Best CD, savings accounts for October 2023
It's been a tough year for anyone who's needed to borrow money, whether it's for a house, a car or a credit card. Not only is inflation still devaluing the dollar, but the Federal Reserve's numerous interest rate hikes — which were done in a bid to temper inflation — have resulted in borrowers paying a lot more in interest on their loans.
Still, the Fed's recent rate hikes — 11 in total since March 2022 — have had a bright spot: the opportunity to earn a lot more on your savings. Many banks and credit unions are currently offering rates above 5% on their high-yield savings accounts and certificates of deposit (CD) accounts. And, with a little work, it's possible to find rates that are even higher than that.
There doesn't need to be a ton of money in your savings account to start earning, either. Many of the CDs and high-yield savings accounts that are offering top rates do so without any minimum deposit requirements. But with so many great options, it can be tough to determine which accounts stand out. So what are the best CDs and savings accounts for October 2023? That's what we will break down below.
Find out how you can start earning more on your savings here.
Best CDs for October 2023
6-month CDs
- USALLIANCE Financial: 5.75% APY; minimum deposit requirement of $500
- Bank5 Connect: 5.50% APY; minimum deposit requirement of $500
- Popular Direct: 5.35% APY; minimum deposit requirement of $10,000
- Vio Bank: 5.35% APY; minimum deposit requirement of $500
- Bask Bank: 5.25% APY; minimum deposit requirement of $1,000
1-year CDs
- Merchants Bank of Indiana: 5.92% APY; minimum deposit requirement of $1,000
- CFG Community Bank: 5.67% APY; minimum deposit requirement of $500
- CIBC Bank: 5.62% APY; minimum deposit requirement of $1,000
- Popular Direct: 5.60% APY; minimum deposit requirement of $10,000
- Colorado Federal Savings Bank: 5.55% APY; minimum deposit requirement of $5,000
18-month CDs
- The Federal Savings Bank: 5.55% APY; minimum deposit requirement of $5,000
- Popular Direct: 5.45% APY; minimum deposit requirement of $10,000
- Limelight: 5.35% APY; minimum deposit requirement of $1,000
- Capital One: 5.25% APY; $0 minimum deposit requirement
- CIBC Bank: 5.17% APY; minimum deposit requirement of $1,000
2-year CDs
- Merchants Bank of Indiana: 5.92% APY; minimum deposit requirement of $1,000
- Bread Savings: 5.00% APY; minimum deposit requirement of $1,500
- Popular Direct: 4.90% APY; minimum deposit requirement of $10,000
- First Internet Bank of Indiana: 4.85% APY; minimum deposit requirement of $1,000
- CIBC Bank: 4.80% APY; minimum deposit requirement of $25,000
3-year CDs
- Merchants Bank of Indiana: 5.92% APY; minimum deposit requirement of $1,000
- Bread Savings: 4.85% APY; minimum deposit requirement of $1,500
- First Internet Bank: 4.75% APY; minimum deposit requirement of $1,000
- Popular Direct: 4.75% APY; minimum deposit of $10,000
- Barclays: 4.50% APY; $0 minimum deposit requirement
5-year CDs
- Bread Savings: 4.65% APY; minimum deposit requirement of $1,500
- Popular Direct: 4.65% APY; minimum deposit requirement of $10,000
- First Internet Bank: 4.59% APY; minimum deposit requirement of $1,000
- Barclays: 4.50% APY; $0 minimum deposit requirement
- SchoolsFirst Federal Credit Union: 4.45% APY; $500 minimum deposit requirement
Best savings accounts for October 2023
- UFB Direct: 5.25% APY; $0 minimum balance requirement to earn APY
- Milli: 5.25% APY; $0 minimum balance requirement to earn APY
- Popular Direct: 5.25% APY; $100 minimum balance requirement to earn APY
- Bread Savings: 5.15% APY; $0 minimum balance requirement to earn APY
- FNBO Direct: 5.15% APY; $1 minimum balance requirement to earn APY
- CIT Bank: 5.05% APY; $5,000 minimum balance requirement to earn APY
- Bask Bank: 5.00% APY; $0 minimum balance requirement to earn APY
Find out the top savings rates you could qualify for here.
The bottom line
You don't have to settle for a low rate of interest on your savings. The current economic environment has resulted in many banks and credit unions offering rates that well outpace inflation on their high-yield savings accounts and CDs, so it's a great time to take advantage of what they're offering. And, in many cases, you don't have to have a ton of money saved up to reap the benefits. But if rates drop in the future, you could miss out, so it may be smart to make your move today and start earning interest on your money.
