Banks and Credit Unions Offering Interest Rates Above 5.00%

In an era when interest rates for most savings and certificate of deposit (CD) accounts are lingering in the low single digits, several banks and credit unions are bucking the trend by offering substantially higher rates. Here are some financial institutions that are currently offering interest rates of 5.00% or above, sorted by the highest rates first.

Merchants Bank of Indiana: Flex Index CDs Steal the Show

Merchants Bank of Indiana tops our list with an exceptional interest rate of 5.92% across various CD terms. Whether it's a 36-Month, 24-Month, or 12-Month Flex Index CD, you'll earn the same impressive rate. The minimum deposit is just $1,000, making it accessible for many investors.

MyeBanc: A Division of Bradesco Bank

For those who have a significant sum to invest, MyeBanc offers a 12-Month Jumbo CD with a 5.77% interest rate. The catch? You'll need a minimum deposit of $100,000.

BayFirst National Bank: Two Years, One Great Rate

If you can commit your money for two years, BayFirst National Bank offers a 24-Month CD with an interest rate of 5.76% and a minimum deposit of $1,000.

Credit Unions Making Waves

Several credit unions also offer high rates. First Harvest and BluPeak Credit Unions both offer rates of 5.75% for 15-Month and 9-Month CDs, respectively. The minimum deposit for both is $1,000. Similarly, USAlliance and American Eagle Credit Unions have 6-Month and 13-Month CDs with a rate of 5.75% and minimum deposits of $500.

Charles Schwab: A Wealth of Options

Charles Schwab stands out for the sheer number of CD options it offers with interest rates ranging from 5.51% to 5.65%. Terms range from 1 month to 18 months, and the minimum deposit for each is $500.

GreenState Credit Union: Going Jumbo

For those with a significant amount to invest, GreenState Credit Union offers a 14-Month Jumbo CD Special at a 5.60% interest rate. The minimum deposit here is a substantial $100,000.

Vanguard and ValleyDirect: More Choices

Vanguard offers an 18-Month CD at 5.60% with a $1,000 minimum deposit. ValleyDirect follows closely with a 36-Month CD also at 5.60%, but the minimum deposit drops to $500.

NexBank: Online Promotions

NexBank offers a 12-Month CD Promotional Online rate of 5.60% with a minimum deposit of $25,000, or you can go jumbo with a $100,000 deposit for the same rate.

TotalDirectBank and Merrick Bank: Mid-Range Investments

Both banks offer 12-Month CDs at a 5.65% and 5.60% rate, respectively, but with varying minimum deposits—$25,000 for TotalDirectBank and $25,000 for Merrick Bank.

The Underdogs: State Bank of Texas and Modern Bank

Both offer 12-Month CDs with a 5.55% interest rate, but the minimum deposits are $50,000 and $10,000, respectively.

Top 25 of Banks and Credit Unions Offering Interest Rates of 5.00% or Above

Merchants Bank of Indiana

MyeBanc, a division of Bradesco Bank

BayFirst National Bank

First Harvest Credit Union

BluPeak Credit Union

USAlliance Credit Union

American Eagle Credit Union

Chicago Patrolmens FCU

Charles Schwab

Forbright Bank

TotalDirectBank

GreenState Credit Union

Vanguard

ValleyDirect

NexBank

Merrick Bank

TotalDirectBank

State Bank of Texas

Modern Bank

Vanguard

Luana Savings Bank

LimeLight Bank

Five Star Credit Union

Bread Financial

MyeBanc, a division of Bradesco Bank

Final Thoughts

With the above options, it's evident that high-interest rates are a thing of the past. Whether you have a few hundred or a few hundred thousand dollars to invest, there's likely an option to help your money grow faster. Always remember you can search for and find the best deposit rates at MonitorBankRates.com.