(Reposting 2/4/24: let us know if anything needs updating)
Here’s a list of the best high interest savings accounts. Get up to 5.50% APY with a basic savings account or up to 5.80% with a basic CD. There are also accounts with requirements that pay even more. We don’t receive any commissions for any of these, and ALL banks are included in this list.
Contents
Best Basic Savings Rates
Leaving money in a regular bank account will usually get you a terrible interest rate. With a little research, we can find accounts that offer competitive rates. These are all ordinary savings accounts with no hoops to jump through, and they are FDIC/NCUA insured up to $250,000 (please verify insured status for yourself before using a bank).
Here are the best options available, rated in APY from highest to lowest:
- Poppy Bank – 5.50% premier savings (rate guaranteed for 3 months)(minimum $1,000)($25k monthly withdraw limit)
- Western Alliance – 5.36% high yield savings ($60 Swagbucks bonus)
- Brio – 5.35% high yield savings (minimum $5,000 to open)
- Brilliant Bank – 5.35% APY surge money market (minimum $2,000 to avoid fee)(see this comment)
- MyBankingDirect – 5.35% APY savings
- Climate First Bank – 5.34% checking or money market (MM is guaranteed until June 1, 2024)
- Blupeak – 5.33% money market ($300 bonus)
- Ivy Bank – 5.30% savings ($2,500 minimum; nationwide except for CA)
- Ivy Bank – 5.66% indexed savings account ($2,500 minimum; nationwide except CA)(review)
- Vio Bank – 5.30% APY money market
- TAB Bank – 5.27% savings
- TotalDirectBank – 5.26% money market (balances $2,500-$500,000; not available in FL)
- CFG Bank – 5.25% APY high-yield money market (must maintain minimum $1,000)
- Dime – 5.25% Blue savings (not available in NY, CA)
- Evergreen Bank – 5.25% high yield online savings
- Newtek Bank – 5.25% savings
- Fierce – 5.25% cash account (requires iOS app)($30 Swagbucks bonus)
- UFB – 5.25% APY savings account (see this comment and this)
- NASB – 5.24% APY Interest Savings (check incognito) ($25,000 minimum) (see this comment)
- Republic Bank – 5.21% APY money market (minimum $2,500)(nationwide except IL, IN, WI, MI)
- Upgrade – 5.21% APY everyday/premier/performance savings (minimum $1,000)(see this comment)
- Modern Bank – 5.20% high yield money market (minimum $100,000)
- PopularDirect – 5.20% APY savings (see this comment)
- Comenity ‘Bread’ – 5.15% APY savings
- EverBank (TIAA) – 5.15% APY yield pledge savings
- FNBO Direct – 5.15% online savings
- Western State Bank – 5.15% APY money market (our review)
- Pacific Western – 5.15% savings ($5,000 minimum)
- Customers Bank – 5.14% savings ($25k minimum)(auto-adjusts with fed rate)
- Credit Karma Savings – 5.10% APY (our review)
- Public – 5.10% high yield cash account
- Bask Bank – 5.10% APY savings (our review)
- BMO Harris – 5.10% alto online savings (select markets)
- Primis Bank – 5.07% APY savings and checking (review)
- CIT Bank – 5.05% platinum savings
- BankPurely – 5.05% APY money market (minimum $25,000)(see this comment)
- Redneck Bank / All America Bank – 5.05% APY money market, up to $100,000 (review)
- Salem Five Direct – 5.01% APY eone savings (see this comment)
- CIBC – 5.01% APY savings (minimum $1,000)
- Quontic – 5.00% money market
- Juno – 5.00% or 5.12% APY (not sure) on up to $250,000 (minimum $20,000)(our review)
- Laurel Road – 5.00% high yield savings
- Webull – 5.00% cash management account
- First Foundation – 5.00% APY savings
- mph – 5.00% savings
- Dollar Savings Direct – 5.00% APY savings (see this comment)
- Merchants Bank – 5.00% APY money market
- One Finance – 5.00% savings ($5,000 minimum, $100,000 max)(review)
- VirtualBank – 5.00% APY eMoney Market
- Wealthfront – 5.00% APY cash account (signup bonus)
- Lending Club Banking – 5.00% APY savings
- Northern Bank Direct – 4.95% APY premier money market
- First Foundation – 4.90% APY money market
- Valley Direct – 4.80% APY savings (12,000 MyPoints signup bonus)
- Sallie Mae – 4.75% APY money market
- Synchrony – 4.75% APY savings
- Milli – 4.75% savings account (requires mobile app)
- Betterment – 4.75% saving account (our review)(temporary .75% boost to 5.50%)
- Jenius Bank – 4.75% savings
- Styl Bank – 4.75% APY
- Empower/Personal Capital – 4.70% APY cash account (our review)
- PNC – 4.65% high-yield savings (select areas)
- Usalliance – 4.65% APY high dividend savings
- Apple Card/Goldman Sachs – 4.50% savings (our review)
- Marcus Bank – 4.50% APY savings
- Prime Alliance – 4.50% savings (minimum $10,000)
- Citizens Access – 4.50% APY savings account
- U.S. Bank – 4.50% elite money market (minimum $25,000); valid through 6/13/23
- Colorado Federal – 4.45% APY savings
- Citibank – 4.45% APY savings (not available in all states) (our review)
- Discover – 4.35% APY savings when signing up via this link (standard account 4.30%) (review)
- Live Oak Bank – 4.40% APY savings
- Presidential Bank – 4.37% money market Advantage Checking ($25k-$250k)
- Ally Bank – 4.35% APY money market
- Ally Bank – 4.35% APY savings
- Mysavingsdirect – 4.35% APY savings (see this comment)
- American Express – 4.35% APY savings account
- Barclays – 4.35% APY savings
- B1 Bank – 4.35% APY
- Capital One 360 – 4.35% APY savings
- Synchrony Paypal version – 4.30% APY savings
- Third Federal – 4.30% online savings plus (minimum $5,000)
- SFGI – 4.26% APY savings
- E*Trade – 4.25% APY savings
- Elements Financial – 4.25% high yield savings ($10,000 minimum)
- Mutual One – 4.07% premium savings
- Fidelity Bank – 4.00% savings
- Northpointe – 3.25% APY ($25,000 minimum to $3,000,000 maximum)
- Alliant Credit Union – 3.10% APY savings
- PenFed – 3.00% APY premium savings
- Fidelity – 2.72% cash management account
- T-Mobile Money – 2.50% APY savings for anyone (4% on up to $3,000 for T-Mobile customers; our review)
- Chime – 2.00% savings
- American Express – 1.00% APY checking account (our review)
- Yotta – .00% savings (plus you get lottery earnings)
Other Basic Options
- Maxmyinterest – 5.36% max savings (see this review first)
- Climate First Bank – 5.34% 6-month no penalty CD
- Robinhood – 5.25% APY for those with Gold membership ($5/month; our review)
- My eBanc – 5.01% APY money market (minimum $100,000)
- USAlliance – 5.00% 11-month no penalty CD
- M1 Finance – 5.00% APY savings account ($95/year)(our review)
- Morgan Stanley – 5.00% APY Preferred Savings Program
- Merrill Edge Preferred Deposit – 4.92% savings (initial opening needs $100,000)
- CIT Bank – 4.90% 11-month no-penalty CD
- Marcus – 4.60% APY 13-month no penalty CD
- SoFi Savings – 4.60% with monthly direct deposit of any amount (our review)
- J.P. Morgan Premium Deposit – 4.40% ($100,000 minimum initial deposit)
- Ally Bank – 4.25% 11-month no penalty CD (review)
- Customers Bank – 2.00% APY checking (requires 2 bill payments, otherwise rate is 1%)
- Current – 4.00% APY savings on balances up to $2,000/$6,000 (our review)
All of these rates will fluctuate over time, and we’re constantly updating this list. There is an advantage to a bank who has a proven track record of giving good interest rates since some of the top rates might be ‘bait-and-switch’ soon to be lowered. Banks like CFG, Discover, Marcus, Ally and some others have been known to offer competitive interest rates for many years. Their rates will also fluctuate but will likely always be a good rate. See also What’s The Best Simple High-Yield Savings Account?
Another thing to keep in mind is that while most banks automatically increase your rate as interest rates increase, some don’t. We wrote data points on which do and which don’t here. Keep that in mind when choosing a bank.
Most of these are savings accounts, with a few checking accounts mixed in. We wrote about options for getting a high yield on your checking account in this post.
Alternative High-Yield Options
- Government Series I Bonds are currently offering 4.30%, you’re limiting to purchasing $10,000 annually (our review)
- U.S. Treasury Bills (our review)
- Brokerage Money market funds and Bond funds
- U.S. Series EE Bonds
- CD Annuities
- Vanguard VMFXX – 5.28% (more options)
- Fidelity SPAXX – 4.98% (more options)
- Schwab SNVXX – 5.07% (more options)
- Interactive Brokers – 4.83% for IBKR Pro (minimum $10,000)
Best CD Rates
Nationwide CD Offers:
11 Months or Less
- Andrews FCU 5.75% 6-month CD (new members)(join with $8 ACC donation or use code ANDREWS)
- NASA FCU 5.55% APY 9-month CD (review)
- Signature FCU 5.55% 3-month CD (join via ACC)
- Newtek 5.55% 6-month CD
- BMO Alto 5.50% 6 or 12-month CD
- Heritage Bank 5.50% 6-month CD ($25,000 minimum)
- Quorum FCU 5.50% 7-month CD (join with ACC membership free)
- Hanscom FCU 5.50% 6-month CD
- Gateway First 5.50% 7-month CD
- Elements CU 5.50% APY 8-month CD
- My eBanc 5.40% 6-month CD
- Bask Bank 5.35% 6-month CD
- Everbank 5.35% 9-month CD
- Prime Alliance 5.30% 6-month CD
- One American Bank 5.30% 5-month CD ($5k minimum)
- Discover 5.30% APY 9-month CD
- Jovia CU 5.30% 8-month CD ($5 to join)
- America First 5.30% 6-11 month CD
- Ally Bank 5.25% 8-month CD
- Presidential Bank 5.25% 7-month CD
- Blupeak 5.25% 9-month CD
- Consumers CU 5.25% 10-month CD
- Synchrony 5.15% 9-month CD
- Interior FCU 5.12% 6-month CD (free to join via Wildlife Fed.)
- CIBC 5.11% 9-month CD
- Brilliant Bank 5.10% 3-month CD
- Brilliant Bank 5.05% 9-month CD
- Marcus Bank 5.05% 10-month CD
- Ally Bank 5.05% APY 9-month CD
- Cit Bank 5.00% 6-month CD
- M&T Bank 5.00% 8-month CD
- Bellco CU 5.00% 6/12-month CD ($5 to join)
- Credit Human 5.00% 6-23 month CD (join via ACC)
- Alliant 4.75% 6-month CD
- Chase 4.00% APY 3-Month CD ($100k Minimum) (review)
12-18 Months
- Vanguard up to 5.40% APY brokered CD 6-18 months (review)
- Fidelity up to 5.30% APY brokered CD 10-18 months (review)
- Schwab up to 5.25% APY brokered CD 18 months (review)
- Merchants Bank 5.92% flex CD 12/24/36 month (rate changes, tied to fed rate) (our review)
- Amboy 5.38% variable rate 2-year CD
- T Bank 5.50% 13-month CD
- NexBank 5.40% 12-month CD (minimum $25,000)
- State Bank of Texas 5.40% APY 12-month CD (minimum $50,000) (our review)
- Alliant 5.40% 12-month CD
- Bask Bank 5.40% 12-month CD
- CFG 5.40% APY 12-month CD
- USAlliance 5.40% 12-month CD
- CIBC 5.36% 13-month CD
- First Internet Bank 5.36% APY 12-month CD
- Brio 5.35% 12-month CD
- Comenity ‘Bread’ 5.35% APY 12-month CD
- Climate First Bank 5.34% 15-month flex CD
- Colorado Federal 5.30% APY 12-month CD
- PopularDirect 5.30% APY 12-month CD ($10,000 minimum)
- My eBanc 5.30% 12-month CD (review)
- Quontic 5.30% 12-month CD
- Seattle Bank 5.25% APY 12-month CD
- Limelight 5.20% 12-month CD
- Live Oak Bank 5.20% 12-month CD
- NASA FCU 5.15% APY 15-month CD (review)
- All in CU 5.12% 12-month CD (join with ACC membership)
- Forbright 5.10% 12-month CD
- Sallie Mae 5.10% 12-month CD
- Blupeak 5.10% 12-month CD
- LFCU 5.09% 1-year CD (join with $10 HOFLC)(see also this post)
- Pacific Western Bank 7/13 month CD 5.05%
- Marcus Bank 5.05% APY 12-month CD
- Citizens Bank 5.00% APY 12-month CD
- Alliant 5.00% 18-month CD
- Capital One 5.00% 12-month CD
- Barclays 5.00% 12-month CD
- Salem Five Direct 5.00% 6-12 month CDs
- Ivy Bank 5.00% 12-month CD
- Quorum FCU 5.00% APY 15-month CD (new money only)
- Connexus CU 4.96% APY 17-month CD (minimum $5,000)(join w/ $5 donation)
- TIAA 4.90% APY 12-month CD
- Discover 4.80% APY 12-month CD
- Union Square CU 4.80% 12-month CD
- Valley Direct 4.80% 12-month CD
- Signature FCU 4.75% 18-month CD (join via ACC)
- Modern Bank 4.75% APY 18-month CD
- Inova FCU 4.75% 12-month CD (join with $5 Tru Direction membership)
- Ally Bank 4.65% 14-month CD
- Cit Bank 4.65% 13-month CD
- DCU 4.60% 12-23 month CD
- PenFed CU 4.50% APY 12-month CD
- Ally Bank 4.45% APY 9/18-month CD
- American Express 3.75% APY 12-month CD
- Citibank 2.71% APY 12-month CD
19+ Months
- Chartway CU 5.30% APY 13 or 23-month CD
- Pelican State CU 5.27% 24-month CD
- Farmers Insurance FCU 5.00% 3/6/9/12/18/24-month (membership via ACC)
- Comenity ‘Bread’ 5.00% APY 24-month CD
- Credit Human 5.00% 18-23 month CD
- Connexus CU 4.76% APY 24-month CD (minimum $5,000)(join w/ $5 donation)
- NASA FCU 4.65% APY 49-month CD (review)
- BMO Alto 4.60% 60-month CD
- U.S. Bank 4.40% 19-month CD
- PenFed CU 4.45% APY 24-month CD
- Fidelity Bank 4.35% 25-month CD
- Capital One 4.10% 5-year CD
- American Express 4.00% 24-month CD
Best Business Savings Rates
- U.S. Senate FCU (USSFCU) 5.18-5.28% APY 24-month CD (join with ACC membership free)
- First Internet Bank – 5.06% APY 12-month CD
- Wise business – 4.85%
- Live Oak Bank – 4.00% business savings
- Lending Club Banking – 3.60% APY business savings (review)
- [CT, MA, RI, PA] Owners Bank – between 3.50% and 5.01%
- TAB Bank – 3.50% money market
- Newtek Bank – 3.50% business savings
- NBKC Bank – up to 3.25% business CD
- First Internet Bank – 3.25% APY money market savings ($4,000 minimum to waive fee)
- Panacea/Primis – 3.00% business savings
- Bluevine – 2.00% APY business checking (up to $250,000; requires receivables or debit spend)
- NBKC Bank – 2.00% business money market
- American Express Business – 1.30% APY checking account (up to $500,000; plus 30k bonus)
- Paramount Bank – 1.10% business money market ($5,000 minimum to avoid fee)
- Axos Bank – 1.01% APY business checking (up to $50,000)
- Lending Club Banking – 1.50% APY tailored checking (review)
- Newtek Bank – 1.00% business checking
- Usalliance – rate varies from .05% to .60% depending on deposit amount
- Axos Bank – .20% business premium savings
Mega High-Interest (Nationwide)
Aside from basic accounts offering competitive interest rates, there are ultra high-yield options which are more involved and take time and patience to deal with. Bear in mind, all of the best options have velocity limits, sometimes it’s $5k, $10k, $15k, or $20k. You’ll never be netting more than $1,000 in annual interest from any of these accounts, and it’s usually much less than that. Someone who is impatient or doesn’t have spare time would best use a standard high-interest savings account options and forget about the velocity-limited accounts.
Below you’ll find all mega high interest accounts which are available nationwide, and in the next segment we list the regional options.
- Andrews FCU 6% APY Kasasa Cash Checking
Securityplus FCU 6.00% APY 8-Month CD, Max $50,000 (Plus $100 Referral Bonus)- Fitness Bank 6% APY on up to $25k When You Have An Average Of 10,000+ Steps A Day
- OnPath FCU 7.00% checking on up to $10,000 with qualifications (details here)
- Elevault 5.13% (max $50,000; iOS only)
- Kanza Bank 6.00% on balances up to $20,000
- Pelican State Credit Union Kasasa Checking Account – 6.05% APY On Balances Up To $10,000
- Presidential Bank 4.625% APY Checking On Up To $25,000 (With Requirements)
- Genisys Credit Union 5.25% APY High Yield Checking Account – Up To $7,500
- The Bank Of Denver – 5% APY On Balances Up To $15,000
- Aspiration Spend & Save: 3%-5% APY On Balances Up To $10,000
- Hanscom Federal Credit Union 5% APY, On Up To $6,000
- Elements Financial 5% APY Checking Account, up to $20,000, with requirements
- Service Credit Union 3% APY On Balances Up To $3,000 + 5% savings account on up to $500
- Bank of Missouri 3.05% APY on Balances Up Too $15,000 (nationwide)
- Porte Bank 3% APY On Balances Up To $15,000 + $50 Referral Bonus
- Western Vista Credit Union Rewards Checking 3.00% APY On Balances Up To $15,000
- Varo Money Savings Account – 5% APY (balance less than $5,000)
- Orion Federal Credit Union Premium Checking 6% APY On Balances Up To $10,000 (DD Not Required)
- Consumers Credit Union 4.09% APY On Up To $10,000 Rewards Checking
- T-Mobile Money Review – Earn 4% APY On Balances Up To $3,000 (Requires T-Mobile Account)
- Liberty Federal CU (Evansville): Vertical Dividend 3.45% APY Account, Balances Up To $20,000
- Great Lakes Credit Union (GLCU) – 2.50% Rewards Checking Account Review, up to $10,000
- Signature FCU Rewards Checking 3.50% APY on up to $20,000 [Nationwide]
- MarketUSA Federal Credit Union 3% APY Rewards Checking – Available Nationwide
- Lake Michigan Credit Union: 3% Reward Checking Account On Up To $15,000
- Blue Federal Credit Union 2% – 4% APY on up to $15,000
More Restrictive Options:
- H-E-B Netspend 6% APY Savings Account On Balances Up To $2,000
- Blue Federal Credit Union 4.99% APY Account (Up To $1,000)
- Premier Members Credit Union Reverse Tiered Money Market Account – Up To 2% APY on $2,000
- DCU 6.17% APY on balances up to $1000
- Netspend Prepaid 5% Interest Rate on up to $1,000
- KaiPerm Credit Union 6% APY Account On Balances Up To $1,000 (Membership Restricted)
- Workers Credit Union – .56% to .85% APY savings rate, special rate of 3.61% on first $1,000
Mega High-Interest (Regional)
Below are the regional accounts we’ve reviewed on the site. There are many more as well.
- Maryland: First Financial FCU 6.09% 9-Month CD
- Parts of Nebraska, Iowa: Metro CU 6.00% 13-month CD
- Texas, Oklahoma: Union Square Credit Union 4.50% APY On Balances Up To $25,000
- North Carolina, South Carolina, Virginia, Georgia, Tennessee: Truliant FCU 6.25% CD
Louisiana, Arkansas: CNext Bank 7.00% APY Checking Account On Up To $30,000 - Ohio: Buckeye State Bank 5% APY On Balances Up To $15,000
- Iowa: Advantage Credit Union 6% APY 12 Month CD
- Parts of Texas: Keystone 6% on up to $50,000
- Texas, Mississippi, Louisiana: Origin Bank Performance Checking: 6% APY, Balances Up To $40,000
- Texas, Nevada, Michigan: InTouch Credit Union High Yield Checking Account – 6.17% APY On Balances Up To $30,000
- Iowa, Nebraska, Minnesota, South Dakota: Iowa State Bank 3.25% APY on up to $25k
- Arkansas, Indiana, Nevada, North Carolina, Ohio, Michigan: United Federal Credit Union: Ultra Checking Account – Earn 3% APY On Balances Up To $15,000
- Maryland, Delaware: Destinations Credit Union: 3% Reward Checking Account, Up to $10,000
- Wisconsin, Illinois: Landmark Credit Union 7.50% APY High Rate – Balances Of Up To $500
- Virginia, North Carolina: Beacon Credit Union 5.05% APY On Balances Up To $2,500
- Wyoming, Nebraska: Meridian Trust Federal Credit Union 3% APY On Balances Up To $15,000
- Illinois, Iowa: South East National Bank 3% APY On Balances Up o $10,000
- Arkansas, Mississippi: First Financial Bank 4.33% APY on Balances Up To $15,000 – Direct Deposit Not Required
- Parts of Arizona, California: Meriwest Credit Union 2.50% savings account on up to $5k [must be opened within 30 days of joining]
- Arizona Branches: Sunwest Credit Union 5.12% APY 12-Month CD (Unlimited)
- California, Illinois, Missouri: First Bank 4.59% APY on up to $25,000
- Alabama: Guardian Credit Union 4% APY On Balances Up To $30,000 Ultimate Checking Account
- Florida: Liberty Savings Bank 1% APY On Balances Up To $25,000; 1.5% Savings Account On Up to $50,000; $25 Referral Bonus
- Georgia (partial): MidSouth FCU 5% APY Checking Account on up to $10,000
- Illinois: Hometown Community Banks 4.01% APY Checking Account (10 Debit Card Transactions Required)
- Indiana: Interra Credit Union 5% APY On Balances Up To $10,000
- Iowa Premier Bank 5% APY Checking on Balances up to $5,000
- Kansas: State Security Bank 3% APY On Balances Up To $10,000 – Direct Deposit Not Required
- Louisiana: Bank of Ruston: Priority Checking Account 3% APY On Balances Up To $15,000
- Louisiana: La Capitol Federal Credit Union 4.25% On Balances Up To $5,000 – Direct Deposit Not Required
- Louisiana: Bank of Montgomery (BOM) 4.07% Premium Account On Balances Up To $15,000
- Maryland: Freedom Financial Credit Union 3% APY on balances up to $10,000
- Michigan: First United Credit Union 4% APY + $50 Bonus ($10,000 Limit)
- Michigan: Consumers Credit Union 4% APY
- Michigan (nationwide?): Chief Financial Credit Union 5.00% APY – No Direct Deposit Required
- Michigan: Arbor Financial CU 4% Checking On Balances Up To $15,000
- Michigan: Financial Plus Credit Union 4.15% APY On Balances Up To $10,000
- Michigan: Adventure Credit Union – 4% APY On Balances Up To $10,000
- Michigan: Kellogg Community Credit Union 4% APY Checking Account On Balances Up To $15,000
- Michigan: AAA High-Yield Checking – 2.85% On Balances Up To $10,000
- Michigan: Dort Federal Credit Union 6.5% APY On Balances Up To $10,000
- Minnesota: St Paul Federal Credit Union 4.99% On Balances Up To $20,000
- Missouri: Legacy Bank & Trust i-Profit 4% APY on Up To $10,000
- Missouri: Ozark Bank 3% APY Checking on Balances up to $10,000
- Missouri: Hawthorn Bank 3.01% APY On Balances Up To $30,000
- Nebraska: Liberty First Credit Union 3% APY On Balances Up To $30,000
- In parts of New York: Solvay Bank 4% APY Checking on Balances up to $15,000
- In New York: Apple Bank Youth (6-17) Savings Account: 3% APY On Balances Up To $10,000
- Ohio: Bridge Credit Union 10% APY Account On Balances Up To $1,500 (Lots Of Monthly Requirements)
- Oregon: Oregon Community Credit Union (OCCU) – 5.25% APY On Balances Up To $500 Ignite Savings Account
- South Dakota: Reliabank Ultimate Checking – 3.51% APY On Balances Up To $25,000 – Direct Deposit Not Required
- El Paso, Texas only: Evolve FCU Rewards ePriority Checking Account – 3% APY On Balances Up To $10,000
- Texas: Neighborhood Credit Union 4.25% APY On Balances Up To $50,000 + $200 Bonus
- Washington: STCU 5.09% APY on balances up to $500 with no requirements
- Washington: Canopy Credit Union offering 6.17% APY on first $25k
- Washington, Oregon, Idaho: Gesa 7.00% APY on $500 in Savings (no requirements) and $5,000 Checking (requirements) (our review)
- Wyoming: WyHy FCU 3% APY SmartReturns Checking Account On Balances Up To $15,000 – Direct Deposit Not Required
- Select counties: Uncle Credit Union 6% on up to $25,000 with qualifications (join via FFA)
Elements Financial 8 month CD is now 5.05 APY. I called to see if there was any other specials and the answer was not at this time.
Looks like Legacy Bank and Trust has a 6 month CD at 5.65. I haven’t called them yet nor do I know anything about the bank. It is located in several states.
I saw a lot of chatters here mentioning Canvas Annuity….a lot of the posters seem like the sale reps from the company pretending to be DOC users. In the brochure for their annuity, it has a disclaimer “Interest rates as stated are effective as of October 13, 2023. interest rates are subject to change at the sole discretion of Puritan Life”…
Better make sure you know what you are getting yourself into before committing to a large sum of money. Someone on Trustpilot mentioned there is a 7% penalty to withdraw early.
Also, DO NOT trust the reviews on trustpilot. I used to work for a company that pays them $20k a month so they can remove all the negative reviews.
Good points. Personally I’m not too concerned about the rates or the potential shadiness of the company, although I’m not saying you shouldn’t be.
What concerns me is risk of loss. If I understand correctly (let me know if I’m wrong), these usually (not always) do not have FDIC/NCUA/SIPC protection, and are instead protected by state guaranty funds which may be less bulletproof (no money printer) but may have higher (or lower) coverage amounts.
That’s what always steered me to CDs instead but I could totally be wrong. Let me know if you want.
But now you got me looking at them again. Just doing a quick search for a few states, it seems like the returns tend to beat CDs after 2 or 3 years but slightly lose for shorter holding periods; does that sound right to you? I’ve only ever looked at MYGAs as I’ve assumed (without checking) that this will get me the highest fixed rate for shortish holding periods.
CDs look better to me for anything under 3 years, and treasuries equal or beat CDs up to 3-4 months.
For tax purposes, the canvas annuities mentioned here are more like CDs held within your IRA.
Unless you will be under 59 when the annuity matures. If so you’d have to renew it at an unknown interest rate. Canvas guarantees a 3% minimum FWIW, but if you’re under 52 you can’t just use it as a CD.
Annuity is just a dirty word – it has a time and place in someone’s life – and it’s so limited to when an annuity is actual a “good” financial decision. 95% of the time, an annuity is the WRONG answer to anyone’s financial plan. Look at all the up-front-costs that go straight into the pocket of the seller – it’s an insurance “product” – plain and simple…with the fee’s to go along with it.
When ever I see someone touting the word annuity as a good thing, I reach for my pocket and make sure my wallet is still there!
https://www.investopedia.com/articles/retirement/08/annuity-mutualfund.asp
JasonTX 🔗 So, I see you’re a relatively new poster on this site. I thought it a little funny that you reference Trustpilot in one breath and then say don’t trust it in the next. Unfortunately, the information you provided is inaccurate & misleading.
“…interest rates are subject to change…” until you purchase the Canvas Annity, then the rate is locked. It’s called a MYGA because the rate is guaranteed for multiple years. Your Trustpilot reference to a 7% penalty is wrong, it’s worse!
The range in the brochure is 9%-5% (Years 1 – 5). Didn’t you see that when you read it? However, that’s only if you withdraw more than10% a year & even then there is a list of exceptions.
So, yes, Kudos for warning everyone to be cautious. You know, look before you leap. Everyone should do their own due diligence to make sure they understand the pros/cons and if it right for them & their circumstances.
With that in mind, I wrote the post below to explain why I purchased the 5-year Canvas Annuity. It contains information someone would need to help them decide if an annuity is a good choice for them. I always thought “annuity” was a dirty word until I did my own research.
https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1781201
“…pretending to be DOC users”
LOL. The comment you appear to be suspicious of,
https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1781201, was written by PaulinTexas.
Comment author information for PaulinTexas:
451 comments and 624 upvotes.
Comment author information for you, posting as JasonTX:
29 comments and 18 upvotes.
PaulinTexas obviously did a lot of research before posting his comment. It all checks out.
Your comment contains only disinformation.
You wrote, “Interest rates as stated are effective as of October 13, 2023. interest rates are subject to change at the sole discretion of Puritan Life”… which you deliberately took out of context.
The interest rates are only subject to change before you sign the contract.
The relevant term is:
“The Initial Interest Rate begins on the Contract Date and applies for the Initial Interest Rate Guarantee Period”
The Rate Guarantee Period is 3/5/7 years from when you buy the annuity.
You also wrote, “Someone on Trustpilot mentioned there is a 7% penalty to withdraw early”
And, “DO NOT trust the reviews on trustpilot.”
Have you considered taking your own advice?
The actual terms allow free early withdrawal of up to 10% per year. Exactly what PaulinTexas wrote.
IOW, if you read the T&Cs this is equivalent to a CD if and only if you will be at least 59 when it matures.
If you’re 52 or over it’s way better than any available 3-5 year CD.
Thanks for answers below on deploying my moms house sale proceeds. A follow up. As I am a trustee on her trust, can I open up accounts for her in the name of her trust without her participation? THe issue is she is not all there and to set up the kind of multiple accoutns I am envisioning would be a pain, but if you cant you cant
Bluevine has 4.25% APY on premiere business checking https://www.bluevine.com/business-checking/premier.
TAB Bank – 3.50% money market is now 4.00% APY.
There is a $95 monthly fee unless you keep at least 100K in the account AND spend at least $5000 on the Bluevine debit card.
This might make sense if you have several hundred thousand to put in a checking account, otherwise no.
Also,
On the Bluevine premiere, it earns on up to $3million and also FDIC insured to that amount through their sweep program banks.
On TAB, this is the business MM and earns 4.00% on first $1,000,000 and then .25% on remaining, but only insured up to the usual $250K.
My elderly mom just netted 300K from sale of home. She is currently in independent living which isnt so costly but at some point will have to enter assisted living and more costly options
I have ideas of how to best deploy the cash in terms of CD lengths, etc. but thought I would ask opinions here on terms and best places
a follow up? Any insights about the Farmers Insurance CU CDs. The good thing about that is there are shared CUs in our area you can actually go into as my mom is not good with online game
I don’t know specifically about Farmers but have used shared CO-OP branches and discovered that there are limitations put into place, so I encourage you to look into it more closely.
In my case, I needed 2k in cash, and the shared branch I went into has an upper limit of 1k cash withdrawal per day per person. I wasn’t able to withdraw from a different CU either.
I’d probably do a CD ladder… various lengths of CD’s at $25K or $50K each. That way you have one maturing at least every 6 months if the need arises. And FDIC limit is $250K, so you would want at least two institutions. No Penalty CD’s exist too, where you can withdraw at any time without a penalty, but usually not at the best rates.
Most credit unions participate in “shared branching”, so you can access a remote credit union that way as long as the CD money is moved to a Checking or Savings. Someone not used to the “online game” can still call banks/CU’s too.
Best places: wherever they feel comfortable with.
I would think you would want to also talk with an attorney who handles aging parents and how to best cover their assets so that Medicare / some assisted living place does not take all of her assets, especially if in her name, if you want Medicare to help cover her later expenses. Things like trusts, etc… I’m not too familiar in this area, but I know that we must have some people who can chime in on that.
We got an irrevocable trust for my father with my brother and I as trustees. The purpose was to get all the assets out of his name so that in case he went into a nursing home, they couldn’t take his assets – which at the time included several properties.
At that time, the ‘look-back’ was 5 years, meaning that after 5 years all that money would be officially out of your mother’s name and they couldn’t come after any of ‘her’ assets, which after 5 years would be offically yours.
Obviously there has to be a lot of trust in your family, but it is a smart, safe way from keeping them from taking it all should tragedy happen.
She should look into this!
It’s the equivalent of a 3-year 6%, 5-year 6.25%, or 7-year 6.05% CD.
Early withdrawal of up to 10% per year with no penalty if you’re over 59.
You have to be over 59 at redemption which I assume she is.
Most states insure this up to $250k but check hers to be sure.
https://www.doctorofcredit.com/high-interest-savings-to-get/#comment-1781201
Yes, Canvas Annuity is a great place to park at least half of her money. I got a 5-year in December (at 6.50%) and it’s been smooth sailing so far.
Relatively easy to open, they update the interest almost every day on their site, and when I signed up they back-dated my interest for the week+ that my money wasn’t officially in the annuity.
Egg prices up 22% since January.
Gas prices up 17% since January.
Homeowners insurance up 32% within last 12 months.
Auto insurance up 40% within last 12 months.
Time to cut interest rates.
Really?
Impossible! I just heard Biden’s press secretary say that Bidenomics was working for all Americans to lower prices.
Are you suggesting that we can’t always believe everything that comes out of the mouth of a President’s press secretary?? Balderdash I say!
Many rates have changed. Andrews CU and NASA CU For example.List needs an update.
I see people quoting their Chex history pretty often in the format like 9/12.
Does that refer to number of inquiries or number of unique institutions? I have a few banks that hit me with multiple hard inquiries, lol.
Regardless, is it known whether repeat inquiries with the same bank are generally seen as better than inquiries with new institutions? I’m hoping so, since there is a Chex score code that says something like “insufficient activity same FI” or something like that.
Number of inquiries, not unique, is what I would think most people are doing. In theory, yeah, maybe having multiple from a single bank could help your Chex score, but I certainly wouldn’t try it just to find out. Typically I dispute all duplicates. Sometimes it works, sometimes it doesn’t. TyrannicalDuncery
Intuit is expanding their use of HYS offerings. Credit Karma is still at 5.1 APY which had been in the low 4s for most of the past year. I still believe it is tied to tax time promos., but that is not stated anywhere.
Now Intuit is offering QuickBooks customers a business savings at 5.0 APY. Heavy media ads also out there, so it should stick around for a few months. (https://quickbooks.intuit.com/get-money/). It is using a similar multi-bank system as Credit Karma, but GreenDot is more prominent.