Franklin, Tennessee Savings Rates - May 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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The best savings rates for Franklin, Tennessee and the surrounding area include Liberty Federal Credit UnionLiberty Federal Credit Union580 Franklin Rd, Franklin, TN 37069A+5.0 ★Texas Ratio: 2.06%Real return: +0.75%APY minus 2.8% CPI (February 2026) Health Savings 4 Year Fixed at 3.55% APY, FirstBank (TN)FirstBank (TN)3310 Aspen Grove Dr, Franklin, TN 37067A5.0 ★Texas Ratio: 6.39%Real return: +0.60%APY minus 2.8% CPI (February 2026) Companion Savings at 3.40% APY, Cornerstone Financial Credit UnionCornerstone Financial Credit Union102 Werthan Cir, Franklin, TN 37064 4019A5.0 ★Texas Ratio: 6.15%Real return: +0.50%APY minus 2.8% CPI (February 2026) High Yield Savings at 3.30% APY, First HorizonFirst Horizon231 Public Sq, Franklin, TN 37064A+5.0 ★Texas Ratio: 5.08%Real return: -2.05%APY minus 2.8% CPI (February 2026) TotalView Money Market Savings at 0.75% APY, and Ascend Federal Credit UnionAscend Federal Credit Union3150 Aspen Grove Dr, Franklin, TN 37067 8229A+5.0 ★Texas Ratio: 2.38%Real return: -2.60%APY minus 2.8% CPI (February 2026) Health Savings Account at 0.20% APY.
Franklin has 39 local institutions in our database, with savings rates as high as 3.55% APY from Liberty Federal Credit Union at 580 Franklin Rd, Franklin, TN 37069. Use the table below to compare all available offers, including options from institutions serving the broader Tennessee area. Rates are continually updated — we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Franklin, Tennessee and the surrounding area. Last Updated and Verified: May 29, 2026
Compare the Best Savings Rates in Franklin, Tennessee & Surrounding Communities
Qualifying balance up to $1,000.00; when you combine Companion Savings with a qualifying FirstBank CD.
$250,000
$250,000 AND OVER
$100,000 - $249,999.99
$100,000 - $249,999.99
$10,000 - $99,999.99
$10,000 - $99,999.99
Higher dividends are earned when you maintain a UTFCU consumer checking account and receive at least $500 in total direct deposits per month. If qualifications are not met, account earns the regular share rate.
Qualifications Required: use your UTFCU debit card at least 20 times; Log in to online or mobile banking; have direct deposit; maintain enrollment in eStatements; Qualifying balance up to $25,000
Higher dividends are earned when you maintain a UTFCU consumer checking account and receive at least $500 in total direct deposits per month. If qualifications are not met, account earns the regular share rate.
$250 bonus
Higher dividends are earned when you maintain a UTFCU consumer checking account and receive at least $500 in total direct deposits per month. If qualifications are not met, account earns the regular share rate.
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.
Franklin, TN Savings Rate Trends
Compare local Franklin, TN 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.
Tennessee high-yield savings rates rose 0.426 points over the past 7 days to 1.491% APY, up from 1.065%.
Tennessee standard savings rates currently average 1.555% APY based on data from institutions in our monitoring network.
Franklin, Tennessee Savings Rate Forecast — Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current TN high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
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 TN high-yield savings average of 1.491% 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: 1–2 Federal Reserve rate cuts of 25 basis points each over the next 12 months, based on current CME FedWatch consensus; savings institutions typically pass through 70–90% of rate cuts to deposit rates within 60–90 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 Franklin, Tennessee.
Savings Account Earnings in Franklin, Tennessee
Annual interest earnings at current TN average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.491% APY) | Monthly Earnings | Standard Savings (1.555% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $74.54 / year | $6.21 | $77.75 / year | $6.48 |
| $10,000 | $149.07 / year | $12.42 | $155.50 / year | $12.96 |
| $25,000 | $372.68 / year | $31.06 | $388.75 / year | $32.40 |
| $50,000 | $745.35 / year | $62.11 | $777.50 / year | $64.79 |
| 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: Franklin, Tennessee savings rate averages as of May 29, 2026. | ||||
About Our Franklin, Tennessee Savings Rate Database
MonitorBankRates found 8 institutions with branches in Franklin (4 banks, 4 credit unions), plus 4 additional state-chartered and national online institutions available to Franklin residents. 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 (1–5), 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: Liberty Federal Credit Union offers a savings account at 3.55% APY. Use the rate table above to compare all current offers in Franklin, Tennessee.
How to Find the Best Savings Rates in Franklin, Tennessee
What to compare when shopping for a savings account in Franklin, Tennessee
To find the best savings APYs in Franklin, Tennessee, start with credit unions and online-only banks — Franklin, Tennessee has 4 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 TN high-yield savings average is 1.491% — but top local institutions are offering as high as 3.55%, 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 3–6 months of expenses in a liquid, FDIC-insured account. Franklin, Tennessee high-yield savings rates currently average 1.491% APY — far above a typical checking account.
- Short-term savings goals (6–24 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 Franklin, Tennessee institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally — 12 institutions in Franklin, Tennessee report savings rates to our database.
- 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 → Franklin, Tennessee CD rates
- You want check-writing flexibility → Franklin, Tennessee money market rates
- You need daily transaction access → Franklin, Tennessee checking rates
Franklin, Tennessee Financial Snapshot
Local demographics and economic context for savers — Source: U.S. Census Bureau
14.7% of residents are 65 or older — below the national average of 17.3%; a low unemployment rate of 2.2% reflects a strong local economy with solid savings capacity. At today’s TN high-yield savings average of 1.491%, saving 10% of the local median salary ($5,943/year) would earn an additional $89 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Franklin, Tennessee Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Franklin, Tennessee.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current TN Avg APY | 1.491% | 1.555% | 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 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Rate may fall with Fed cuts | Rate may fall with Fed cuts | Rate may fall with Fed cuts | 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 Franklin, Tennessee averages tracked in our database as of May 29, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Franklin, Tennessee
At TN’s top rate of 3.55% from Liberty Federal Credit Union, a $10,000 deposit earns $355 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Franklin, Tennessee earner is roughly $14,900. At 1.491% APY, saving $1,240/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsTennessee’s high-yield savings average is 1.491% 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 Franklin, Tennessee earner makes $59,438/year. Track your income vs. expenses to find your monthly surplus — then put it to work at 1.491% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.491% APY grows to roughly $33,610 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 Franklin, Tennessee 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 Franklin, Tennessee 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 Franklin, Tennessee. We feature a comprehensive mix of institutions — from neighborhood credit unions and competitive regional banks to large national institutions available to savers in TN.
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 Franklin, Tennessee
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Franklin, Tennessee safe?
How often do savings rates change in Franklin, Tennessee?
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 Franklin, Tennessee?
How do I open a savings account in Franklin, Tennessee?
Best Savings Rates in Franklin, Tennessee
- Liberty Federal Credit Union
Health Savings 4 Year Fixed — 3.55% APY - FirstBank (TN)
Companion Savings — 3.40% APY - Cornerstone Financial Credit Union
High Yield Savings — 3.30% APY - First Horizon
TotalView Money Market Savings — 0.75% APY - Ascend Federal Credit Union
Health Savings Account — 0.20% APY
