Memphis, Tennessee Savings Rates - September 2026
Brian McKay
Brian McKay
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The best savings rates for Memphis, Tennessee and the surrounding area include FsnbFsnb3950 Austin Peay Hwy, Memphis, TN 38128A+5.0 ★Texas Ratio: 4.31%Real return: +4.20%APY minus 2.8% CPI (February 2026) Cents-able Savings at 7.00% APY, U TU T910 Madison Ave, Memphis, TN 38103A+5.0 ★Texas Ratio: 1.19%Real return: +0.79%APY minus 2.8% CPI (February 2026) U Earn Savings at 3.59% APY, FirstBank (TN)FirstBank (TN)3238 Players Club Cir, Memphis, TN 38125A5.0 ★Texas Ratio: 9.56%Real return: +0.60%APY minus 2.8% CPI (February 2026) Companion Savings at 3.40% APY, Orion Federal Credit UnionOrion Federal Credit Union3155 Millbranch Rd, Memphis, TN 38116 1917A+5.0 ★Texas Ratio: 2.45%Real return: +0.55%APY minus 2.8% CPI (February 2026) High Yield Savings at 3.35% APY, and Hope Federal Credit Union Jackson, MSHope Federal Credit Union Jackson, MS1451 Madison Ave, Memphis, TN 38104A5.0 ★Texas Ratio: 6.51%Real return: -0.68%APY minus 2.8% CPI (February 2026) Nonprofit Bonus Rate Savings Account at 2.12% APY.
Memphis has 57 local institutions in our database, with savings rates as high as 7.00% APY from Fsnb at 3950 Austin Peay Hwy, Memphis, TN 38128. Use the table below to compare all available offers, including options from institutions serving the broader Tennessee area. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Memphis, Tennessee and the surrounding area. Last Updated and Verified: September 22, 2026
Compare the Best Savings Rates in Memphis, Tennessee & Surrounding Communities
Qualifications Required: UTFCU consumer checking account and receive at least $500 in total direct deposits per month; Balance: $250,000 and over; APY = Annual Percentage Yield. Dividend rate displayed is subject to change without notice. This is a tiered account. 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. Federally insured by NCUA.
Earn 3.40% APY when you combine Companion Savings with a qualifying FirstBank CD.
Variable APY. Fees may reduce earnings. Withdrawals made October 1 - December 31 are fee-free. Each withdrawal made January 1 - September 30 incurs a $5 fee. Any balance remaining in the account as of November 15 each year is automatically transferred to another Orion Financial deposit account designated by the member.
Qualifications Required: UTFCU consumer checking account and receive at least $500 in total direct deposits per month; Balance: $100,000 - $249,999; APY = Annual Percentage Yield. Dividend rate displayed is subject to change without notice. This is a tiered account. 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. Federally insured by NCUA.
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; Balance: up to $25,000; Balances in excess of $25,000 will earn the Premier U rate. This account has a variable dividend rate which is subject to change. ATM fees on qualifying accounts are reimbursed at the end of each month. If you do not meet the monthly U Rewards rate requirements (use your UTFCU debit card at least 20 times, Log in to online or mobile banking, have direct deposit, and maintain enrollment in eStatements), your account will earn the Premier U rate and you will not receive ATM fee refunds for that period. There is no minimum balance requirement. One account per individual taxpayer ID.
Qualifications Required: UTFCU consumer checking account and receive at least $500 in total direct deposits per month; Balance: $25,000 - $99,999; APY = Annual Percentage Yield. Dividend rate displayed is subject to change without notice. This is a tiered account. 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. Federally insured by NCUA.
Balance: up to $2,500
All Balances
Balance: $100,000+
Balance: $100,000 - $249,999
Balances $50,000.00 or more
Balance: $50,000 to $99,999
Balance: $25,000 - $49,999
Balance: $0 - $24,999
Balances $5,000.00 to $49,999.99
Balance: $2,500 to $49,999
Published APY range: 0.35% - 0.50%.
Published APY range: 0.35% - 0.50%.
Balance: $50,000 to $99,999
Balances less than $5,000.00
Balance: Less than $50,000
All balances
Balance: $100 - $100,000
$5 minimum balance is required to maintain a Regular Savings account.
Balance: $1,000 and above
Balance: $50,000 - $99,999
Balance: $10,000+
Published APY range: 0.15-0.30%; Published APR range: 0.15-0.30%.
Published APY range: 0.15-0.30%; Published APR range: 0.15-0.30%.
Balance: $0 - $24,999
$.01 and up
Balance: $100 - $9,999.99
When linked to Premier Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Balance: $0 or more
Balance: on remaining balance over $25,000; Balances in excess of $25,000 will earn the Premier U rate. This account has a variable dividend rate which is subject to change. ATM fees on qualifying accounts are reimbursed at the end of each month. If you do not meet the monthly U Rewards rate requirements (use your UTFCU debit card at least 20 times, Log in to online or mobile banking, have direct deposit, and maintain enrollment in eStatements), your account will earn the Premier U rate and you will not receive ATM fee refunds for that period. There is no minimum balance requirement. One account per individual taxpayer ID.
Balance: over $2,500
Balance: $500.00+
Balance: $500.00+
Balance: $3,000.00 and up
When linked to Prime Checking. Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Avoid the $12 monthly service fee with a $3,500 minimum daily balance each fee period.
Balance: $0 or more
Variable rate. Min to open $5,000, max $250,000. Accurate as of 09/10/2026.
Qualifications Required: 1 direct deposit or ACH credit; 10 debit card transactions; Balances up to $50,000 receive APY of 3.50%; and balances over $50,000 earn 0.50% interest rate on the portion of balance over $50,000, resulting in a range from 0.50% to 3.50% APY depending on the account's balance. APYs accurate as of 05/1/2026. Rates and rewards are variable and may change after account is opened. Fees may reduce earnings. Limit one (1) account per social security number. A TriStar Bank consumer checking account is required to have a High Yield Savings account.
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.
Memphis, TN Savings Rate Trends
Compare local Memphis, 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 0.110 points over the past 7 days to 1.968% APY, up from 1.858%.
Tennessee standard savings rates rose 0.013 points over the past 7 days to 0.814% APY, up from 0.801%.
Memphis, 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 1.968% 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 60–90 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 Memphis, Tennessee.
Savings Account Earnings in Memphis, 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 (1.968% APY) | Monthly Earnings | Standard Savings (0.814% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $98.41 / year | $8.20 | $40.68 / year | $3.39 |
| $10,000 | $196.82 / year | $16.40 | $81.36 / year | $6.78 |
| $25,000 | $492.05 / year | $41.00 | $203.40 / year | $16.95 |
| $50,000 | $984.10 / year | $82.01 | $406.80 / year | $33.90 |
| 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: Memphis, Tennessee savings rate averages as of September 22, 2026. | ||||
About Our Memphis, Tennessee Savings Rate Database
MonitorBankRates found 18 institutions with branches in Memphis (6 banks, 12 credit unions), plus 3 additional state-chartered and national online institutions available to Memphis 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: Fsnb offers a savings account at 7.00% APY with a minimum deposit of $5. Use the rate table above to compare all current offers in Memphis, Tennessee.
How to Find the Best Savings Rates in Memphis, Tennessee
What to compare when shopping for a savings account in Memphis, Tennessee
To find the best savings APYs in Memphis, Tennessee, start with credit unions and online-only banks: Memphis, Tennessee has 12 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 1.968% but top local institutions are offering as high as 7.00%, 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. Memphis, Tennessee high-yield savings rates currently average 1.968% 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 Memphis, Tennessee institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 21 institutions in Memphis, 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 → Memphis, Tennessee CD rates
- You want check-writing flexibility → Memphis, Tennessee money market rates
- You need daily transaction access → Memphis, Tennessee checking rates
Memphis, Tennessee Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
14.4% of residents are 65 or older, below the national average of 17.3%; an unemployment rate of 8.3% (vs. 4.8% nationally) underscores the value of keeping liquid emergency savings. At today’s TN high-yield savings average of 1.968%, saving 10% of the local median salary ($3,662/year) would earn an additional $72 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Memphis, Tennessee Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Memphis, Tennessee.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current TN Avg APY | 1.968% | 0.814% | 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 | 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 Memphis, Tennessee averages tracked in our database as of September 22, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Memphis, Tennessee
At TN’s top rate of 7.00% from Fsnb, a $10,000 deposit earns $700 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Memphis, Tennessee earner is roughly $9,200. At 1.968% APY, saving $760/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 1.968% 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 Memphis, Tennessee earner makes $36,624/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.968% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.968% APY grows to roughly $36,918 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 Memphis, 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 Memphis, 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 Memphis, 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 Memphis, Tennessee
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Memphis, Tennessee safe?
How often do savings rates change in Memphis, 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 Memphis, Tennessee?
How do I open a savings account in Memphis, Tennessee?
Best Savings Rates in Memphis, Tennessee
- Fsnb
Cents-able Savings: 7.00% APY - U T
U Earn Savings: 3.59% APY - FirstBank (TN)
Companion Savings: 3.40% APY - Orion Federal Credit Union
High Yield Savings: 3.35% APY - Hope Federal Credit Union Jackson, MS
Nonprofit Bonus Rate Savings Account: 2.12% APY
Memphis, Tennessee Rates & Resources
