These Top Bank Accounts Just Raised Their Rates -- Don't Miss Out

Ensure your checking account is earning as much interest as possible.

A savings account is a solid place to stash your extra cash. You can earn interest as your money sits in the bank. Many banks have been increasing their rates, and you may be able to earn more interest by opening a savings account with a bank that offers a higher annual percentage yield (APY). Don't miss out on the chance to boost your bank account balance. 

Interest rates are on the rise

The Federal Reserve has continued to raise the federal interest rate to help combat inflation. The Federal Reserve interest rate is the rate at which banks borrow and lend to each other. But that rate can also impact consumer banking rates. Banks tend to raise APYs for consumer savings accounts when the Federal Reserve interest rate increases. 

While higher interest rates can make financing a home or car more costly, higher savings account interest rates can be a win for your wallet. What's not to love about earning more interest? No matter how much money you have in savings, paying attention to the current interest rate is worthwhile, so you don't miss out on the opportunity to earn more. 

The Ascent researched recent bank account rate increases to save you time. The following top banks now have higher interest rates.

1. American Express 

American Express recently increased rates for the American Express® High Yield Savings. (Member FDIC.) The current APY rose to 4.25% on April 25, 2024. There is no minimum balance requirement and no monthly maintenance fees. You must have at least $1 in your account to earn interest.

Apply here to open a American Express® High Yield Savings account.

2. CIT 

CIT Bank also raised rates for its CIT Savings Connect bank account. Consumers can now earn 4.65%. This bank account doesn't charge monthly service fees. You must fund the account with at least $100 within 30 days of opening it. 

Apply here to open a CIT Savings Connect account.

3. Discover

Discover is another top bank that has made it easier for consumers to earn more interest. The Discover® Online Savings APY increased to 4.25%. There is no monthly balance requirement, and there are no monthly maintenance fees. 

Apply here to open a Discover® Online Savings.

4. LendingClub 

Those who bank with LendingClub can also benefit from an increased interest rate. The LendingClub High-Yield Savings now earns 5.00% APY. This account has no monthly fees. There is a $100 opening deposit requirement. 

Apply here to open a LendingClub High-Yield Savings.

Note: All of the above savings accounts are FDIC insured by the U.S. government. Bank accounts insured by the FDIC are covered for up to $250,000 per depositor per eligible account if a bank fails. You can feel confident that your money is protected. 

Maximize your earning potential 

While a slight interest rate increase may not seem like a big deal, it can make a significant difference. If you have an existing savings account, it's a good idea to review the current rate. You could earn more interest by opening a new savings account with a different bank. 

If you don't have a savings account, don't miss out on the chance to earn interest. Most checking accounts don't offer interest, so keeping extra savings in an interest-earning account is recommended. Review our list of the best high yield savings accounts to learn more.