Best High-Interest Accounts of September 2024 (up to 5.30%)

Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.

Tony Armstrong leads the banking team at NerdWallet. He has covered personal finance for nearly a decade. Tony began his NerdWallet career as a writer and worked his way up to assistant assigning editor and then to lead assigning editor. His writing has been featured by the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis, Minnesota.

Ruth Sarreal
Content Management Specialist | Bank accounts, bank account bonuses

Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.

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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

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions .

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank, credit union and banking technology firm (or neobank) to be eligible for our roundups. For this roundup of the best high-interest accounts, three or more data points were considered per account.

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 CDs

Best accounts for checking

Best accounts for savings

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

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions .

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank, credit union and banking technology firm (or neobank) to be eligible for our roundups. For this roundup of the best high-interest accounts, three or more data points were considered per account.

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 CDs

Best accounts for checking

Best accounts for savings

Best High-Interest Accounts of September 2024 (up to 5.30%)

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

BMO Alto Certificate of Deposit

at BMO Alto, Deposits are FDIC Insured

at BMO Alto, Deposits are FDIC Insured

Consumers Credit Union Free Rewards Checking

at Consumers Credit Union, Federally insured by NCUA

Best for Checking

at Consumers Credit Union, Federally insured by NCUA

Ivy Bank High-Yield Savings Account

Best for Savings

My Banking Direct High Yield Savings

Best for Savings

BrioDirect High-Yield Savings

Best for Savings

First Internet Bank CD

Popular Direct CD

All America Bank Ultimate Rewards Checking

Best for Checking

HOPE Rewards Checking

Best for Checking

On balances up to $10,000

Lake Michigan Credit Union Max Checking

Best for Checking

To earn the most on a 3.00% Max Checking account, follow these requirements. 1. Minimum of 1 direct deposit into your Max Checking account per month 2. Minimum of 10 posted debit card or credit card purchases per month 3. Minimum of 4 logins to home banking per month 4. Sign up to receive eStatements/eNotices

Marcus by Goldman Sachs High-Yield CD

4.70% APY (annual percentage yield) as of 08/30/2024

4.15% APY (annual percentage yield) as of 08/30/2024

4.00% APY (annual percentage yield) as of 08/30/2024

BMO Alto Certificate of Deposit

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

at BMO Alto, Deposits are FDIC Insured

BMO Alto offers competitive CD rates with no minimum deposit or balance requirements. Note that BMO Alto is part of BMO (which includes BMO Bank and other accounts under the BMO brand). All institutions that are part of the BMO Financial Group are considered to be part of one institution. That means deposits you make at any BMO institution count toward your FDIC insurance limit of $250,000 at BMO.

First Internet Bank CD

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

Online-only First Internet Bank offers high rates on its CD accounts, with terms as short as three months to as long as five years. You’ll need at least $1,000 to open an account; other online banks don’t require a minimum opening deposit, which allows you to lock in an interest rate on whatever amount you can put away.

Popular Direct CD

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

Popular Direct offers some of the most competitive CD rates available. Term lengths range from three months to five years, with interest compounded daily. The required minimum deposit of $10,000 is quite steep, though; some banks only require a deposit of $500. But the interest rates could be well worth it if you won’t soon need access to a chunk of cash.

Marcus by Goldman Sachs High-Yield CD

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

4.70% APY (annual percentage yield) as of 08/30/2024

4.15% APY (annual percentage yield) as of 08/30/2024

4.00% APY (annual percentage yield) as of 08/30/2024

Marcus’ CDs come with a guarantee that lets you earn the highest rate offered within 10 days of opening an account — not all financial institutions offer this kind of assurance. CDs are available in a variety of term lengths — up to six years.

Consumers Credit Union Free Rewards Checking

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

at Consumers Credit Union, Federally insured by NCUA

With $0 min. balance for APY

You can earn 3.00% APY on balances up to $10,000 in this high-yield checking account 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.

All America Bank Ultimate Rewards Checking

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $0 min. balance for APY

The Ultimate Rewards Checking account from All America Bank offers a competitive 5.00% APY on balances up to $15,000 each month and 0.50% APY for balances over that amount. Other perks of this high-yield checking account include up to $25 in foreign ATM fee refunds each month, no minimum balance requirement and no monthly fee. Opening the account online requires a $500 minimum deposit.

The rewards are solid, but here's the catch: To take advantage of the high rate, you’ll need to receive electronic statements and make at least 10 debit card transactions each month. Otherwise, the APY is 0.25% and paper statements cost $3 per month. Note that 10 online bill pay transactions are included for free each month, and each additional transaction costs $0.50.

HOPE Rewards Checking

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $0 min. balance for APY

Hope Credit Union’s checking account pays 5.13% APY on balances up to $10,000 each month that you meet a few requirements: Have a direct deposit to or an automatic payment out of your account, make at least 12 debit card transactions, opt into e-statements and log into your account online or on the mobile app at least once. If you don’t meet the requirements, you’ll earn 0.10% APY on your balance. It also offers up to $20 in ATM fee reimbursements. To join Hope Credit Union, you can pay a $10 membership fee, $5 of which goes to an affiliated nonprofit.

Lake Michigan Credit Union Max Checking

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $0 min. balance for APY

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, and interest isn’t paid if requirements aren’t met. 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.

Ivy Bank High-Yield Savings Account

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $2,500 min. balance for APY

Though Ivy Bank’s High-Yield Savings Account requires a large minimum opening deposit and balance to earn interest, its super competitive rate of 5.30% APY could make it worth it to keep money in it if you can swing it. The account’s APY is one of the highest rates available for savings, and there’s no monthly fee. Interest is compounded daily and credited monthly. Note that balances below the minimum requirement earn only 0.05% .

My Banking Direct High Yield Savings

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $1 min. balance for APY

My Banking Direct is new to our list of best high-interest accounts and it offers the highest interest rate. It stands out for paying a super competitive 5.25% APY. While you need a balance of just $1.00 to earn the high interest rate, the minimum deposit required to open an account is $500. Still, that’s a much lower deposit requirement than other options on our list. Other online savings accounts have no deposit requirement at all, but their rates aren’t as strong as My Banking Direct’s.

BrioDirect High-Yield Savings

NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.

With $25 min. balance for APY

Opening the High-Yield Savings account from BrioDirect requires a high minimum deposit of $5,000, but you only need to maintain a balance of $25 to earn its competitive 5.30% APY. There are no monthly fees.

Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield account.

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 0.46% . If you put your money in a high-yield account that earns around 5%, it's earning much more than the national average, with little additional effort on your part. The same holds for CDs.

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.

Frequently asked questions about high-interest bank accounts

What is a high-interest account?

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 0.42%, and the best high-interest savings accounts have yields that are currently many times that amount.

Are high-interest bank accounts safe?

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.

Do all high-interest accounts have high minimum deposit requirements?

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.

What’s the difference between a high-interest account and an investment account?

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.

Last updated on August 29, 2024

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.

To recap our selections.

NerdWallet's Best High-Interest Accounts of September 2024 (up to 5.30%)

• BMO Alto Certificate of Deposit: Best for CDs
• Consumers Credit Union Free Rewards Checking: Best for Checking
• Ivy Bank High-Yield Savings Account: Best for Savings
• My Banking Direct High Yield Savings: Best for Savings
• BrioDirect High-Yield Savings: Best for Savings
• First Internet Bank CD: Best for CDs
• Popular Direct CD: Best for CDs
• All America Bank Ultimate Rewards Checking: Best for Checking
• HOPE Rewards Checking: Best for Checking
• Lake Michigan Credit Union Max Checking: Best for Checking
• Marcus by Goldman Sachs High-Yield CD: Best for CDs

About the authors

Margarette Burnette

Margarette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press. Read more

Ruth Sarreal

Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. Read more

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