Top Savings and CD Rates at Major Banks in 2025: Up to 5.75% APY You Can’t Miss!

Essential Highlights

• Major banks like BMO Alto offer savings rates up to 5.50% APY, while Discover and Synchrony provide 5.30%, and Capital One and Citi offer 5.25% APY on select CDs.
• Around a dozen large banks present savings and CD rates ranging between 4.00% and 5.50% APY, so comparing options is key.
• For the highest yields, up to 5.75% APY, exploring small to mid-sized banks and credit unions is recommended, as they aggressively compete for deposits.
• FDIC and NCUA insurance ensure your deposits are fully protected regardless of the institution’s size.
• Consider diversifying your deposits by opening accounts at smaller institutions to secure the best high-yield savings and CD rates nationwide.

Below, find detailed offers from top banks alongside insights to guide your savings strategy.

Which Big Banks Offer the Highest Savings and CD Rates in 2024?

Among the 30 largest U.S. banks by domestic deposits, 12 currently provide competitive savings or CD rates from 4.00% to 5.50% APY. Rates fluctuate daily, so it’s important to verify current offers when you apply.

Note that some banks, like Chase, offer minimal savings rates (0.01% APY) and modest CD rates outside specific terms. Empty entries in rate tables indicate non-competitive offerings for certain products.

Big Banks vs. Small Banks: Who Pays More?

Large banks such as Chase, Bank of America, and Wells Fargo generally pay lower interest rates on savings and CDs because their widespread recognition attracts ample deposits without aggressive rate incentives.

In contrast, smaller and mid-sized banks, along with credit unions, must offer attractive rates—often significantly higher—to draw customers, making them ideal for savers seeking top returns.

Best High-Yield Savings Accounts for 2024

Smaller institutions frequently dominate high-yield savings rankings by offering rates around or above 5.00% APY. While big banks may not top the charts, some still provide competitive rates worth considering if convenience and brand familiarity matter to you.

Why CDs Are Ideal for Diversifying Your Savings

Certificates of Deposit (CDs) are designed for long-term savings without frequent access, making them easy to hold at institutions separate from your main bank. This flexibility allows you to seek the highest CD rates nationwide and enjoy steady returns without hassle.

Maximize Earnings at Small to Medium Banks and Credit Unions

If you prioritize the highest possible rates, expanding your search beyond major banks is essential. Investopedia monitors over 100 banks and credit unions offering high-yield savings accounts and nearly 200 with nationwide CD options.

FDIC and NCUA insurance protect your deposits equally, so choosing smaller, lesser-known institutions does not compromise safety.

By banking with smaller or medium-sized institutions, you can earn up to 5.50% APY on savings accounts and as much as 5.75% APY on CDs, significantly outperforming national averages.

How We Identify the Best Savings and CD Rates

Each business day, Investopedia reviews rates from over 200 federally insured banks and credit unions offering nationwide savings accounts and CDs. To be included, institutions must be FDIC or NCUA insured, have minimum initial deposits under $25,000, and be available in at least 40 states.

Credit unions requiring donations exceeding $40 for membership are excluded to ensure accessibility. For a detailed explanation of our selection criteria, please refer to our full methodology.

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