Key Takeaways
For cash savings you want to keep accessible, you have plenty of options right now to earn a historically high return.
Banks and credit unions offer high-yield savings accounts, money market accounts, and certificates of deposit (CDs)—the best of which pay 4.75%.
Brokerages and robo-advisors, meanwhile, offer money market funds and cash management accounts, with current rates up to 4.28%.
You could also choose U.S. Treasury bond instruments, which range from 1-month T-bills to 30-year Treasury notes, in addition to inflation-adjusted I bonds. Today’s top Treasury rate is 4.75%.
To compare current rates on all the options, see our tables below.
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The Many Places You Can Put Cash to Earn a Top Return
When it comes to socking away your money where it can earn a solid interest rate, you have lots of options, which come in three categories:
Bank and credit union products: Savings accounts, money market accounts, and certificates of deposit (CDs)Brokerage and robo-advisor products: Money market funds and cash management accountsU.S. Treasury products: T-bills, notes, and bonds, in addition to I bonds
You can choose just one, such as a high-yield savings account, or mix and match different products for different buckets of funds. In any case, you’ll want to understand what each product type pays. We’ve made this easy by laying out today’s top rates in every category and indicating how much each rate has changed from a week ago.
Need more information to understand the pros and cons of these different savings vehicles? Below the tables, we describe each one and provide links to more detailed information.
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Note that the “top rates” quoted for savings accounts, money market accounts, and CDs are the highest nationally available rates Investopedia has identified in its daily rate research of hundreds of banks and credit unions. This is much different than the national average, which includes all institutions offering a CD with that term, including many large banks that pay a pittance in interest. Thus, national averages are always quite low, while the top rates we present are often five, 10, or even 15 times higher.
Understanding Your Different Cash Options
Bank and Credit Union Products
Savings Accounts
The most basic option is a bank or credit union savings account—sometimes called a high-yield savings account—which lets you add and withdraw money as you please. But don’t assume your primary bank pays a competitive rate. Some banks pay virtually zero interest.
Fortunately, we make shopping for a high rate easy. Our daily ranking of the best high-yield savings accounts gives you 15-plus options paying 4.40% to 4.75% APY. Note, however, that savings account rates can change at any time.
Money Market Accounts
A money market account is a savings account that adds the ability to writ