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.
Deal of the Day: Earn 1.75% APY with American Express® Personal Savings.
No minimum balance required and no monthly service fees.
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.
August 2018 Update: There were several important rate hikes over the past month:
- Synchrony Bank raised its rate on its High Yield Savings account to 1.85% APY.
- Barclays raised the rate on four online CDs, with its 5-year CD reaching 3.00% APY.
- Goldman Sachs Bank USA increased the rate on its 12-month High Yield CD to 2.45%.
- Sallie Mae’s 24-month CD is now at 2.80% APY and its Money Market rate is up to 1.90%.
- Ally Bank increased the rate on its 12-month High Yield CD to 2.40% and its 18-month High Yield CD to 2.50%.
Mortgage rates were little changed. The average 30-year fixed rate comes in at 4.54%.
With that said, here are some of the best interest rates we’ve found for August 2018:
Best Bank Account Rates
Savings Accounts: The top savings account rate goes to Citizens Access at 2.00% APY (see table below). Several banks come in a close second, including CIBC Bank USA at 1.90% APY, CIT Bank at 1.85% APY on its Money Market Account, Goldman Sachs Bank USA at 1.80% and American Express National Bank at 1.75% 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 12-month CD, the best rate we could find is 2.45% APY from Goldman Sachs Bank USA (minimum balance of $500), Capital One 360 at 2.40% APY ($0 minimum balance), Synchrony Bank at 2.45% APY ($2,000 minimum balance) and Ally Bank with 2.40% ($25,000 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. And for those looking for bonus offers, Chase is offering bonuses of up to $300 for new checking accounts.
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 dipped this month to 4.54% according to Freddie Mac (down from 4.55% last month). The average rate on a 15-year fixed mortgage is down to 4.02% (from 4.04% a month ago).
You can find competitive mortgage and refinance rates at LendingTree or on the table below:
Best Credit Card Interest Rates
Credit Cards: The longest 0% introductory period stands at 21 months on both purchases and balance transfers. In addition, the Amex EveryDay® Credit Card from American Express offers 0% on balance transfers for 15 months with no balance transfer fee if initiated in the first 60 days of opening the account. 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 August 1, 2018. Rates are subject to change, so please confirm the rates directly with the financial institution.Topics: Banking