Finding the best interest rates is a lot easier today than it was even a few years ago. Here at Dough Roller, we track rates on everything from checking and savings accounts to mortgages to CDs. It occurred to me, however, that there was no one single page on the site where you could find the top rate for each type of account. So we created this page, updated monthly, to track the highest (or lowest) rates available.
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We focus on those financial institutions that have low fees, great rates, and are typically available anywhere in the U.S. You can find local banks and credit unions that offer comparable rates, but their availability is limited geographically.
Best Interest Rates
December 2018 Interest Rates Update: There were several important rate hikes over the past month:
- CIT Bank raises the rate for their brand new Savings Builder Account to 2.25% APY.
- Ally Bank increases the rate for its Online Savings Account to 2.00% APY and introduces a new 14-month Select CD (2.75% APY). Rates also increased for their No Penalty CD (2.20% APY, $25k+) and 1-year High Yield CD (2.65% APY).
- Capital One 360 Money Market is now at 2.00% APY ($10k+). The 360 CD rate also increases for their 12-month CD (2.60% APY) and 60-month CD (3.10% APY).
- Sallie Mae Bank Money Market Account rate is now 2.20% APY.
- Synchrony Bank brings back their 14-month CD Special with a 2.80% APY and increases the rate on the High Yield Savings Account to 2.05% APY.
- American Express Personal Savings account rate increases to 2.00% APY. CD rates increase for the following five CDs: 18-month (2.60% APY), 24-month (2.70% APY), 36-month (2.75% APY), 48-month (2.80% APY), 60-month (3.10% APY).
The average 30-year fixed mortgage rate comes in at 4.81%.
With that said, here are some of the best interest rates we’ve found for December 2018:
Best Bank Account Rates
Savings Accounts: The top savings account rate goes to CIT Bank at 2.25% APY (see table below). Several banks come in a close second, including Citizens Access at 2.25% APY, TIAA Bank Money Market Account at 2.15% APY, State Farm Bank Money Market Account at 2.10% APY, Goldman Sachs Bank USA at 2.05% APY and Barclays at 2.05% APY. These represent some of the highest rates on a nationally available savings account.
Here’s a comparison table we update daily with current competitive rates:
Best CD Rates: The rates on certificates of deposit vary based on the term. The longer the term, the higher the rate. Keep in mind that penalties may apply if you close the CD before the end of the term. For a 5-year CD, the best rate we could find is from Citizens Access at 3.15% APY (minimum balance of $5,000) and Capital One 360 at 3.10% APY ($0 minimum balance). For a 1-year CD, Barclays offers a rate of 2.65% APY ($0 minimum balance).
Checking Accounts: Most checking accounts do not pay interest. For online banks, however, you’ll find plenty of options where you can earn some interest on your funds. There are two things to keep in mind. First, many banks offer higher interest rates only if you keep a lot of money in your checking account. Second, the rates are lower than a savings account or CD.
Some top paying checking accounts that we like include FNBO Direct, which currently pays 0.65% APY. For those with at least $15,000 in checking, you can earn 0.60% APY from Ally Bank. I list Ally second because most people don’t keep that much cash in checking, but it’s an option for those who do. These rates are unchanged from previous months.
Bonus: I also keep a running list of popular checking account promotions you can check out.
Mortgages: Listing the “best” mortgage rate is really impossible. Rates change throughout the day, vary by state, and are highly dependent on a number of factors including your credit score, debt-to-income ratio, and down payment. That being said, the average rate for a 30-year fixed rate mortgage is down this month to 4.81% according to Freddie Mac (from 4.86% last month). The average rate on a 15-year fixed mortgage is down to 4.25% (from 4.29% a month ago).
You can find competitive mortgage and refinance rates at LendingTree or on the table below:
Related: Compare mortgage rates online
Best Credit Card Interest Rates
Credit Cards: The longest 0% introductory period stands at 21 months on both purchases and balance transfers. You can find a current list of the best 0% credit card offers here.
If you find better rates on any of the above financial products, please let us know in the comments below.
Note that the above rates were as of December 1, 2018. Rates are subject to change, so please confirm the rates directly with the financial institution.Topics: Banking