Best Bank Account Interest Rates

The best savings account rates can vary depending on the bank and type of account.

If you’re looking to earn the best interest rates on your investments, take a look at different types of financial institutions before opening an account. Often, online savings accounts offer the highest interest rates, compared to brick-and-mortar institutions. If you’re looking to earn more on your investments, a CD or money market account might be a better option.

The type of account you open can also have a bearing on how much interest you’ll earn. Remember that some banks quote annual percentage yield rather than the annual percentage rate. APY takes into account the effect of compounding your interest whereas APR does not. The following is a comparison of interest rates among various checking, savings, CD and money market accounts.

Checking Account Interest Rates

As the name implies, a checking account allows you to write checks against your deposits. Most checking accounts also offer debit cards with which you can make purchases. Because the balance in your account can fluctuate frequently, checking accounts don’t always pay the highest interest rates. Numerous checking accounts pay relatively high interest, as noted in the following table. For example, Nationwide Bank pays 1 percent, whereas the national average for a checking account is just 0.04%.

Checking Account Interest Rates
BankInterest Rate
Nationwide Bank1.00%
Bank5 Connect0.76%
FNBO Direct0.65%
First Internet Bank0.55%
BBVA Compass0.50%
Alostar Bank of Commerce0.40%
Capital One 3600.20%
Huntington Bank0.15%
Ally Bank0.10%
Arvest Bank0.10%
BMO Harris Bank0.05%
TD Bank0.05%
Citizens Bank0.02%
Bank of America0.01%
Chase Bank0.01%
Fifth Third Bank0.01%
HSBC Bank0.01%
Key Bank0.01%
PNC Bank0.01%
Regions Bank0.01%
US Bank0.01%
Wells Fargo0.01%
Rates accurate as of Sept. 8, 2017

Learn: How Can I Find the Best Bank?

Savings Account Interest Rates

A key distinction between checking and savings accounts is that savings accounts carry FDIC insurance. Because savings accounts are generally intended for long-term investing rather than as a vehicle for on-demand cash withdrawals, Federal Reserve Regulation D limits the number of certain types of withdrawals or transfers from savings accounts — including online transactions — to six per month. If you make your requests in person, via mail or at an ATM, those restrictions do not apply.

Some firms market their high yield savings accounts as having higher interest rates than traditional savings accounts. The best high-interest savings account might not specifically be called “high yield.” For example, the Barclay’s account that pays 1.20 percent — among the highest of the banks listed above — is simply named the “Online Savings Account.” Shop around for the best savings account for your needs. CIT Bank’s 1.30 percent rate, for example, shines in an environment where the average national savings account rate is just 0.06 percent.

Savings Account Interest Rates
BankInterest Rate (APY)
CIT Bank1.30%
Nationwide Bank1.30%
Ally Bank1.20%
Barclays Bank Delaware1.20%
Synchrony Bank1.20%
American Express Bank1.15%
Discover Bank1.15%
FNBO Direct1.15%
Alostar Bank of Commerce1.05%
Bank5 Connect0.90%
Capital One 3600.75%
First Internet Bank0.60%
Arvest Bank0.10%
Zions Bank0.06%
BBVA Compass0.05%
Frost Bank0.05%
Huntington Bank0.05%
TD Bank0.05%
Chase Bank0.03%
Bank of America0.01%
BMO Harris Bank0.01%
Citizens Bank0.01%
Fifth Third Bank0.01%
HSBC Bank0.01%
Key Bank0.01%
PNC Bank0.01%
Regions Bank0.01%
US Bank0.01%
Wells Fargo0.01%
Rates accurate as of Sept. 8, 2017

Related: Online Banks vs. Traditional Banks — Where to Get the Best Interest Rates

12-Month CD Rates

A 12-month CD is a time deposit that requires you to leave your money with a bank for a full year. If you try to take your money out prematurely, most banks will charge you a penalty; for a 12-month CD, this penalty could be as much as three months’ interest. To compensate you for the duration of the deposit, 12-month CDs pay interest at a rate typically higher than traditional savings accounts. Take a look at the current 12-month CD rates above to get an idea as to what’s available. Although national 12-month CD rates currently average 0.26 percent, First Internet Bank stands out with its 1.52 percent rate.

12-Month CD Rates
BankCD Rate (APY) 
First Internet Bank1.57%
Barclays Bank Delaware1.45%
Nationwide Bank1.41%
Synchrony Bank1.40%
BBVA Compass1.40%
Ally Bank1.35%
Alostar Bank of Commerce1.35%
Discover Bank1.35%
CIT Bank1.32%
Bank5 Connect1.00%
HSBC Bank0.95%
Capital One 3600.90%
Frost Bank0.70%
American Express Bank0.55%
Zions Bank0.40%
FNBO Direct0.31%
TD Bank0.25%
Arvest Bank0.20%
BMO Harris Bank0.15%
Key Bank0.15%
Huntington Bank0.10%
Regions Bank0.10%
US Bank0.10%
Bank of America0.05%
Citizens Bank0.05%
Fifth Third Bank0.05%
Wells Fargo0.05%
PNC Bank0.04%
Chase Bank0.02%
Rates accurate as of Sept. 11, 2017

Find Out: The Best Interest Rate in Every State

Money Market Account Interest Rates

In today’s banking environment, money market accounts are fairly similar to savings accounts. Both accounts pay interest, offer access to your funds and carry FDIC insurance. Money market accounts are generally more flexible than savings accounts. For example, you can access your money market funds via check writing or an ATM card, whereas a savings account might require an electronic transfer or a visit to your bank. Current national average rates for money market accounts stand at just 0.08 percent — rising to 0.12 percent for jumbo deposits of $100,000 or more — making the 0.95 percent offered by Discover Bank particularly attractive.

Money Market Account Interest Rates
BankInterest Rates
Discover Bank0.90%
First Internet Bank0.90%
Ally Bank0.85%
Synchrony Bank0.85%
Capital One 3600.60%
Alostar Bank of Commerce0.50%
Nationwide Bank0.50%
Arvest Bank0.10%
Frost Bank0.10%
Zions Bank0.10%
Huntington Bank0.08%
BBVA Compass0.05%
BMO Harris Bank0.05%
TD Bank0.05%
Key Bank0.04%
US Bank0.04%
Bank of America0.03%
PNC Bank0.03%
Citizens Bank0.01%
Fifth Third Bank0.01%
Regions Bank0.01%
Rates accurate as of Sept. 11, 2017

Many different kinds of bank accounts and interest rates are available. To get the best bank account interest rates, the key is to find the highest rate you can with the least amount of risk or restrictions.

Up Next: 2017 Interest Rate Forecast — How the Fed Rate Hike Will Impact You

Methodology: identified the best interest rates for various types of accounts based on the highest rates offered by several banks at the time the data was pulled. All fees and rates are subject to change at the credit card issuers’ discretion. And, some offers might no longer be available on the credit card issuers’ websites, depending on how you access the web page.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.