Rhode Island Savings Rates - October 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Rhode Island savings account rates range from 0.10% to 4.15% APY, verified by MonitorBankRates as of October 13, 2026. The best savings rates for Rhode Island include OpenbankOpenbank622 George Washington Hwy, Lincoln, RI 02865A5.0 ★Texas Ratio: 8.00%Real return: +1.35%APY minus 2.8% CPI (February 2026) High Yield Savings at 4.15% APY, BrioDirectBrioDirect265 Newport Ave, Pawtucket, RI 02861A+5.0 ★Texas Ratio: 4.34%Real return: +0.95%APY minus 2.8% CPI (February 2026) High-Yield Savings at 3.75% APY, Bank5 ConnectBank5 Connect590 Metacom Ave, Bristol, RI 02809A5.0 ★Texas Ratio: 7.62%Real return: +0.85%APY minus 2.8% CPI (February 2026) High Interest Savings Account at 3.65% APY, Shoreham BankShoreham Bank1 Shoreham Way, Warwick, RI 02886A5.0 ★Texas Ratio: 9.55%Real return: +0.80%APY minus 2.8% CPI (February 2026) Soaring Savings at 3.60% APY, and Beacon Bank and TrustBeacon Bank and Trust100 Bellevue Ave, Newport, RI 02840A+5.0 ★Texas Ratio: 5.36%Real return: +0.40%APY minus 2.8% CPI (February 2026) Beacon One Savings at 3.20% APY.
Use the tables below to compare savings rates across Rhode Island side-by-side. Rhode Island savings rates currently reach as high as 4.15% APY from Openbank at 622 George Washington Hwy, Lincoln, RI 02865. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Rhode Island and the surrounding area. Last Updated and Verified: October 13, 2026
Compare the Best Savings Rates in Rhode Island
6-Month Boost for New Customers. After 6 months, this boost will expire and your rate will revert to our standard variable APY (currently 3.80%).
Standard variable APY. This is the rate after the 6-month boost expires.
- Oct 6, 20263.80%▼ from 4.15%
- Sep 27, 20264.15%first recorded
Annual Percentage Yield (APY) is variable and is accurate as of 10/9/2026. Rate is subject to certain terms and conditions. Rate and APY may change at any time. Fees may reduce earnings.
For balances of $25,000 and up, earn even more with a Jumbo Savings account.
Account type is only available in-branch.
Requires a Beacon Bank checking account with an OWNERSHIP relationship.
APY with Freedom Ultra Checking: 3.50%; Minimum to Open is $10,000.00. If a Freedom Ultra Checking account holder, minimum is $25.00.
- Sep 24, 20263.00%▼ from 3.50%
- Sep 18, 20263.50%first recorded
Balance: $0.00; Rates fixed for 12 months; Only 1 #Goals Savings Account per membership; Auto transfers are the only deposits allowed; Closing early results in loss of 90 days of interest
Balance: $50,000.00 - $249,999; APY with Freedom Ultra Checking: 3.40%; Minimum to Open is $10,000.00. If a Freedom Ultra Checking account holder, minimum is $25.00.
- Sep 24, 20262.90%▼ from 3.40%
- Sep 18, 20263.40%first recorded
High Yield Savings; Balance: $50,000 and above
2.80% APY for balances of $0.01 - $4,999.99; 2.80% APY for balances of $5,000 or more.
Balance: $0.00 to $24,999.99; Limit (1) Diamond Savings account per member; no monthly fees
Balance: $100,000.00 or greater; New Money*
Balance: $50,000.00-$99,999.99; New Money*
Balance: $250,000.00 or Greater
Balance: $1,000,000 and over
Balance: $2,500.00-$49,999.99; New Money*
High Yield Savings; Balance: $0.00 - $49,999.99
Balance: $500,000 - $999,999
Balance: $25,000.00 - $49,999.99; APY with Freedom Ultra Checking: 2.35%; Minimum to Open is $10,000.00. If a Freedom Ultra Checking account holder, minimum is $25.00.
- Sep 24, 20261.85%▼ from 2.35%
- Sep 18, 20262.35%first recorded
Balance: $2,500.00 - $24,999.99; APY with Freedom Ultra Checking: 2.25%; Minimum to Open is $10,000.00. If a Freedom Ultra Checking account holder, minimum is $25.00.
- Sep 24, 20261.75%▼ from 2.25%
- Sep 18, 20262.25%first recorded
Balance: $500,000.00+
Balance: $250,000 - $499,999
Balance: $150,000.00-$249,999.99
Balance: $100,000 - $249,999
APY with Freedom Ultra Checking: 2.10%; Minimum to Open is $10,000.00. If a Freedom Ultra Checking account holder, minimum is $25.00.
- Sep 24, 20261.60%▼ from 2.10%
- Sep 18, 20262.10%first recorded
Balance: $50,000 and over
Balance: $25,000+; $2,500 minimum balance to waive $10 monthly fee. Must have an active EZ Interest Checking Account.
Balance: $50,000 and over
Balance: $0.00 - $29,999.99
Balance: $75,000.00 and over; Effective as of 10/01/26; Rates may change daily as determined by the Credit Union's Board of Directors
Balance: $50,000.00-$149,999.99
Balance: $25,000.00 and above; Limit (1) Diamond Savings account per member; no monthly fees
Balance: $25,000 - $49,999
Balance: $10,000 - $24,999
Balance: $2,500 - $9,999
Balance: $25,000 - $49,999
Balance: $25,000.00 - $74,999.99; Effective as of 10/01/26; Rates may change daily as determined by the Credit Union's Board of Directors
Balance: Up to but not exceeding $25,000; Qualifications Required: 12 debit card point-of-sale purchases posted and settled; at least one automatic payment, direct deposit, or online bill payment posted and settled; enrollment in e-statements; Balance: Up to but not exceeding $25,000 (if qualifications are met); Age: N/A
Balance: $10,000 - $24,999
Balance: $0.01-$24,999.99; $2,500 minimum balance to waive $10 monthly fee. Must have an active EZ Interest Checking Account.
Balance: $2,000 - $9,999
Balance: $2,500.00 - $49,999.99
Balance: $2,500.00 - $24,999.99; Effective as of 10/01/26; Rates may change daily as determined by the Credit Union's Board of Directors
Balance: $250,000.00 - $499,999.99
Balance: $100,000.00 and above; Consult your tax advisor to make sure you qualify for tax deductibility of IRA contributions.
Balance: $25,000.00 to $99,999.99; Consult your tax advisor to make sure you qualify for tax deductibility of IRA contributions.
Open Online: 401-739-4600 (phone, not a channel rate)
Balance: $75,000 and over
Balance: $0 - $99,999
Savings Rates
Balance: $10,000.00 to $24,999.99; Consult your tax advisor to make sure you qualify for tax deductibility of IRA contributions.
Balance: $25,000 - $74,999.99
Balance: $75,000.00+
Balance: $100,000.00 - $249,999.99
Balance: $75,000.00+
Balance: $75,000.00+
Balance: $25 - $24,999.99
Balance: $75,000.00 or greater
Balance: $50,000.00 - $74,999.99
Balance: $50,000.00 - $99,999.99
Balance: $50,000.00 - $74,999.99
Balance: $50,000.00 - $74,999.99
Balance: $25,000.00 - $74,999.99
Balance: $100,000 or greater
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Rhode Island Savings Rate Trends
Compare local Rhode Island savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Rhode Island high-yield savings rates rose 0.013 points over the past 7 days to 2.776% APY, up from 2.763%.
Rhode Island standard savings rates fell 0.028 points over the past 7 days to 0.720% APY, down from 0.747%.
Rhode Island Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current RI high-yield average and a Fed funds spread to project the likely rate trajectory for 2026 to 2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current RI high-yield savings average of 2.776% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60 to 90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Rhode Island.
Savings Account Earnings in Rhode Island
Annual interest earnings at current RI average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (2.776% APY) | Monthly Earnings | Standard Savings (0.720% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $138.81 / year | $11.57 | $35.98 / year | $3.00 |
| $10,000 | $277.61 / year | $23.13 | $71.95 / year | $6.00 |
| $25,000 | $694.03 / year | $57.84 | $179.88 / year | $14.99 |
| $50,000 | $1,388.05 / year | $115.67 | $359.75 / year | $29.98 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Rhode Island savings rate averages as of October 13, 2026. | ||||
About Our Rhode Island Savings Rate Database
MonitorBankRates tracks 73 savings rates from 11 banks and 7 credit unions offering savings accounts to Rhode Island residents, including community institutions, regional banks, and national online options. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1 to 5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Openbank offers a savings account at 4.15% APY with a minimum deposit of $500. Use the rate table above to compare all current offers in Rhode Island.
How to Find the Best Savings Rates in Rhode Island
What to compare when shopping for a savings account in Rhode Island
To find the best savings APYs in Rhode Island, start with credit unions and online-only banks: Rhode Island has 7 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current RI high-yield savings average is 2.776% but top local institutions are offering as high as 4.15%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3 to 6 months of expenses in a liquid, FDIC-insured account. Rhode Island high-yield savings rates currently average 2.776% APY, far above a typical checking account.
- Short-term savings goals (6 to 24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Rhode Island institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 18 institutions in Rhode Island report savings rates to our database.
- You’re among Rhode Island’s 18.7% of residents aged 65+ for whom liquid, accessible savings complement fixed-income holdings.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return Rhode Island CD rates
- You want check-writing flexibility Rhode Island money market rates
- You need daily transaction access Rhode Island checking rates
Rhode Island Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
18.7% of residents are 65 or older, in line with the national average of 17.3%. At today’s RI high-yield savings average of 2.776%, saving 10% of the local median salary ($4,929/year) would earn an additional $137 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Rhode Island Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Rhode Island.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current RI Avg APY | 2.776% | 0.720% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 to $100 | $25 to $100 | $0 to $2,500 | $500 to $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Rhode Island averages tracked in our database as of October 13, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Rhode Island
At RI’s top rate of 4.15% from Openbank, a $10,000 deposit earns $415 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Rhode Island earner is roughly $12,300. At 2.776% APY, saving $1,030/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsRhode Island’s high-yield savings average is 2.776% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Rhode Island earner makes $49,299/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 2.776% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 2.776% APY grows to roughly $43,230 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Rhode Island savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Rhode Island directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Rhode Island. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in RI.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Rhode Island
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Rhode Island safe?
How often do savings rates change in Rhode Island?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Rhode Island?
How do I open a savings account in Rhode Island?
Best Savings Rates in Rhode Island
- Openbank
High Yield Savings: 4.15% APY - BrioDirect
High-Yield Savings: 3.75% APY - Bank5 Connect
High Interest Savings Account: 3.65% APY - Shoreham Bank
Soaring Savings: 3.60% APY - Beacon Bank and Trust
Beacon One Savings: 3.20% APY
Rhode Island Rates & Resources
Cities in Rhode Island
