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 2.15% APY with CIT's New Savings Builder Account.
$100 minimum deposit to open with no monthly service fees. FDIC insured.
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.
October 2018 Update: There were several important rate hikes over the past month:
- CIT Bank raises the rate for the 11-month No Penalty CD to 2.05% APY. They also launched a brand new Savings Builder Account that pays a 2.15% APY.
- Barclays Online Savings Account now earns 1.90% APY and raises rates on CDs including the 12-month CD at 2.55% APY and the 60-month CD at 3.10% APY.
- Goldman Sachs Bank USA raised its Online Savings Account rate to 1.90% APY and increases rates on seven high-yield CDs including the 12-month CD at 2.55% APY.
- American Express Personal Savings account is at 1.90% APY and rates are up on four CDs with its 60-month cd rate is up to 3.00% APY.
- Ally Bank increases the rates on its 11-month No Penalty CD to 2.10% APY, 1-Year High Yield CD at 2.50% APY and 5-Year High Yield CD at 3.00% APY.
- TIAA Bank 1-year Yield Pledge® CD is up to 2.61% APY.
Mortgage rates are up. The average 30-year fixed rate comes in at 4.72%.
With that said, here are some of the best interest rates we’ve found for October 2018:
Best Bank Account Rates
Savings Accounts: The top savings account rate goes to PurePoint Financial at 2.15% APY (see table below). Several banks come in a close second, including Citizens Access at 2.12% APY, Goldman Sachs Bank USA at 1.90% APY, American Express National Bank at 1.90% APY and Synchrony Bank at 1.85% 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 from Goldman Sachs Bank USA at 2.55% APY (minimum balance of $500), Capital One 360 at 2.50% APY ($0 minimum balance), and Synchrony Bank at 2.45% APY ($2,000 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.
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 up this month to 4.72% according to Freddie Mac (up from 4.52% last month). The average rate on a 15-year fixed mortgage is up to 4.16% (from 3.97% 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 October 1, 2018. Rates are subject to change, so please confirm the rates directly with the financial institution.Topics: Banking