In today’s financial landscape, finding the highest savings rates and top-yield CDs (Certificates of Deposit) is essential for maximizing returns on your hard-earned money. With interest rates fluctuating frequently, it’s crucial to stay updated on the best options available in the market.
Financial institutions, including traditional banks, online banks, and credit unions, are now competing fiercely to offer competitive high-yield savings accounts and best CD rates. In this article, we’ll explore which banks provide the highest savings interest rates and how you can benefit from them.
Why Are Banks Increasing Interest Rates?
Banks adjust their savings account interest rates and CD rates based on economic conditions, Federal Reserve policies, and competitive pressure. Over the last year, the Fed has raised rates multiple times to combat inflation, prompting banks to increase deposit interest rates.
Higher savings rates are beneficial for consumers looking to grow their money without the risk associated with investments. If you have extra cash sitting idle, moving it to a high-yield savings account or CD can significantly boost your earnings.
Best High-Yield Savings Accounts in 2025
1. LendingClub LevelUp Savings – 4.50% APY
LendingClub is offering one of the highest APYs in the market with no minimum deposit requirements. This makes it ideal for individuals looking for a no-barrier savings option.
2. Peak Bank Envision Savings – 4.35% APY
Another great choice with no minimum balance requirement, making it accessible for everyone, from small savers to those with larger deposits.
3. Forbright Growth Savings – 4.25% APY
Forbright Bank focuses on sustainability and Renewable Energy investments while offering a solid savings rate.
💡 Pro Tip: Always check if the bank account is FDIC-insured for safety.
Best High-Yield CDs (Certificates of Deposit) in 2025
CDs provide fixed interest rates for a set period, making them great for those who don’t need immediate liquidity. Here are some of the best CD rates currently available:
1. Mountain America Credit Union – 5.00% APY (18 months)
This CD offers a high yield for those looking to lock in a fixed rate for a longer duration. Minimum deposit: $500.
2. Genisys Credit Union – 4.73% APY (7 months)
A short-term option with an impressive return and a low minimum deposit requirement of $500.
3. INOVA Federal Credit Union – 4.65% APY (5 months)
With a $200 minimum deposit, this CD is accessible for almost anyone looking for a safe investment.
💡 Quick Tip: Always check early withdrawal penalties before committing to a CD.
Recent Bank Rate Changes
While some banks are increasing rates, others are making cuts:
- Marcus by Goldman Sachs raised interest rates on multiple CD terms.
- Chase Bank reduced its Saver account interest rate from 3.5% to 3.25%.
- Barclays is set to lower its Everyday Saver and Rainy Day Saver rates this month.
These shifts highlight the importance of regularly checking interest rates and moving funds to better options when necessary.
How to Choose the Best Savings or CD Account
When selecting a high-yield savings account or CD, consider:
- APY (Annual Percentage Yield): Higher is better.
- Minimum Deposit Requirement: Ensure it’s within your budget.
- Liquidity Needs: CDs lock money for a set time; savings accounts allow withdrawals.
- Bank Reputation: Choose FDIC- or NCUA-insured institutions.
- Ease of Access: Online and mobile banking features matter.
BIG BANKS, BIG INTEREST (FAQs)
1. Are high-yield savings accounts safe?
Yes, as long as they are FDIC-insured (up to $250,000) or NCUA-insured for credit unions.
2. Can I lose money in a CD?
No, but you may face early withdrawal penalties if you withdraw before maturity.
3. Which bank has the highest interest rate in 2025?
Currently, LendingClub LevelUp Savings (4.50% APY) and Mountain America CU’s 5.00% APY CD offer the best rates.
