Best Interest Rates for June 2023: Savings and CDs

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Whether you’re looking for a savings account, certificate of deposit or money market account, you can find interest rates between 3% and 5% if you know where to look.

Keep in mind that savings accounts offer greater flexibility and access to your money, often without penalties. But you may find a higher interest rate with a CD, which can tie up your money for a year or more.

Read: How to Guard Your Wealth From a Potential Banking Crisis With Gold

Banks With the Best Interest Rates

Here is a glance at some financial institutions with the best interest rates for June 2023:

  • UFB Direct: High-yield savings account offers APY
  • Varo Bank: Savings account offers up to APY
  • CIT Bank: 11-month CD offers APY
  • Marcus by Goldman Sachs, Member FDIC: 13-month high-yield CD offers APY as of June 26, 2023
  • Citizens Access: High-yield online savings account offers APY
  • Valley Direct: High-yield savings account offers APY
  • Citi®: 12-month fixed-rate CD offers APY
  • Capital One: 5-year CD offers APY
  • Apple Federal Credit Union: Select certificates offer APY

Keep reading to learn more about these banks and their interest rates.

UFB Direct

Why it stands out: UFB Direct offers a high-yield savings account with a APY. With the UFB Premier savings account, you don’t need to tie up your money for a year, unlike with some of the CDs on this list.


  • No monthly maintenance fees
  • No minimum opening deposit


  • Online only

What to look out for: Bank products and services are provided by Axos Bank, and deposits are insured under the same FDIC certificate. Customers are insured for up to $250,000 per account type across all Axos banks.

Varo Bank

Why it stands out: Varo Bank’s savings accounts offer up to APY on balances up to $5,000 after meeting set requirements. Otherwise, it offers APY on your balances, making it a solid choice for emergency savings.

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  • No minimum balance required
  • No monthly or overdraft fees
  • Access more than 55,000 conveniently located Allpoint ATMs


  • Only earn APY on up to the first $5,000 of your balance; after that, APY
  • Direct deposit of $1,000 is required monthly to earn the higher interest level
  • Online-only bank

What to look out for: Make sure you meet the minimum requirement of direct deposits totaling $1,000 or more and end the month with a positive balance in both your Varo Bank Account and Savings Account to earn the highest interest rate.

CIT Bank

Why it stands out: Earn APY with CIT Bank’s No-Penalty 11-month CD.


  • Withdraw without penalties beginning 7 days after opening your CD
  • No maintenance fees
  • FDIC-insured


  • $1,000 minimum opening deposit
  • Online-only

What to look out for: You’ll need $1,000 to open the 11-month CD.

Marcus by Goldman Sachs, Member FDIC

Why it stands out: Earn APY with a 13-month high-yield CD. Enjoy 24/7 customer service by phone or chat and manage your account easily online. Plus, you can lock in a high rate the day you open your account and can take up to 10 days to fund your CD. If the rate goes up within that time, Marcus will automatically match it.


  • APY
  • Lock in rates for up to 10 days
  • 10-day rate match guarantee


  • $500 minimum deposit
  • No early withdrawal penalty

What to look out for: If you don’t actively manage your CD when it matures, Marcus by Goldman Sachs, Member FDIC, will renew the CD at current rates for another 13-month term.

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Citizens Access

Why it stands out: Citizens Access offers a high-yield online savings account that has an APY of with no fees and a minimum deposit of only 1 penny.


  • Open an account in just 5 minutes
  • High-yield APY of
  • Minimum opening deposit of just $.01
  • Set up direct deposit or recurring transfers


  • Online only

What to look out for: Citizens Access is online only. To access your account, you will need to be comfortable with online banking.

Valley Direct

Why it stands out: Valley Direct has an online high-yield savings account with an interest rate of APY.


  • Withdraw money online, through the app or by using Zelle
  • 24/7 online service
  • No maintenance fees


  • Branches are only in New Jersey, Florida, Alabama, and New York. Otherwise, it’s all online.

What to look out for: Valley Direct only has branches available in four states, so make sure to check your location before applying if you’re not comfortable with online banking. 


Why it stands out: Citi offers a 1-year APY fixed-rate CD, with the backing of one of America’s biggest banks and access to 65,000 ATMs at retail locations and branches around the world.


  • Earn APY for a year
  • Manage your account online or in a Citi branch
  • 65,000 ATMs worldwide
  • No account opening or maintenance fees


  • Early withdrawal penalties may apply

What to look out for: Citi requires a minimum deposit of $500 to open a CD.

Capital One

Why it stands out: Capital One offers a APY on 5-year CDs opened online. The 1-year CD has a APY, while the 2-year CD has a APY. There is no minimum balance required.

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  • Choose your interest payments monthly, annually or at the end of the term
  • No minimum balance
  • No fees


  • Early withdrawal penalties may apply
  • Must open the 360 CD online to get these high rates

What to look out for: These interest rates apply only to Capital One’s online products.

Apple Federal Credit Union

Why it stands out: Apple Federal Credit Union offers a high introductory rate of APY on most of its certificate terms. It offers slightly higher APYs on special terms.


  • Open your certificate online or in a branch
  • Bank at 21 branches across Northern Virginia
  • More than 53,000 ATMs nationwide


  • Membership limited to residents of Northern Virginia

What to look out for: Make sure you are eligible to become a member based on where you live, work or go to school.

Final Take

Before choosing a bank based solely on the interest rate, determine your financial goals. Are you saving for a vacation that is six months away, or are you looking to build an emergency savings account?

CDs with terms of 6 months to a year may provide higher interest rates, but you won’t have immediate access to your money without penalties until the end of the term. On the other hand, an online savings account with a linked debit card can provide immediate access to emergency funds while still helping your money grow through compounding interest.

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Cynthia Measom, Daria Uhlig, and Caitlin Cao contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 26, 2023. 

GOBankingRates is a personal finance and consumer interest rate website and 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 GOBankingRates, 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 alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.


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