2022 was a year of rising interest rates. As rates climbed higher, banks and credit unions offered increasingly generous returns to savers.
But now, a handful of institutions have reached a true milestone: They offer no-risk, guaranteed 5% return on CDs, savings accounts and other types of accounts.
Savers everywhere have waited well over a decade for this moment. There is no telling how long such high returns will last — rates could go higher in coming months, or they could start to drift lower.
But if you have been hoping to earn a solid return on your savings, following are some of your best bets today.
Note that bank rates can change fast following government rate hikes. Also, our list of rising bank rates is not exhaustive. There might be other banks that also have bumped up the return they are offering on their accounts.
So stop by the Money Talks News Solutions Center to search for a great savings account.
Product name: Primis Savings Account
Current annual percentage yield (APY): 5.03%
The Primis Savings Account at Primis Bank pays the highest return on this list at 5.03%. You can open an account for just $1, and there is no account maximum or minimum balance requirement.
Primis says there are no service fees or transaction limits.
McLean, Virginia-based Primis Financial Corp. is the holding company for Primis Bank. The bank itself is state chartered and has its headquarters in Glen Allen, Virginia. While the company has nearly three dozen branch locations, you’ll need to open an account online to get this offer.
Product name: 11-month 360 CD
Current APY: 5%
Capital One is offering a 5% return on its 11-month 360 CD. There is no minimum deposit required to purchase this CD, but your account balance can’t exceed $1 million.
Interest is accrued daily but paid and compounded monthly. If you withdraw the money early, you will pay a penalty equivalent to three months of interest.
The offer is good through March 14, 2023.
Navy Federal Credit Union
Product name: Special 15-Month Certificate
Current APY: 5%
Navy Federal Credit Union says the 5% it is paying on its Special 15-Month Certificate is the highest rate it has offered in 10 years.
A share certificate is similar to a CD but is offered by a credit union instead of a bank. The minimum to open the Special 15-Month Certificate is $50, and you can add money up to $250,000 at any time.
Only one certificate is allowed per member, and there may be penalties for early withdrawals from certificate accounts. Navy Federal says it “reserves the right to end or modify this offer at any time.”
To become a member of the credit union, you or someone in your family or household must have ties to the armed forces, U.S. Department of Defense or National Guard.
Consumers Credit Union
Product name: Free Rewards Checking
Current APY: Up to 5%
Consumers Credit Union now offers up to 5% interest on its Free Rewards Checking account. This is a tiered-rate account, and you can earn the 5% on the first $10,000 you deposit. However, to secure that return, you will need to meet basic service requirements — such as enrolling in eDocuments and making at least 12 debit card purchases a month — and make $1,000 in monthly purchases with a CCU Visa credit card.
No minimum balance is required to open a Free Rewards Checking account, and there are no monthly maintenance fees.
Anyone can join the credit union — which is based in Gurnee, Illinois — by paying a one-time membership fee of $5.
Air Academy Federal Credit Union
Product name: 14-Month Term Share Certificate
Current APY: 5%
This credit union — based in Colorado Springs, Colorado — is offering its members term share certificates with yields as high as 5%. All of the institution’s certificates offer fixed rates and have a $500 minimum opening balance with no maximum balance limit. But only the 14-month certificate currently pays 5% — an offer that’s valid until March 31, 2023.
The credit union’s membership is not limited to those in the military. In addition to active and retired military service members and their families, employees and students at local school districts and employees of hundreds of local businesses are eligible to join AAFCU.
Add a Comment
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.