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 for January 2020
January 2020 Interest Rates Update: There were a few rate changes over the past month:
- Betterment Everyday™ Cash Reserve account is at 1.83% APY.
- Wealthfront Brokerage Cash Account Rate is at 1.82% APY.
- BrioDirect is offering a High-Yield Savings account at 2.10% APY with $25 minimum deposit.
- Vio Bank’s High Yield Online Savings account is at 2.02% APY with $100 minimum opening deposit.
- Fitness Bank is offering a 2.20% APY savings account rate for balances over $100 when step requirements are met.
- Prime Alliance Bank is offering a 60-month CD at 2.50% APY and a 48-month CD at 2.40% APY, both with $500 minimum deposit.
- First National Bank of America is offering a 12-month CD at 2.10% APY and a 60-month CD at 2.30% APY, both with $1k minimum deposit.
- TAB Bank is offering a 12-Month CD earning 2.05% APY with $1k minimum deposit.
- SallieMae Bank is offering a 12-Month CD at 2.10% APY with $2.5k minimum deposit.
- Heritage Bank is offering a 6-Month CD at 2.31% APY with $100k minimum or 2.21% APY with $10k minimum deposit.
The average 30-year fixed mortgage rate comes in at 3.72%.
With that said, here are some of the best interest rates we’ve found for January 2020:
Best Bank Account Rates
Savings Accounts: The top savings account rate goes to TotalDirectBank Money Market Account at 2.10% APY with $5000 minimum deposit (see table below). Several banks come in a close second, including HSBC Direct Savings Account at 2.05% APY ($1 minimum), Vio Bank Savings Account at 2.02% APY ($100 minimum), and UFB Direct Savings at 2.00% 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 1-year CD, the best rate we could find is from SallieMae Bank at 2.10% APY ($2.5k minimum deposit).
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 0.50% 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 3.72% according to Freddie Mac (from 3.68% last month). The average rate on a 15-year fixed mortgage is slightly up to 3.16% (from 3.15% 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 15 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 January 2, 2020. Rates are subject to change, so please confirm the rates directly with the financial institution.