Article Summary
High interest rates for deposits are expected to decrease soon. To ensure you’re getting the best interest rate for your savings, it’s important to monitor rates from banks and credit unions daily. Here are the top rates for popular banks on Thursday, May 8.
What This Means for You
- Take advantage of high interest rates now by opening a new bank or cash management account.
- Consider high-yield checking accounts that offer rewards on debit card purchases, high APYs, or both.
- Be aware that interest rates are expected to decrease, so acting quickly can help you secure the best rate.
- Keep an eye on future rate fluctuations to stay informed and adjust your savings strategies accordingly.
Original Post
The clock is ticking on the high interest rates for deposits that we’ve come to expect. How can you be sure that you’re getting the best interest rate to earn money on your savings?
We monitor rates from banks and credit unions daily to help you feel confident before you open a new account — and it’s looking like now is the time to lock in a high rate before APYs go off a cliff. Here are the top rates for popular banks on Thursday, May 8.
Featured Nationally Available Savings Rates
Open a new bank account or cash management account and earn best-in-class rates.
Featured Nationally Available CD Rates
Featured High Interest Checking Account Offers
Compare checking accounts that offer high APYs, rewards on debit card purchases, or both. APYs (Annual Percentage Yields) are accurate as of 05/07/2025.
- BCU PowerPlus Checking: Earn up to 8.00% APY on balances up to $15,000 (See website for details).
- SoFi® Checking and Savings (Member FDIC): Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 01/31/26. Earn up to 3.80% annual percentage yield (APY) on savings balances (including Vaults) with direct deposit or qualifying deposits.**
- Discover® Cashback Debit Account: Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details).
- Axos ONE Savings and Checking Bundle: Earn 4.66% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500.***
How Much Interest Can You Earn With High-Yield Savings?
The average interest rate on a savings account is 0.41% APY, so any account that pays more than that may be worth considering. It’s not unusual to find high-yield savings, CDs, or even high-yield checking accounts that pay up to eight times as much.
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Key Terms
- APY
- High-yield savings account
- Checking account
- CD
- Certificate of Deposit
- Cash management account
- Interest rates
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