Today’s Best Bank Interest Rates For May 2024

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

The Highest Bank Interest Rates

The following are the best bank interest rates as of May 20, 2024.

Account TypeBankAPY
Savings AccountBECU6.17%
Money Market AccountFirst Internet Bank5.48%
Certificate of DepositFinancial Partners Credit Union6.00%
Fixed AnnuityWichita National6.30%

Steps to Find Banks With The Highest Interest Rates

1. Determine Your Needs

  • Type of Account: Decide whether you’re looking for a savings account, a checking account, or a Certificate of Deposit (CD).
  • Fund Accessibility: Consider how often you’ll need to access your funds. Savings accounts offer more flexibility than CDs.

2. Research Current Rates

  • Online Financial Websites: Visit websites like Bankrate, NerdWallet, or Forbes to find updated lists of banks with the best interest rates.
  • Bank Websites: Check individual bank websites for the most current rates.

3. Compare Rates and Terms

  • APY (Annual Percentage Yield): Look for accounts with higher APYs. Higher APY means more interest earned.
  • Minimum Balance Requirements: Some accounts offer higher interest rates but require a higher minimum balance.

4. Consider Online Banks

  • Higher Rates: Online banks often offer higher interest rates compared to traditional brick-and-mortar banks.
  • Lower Fees: They may also have lower fees due to lower overhead costs.

5. Review Account Features

  • Fees: Check for monthly maintenance fees, withdrawal fees, or penalties.
  • Access: Ensure the account offers convenient access, like online banking or a good network of ATMs.

6. Check for Promotional Rates

  • Introductory Offers: Some banks offer higher introductory rates for a limited time.
  • Special Conditions: Understand any conditions that apply to these rates.

7. Read Customer Reviews

  • Experience: Look for customer reviews to gauge the bank’s customer service and overall experience.

8. Visit a Local Branch or Call

  • Personal Interaction: If possible, visit a branch or call to get a feel for the bank’s customer service.

9. Review Regularly

  • Rate Changes: Interest rates change over time, so it’s important to review your accounts periodically.

10. Make a Decision

  • Best Fit: Choose the bank that offers the best combination of high-interest rates, low fees, and suitable account features for your needs.
Best Bank Interest Rates

What Products Should You Consider?

Not all deposit products are created equal. Your choice should align with your financial goals and liquidity needs.

Example: Money market accounts might offer better rates than traditional savings accounts but might have higher minimum balance requirements.

  • Savings Accounts: These are the most common deposit products. The national average savings rate can be a good benchmark for comparison.
  • Money Market Accounts: These accounts often offer higher interest rates than traditional savings but require more money as a minimum deposit.
  • Checking Accounts: While not typically known for high returns, some checking accounts offer competitive rates, especially for higher balances.
Highest Bank Interest Rates

Conclusion

To find the best bank interest rates, start by identifying your needs and researching current rates. Compare terms, consider online banks, review account features, check for promotions, and read customer reviews. Regularly revisiting your choices ensures you’re always getting the best rate. Contact us today for a free quote.

Banks With Highest Interest Rates

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us
First
Last

Frequently Asked Questions

What bank has the highest interest rate?

As of now, Financial Partners Credit Union is offering an 8 month special at 6.00% APY for their certificate of deposit.

Where can I find a bank or credit union with high CD interest rates?

Are money market accounts FDIC insured?

Yes, money market accounts offered by banks are FDIC insured up to $250,000 per depositor, per institution. This insurance protects your money in case the bank fails. However, money market funds, which are different from money market accounts, are not FDIC insured.

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

Scroll to Top