locking in a favorable interest rate can yield significant gains in the third year and beyond – even if rates fall elsewhere.