5 Best Savings Rates of March 2024 (Up to 5.35%) - NerdWallet (2024)

Table of Contents
More about best savings rates Benefits of the best savings rates Here's how to choose the highest interest rates Where can I earn the most interest on my money? Why you earn interest on savings accounts What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts? Full list of editorial picks: best savings rates FAQs References

More about best savings rates

Benefits of the best savings rates

The best savings rates are much higher than the national average rate, which is just 0.47%.

Money in a high interest rate savings account grows faster over time. A deposit of $10,000 would earn about $40 after a year in an account with a 0.40% APY. But that same deposit would earn about $500 in an account with a 5% APY.

Here's how to choose the highest interest rates

Look for accounts that have the highest APY. Some accounts require deposit minimums to get the best yields. Others might charge monthly fees if the balance falls below a certain amount. If possible, choose an account that minimizes charges. Fees cancel out the benefits of high interest rates.

» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.

Where can I earn the most interest on my money?

Online banks and nonbank providers (often apps that partner with a bank for FDIC coverage) tend to offer higher interest rates than traditional brick-and-mortar banks. Rates can go up or down at any time, however, and some institutions have been lowering their APYs to reflect market conditions. Keep a close eye on NerdWallet's list of the best online savings account interest rates to monitor these changes.

Why you earn interest on savings accounts

You earn interest from a savings account because the institution is paying you to lend it money. Your funds are used in its loans to other customers. Credit unions have a similar process, but they call interest “dividends.”

What’s the difference when NerdWallet notes “Member FDIC” vs. “funds insured by FDIC” on savings accounts?

When we describe a savings account that is offered by a bank, we note “Member FDIC,” since the bank is a member of the Federal Deposit Insurance Corp. and the account is federally insured. If a financial technology company — not a bank — offers a savings account, it typically partners with a bank that is an FDIC member to hold the funds so deposits can be insured. In those cases, we note “funds insured by the FDIC.” Savings accounts at credit unions are federally insured by the National Credit Union Administration, so we note “funds insured by the NCUA.”

See Also
7% Interest Savings Account: Too Good To Be True?How Can I Get a 10% Return on Investment (ROI)?CD Rate Forecast: Are CD Rates Going Up in 2024? - NerdWalletThe numbers don’t lie—see how much interest you’re earning (or missing out on) with our savings calculator

Full list of editorial picks: best savings rates

Here are all of NerdWallet's picks for the best savings account interest rates. The overall rating includes multiple data points, including savings account features, customer service and app store ratings.

  • Affirm, 4.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Ally, 4.25% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.

  • American Express, 4.35% APY (annual percentage yield) as of 12/14/2023, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Barclays, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Bask Bank, 5.10% APY, (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • BMO Alto, 5.10% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Bread Savings, 5.15% APY (read full review), Member FDIC.* NerdWallet overall institution rating: 4.5 stars.

*Bread Savings disclosure

Bread Savings says: All Bread Savings APYs are accurate as of 01/18/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For high-yield savings accounts, a minimum of $100 is required and must be deposited in a single transaction. For high-yield savings accounts, the rate may change after the account is opened.

See Also
The best ways to invest your lump sum wisely

  • BrioDirect, 5.35% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 3.5 stars.

  • Capital One 360, 4.35% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • CIBC U.S., 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • CIT Bank, 5.05% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Citibank, 4.45% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Citizens, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • ConnectOne Bank, 4.60% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • EverBank (formerly TIAA Bank), 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • First Foundation Bank, 4.90% APY (read full review), Member FDIC. NerdWallet overall institution rating: 3.5 stars.

  • Go2bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Ivy Bank, 5.30% (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • LendingClub, 5.00% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Live Oak Bank, 4.40% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Marcus, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • ONE, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 5.0 stars.

  • Popular Direct, 5.15% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Quontic Bank, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Salem Five Direct, 5.01% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • Sallie Mae, 4.50% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.0 stars.

  • SoFi, 4.60% APY (variable and subject to change, read full review), Member FDIC. NerdWallet overall institution rating: 5.0 stars.

  • Synchrony, 4.75% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • TAB Bank, 5.27% APY (read full review), Member FDIC. NerdWallet overall institution rating: 4.5 stars.

  • UFB Direct, 5.25% APY, Member FDIC. NerdWallet overall institution rating: 4.5 stars.Editor's note: Over the past year, NerdWallet readers have described delays in getting issues resolved through customer support. These complaints don't factor into UFB Direct's star ratings. Please read the full review for more details.

  • Upgrade, 5.21% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.5 stars.

  • Zynlo, 5.00% APY (read full review), funds insured by FDIC. NerdWallet overall institution rating: 4.0 stars.

5 Best Savings Rates of March 2024 (Up to 5.35%) - NerdWallet (2024)

FAQs

Where can I get 5% interest on my savings account? ›

Nationally Available High Interest Account Rates from Our Partners
Account NameAPY (Annual Percentage Yield) Accurate as of 5/21/2024
Western Alliance Bank High-Yield Savings Premier5.36%
NexBank High Yield Savings Account5.26%
UFB Secure Savings5.25%
CIT Bank Platinum Savings5.00% (with $5,000 minimum balance)
2 more rows
May 10, 2024

Read The Full Story ›
Where can I get 7% interest on my money online? ›

7% Interest Savings Accounts: What You Need To Know
  • As of May 2024, no banks are offering 7% interest rates on savings accounts.
  • Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

View More ›
Which Bank is giving 7% interest in savings accounts? ›

Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.

Continue Reading ›
Where can I get 12% interest on my money? ›

Where can I find a 12% interest savings account?
Bank nameAccount nameAPY
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account12.3% to 12.8%
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account12.4% to 12.9%
YieldN/AUp to 12%
Crypto.comCrypto.com EarnUp to 14.5%
6 more rows
Jun 1, 2023

Find Out More ›
Where can I make 10% interest on my money? ›

Where can I get 10 percent return on investment?
  • Invest in stock for the long haul. ...
  • Invest in stocks for the short term. ...
  • Real estate. ...
  • Investing in fine art. ...
  • Starting your own business. ...
  • Investing in wine. ...
  • Peer-to-peer lending. ...
  • Invest in REITs.

Know More ›
What is the highest paying CD rate right now? ›

Here are Bankrate's top picks for banks with the best CD rates.
  • Popular Direct — 3 months - 5 years, 4.25% – 5.30% APY, $10,000 minimum deposit.
  • Vio Bank — 6 months - 5 years, 2.75% – 5.25% APY, $500 minimum deposit.
  • America First Credit Union — 3 months - 5 years, 4.20% – 5.25% APY, $500 minimum deposit.

See More ›
Are there any 7% CDs? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Learn More Now ›
How much will $10,000 make in a money market account? ›

The average money market rate is less than 1 percent. But let's say you put $10,000 in an account that earns a full 1% APY. After a year, your balance would earn 100 bucks. Put that same amount in a money market account with a 4% APY, and it would gain just over $400.

Find Out More ›
Which bank gives 7% interest per month? ›

IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023.

Get More Info Here ›
What is the best bank to open a savings account? ›

Summary of Best High-Yield Savings Accounts of 2024
AccountForbes Advisor RatingAnnual Percentage Yield
TAB Bank High Yield Savings4.55.27% APY
EverBank Performance℠ Savings4.55.15% APY
Varo Savings Account4.53.00% to 5.00% APY
Laurel Road High Yield Savings®4.55.15% APY
6 more rows

Discover More ›

Are any banks paying 5 interest? ›

The Western Alliance Bank High-Yield Savings Account offers a 5.24% APY, one of the highest we found, and requires just a $1 minimum deposit to open an account. Standout benefits: There's no cap to earning the high APY and there are no monthly fees.

Get More Info Here ›
Which bank gives 6% interest in savings accounts? ›

Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.

Explore More ›
Where to put $10,000 for best interest? ›

Many investment experts recommend a 60/40 mix. That is an investment portfolio invested 60% in equities (company shares) and 40% in bonds. For higher returns, an attractive investment for £10,000 could be shares or equity funds (which are made up of shares).

Discover More ›
How much does Dave Ramsey say you need to retire? ›

Some folks will need $10 million to have the kind of retirement lifestyle they've always dreamed about. Others can comfortably live out their golden years with a $1 million nest egg. There's no right or wrong answer here—it all depends on how you want to live in retirement!

Continue Reading ›
Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)Additional interest rate for senior citizens (% p.a.)
RBL Bank8.000.50
AU Small Finance Bank8.000.50
IDFC First Bank7.900.50
Bandhan Bank7.850.50-0.75
16 more rows

Get More Info Here ›
Where can I get 6% on my savings? ›

Best 6% interest savings accounts
  • Digital Federal Credit Union (DCU) Primary Savings.
  • Mango Savings™

See More ›
Which 5 banks have the highest rate of interest? ›

Best High-Yield Online Savings Accounts of May 2024
  • BrioDirect High Yield Savings Account: 5.35% APY.
  • Ivy Bank High-Yield Savings Account: 5.30% APY.
  • TAB Bank High Yield Savings: 5.27% APY.
  • UFB Secure Savings: Up to 5.25% APY.
  • EverBank Performance℠ Savings: 5.15% APY.
  • Bask Interest Savings Account: 5.10% APY.

Keep Reading ›
What is 5 percent interest on $10000? ›

Simple Interest Examples

You want to know your total interest payment for the entire loan. To start, you'd multiply your principal by your annual interest rate, or $10,000 × 0.05 = $500.

Learn More ›
What is 5 APY on $1000? ›

For example, $1,000 put into an account with an annual interest rate of 5% would, in theory, earn $50 at the end of the year. However, if the rate is 5% with interest earned monthly, the APY would actually be 5.116%, earning you $1051.16 by the end of the first year.

Read More ›

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