Today’s Best Savings Account Interest Rates

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

The Best Interest Rates On Savings Plans

Financial ProductInstitutionInterest Rate (APY)Minimum DepositLiquidity
High-Yield Savings AccountBECU6.17%$1.00Yes
Money Market AccountFirst Internet Bank5.48%$1.00Yes
Certificate of Deposit (CD)Local Government FCU5.75%$1.00No
Multi-Year Guaranteed AnnuityWichita National6.30%$10,000No

Understanding Different Types Of Savings Accounts

High Yield Savings Account

Money Market Account

Certificate of Deposit (CD)

Multi-Year Guaranteed Annuity (MYGA)

Financial ProductTypical Interest RateLiquidityRiskMinimum DepositKey Features
Savings AccountsLow to moderateHighLowLowEasy access to funds. No or low minimum balance. Interest may compound daily or monthly.
Money Market AccountsModerateHighLowModerateLimited transactions. Higher rates with higher balances. May include check-writing privileges.
Certificates of Deposit (CDs)Moderate to highLowLowVariesFixed term of investment. Fixed interest rate. Early withdrawal penalties.
Multi-Year Guaranteed Annuities (MYGAs)HighVery LowLow to ModerateHighFixed-rate of return for a certain period. Tax-deferred growth. Penalties for early withdrawal

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Questions From Readers

Will interest rates increase further in the coming weeks?

No, interest rates are expected to either remain stable or decrease soon. The Federal Reserve significantly influences these rates, and current indicators suggest a trend toward maintaining or reducing rates rather than increasing them.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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