10 Best High-Interest Accounts of January 2023
Our list of the best high-interest accounts.
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High-interest deposit accounts beat regular bank accounts when it comes to the best places for your money, helping your balance grow faster. These savings and checking accounts, CDs and other deposit products provide a safe place for your cash while earning a competitive yield.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
These accounts usually have online access and many don’t charge a monthly fee. Note that some have transaction or balance requirements to earn the best rates. High-yield checking accounts, for example, might require you to make a certain number of debit card transactions each month. If you can meet the conditions, however, they're worth a look. And while some accounts are offered by banks, others are offered by credit unions or nonbanks (providers that partner with a bank to offer deposit insurance).
NerdWallet did extensive, independent research on dozens of account providers to identify the best options. Read on for more details about NerdWallet’s best high-interest accounts.
Summary of best high-interest accounts
Best accounts for savings
Varo Savings Account.
UFB Best Savings.
Salem Five Direct eOne Savings.
Best accounts for CDs
Bread Savings CD.
Popular Direct CD.
Sallie Mae Bank CD.
Best accounts for checking
Consumers Credit Union Free Rewards Checking.
Lake Michigan Credit Union Max Checking.
SoFi Checking and Savings.
Hope Credit Union Rewards Checking.
High-interest deposit accounts beat regular bank accounts when it comes to the best places for your money, helping your balance grow faster. These savings and checking accounts, CDs and other deposit products provide a safe place for your cash while earning a competitive yield.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
These accounts usually have online access and many don’t charge a monthly fee. Note that some have transaction or balance requirements to earn the best rates. High-yield checking accounts, for example, might require you to make a certain number of debit card transactions each month. If you can meet the conditions, however, they're worth a look. And while some accounts are offered by banks, others are offered by credit unions or nonbanks (providers that partner with a bank to offer deposit insurance).
NerdWallet did extensive, independent research on dozens of account providers to identify the best options. Read on for more details about NerdWallet’s best high-interest accounts.
Summary of best high-interest accounts
Best accounts for savings
Varo Savings Account.
UFB Best Savings.
Salem Five Direct eOne Savings.
Best accounts for CDs
Bread Savings CD.
Popular Direct CD.
Sallie Mae Bank CD.
Best accounts for checking
Consumers Credit Union Free Rewards Checking.
Lake Michigan Credit Union Max Checking.
SoFi Checking and Savings.
Hope Credit Union Rewards Checking.
The Federal Reserve raised rates seven times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Best High-Interest Accounts
| Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
 SoFi Checking and Savings Learn more at SoFi, Member FDIC | Best for Checking | 2.50% With $0 min. balance for APY | $250 Earn up to $250 with direct deposit. Terms apply. | $0 | 5.0/5 | Learn more at SoFi, Member FDIC |
 Varo Savings Account Learn more at Varo Bank, Member FDIC | Best for Savings | 5.00% With $0 min. balance for APY | N/A | $0 | Not yet rated | Learn more at Varo Bank, Member FDIC |
 Bread Savings™️ CD Learn more at Bread Savings, Member FDIC | Best for CDs | 4.50% | N/A | $0 | Not yet rated | Learn more at Bread Savings, Member FDIC |
 Salem Five Direct eOne Savings | Best for Savings | 4.10% With $0.01 min. balance for APY | N/A | $0 | Not yet rated | Read review |
 UFB Best Savings Learn more at UFB Direct, Member FDIC | Best for Savings | 4.21% With $0 min. balance for APY | N/A | $0 | Not yet rated | Learn more at UFB Direct, Member FDIC |
 Sallie Mae Bank CD | Best for CDs | 4.25% | N/A | $0 | Not yet rated | Read review |
 Popular Direct CD | Best for CDs | 4.75% | N/A | $0 | Not yet rated | Read review |
 Consumers Credit Union Free Rewards Checking Learn more at Consumers Credit Union, Federally insured by NCUA | Best for Checking | 5.00% With $0 min. balance for APY | N/A | $0 | Not yet rated | Learn more at Consumers Credit Union, Federally insured by NCUA |
 Lake Michigan Credit Union Max Checking | Best for Checking | 3.00% With $0 min. balance for APY | N/A | $0 | 2.5/5 | Read review |
 HOPE Rewards Checking | Best for Checking | 3.01% With $0 min. balance for APY | N/A | $0 | 3.5/5 | Read review |
Our pick for
Checking
APY
2.50%
With $0 min. balance for APY
Bonus
$250
Earn up to $250 with direct deposit. Terms apply.
Monthly fee
$0
Overdraft star rating
5.0/5
Why We Like It
With the combined SoFi Checking and Savings account, you earn 2.50% APY (variable and subject to change) on balances in the checking portion of the account if the account is set up with direct deposit. You'll also earn 3.75% APY (variable and subject to change) on balances in the savings portion. Accounts with direct deposit also get paychecks paid up to two days earlier. To get free overdraft coverage up to $50, you’ll need to have at least $1,000 in monthly direct deposits. Accounts that don’t have direct deposit will earn 1.20% APY (variable and subject to change) on all balances. The account doesn’t charge monthly fees or have a minimum balance requirement.
APY
5.00%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
You can earn 3.00% APY on balances up to $10,000 at Consumers Credit Union if you also make 12 monthly debit card purchases, have monthly electronic transactions of at least $500 (this could include direct deposits, mobile check deposits or ACH bank transfers) and receive e-statements.
You can earn even more if you use a Consumers Credit Union credit card, too. Meet the requirements above and also make $500 in credit card purchases, and you earn 4.00% APY on balances up to $10,000. Make an additional $500 in credit card purchases, and the APY on balances up to $10,000 is 5.00%.
If you meet monthly requirements but have more than $10,000 in your account, the excess earns 0.10% APY or 0.20% APY, depending on the amount. If you don’t meet monthly requirements, your money earns 0.01% APY on all balances.
APY
3.00%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
2.5/5
Why We Like It
Lake Michigan Credit Union’s Max Checking doesn’t have a minimum balance requirement or monthly fees. The account pays 3.00% on balances up to $15,000, but customers must meet several monthly requirements: opt for e-statements, receive at least one direct deposit, have at least 10 posted debit or credit card purchases and log into your account at least four times. Interest isn’t paid on balances over $15,000. The credit union will also reimburse up to $10 per month in out-of-network ATM fees.
New memberships are currently available to residents of all states except California.
APY
3.01%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
3.5/5
Why We Like It
Hope Credit Union’s checking account pays 3.01% APY on balances up to $10,000 each month that you meet a few requirements: Have a direct deposit to or an automatic payment out of your account, make at least 12 debit card transactions, opt into e-statements and log into your account online or on the mobile app at least once. If you don’t meet the requirements, you’ll still earn 0.10% APY on your balance, which beats the national average of 0.06%. It also offers up to $20 in ATM fee reimbursements.
Our pick for
Savings
APY
5.00%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
Varo Bank’s online savings account has a 5.00% APY for balances up to $5,000 and a 3.00% APY for balances over $5,000. There is no monthly fee, and both tiers pay much more than the national average for savings accounts, which is 0.33% APY.
APY
4.10%
With $0.01 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
The eOne Savings account from Salem Five Direct earns a highly competitive 4.10% APY and requires a minimum opening deposit of just $10. The account doesn’t have monthly fees.
APY
4.21%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
UFB Direct's savings account pays a highly competitive 4.21% APY and comes with an ATM card. The account doesn’t have a minimum deposit requirement and there are no monthly fees. Interest is compounded daily and credited monthly.
Our pick for
CDs
APY
4.50%
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
Bread Savings’ $1,500 minimum deposit to open a CD is more than what's required at some banks but the bank offers some of the highest rates available. Interest is compounded daily and credited monthly, and there are no monthly fees. The minimum $1,500 must be deposited in a single transaction.
APY
4.25%
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
Sallie Mae Bank’s CD rates are highly competitive. Term lengths range from six months to five years, with interest compounded daily and interest credited monthly. The $2,500 minimum deposit requirement is lower than what some banks require, though some banks don’t have a minimum requirement at all.
APY
4.75%
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
Why We Like It
Popular Direct offers some of the most competitive CD rates available. Term lengths range from three months to five years, with interest compounded daily. The required minimum deposit of $10,000 is quite steep, though; some banks only require a deposit of $500. But the interest rates could be well worth it if you won’t soon need access to a chunk of cash.
Why choose a high-interest account?
Your money can grow faster than in a standard account. This is especially ideal for building a cash cushion, say, for an emergency fund or holiday savings goal. The national average for savings accounts is 0.33% APY. If you put your money in a high-yield account that earns around 2.00%, it’s earning more than eight times the national average, with little additional effort on your part.
It's similar for CDs. If you lock your cash up for five years in the average CD, you'd earn only 1.21% APY. But if you can earn closer to 4.00%, that's more money in your account — about $302 more on a $10,000 deposit — over the CD term.
What to look for in a high-interest account
Search for accounts that have competitive rates and low fees. You don’t want to pay a monthly maintenance charge, because that would likely cost you more than what you would earn, even with a strong interest rate. You may also want to look for extra perks, such as checking accounts that come with ATM fee refunds (in case you’re charged by ATM owners for using out-of-network ATMs), and savings accounts with tools and calculators that make automatic savings deposits easy. Along with stronger yields, the high-interest accounts tend to offer more perks than standard bank accounts.
» Ready to explore more options? Check out our lists of the best high-interest online savings accounts and best checking accounts for this month.
How often do high interest account rates change?
It depends on the type of account. Savings accounts typically have variable rates that can theoretically change at any time. CDs, on the other hand, typically offer fixed rates for a certain term length. The institutions on the list have consistently had some of the best interest rates, whether variable or fixed.
To find out how to get the best return for your money, check out NerdWallet’s lists of the best savings rates and best CD rates on a regular basis.
Money market accounts and cash management accounts are banking alternatives that also have variable rates, and sometimes those rates are competitive with checking, savings and CDs. Read our primers on money market accounts and cash management accounts to learn more about those products.
» Want to learn more? Read NerdWallet’s picks for the best money market account and best cash management account options.
A previous version of this article misstated who is eligible to open the Upgrade Premium Savings account. This article has been corrected.
Last updated on January 1, 2023
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SoFi Checking and Savings
APY
With $0 min. balance for APY
Bonus
Earn up to $250 with direct deposit. Terms apply.
at SoFi, Member FDIC
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
Capital One 360 Performance Savings™
APY
With $0 min. balance for APY
at Capital One, Member FDIC
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best High-Interest Accounts of January 2023
- SoFi Checking and Savings: Best for Checking
- Varo Savings Account: Best for Savings
- Bread Savings™️ CD: Best for CDs
- Salem Five Direct eOne Savings: Best for Savings
- UFB Best Savings: Best for Savings
- Sallie Mae Bank CD: Best for CDs
- Popular Direct CD: Best for CDs
- Consumers Credit Union Free Rewards Checking: Best for Checking
- Lake Michigan Credit Union Max Checking: Best for Checking
- HOPE Rewards Checking: Best for Checking
Frequently asked questions
High-interest accounts are deposit accounts that earn an annual percentage yield, or APY, that is much higher than the national average. For example, the national average for savings accounts is 0.33% APY, and the best high-interest savings accounts have yields that are currently many times that amount.
High-interest bank accounts are generally safe because most are federally insured up to $250,000 per depositor, through the Federal Deposit Insurance Corp. for banks and the National Credit Union Administration for credit unions. With an insured account, if a bank or credit union fails and goes out of business, you would still be able to access your money, up to the insured amount. All the accounts on this list are insured.
No. Some accounts have opening deposit minimums, but many do not. You will want to look at the account’s individual requirements before applying to open one. It’s worth noting, however, that interest is calculated as a percentage of the bank balance, so the balance needs to be above zero to earn a return. Use NerdWallet’s savings calculator to figure your potential earnings.
High-interest deposit accounts are federally insured accounts offered by banks and credit unions (and sometimes nonbank providers). They are safe places to put your money that earn an established rate of return. However, that return is often less than you might earn over time if you put your money in a riskier investment vehicle, such as stocks and bonds. With investments, you can earn a better yield over the long term, but there is also a risk that your account could lose value.
