America’s Best Savings and Deposit Rates for 2023

Savings and money market account and CD interest rates are threatened by the highest inflation rate in over 30 years. Find the best rates.
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America’s Best Rates

You deserve to have your money work for you. That’s why MoneyRates compiled and analyzed rates at hundreds of banks and credit unions to find the best interest rates available on several of the most popular banking products for 2023.

Rates can change at any time, so it’s always best to check directly with the banks and credit unions featured here to confirm their rates. Check back here often, because changes will be noted here as well. We highlighted the institutions that currently offer some of the highest rates at the time of publication and have offered consistently high rates over time.

Best Savings Account Rates for 2023

According to the FDIC, savings accounts are paying an average rate of around 0.09%. While savings account interest rates at most banks seem to be at rock bottom and staying there, there are some bright spots in the group.

These institutions currently offer the top savings account rates and are widely accessible to most Americans.

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Best Standard Checking Account Rates for 2023

Not all institutions pay interest on checking and many of those that do have requirements for earning interest on checking accounts. For full requirements, check with the institution.

In this category, “balance max” means the highest amount you’ll earn that interest on. You may continue to earn some interest on the amounts above that, but it’s typically at a lower interest rate.

These interest checking accounts don’t require a big opening deposit, which makes them even better.

Best High-Yield Rewards Checking Account Rates for 2023

High-yield rewards checking accounts offer higher rates than regular checking accounts and may also offer rewards for account holders such as cash back on card purchases.

To qualify for higher interest and rewards, account holders are usually expected to have other accounts with the bank, sometimes including mortgages or retirement accounts. If you’re doing all your banking in one place, these accounts are worth looking into.

These banks and credit unions came out on top for high-yield rewards checking account interest rates.

Best 1-year CD Rates for 2023

The best one-year CD rates are offered by both banks and credit unions. Both types of accounts work the same way, providing a fixed return when funds are invested for a specified amount of time. The difference is that credit unions call the account a certificate and banks call the account a certificate of deposit (CD).

See which banks are bringing the best one-year CD rates to consumers. Opening deposit requirements are as little as $500.

Best 5-Year CD Rates for 2023

Not surprisingly, the longer you leave your money untouched in a CD account, the higher interest you’ll earn from most banks and credit unions. Here are our winning institutions for the best five-year CD rates.

Best Short-Term CD Rates for 2023

Even if you don’t want to tie up your money for a long period of time, you can still earn a good rate on short-term CDs. These CDs all come with terms of less than one year.

See who is offering the best short-term CD rates and how much you’ll need to open an account.

Best Money Market Rates for 2023

Money market accounts are similar to savings accounts, but most of them come with check-writing and debit card privileges. The rates for money market accounts tend to change rapidly, so it’s important to check for rate changes often.

Here are the banks and credit unions that came out on top for the best money market rates.

Best Individual Retirement Account (IRA) Rates for 2023

IRA accounts help you save for retirement by offering a competitive interest rate and tax benefits if you leave the money in your account until you’re ready to retire.

The winners in this category not only offer some of the best rates but also require small opening deposits, which means that everyone can start saving for retirement.

Best Long-Term Individual Retirement Account (IRA) Rates for 2023

If you can afford to sock your money away for a longer period of time, you’ll earn a higher interest rate. You could even start out with a regular IRA and roll it into a long-term one once you’ve got the minimum deposit for a long-term IRA saved.

These institutions are offering the best IRA rates over the long-term.

*FDIC insured

Best Health Savings Account (HSA) Rates for 2023

HSAs are savings accounts for people who have high-deductible health insurance policies. They are a way people can save money for health care expenses that they are responsible for paying before their deductible is met. The money in an HSA is earned pre-tax.

Here are our winners for the best HSA rates. Most require little or no money to open.

Methodology: How We Chose the Best Rates

The best rates for 2023 are based on rates being offered at the time of publication with weight also given to institutions that offer consistently higher rates than average. For each category, we analyzed at least 100 different banks and credit unions to find the top current rates. Then we narrowed down our search based on account accessibility for most people. Only credit unions that make it easy for most people to join and banks that serve clients throughout the U.S. were included in our analysis.

For some of our categories, we further narrowed down our analysis to only include accounts that required less than a certain opening deposit amount.

The best standard checking rates were chosen from accounts requiring $100 or less to open, low or no monthly fee, and no high-balance requirements.

The best high-yield rewards checking rates were chosen from accounts that offer some kind of reward or perk and low or no monthly fee.

The best IRA rates were chosen from accounts requiring $50 or less to open.

The best long-term IRAs were chosen from accounts that required $5,000 or less to open.

The best health savings accounts were chosen among those that required $500 or less to open.

About Author
Kristin Marino
Kristin Marino has been a writer and editor in the finance and education sectors for 18 years. She has provided editorial financial expertise to MoneyRates, The Balance, and MoneyGeek. She graduated from the University of Nevada and splits her time between Reno and New Orleans.