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12 Best High-Interest Accounts of June 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.

  • Go2bank Savings Account.

  • Quontic High Yield Savings.

  • Salem Five Direct eOne Savings.

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.

  • SoFi Checking and Savings.

Best accounts for CDs

  • PenFed Credit Union Money Market Certificate.

  • Live Oak Bank CD.

  • Synchrony Bank CD.

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Best High-Interest Accounts

Our picks 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 $1.25 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 1.20% APY if conditions are not met. Either way, there is no monthly fee, and both options pay much more than the national average for savings accounts, which is 0.08% APY. Your average daily balance must be $1.25 in a 30-day month and $1.21 in a 31-day month to earn interest.

Here are the conditions to earn the higher APY: You must receive at least $1,000 in total qualifying direct deposits, your balance can’t be below zero or above $5,000 at the end of business on any day, and you must have $0 or more in each of your Varo accounts at the end of the month.

Read Full Review
Quontic High Yield Savings
Learn more

at Quontic Bank, Member FDIC

Quontic High Yield Savings

4.5

NerdWallet rating 
Quontic High Yield Savings

APY

1.25%

With $0 min. balance for APY

Bonus

N/A
Learn more

at Quontic Bank, Member FDIC


Why we like it

Quontic’s High Yield Savings account pays 1.25% APY on all balances. The minimum deposit to open an account is $100, and there are no monthly fees. Interest is compounded daily and paid each month.

Read Full Review

Salem Five Direct eOne Savings

4.0

NerdWallet rating 
Salem Five Direct eOne Savings

APY

1.01%

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 1.01% APY.

Read Full Review

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

1.25%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.


Why we like it

SoFi Checking and Savings offers a hybrid bank account that pays 1.25% APY on all balances as long as you set up direct deposit (APY is variable and subject to change). There’s no minimum deposit requirement to open an account online. You can manage your money with saving features that let you save for goals using subaccounts called “Vaults.”

Read Full Review

Our picks for

Checking

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

Monthly fee

$0

APY

1.25%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.


Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Why we like it

SoFi Checking and Savings pays 1.25% APY (variable and subject to change) on all balances if the account is set up for direct deposits in any amount. 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 deposits will earn 0.70% APY (variable and subject to change). The account doesn’t charge monthly fees or have a minimum balance requirement.

Read Full Review
Axos Bank® Rewards Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Rewards Checking

5.0

NerdWallet rating 
Axos Bank® Rewards Checking

Monthly fee

$0

APY

1.25%

With $0 min. balance for APY

Bonus

$100

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC


Bonus

$100

Requirements to qualify

Why we like it

Axos Bank’s Rewards Checking account has no monthly fee or minimum balance requirements. It reimburses an unlimited number of domestic ATM fees.

But the account’s biggest perk is its annual percentage yield, or APY, of up to 1.25% on balances up to $50,000. To get the full rate, you will need to meet a series of requirements. First, you need to have at least $1,500 in monthly direct deposits. That will get you 0.40%. Once you meet that requirement, you can earn an additional 0.30% if you make 10 debit card purchases (minimum of $3 per transaction) or sign up for the Account Aggregation/Personal Finance Manager tool. You can also earn 0.20% for each of these requirements you meet: having an average daily balance of $2,500 in a managed investment portfolio and having an average daily balance of $2,500 in a self-directed portfolio. You can earn another 0.15% by making a monthly Axos consumer loan payment from Rewards Checking.

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

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

4.09%

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 2.09% 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 3.09% 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 4.09%.

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

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

Lake Michigan Credit Union Max Checking

5.0

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

Our picks for

CDs

PenFed Credit Union Money Market Certificate

5.0

NerdWallet rating 
PenFed Credit Union Money Market Certificate

Minimum deposit

$1,000

Federally insured by NCUA

1-year APY

1.75%

3-year APY

2.60%

5-year APY

3.50%

3-year APY

2.60%

5-year APY

3.50%

Why we like it

PenFed offers several term lengths on its money market certificates, from six months to seven years. The minimum deposit is higher than some banks, but its interest rates are among the best. Anyone can become a member by opening a savings account with a $5 deposit.

Federally insured by NCUA.

Read Full Review
Synchrony Bank CD
Learn more

at Synchrony Bank, Member FDIC

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

1-year APY

1.90%

3-year APY

2.50%

5-year APY

2.90%
Learn more

at Synchrony Bank, Member FDIC


3-year APY

2.50%

5-year APY

2.90%

Why we like it

Synchrony doesn’t have a minimum deposit requirement for its CDs, which offer a competitive rate at any term length. Standard length terms are available, as well as short-term options from three months.

Read Full Review

Live Oak Bank CD

5.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

1-year APY

2.00%

3-year APY

2.30%

5-year APY

2.75%

3-year APY

2.30%

5-year APY

2.75%

Why we like it

Live Oak Bank’s CD terms range from six months to five years. The minimum deposit requirement is a bit high compared with accounts that only require $500 or less, but the interest rates are among the most competitive available. You can set up your account to automatically disburse interest to you every month, for no fee.

Read Full Review

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 0.08% 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 0.48% 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 June 1, 2022

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

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

4.09%

With $0 min. balance for APY

at Consumers Credit Union, Federally insured by NCUA

Consumers Credit Union Free Rewards Checking

5.0

NerdWallet rating 
Consumers Credit Union Free Rewards Checking

Monthly fee

$0

APY

2.09%

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

1.25%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

Methodology

We took a close look at over 80 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.

To recap our selections...

NerdWallet's Best High-Interest Accounts of June 2022

Frequently asked questions