Key Takeaways
- The best savings account and CD rates are often offered by smaller and medium-sized banks and credit unions, while larger institutions like major U.S. banks may offer lower rates.
- Shopping around is crucial for finding the most competitive rates as some well-known banks pay minimal interest.
- Consider exploring options from smaller institutions, as our rankings feature numerous high-yield savings accounts and CD rates reaching up to 5.55% APY.
- Federal insurance from FDIC and NCUA safeguards deposits in banks and credit unions, regardless of their size.
Big vs. Small, Bank vs. Credit Union — The Key Is Shopping Around
The top rates for nationwide savings accounts and CDs are typically found at smaller to medium-sized banks and credit unions. These lesser-known institutions strive to attract customers by offering more competitive interest rates compared to larger banks.
In contrast, major U.S. banks like Chase, Bank of America, and Wells Fargo may have savings account rates close to zero, making it essential to research thoroughly before moving your money. Our daily rankings provide insights into the best rates available nationwide.
Earn at Least 4% From These Big U.S. Banks
Out of the 30 largest U.S. banks, some offer savings or CD rates of 4.00% APY or higher, with a few providing rates exceeding 5% for select products. It’s important to note that rates can fluctuate daily, and offerings may vary depending on your location.
For those seeking higher rates, exploring smaller institutions can lead to more competitive options. These banks and credit unions, when federally insured, can provide top rates that outperform many major banks.
Why CDs Are So Easy to Hold at Another Bank
While maintaining a primary bank for everyday transactions is convenient, investing in a CD offers a different banking experience. CDs require minimal oversight, making them suitable for holding at institutions outside your primary bank. Shopping around for the best CD rates can lead to significant earnings without disrupting daily banking activities.
How We Find the Best Savings and CD Rates
Every business day, we analyze rate data from over 200 banks and credit unions, identifying top-paying accounts for CDs and savings. To be featured, institutions must be federally insured, and account requirements must not exceed a $25,000 initial deposit. Our methodology ensures we include a wide range of options while focusing on the most competitive rates available.