The Federal Reserve has reduced the federal fund rate three times in 2024, which means that the deposit account rates also decrease. It is more important than ever to ensure that you earn the highest possible rate on your savings, and a high -interest savings account can be the solution.
These accounts pay more interest than the typical savings account – in some cases no less than 4% APY and higher. Not sure where you can find the best savings interest rates today? Read on to find out which banks have the best offers.
In general, high -interest savings accounts offer better interest rates than traditional savings accounts. Yet the rates vary greatly between financial institutions. That is why it is important to shop around and compare rates before you open an account.
From February 17, 2025, the highest savings account percentage that is available at our partners is 4.50% APY. This rate is offered by Jenius Bank and no minimum opening deposit is required.
Read our full review of Jenius Bank
As you will see, most top savings percentages come from online banks. These institutions have much lower overhead costs than traditional banks, so that they can pass these savings to customers in the form of higher rates and lower costs.
Here is a look at some of the best savings rates that are available today from our verified partners:
Related: 10 best high-yield savings accounts today >>
A high-yield savings account can fit well if you are looking for a safe place to save your money and earn a competitive interest while retaining liquidity. Traditional savings accounts and certificates of deposits (CDs) have some of the highest interest rates we have seen in more than a decade, thanks to recent interest rate increases by the Federal Reserve. Yet the national average for these rates is quite low compared to the available top offers.
For example, the average savings account percentage is only 0.41%, while 1-year CDs pay on average 1.82%, according to the FDIC. The FED is also expected to reduce his target interest in 2025, which means that this is now the last chance for savers to take advantage of the high rates of today.
Taking the time to compare accounts and rates of various financial institutions will help you secure the best available deal. However, interest rates are not the only factor to consider when choosing a savings account.
For example, some banks may require you to retain a minimum balance to earn the highest advertised rate and to prevent monthly costs. Other factors to evaluate are options for customer service and hours, ATM and branch access, digital bank aids and the overall financial stability of the institution. Moreover, make sure that this is insured by the Federal Deposit Insurance Corporation (FDIC) – or the National Credit Union Administration (NCUA) if it is kept by a credit union, so that your money is protected so that your money is protected in the case of the Federal Deposit Insurance Corporation (FDIC) – or the National Credit Union.
Read more: How to open a savings account: a step -by -step manual
