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11 Best High-Interest Accounts of November 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.

  • Salem Five Direct eOne Savings.

  • Upgrade Premier Savings.

Best accounts for checking

  • Consumers Credit Union Free Rewards Checking.

  • Connexus Credit Union Xtraordinary Checking.

  • Lake Michigan Credit Union Max Checking.

  • SoFi Checking and Savings.

  • Redneck Bank Rewards Checkin' Account.

Best accounts for CDs

  • Bread Savings CD

  • Capital One 360 CD.

  • LendingClub CD.

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🤓Nerdy Tip

The Federal Reserve has raised interest rates for the sixth time this year, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.

Best High-Interest Accounts

Our pick for

Savings

Varo Savings Account
Learn more

at Varo Bank, Member FDIC

Varo Savings Account

5.0

NerdWallet rating 
Varo Savings Account

APY

5.00%

With $0.01 min. balance for APY

Bonus

N/A
Learn more

at Varo Bank, Member FDIC


Why we like it

Varo Bank’s online savings account earns 5.00% APY for balances up to $5,000 if certain requirements are met, and 2.00% APY if conditions are not met, and for balances over $5,000. Either way, there is no monthly fee, and both options pay much more than the national average for savings accounts, which is 0.24% APY.

Here are the conditions to earn the higher APY: You must receive at least $1,000 in total qualifying direct deposits and both your Varo Bank Account and Savings Account end-of-month balances must be positive.

Read Full Review

Salem Five Direct eOne Savings

4.0

NerdWallet rating 
Salem Five Direct eOne Savings

APY

3.50%

With $0.01 min. balance for APY

Bonus

N/A

Why we like it

The eOne Savings account from Salem Five Direct has no monthly fees and no minimum balance requirement. You can open an account with just $10. All balances up to $1,000,000 earn the competitive 3.50% APY.

Read Full Review

Upgrade Premier Savings

4.5

NerdWallet rating 
Upgrade Premier Savings

APY

3.50%

With $1,000 min. balance for APY

Bonus

N/A

Why we like it

Upgrade’s Premier Savings account has no monthly fees and no minimum balance requirement, though you need a balance of at least $1,000 to earn the competitive 3.50% APY (on days when the closing balance is less than $1,000, the account won’t earn interest). Note that this account is only available to those who do not already have a Rewards Checking or High Yield Savings account with Upgrade.

Read Full Review

Our pick for

CDs

LendingClub CD
Learn more

at LendingClub Bank, Member FDIC

LendingClub CD

5.0

NerdWallet rating 
LendingClub CD

Minimum deposit

$2,500

Member FDIC

1-year APY

4.00%

3-year APY

4.10%

5-year APY

4.10%
Learn more

at LendingClub Bank, Member FDIC


3-year APY

4.10%

5-year APY

4.10%

Why we like it

The $2,500 minimum deposit to open a LendingClub CD is more than what’s required at some banks but the bank offers highly competitive APYs. Interest is accrued daily and compounded and paid monthly, and there are no monthly fees. You can put as much as $250,000 in a CD.

Read Full Review

Capital One 360 CD

5.0

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

1-year APY

4.00%

3-year APY

4.15%

5-year APY

4.25%

3-year APY

4.15%

5-year APY

4.25%

Why we like it

You can open a Capital One 360 CD with any amount; any balance will earn its highly competitive interest rates. Terms range from six months to five years. You can choose to have your interest paid out at the end of the term, monthly or annually. There are no monthly fees.

Read Full Review

Bread Savings™️ CD

5.0

NerdWallet rating 
Bread Savings™️ CD

Minimum deposit

$1,500

Member FDIC

1-year APY

4.50%

3-year APY

4.50%

5-year APY

4.75%

3-year APY

4.50%

5-year APY

4.75%

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.

Read Full Review

Our pick for

Checking

SoFi Checking and Savings
Learn more

at SoFi, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

2.50%

With $0 min. balance for APY

Bonus

$250

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

Learn more

at SoFi, Member FDIC


Bonus

$250

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

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 3.00% 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.

Read Full Review
Consumers Credit Union Free Rewards Checking
Learn more

at Consumers Credit Union, Federally insured by NCUA

Consumers Credit Union Free Rewards Checking

4.5

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

5.00%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Consumers Credit Union, Federally insured by NCUA


Bonus

N/A

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.

Read Full Review

Lake Michigan Credit Union Max Checking

4.5

NerdWallet rating 
Lake Michigan Credit Union Max Checking

Monthly fee

$0

APY

3.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

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.

Read Full Review

Connexus Credit Union Xtraordinary Checking

5.0

NerdWallet rating 
Connexus Credit Union Xtraordinary Checking

Monthly fee

$0

APY

1.75%

With $0 min. balance for APY

Bonus

N/A

Bonus

N/A

Why we like it

Connexus Credit Union’s Xtraordinary Checking account offers 1.75% APY on up to $25,000 to customers who opt-in to e-statements and either make a minimum of 15 debit card purchases or who spend at least $400 per month. This account also provides up to $25 in rebates per month for fees at out-of-network ATMs. If a customer doesn’t meet these requirements, they won’t earn any interest or get the rebates for ATM fees.

Read Full Review

Want to compare more options? Here are our other top picks:

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 0.24% APY. If you put your money in a high-yield account that earns around 2.00%, it’s earning more than nine 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 0.98% APY. But if you can earn closer to 4.00%, that's more money in your account — about $315 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 November 1, 2022

You may also like these

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

Consumers Credit Union Free Rewards Checking

4.5

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

5.00%

With $0 min. balance for APY

at Consumers Credit Union, Federally insured by NCUA

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

2.50%

With $0 min. balance for APY

Bonus

$250

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

at SoFi, Member FDIC

Consumers Credit Union Free Rewards Checking

4.5

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

3.00%

With $0 min. balance for APY

at Consumers Credit Union, Federally insured by NCUA

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, 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, 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, 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 November 2022

Frequently asked questions