Best High-Interest Accounts of December 2024 (up to 5.12%)
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.
Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
More than 100 financial institutions surveyed by our team of experts.
More than 50 data points considered for each bank, credit union and banking technology firm (or neobank) to be eligible for our roundups. For this roundup of the best high-interest accounts, three or more data points were considered per account.
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 CDs
Best accounts for checking
Best accounts for savings
Best High-Interest Accounts of December 2024 (up to 5.12%)
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
5.0/5 | $0 Deposits are FDIC Insured | 1-year APY 4.20% 3-year APY 3.80% 5-year APY 3.90% | ||
4.7/5 | $0 Federally insured by NCUA | 5.00% With $0 min. balance for APY | ||
4.5/5 | $0 Member FDIC | 4.75% With $0 min. balance for APY | Learn more at EverBank, Member FDIC | |
4.9/5 | $500 Member FDIC | 5.00% With $500 min. balance for APY | Learn more at Openbank, by Santander Bank, N.A., Member FDIC | |
4.7/5 | $25 Deposits are FDIC Insured | 5.00% With $25 min. balance for APY | ||
4.7/5 | $1,000 Federally insured by NCUA | 1-year APY 4.10% 3-year APY 3.65% 5-year APY 3.65% | Learn more at Alliant Credit Union, Federally insured by NCUA | |
4.2/5 | $10,000 Member FDIC | 1-year APY 4.50% 3-year APY 4.25% 5-year APY 4.25% | ||
4.8/5 | $0 Member FDIC | 4.65% With $0 min. balance for APY | ||
4.7/5 | $0 Federally insured by NCUA | 5.12% With $0 min. balance for APY | ||
4.7/5 | $0 Federally insured by NCUA | 3.00% With $0 min. balance for APY | ||
5.0/5 | $1,000 Federally insured by NCUA | 1-year APY 4.30% 3-year APY 4.00% 5-year APY 3.85% |
Our pick for
CDs
Minimum deposit
$0
Deposits are FDIC Insured
APY
1-year APY 4.20%
3-year APY 3.80%
5-year APY 3.90%
Minimum deposit
$1,000
Federally insured by NCUA
APY
1-year APY 4.10%
3-year APY 3.65%
5-year APY 3.65%
Minimum deposit
$10,000
Member FDIC
APY
1-year APY 4.50%
3-year APY 4.25%
5-year APY 4.25%
Minimum deposit
$1,000
Federally insured by NCUA
APY
1-year APY 4.30%
3-year APY 4.00%
5-year APY 3.85%
Our pick for
Checking
APY
5.00%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
Not yet rated
APY
4.65%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
2.5/5
APY
5.12%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
3.5/5
APY
3.00%
With $0 min. balance for APY
Bonus
N/A
Monthly fee
$0
Overdraft star rating
2.5/5
Our pick for
Savings
APY
4.75%
With $0 min. balance for APY
Bonus
N/A
APY
5.00%
With $500 min. balance for APY
Bonus
N/A
APY
5.00%
With $25 min. balance for APY
Bonus
N/A
Nerdy Tip
The Fed lowered its benchmark rate multiple times in the second half of 2024. You can still find high interest rates on savings accounts and CDs, but you may need to shop around.
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 0.43%. If you put your money in a high-yield account that earns around 5%, it's earning much more than the national average, with little additional effort on your part. The same holds for CDs.
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.
Frequently asked questions about high-interest bank accounts
What is a high-interest account?
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 0.42%, and the best high-interest savings accounts have yields that are currently many times that amount.
Are high-interest bank accounts safe?
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.
Do all high-interest accounts have high minimum deposit requirements?
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.
What’s the difference between a high-interest account and an investment account?
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.
Last updated on November 27, 2024
Methodology
We took a close look at over 100 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, 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, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus 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, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.
NerdWallet's Best High-Interest Accounts of December 2024 (up to 5.12%)
- BMO Alto Certificate of Deposit: Best for CDs
- Consumers Credit Union Free Rewards Checking: Best for Checking
- EverBank Performance℠ Savings: Best for Savings
- Openbank High Yield Savings: Best for Savings
- BrioDirect High-Yield Savings: Best for Savings
- Alliant Credit Union Certificate: Best for CDs
- Popular Direct CD: Best for CDs
- All America Bank Ultimate Rewards Checking: Best for Checking
- HOPE Rewards Checking: Best for Checking
- Lake Michigan Credit Union Max Checking: Best for Checking
- NASA Federal Credit Union Share Certificate: Best for CDs