10 Best High-Interest Accounts of January 2022
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.
Sallie Mae SmartyPig Account.
Go2bank Savings Account.
Best accounts for checking
Consumers Credit Union Free Rewards Checking.
Axos Bank Rewards Checking.
Connexus Credit Union Xtraordinary Checking.
Lake Michigan Credit Union Max Checking.
Best accounts for CDs
Quontic CD.
Connexus Credit Union Share Certificate.
PenFed Credit Union Money Market Certificate.
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.
Sallie Mae SmartyPig Account.
Go2bank Savings Account.
Best accounts for checking
Consumers Credit Union Free Rewards Checking.
Axos Bank Rewards Checking.
Connexus Credit Union Xtraordinary Checking.
Lake Michigan Credit Union Max Checking.
Best accounts for CDs
Quontic CD.
Connexus Credit Union Share Certificate.
PenFed Credit Union Money Market Certificate.
Best High-Interest Accounts
Our picks for
Savings
at Varo, Member FDIC
Varo Savings Account
APY
3.00%With $0.01 minimum balance
Bonus
N/Aat Varo, Member FDIC
Sallie Mae® SmartyPig Account
APY
0.70%With $0.01 minimum balance
Bonus
N/AGO2bank™ Savings Account
APY
1.00%With $0 minimum balance
Bonus
N/AOur picks for
Checking
at Axos Bank®, Member FDIC
Axos Bank® Rewards Checking
Monthly Fee
$0APY
1.00%With $0 minimum balance
Bonus
N/Aat Axos Bank®, Member FDIC
at Consumers Credit Union, Federally insured by the NCUA
Consumers Credit Union Free Rewards Checking
Monthly Fee
$0APY
4.09%With $0 minimum balance
Bonus
N/Aat Consumers Credit Union, Federally insured by the NCUA
Connexus Credit Union Xtraordinary Checking
Monthly Fee
$0APY
1.75%With $0 minimum balance
Bonus
N/ALake Michigan Credit Union Max Checking
Monthly Fee
$0APY
3.00%With $0 minimum balance
Bonus
N/AOur picks for
CDs
at Quontic Bank, Member FDIC
Quontic Bank CD
Minimum Deposit
$500Member FDIC
1-year APY
0.60%3-year APY
1.10%5-year APY
1.20%at Quontic Bank, Member FDIC
Connexus Credit Union CD
Minimum Deposit
$5,000Federally insured by the NCUA
1-year APY
0.61%3-year APY
0.81%5-year APY
1.21%PenFed Credit Union CD
Minimum Deposit
$1,000Federally insured by the NCUA
1-year APY
0.85%3-year APY
1.00%5-year APY
1.30%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 0.06% APY. If you put your money in a high-yield account that earns around 1%, it’s earning more than 15 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 0.28% APY. But if you can earn closer to 1%, that's more money in your account — about $300 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.
Last updated on January 1, 2022
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Consumers Credit Union Free Rewards Checking
Monthly Fee
APY
With $0 minimum balance
at Consumers Credit Union, Federally insured by the NCUA
Axos Bank® Rewards Checking
Monthly Fee
APY
With $0 minimum balance
at Axos Bank®, Member FDIC
Consumers Credit Union Free Rewards Checking
Monthly Fee
APY
With $0 minimum balance
at Consumers Credit Union, Federally insured by the NCUA
Methodology
To determine the best accounts, we took a close look at about 80 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation's largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage rates, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Comenity Direct, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TCF Bank, TD Bank, TIAA 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 2022
- Varo Savings Account: Best for Savings
- Sallie Mae® SmartyPig Account: Best for Savings
- GO2bank™ Savings Account: Best for Savings
- Axos Bank® Rewards Checking: Best for Checking
- Consumers Credit Union Free Rewards Checking: Best for Checking
- Connexus Credit Union Xtraordinary Checking: Best for Checking
- Lake Michigan Credit Union Max Checking: Best for Checking
- Quontic Bank CD: Best for CDs
- Connexus Credit Union CD: Best for CDs
- PenFed Credit Union CD: Best for CDs
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 0.06% 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.
