BEST OF - Virginia

10 Best High-Interest Accounts of January 2023

Our list of the best high-interest accounts.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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.

🤓Nerdy Tip

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.

Show best offers available in

Best High-Interest Accounts

Our pick for

Checking

NerdWallet rating 

5.0

/5
SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

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

NerdWallet rating 

4.5

/5
Consumers Credit Union Free Rewards Checking
Learn more

at Consumers Credit Union, Federally insured by NCUA

APY

5.00%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

4.5

/5
Lake Michigan Credit Union Max Checking

APY

3.00%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

2.5/5

NerdWallet rating 

4.5

/5
HOPE Rewards Checking

APY

3.01%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

3.5/5

Our pick for

Savings

NerdWallet rating 

5.0

/5
Varo Savings Account
Learn more

at Varo Bank, Member FDIC

APY

5.00%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

4.0

/5
Salem Five Direct eOne Savings

APY

4.10%

With $0.01 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

4.5

/5
UFB Best Savings
Learn more

at UFB Direct, Member FDIC

APY

4.21%

With $0 min. balance for APY

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

Our pick for

CDs

NerdWallet rating 

5.0

/5
Bread Savings™️ CD
Learn more

at Bread Savings, Member FDIC

APY

4.50%

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

5.0

/5
Sallie Mae Bank CD

APY

4.25%

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

NerdWallet rating 

4.5

/5
Popular Direct CD

APY

4.75%

Bonus

N/A

Monthly fee

$0

Overdraft star rating

Not yet rated

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

You may also like these

People often identify opening a savings account as their next money move.

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

3.75%

With $0 min. balance for APY

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

at SoFi, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

3.30%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Capital One 360 Performance Savings™

5.0

NerdWallet rating 
Capital One 360 Performance Savings™

APY

3.30%

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

Frequently asked questions