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Savings Account & CD Interest Rates: Winter 2014

Jan. 13, 2014
Banking, CDs
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

NerdWallet’s first semiannual savings and CD rate study highlighted the top 5 rates across a variety of deposit account categories. In each arena, an online bank or a credit union took the top slot. BBVA was the only traditional bank to be among the top yields by offering a 2.00% APY on 5-year CDs. This message is nothing new for consumers who have long been credit union members or online banking aficionados, but is a potential wake up call for anyone with hard-earned savings stuck in low-earning accounts at big national banks.

National averages remain pitifully low, even for long-term certificates of deposit, which average just 0.73% APY for a 5-year CD. There are also surprising differences in rates from one region to another. In the Houston metro area, for example, 1-year CDs average 0.36% APY (compared to a national average of 0.20%). Their counterparts in the Pacific Northwest’s Portland, OR area, however, earn just 0.09% on average for the same type of account.

For the best rates in each category or to learn more about average rates across the country, choose a selection below:

Table of Contents

Best rates nationwide National & regional average rates
Savings accounts Savings accounts
Money market accounts Money market accounts
Interest checking Interest checking
1-year CDs 1-year CDs
3-year CDs 3-year CDs
5-year CDs 5-year CDs
Methodology

Best rates nationwide

*As of January 4, 2014

Savings accounts
1. Barclays Bank (0.90% APY)
1. GE Capital Bank (0.90% APY)
1. GE Capital Retail Bank (0.90% APY)
2. Ally Bank (0.85% APY)
2. American Express Bank (0.85% APY)
2. CIT Bank (0.85% APY)
2. Discover Bank (0.85% APY)
3. Sallie Mae Bank (0.80% APY)
4. Capital One 360 (0.75% APY)
4. State Employees’ Credit Union of North Carolina (0.75% APY)
5. Alliant Credit Union (0.70% APY)

Money market accounts
1. State Employees’ Credit Union of North Carolina (1.01% APY)
2. Sallie Mae Bank (0.90% APY)
3. Ally Bank (0.85% APY)
4. Discover Bank (0.70% APY)
5. Star One Credit Union (0.65% APY)

Interest checking
1. Ally Bank (0.40% APY)
2. BankUnited (0.35% APY)
3. State Employees’ Credit Union of North Carolina (0.25% APY)
3. Star One Credit Union (0.25% APY)
3. American Airlines Credit Union (0.25% APY)
4. Capital One 360 (0.20% APY)
5. Teachers Federal Credit Union (0.15% APY)

1-year CDs
1. CIT Bank (1.02% APY)
2. State Employees’ Credit Union of North Carolina (1.00% APY)
2. GE Capital Bank (1.00% APY)
3. Ally Bank (0.95% APY)
3. Discover Bank (0.95% APY)
4. Sallie Mae Bank (0.90% APY)
5. GE Capital Retail Bank (0.85% APY)

3-year CDs
1. Pentagon Federal Credit Union (2.02% APY)
2. American Airlines Credit Union (1.36% APY)
3. Bethpage Federal Credit Union (1.35% APY)
4. Randolph-Brooks Credit Union (1.32% APY)
5. GE Capital Bank (1.30% APY)
5. Teachers Federal Credit Union (1.30% APY)

5-year CDs
1. Pentagon Federal Credit Union (3.04% APY)
2. EverBank (2.16% APY)
3. GE Capital Bank (2.01% APY)
4. Barclays Bank (2.00% APY)
4. BBVA (2.00% APY)
5. American Airlines Credit Union (1.96% APY)

National & regional average rates

*As of January 4, 2014

Savings accounts

Region Average APY
National 0.07%
Credit Unions Only 0.27%
Banks Only 0.05%
Online Banks Only 0.78%
Atlanta, GA Metro 0.13%
Baltimore, MD Metro 0.11%
Boston, MA Metro 0.10%
Charlotte, NC Metro 0.08%
Chicago, IL Metro 0.07%
Cincinnati, OH Metro 0.06%
Cleveland, OH Metro 0.05%
Dallas, TX Metro 0.05%
Denver, CO Metro 0.04%
Detroit, MI Metro 0.04%
Los Angeles, CA Metro 0.04%
Miami, FL Metro 0.04%
Minneapolis, MN Metro 0.04%
Orlando, FL Metro 0.04%
Philadelphia, PA Metro 0.04%
Pittsburgh, PA Metro 0.03%
Riverside, CA Metro 0.03%
Sacramento, CA Metro 0.03%
St. Louis, MO Metro 0.03%
San Francisco, CA Metro 0.03%
Seattle, WA Metro 0.03%
Washington, DC Metro 0.02%

Money market accounts

Region Average APY
National 0.07%
Credit Unions Only 0.23%
Banks Only 0.05%
Online Banks Only 0.64%
Denver, CO Metro 0.08%
New York, NY Metro 0.08%
Washington, DC Metro 0.08%
Los Angeles, CA Metro 0.08%
Baltimore, MD Metro 0.07%
Dallas, TX Metro 0.06%
Houston, TX Metro 0.06%
Atlanta, GA Metro 0.06%
Riverside, CA Metro 0.05%
Philadelphia, PA Metro 0.05%
Boston, MA Metro 0.05%
St. Louis, IL Metro 0.05%
Pittsburgh, PA Metro 0.05%
Cincinnati, OH Metro 0.05%
Seattle, WA Metro 0.05%
Cleveland, OH Metro 0.04%
Minneapolis, MN Metro 0.04%
Charlotte, NC Metro 0.04%
San Francisco, CA Metro 0.04%
Portland, OR Metro 0.04%
Sacramento, CA Metro 0.04%
Chicago, IL Metro 0.03%
Detroit, MI Metro 0.03%
Orlando, FL Metro 0.03%
Miami, FL Metro 0.03%

Interest checking

Region Average APY
National 0.03%
Credit Unions Only 0.08%
Banks Only 0.03%
Online Banks Only 0.30%
Dallas, TX Metro 0.08%
Houston, TX Metro 0.06%
Miami, FL Metro 0.05%
Baltimore, MD Metro 0.04%
New York, NY Metro 0.04%
Washington, DC Metro 0.04%
Cincinnati, OH Metro 0.03%
Denver, CO Metro 0.03%
St. Louis, IL Metro 0.03%
Cleveland, OH Metro 0.03%
Detroit, MI Metro 0.03%
Pittsburgh, PA Metro 0.03%
Minneapolis, MN Metro 0.03%
Riverside, CA Metro 0.03%
Charlotte, NC Metro 0.03%
Los Angeles, CA Metro 0.03%
Boston, MA Metro 0.02%
Philadelphia, PA Metro 0.02%
Orlando, FL Metro 0.02%
Chicago, IL Metro 0.02%
Seattle, WA Metro 0.02%
San Francisco, CA Metro 0.02%
Portland, OR Metro 0.02%
Atlanta, GA Metro 0.02%
Sacramento, CA Metro 0.01%

1-year CDs

Region Average APY
National 0.20%
Credit Unions Only 0.56%
Banks Only 0.17%
Online Banks Only 0.79%
Houston, TX Metro 0.36%
Dallas, TX Metro 0.35%
Denver, CO Metro 0.3%
Washington, DC Metro 0.24%
Boston, MA Metro 0.22%
Los Angeles, CA Metro 0.22%
Chicago, IL Metro 0.18%
Riverside, CA Metro 0.17%
St. Louis, IL Metro 0.17%
San Francisco, CA Metro 0.17%
Baltimore, MD Metro 0.15%
Minneapolis, MN Metro 0.15%
New York, NY Metro 0.15%
Cleveland, OH Metro 0.15%
Cincinnati, OH Metro 0.15%
Charlotte, NC Metro 0.15%
Miami, FL Metro 0.14%
Seattle, WA Metro 0.14%
Pittsburgh, PA Metro 0.14%
Sacramento, CA Metro 0.13%
Atlanta, GA Metro 0.13%
Detroit, MI Metro 0.13%
Orlando, FL Metro 0.13%
Philadelphia, PA Metro 0.13%
Portland, OR Metro 0.09%

3-year CDs

Region Average APY
National 0.43%
Credit Unions Only 1.13%
Banks Only 0.37%
Online Banks Only 1.10%
Denver, CO Metro 0.7%
Washington, DC Metro 0.54%
Los Angeles, CA Metro 0.51%
Dallas, TX Metro 0.48%
Riverside, CA Metro 0.47%
Houston, TX Metro 0.46%
San Francisco, CA Metro 0.45%
Boston, MA Metro 0.44%
Minneapolis, MN Metro 0.43%
Sacramento, CA Metro 0.41%
St. Louis, IL Metro 0.4%
Pittsburgh, PA Metro 0.39%
Seattle, WA Metro 0.39%
Cincinnati, OH Metro 0.38%
New York, NY Metro 0.36%
Chicago, IL Metro 0.34%
Cleveland, OH Metro 0.34%
Miami, FL Metro 0.33%
Portland, OR Metro 0.33%
Charlotte, NC Metro 0.33%
Baltimore, MD Metro 0.32%
Atlanta, GA Metro 0.32%
Philadelphia, PA Metro 0.3%
Detroit, MI Metro 0.3%
Orlando, FL Metro 0.28%

5-year CDs

Region Average APY
National 0.73%
Credit Unions Only 1.62%
Banks Only 0.65%
Online Banks Only 1.56%
Denver, CO Metro 1.04%
Riverside, CA Metro 0.9%
Washington, DC Metro 0.86%
Dallas, TX Metro 0.85%
Pittsburgh, PA Metro 0.84%
Houston, TX Metro 0.82%
Minneapolis, MN Metro 0.82%
Los Angeles, CA Metro 0.79%
St. Louis, IL Metro 0.77%
San Francisco, CA Metro 0.77%
Cincinnati, OH Metro 0.72%
Sacramento, CA Metro 0.71%
Seattle, WA Metro 0.69%
Cleveland, OH Metro 0.68%
Boston, MA Metro 0.66%
Chicago, IL Metro 0.63%
Baltimore, MD Metro 0.61%
Detroit, MI Metro 0.58%
Philadelphia, PA Metro 0.56%
New York, NY Metro 0.54%
Atlanta, GA Metro 0.49%
Portland, OR Metro 0.49%
Charlotte, NC Metro 0.49%
Orlando, FL Metro 0.47%
Miami, FL Metro 0.43%

Methodology

NerdWallet’s semiannual survey of deposit rates analyzes the yields for deposit accounts at a selection of 10 of the largest banks in each of 25 major U.S. metro areas. The data also incorporate rates from the 25 largest U.S. retail banks, the 25 largest U.S. credit unions, and the 10 largest online banks by deposit size.

Chris Butterworth / Flickr source