Savings Account Rates Are On The Rise

With the Federal Reserve raising interest rates at breakneck speed, consumers are once again able to get great interest rates on their money by putting them into lower-risk investments such as high-interest savings accounts and Treasury Bills.  If you’re looking to get more for your money, look no further than these current high-interest offers.

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Aspiration Financial

Aspiration advertises rates of up to 5.00% APY on the first $10,000.  Their “Spend and Save” account (not a traditional bank) enables you to track your spending and control your savings rate.  If you use their debit card to spend $1,000 a month or more, you can unlock 5.00% APY for the month using Aspiration Plus, which is just $5.99 a month when billed annually.  Be sure to read more in detail about the offer.

Liberty Savings Bank

At 1.06% APY, this high-yield “SaveBetter” platform account is 15.1X higher than national averages.  Liberty Savings is a member of the FDIC, and has been in business since 1889.  They offer security, with all funds being held by federally insured institutions, and use up-to-date cybersecurity tactics to protect your information and money.  They also offer 1.00% APY checking accounts, and free accounts with no monthly fee and no balances.  They have 55,000 fee-free ATMs through the nationwide Allpoint ATM network, and a mobile app to view account balances, transfer money, and more.

CIT Bank

CIT, a division of First Citizens Bank, has a .90% APY “Savings Connect” account, with 12x the national savings average.  CIT doesn’t charge ATM fees and reimburses up to $30 of other bank’s ATM fees on eChecking accounts, which are linked to the Savings Connect account to enable high-interest savings.  Deposits are easy with the CIT Bank mobile app, where you can deposit checks remotely.  There are no monthly service fees and your money is FDIC insured. 

New York Community Bank

MyBankingDirect, from New York Community Bank, has a variety of savings and fixed return options for consumers.  They offer the same great rate of 1.00% APY for all savings tiers over $1, 16X the national average.  They also have different certificates ranging from a 1.50% APY CD for 12 months to 1.70% APY CD for 36-months.


If you’re looking for a more familiar brand, look no further than CapitalOne’s 360 Performance Savings Account.  Offering .70% APY savings rate, no monthly or maintenance fees, and no account minimum, there’s not much more you could ask for in a well-known banking brand.  Their mobile app enables easy account transfers and mobile e-check deposit.  An account can be opened in just five minutes and is FDIC insured.  If you are less comfortable banking online, you can even go to a local Capital One branch or Café to open the account in person, per their website.


A not-for-profit savings option, PenFed Credit Union offers a .70% APY and has only a $5 minimum to open an account.  There are no monthly maintenance fees and deposits are insured up to $250,000 by the NCUA.  If you would rather bank with a credit union than a traditional bank, this is a good option.

In Conclusion

With a little bit of effort and searching for the best rates, you can start to rack up higher interest than just leaving your money in the local bank or inflating away under the couch cushions. Be sure to investigate if the financial institution also has cash-bonus sign-up offers when you are signing up for a new account.