Everyone knows interest rates matter. But what less obvious factor could make or break your savings goals? Learn more below.
Interest rates are high right now, so it's a great time to be saving. A high-yield savings account is a great option if you're looking to grow your funds while keeping them accessible.
Member FDIC
Expires 12/15/2026
With 6 month boost, you earn:
| Tier |
Boost APY |
| Balance over $5,000 |
4.25%* |
| Balance less than $5,000 |
0.75%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier |
APY |
| Balance over $5,000 |
3.75%1 |
| Balance less than $5,000 |
0.25%1 |
- Needs to use promo code to qualify: Boost50
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
DisclosuresPlatinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
For complete list of account details and fees, see our Personal Account disclosures.
But, before you jump in, let's talk about some important things to know. This way, you can avoid common pitfalls and make the most of your money.
#1: The best rates might be hiding in small places
It might be easy to stick with your current bank for a new savings account - familiarity breeds comfort, right? But traditional banks often don't have the best rates. In fact, the average national rate for savings accounts is only 0.37% APY.
Now consider this: many smaller banks and credit unions are currently offering rates over 5% APY. That's a massive difference that will help your money grow a lot faster.
These smaller institutions are just as secure as the big banks, thanks to FDIC insurance (or NCUA for credit unions).
To give you a head start, here are the current best savings rates available:
Here's a quick calculator to see the difference in earnings between traditional and high-yield savings accounts.
Traditional vs High-Yield Savings
#2: Read the fine print
Got your eye on an account with a sky-high APY? Double check the details.
That enticing rate could be a short-time promotional offer, or applicable only for specific balance tiers. Some accounts might even have deposit requirements to secure the higher rate.
Knowing these details is important. It helps you gauge the true long-term value of the account.
#3: Explore beyond regular savings accounts
There may even be better options than a regular savings account.
For example, if you can set aside money for a longer period, a Certificate of Deposit might be a better fit. The benefit of CDs is that they lock-in your APY. So even if the market dips, your rate won't.
CDs can be as short as just 1 month. Or if you're saving for far off goals, you can find long-term CDs and lock-in your rates for up to 10 years.
#4: You might not be able to get your money out at any time
Many savings accounts cap you at 6 withdrawals per month. After all, the goal is to save money, not spend.
Some banks remove this limitation. If quick access to your funds is important to you, you might want to look for that kind of option.
But if you're focused on growing your savings, a less accessible account might help curb the temptation to dip into your savings often.
#5: Some savings accounts might have fees
Some savings account (particularly at larger banks) may have a monthly fee if you don't maintain a certain balance. Fees can easily eat into any interest earned.
Besides monthly fees, there may also be other fees like overdraft fees and excess withdrawal fees.
Fortunately, most online banks don't impose monthly service fees. This lets you keep more of your money where it belongs—in your account, working for you and collecting interest.
Anything else to know?
One more tip: check the opening deposit requirement. Some banks ask for a large upfront sum, which might not be practical if you're just starting to save.
There are plenty of savings accounts with no, or very little, opening deposit. So just go for one of those instead.
And remember, you can open as many savings accounts as you need. Consider having separate accounts for different savings goals, like for an emergency fund, upcoming vacation, or home remodel. This not only organizes your finances, but also keeps you focused on your saving targets.
| APY | Minimum Deposit | |
|---|
| CIT Bank Platinum Savings | Up to 4.25% APY 6-month boost with a balance of $5,000 or more | $100 | Learn More |
|---|
| Live Oak Bank: Personal Savings | 4.00% | $0 | Learn More |
|---|
| Western Alliance Bank: High-Yield Savings Premier | 3.80% | $500 | Learn More |
|---|
| CIT Bank Savings Connect | 3.65% | $100 | Learn More |
|---|
| Quontic: High Yield Savings | 3.20% | $100 | Learn More |
|---|
Bottom Line
It's time to put your money to work! If you're still using a low-interest savings account, that's literally letting free money slip through your fingers. So why wait? Start comparing your options today and grow your savings effortlessly.
Member FDIC
With 6 month boost, you earn:
| Tier |
Boost APY |
| Balance over $5,000 |
4.25%* |
| Balance less than $5,000 |
0.75%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier |
APY |
| Balance over $5,000 |
3.75%1 |
| Balance less than $5,000 |
0.25%1 |
- Needs to use promo code to qualify: Boost50
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
Expires 12/15/2026
DisclosuresPlatinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.50% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on September 29, 2026, and ends December 15, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a "New Customer") or any open CIT Bank accounts provided that the following requirements are met:
- New customers must open a Platinum Savings account with a valid Promo Code, Boost50. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
- The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
- Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code Boost50.
- Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code Boost50.
- Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code Boost50.
- Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
- The Platinum Savings APY Boost promotion may not be combined with other promotions.
- Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
- They are earning an APY over the standard rate.
- They participated in a previous APY Boost promotion.
- They participated in a cash bonus promotion in the past 6 months.
- Custodial accounts and accounts in the name of a Trust are not eligible.
- This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
For complete list of account details and fees, see our Personal Account disclosures.
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
The annual percentage yield (APY) is accurate as of January 8, 2026 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Member FDIC
Member FDIC
- 3.20% APY
- $100 minimum opening deposit
- No monthly service fees
Member FDIC
- Earn 4.00% APY
- No minimum balance requirement
- No monthly service fee
- 4.00% bonus on up to $6,000 balance if you receive and maintain a qualifying direct deposit of $200 or more in a rolling 35 day period. (Otherwise, 0.25%)
- Simply add money to your Savings Pods and enable the Boost feature.
- Earn bonus on up to 3 Savings Pods, up to $2,000 balance each.
- Bonuses accumulate daily.
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC.
- 3.30% APY
- $0 monthly fee
- Withdraw up to $100k per day
Funds placed in the Empower Personal Cash Program are FDIC insured by program banks up to an aggregate of $5,000,000. (up to $10 million for joint accounts)
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
