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Best Savings and CD Rates From Big-Name Banks Today, Jan. 9, 2024

By

澳洲幸运5开奖号码历史查询:Sabrina Karl

Published January 09, 2024

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Key Takeaways

If you want to get top dollar for your money at a big bank, you can earn up to 5.50% APY from BMO Alto, 5.30% from Synchrony and Discover, or 5.25% from Capital One and Citi.
We found 12 big banks offering interest rates on savings accounts and CDs ranging from 4.00% to 5.50%, so it's important to shop around.
To earn the best possible rate on a savings account or CD—currently up to 5.75% APY—you generally need to shop small and medium-sized banks and credit unions that are hungry for deposits.
When comparing banks and credit unions, remember that FDIC and NCUA insurance provide the same coverage on deposits, no matter the size of the institution.
If you're willing to work with smaller institutions, review all of the best high-yield savings accounts and 澳洲幸运5开奖号码历史查询:best nationwide CDs now.

You can find the offers from our partners ꧒below, followed by 12 big banks and their savings ꦺand CD rates.

Which Big Banks ಌPay the Best Savings and CD Rates?

Of the roughly 30 largest banks (ranked by total domestic deposits), you can see 12 below that currently offer at least one competitive savings or CD rate, ranging from 4.00% to 5.50% APY. Note, however, that rates can go up or down on any given day, so what you see here may or may not still be available when you're shopping around.

Best Rates at Big Banks
Size Rank	Bank	Savings Account	6M CD (5-9M)	1Y CD (10-14M)	2Y CD (15-20M)	3Y CD	5Y CD
1			4.50%
2			5.00%	4.50%
3			4.75%
4		4.45%	5.25%
8		4.35%	4.35%	5.25%	4.40%	4.30%	4.10%
9		4.50%	5.25%	5.50%	4.85%	4.40%	4.10%
12		5.10%	5.50%	5.50%	4.75%	4.60%	4.60%
20		4.35%	5.05%	5.25%		4.25%	4.10%
24		4.35%		5.00%	4.50%
26			4.50%	5.00%
27		4.35%	5.30%	5.20%	4.40%	4.30%	4.00%
31		4.75%	5.30%	5.30%	4.40%	4.30%	4.00%
	Top nationwide rate from smaller institutions	5.50%	5.75%	5.64%	5.39%	5.23%	4.89%

Bank size rank is based on the FDIC's Sept. 30, 2023 report on Total Domestic Deposits. CD terms listed above include a range, such as 5–9 months in the 6-month term, 10–14 months in the 1-year term, etc. Listed rates are APYs current as of Jan. 9, 2024. Note that some of these banks offer different rates in different ZIP codes, so the stated APY may not be available to all U.S. residents. Rates shown are for the 60629 ZIP code.

Empty cells in the table indicate the bank does not offer an even mildly competitive rate for that product. For example, Chase Savings currently pays 0.01% APY on its savings account. And aside from its 9–11 month CD offering 4.50% APY, the rest of Chase's CDs pay 3.00% or less.

Who Pays More—Big Banks or Small Banks?

Some of the very biggest banks—like Chase, Bank of America, and Wells Fargo—often pay very little on their savings accounts and 澳洲幸运5开奖号码历史查询:certificates of deposit (CDs). That's because their name recognition tends to garner plenty of consumer deposits,🍃 so these banks are not as hungry for your funds as🐎 smaller institutions are.

Some savings account rates at these banking behemoths are just barely abo🦹ve zero. So, moving your money to a savings account or CD at one of these giant banks without first doi𓄧ng your homework could cost you dearly.

Small to medium-sized banks and credit unions with limited name recognition have to work much harder to attract consumer deposits. Offering high savings and CD rates is one way they can capture the market's attention, and as a result, smaller institutions consistently hold the top spots in our daily rankings.

In between, you can find some big-name players that pay reasonably competitive savings and/or CD rates—if you look carefully. While you won't earn the highest nationwide APY, you can still earn many times the national average with a brand-name bank if you take a little time to shop around.

CDs Are Easy to Hold Elsewhere

By definition, CDs are a place to stash your cash and not touch it for months or years. While there will be monthly statements and interest payments, these don't require your attention or action, making CDs very easy to hold at an institution other than your primary bank. So cast your net wide in searching for a top rate that meets your requirements, and then enjoy the "park it and forget it" opportunity to earn a leading CD return by depositing your funds with a bank or credit union that may be new to you.

You Can Earn the Most of All a🅘t Small to Medium-Sized Banks an꧟d Credit Unions

Want to earn a truly nation-leading rate instead? You can do that by relaxing your requirement on how big or recognizable the institution is. Investopedia tracks over 100 banks and 澳洲幸运5开奖号码历史查询:credit unions that offer high-yield savings accounts to customers nationwide, and about 200 that offer nationally available CDs. So the 30 largest banks are just𒈔 a thin slice of the options out there.

If depositing your money in one of these smaller institutions feels riskier, rest assured that it isn't. 澳洲幸运5开奖号码历史查询:FDIC insurance applies equally toꩲ all member banks. So if the smaller bank you're considering is an FDIC member, your deposits are just as safe at that bank as at ༒an exceptionally large one.

The same holds true for credit unions—if they're a member of the 澳洲幸运5开奖号码历史查询:National Credit Unio🤡n Administration (NCUA), they too offer the same federal insurance protection on you🅰r deposits that FDIC coverage provides.

Being willing to bank at a medium-sized or even small institution rewards you with the opportunity to earn the highest rates available—and our daily rankings make it easy to see which institutions are paying the 澳洲幸运5开奖号码历史查询:highest savings account rates and the 澳洲幸运5开奖号码历史查询:highest CD rates on any given business day. Right now, you can earn up to 5.50% APY on a nationally available savings account, and up to 5.75% APY withꦅ the highestജ-paying CDs.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must n෴ot exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5开奖号码历史查询:read our full methodology.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

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