Rates on savings accounts are rising. You can now earn 5.84% or higher on your savings.
Searching for an account where you can save for a rainy day or retirement? Here’s a look at some of the best savings rates you can find today.
Related: Compare the Best High-Yield Savings Accounts
Highest Savings Account Rates Today
| TYPE | HIGHEST RATE | AVERAGE APY |
|---|---|---|
| Savings (Minimum $2,500 Deposit) | 5.84% | 0.23% |
| Savings (Minimum $10,000 Deposit) | 5.35% | 0.23% |
| Savings (Minimum $25,000 Deposit) | 4.64% | 0.25% |
Traditional Savings Account Rates Today
Traditional savings accounts, called “statement savings accounts” within the banking industry, are infamous for paying teensy interest rates. But if you know where to look, you can find rates 10x higher. Several online banks and credit unions pay rates that are far more competitive than those offered by brick-and-mortar banks.
Today’s highest rate on a standard savings account with a $2,500 minimum deposit requirement is 5.84%, according to data from Curinos. If you land a basic savings account with a rate in that ballpark, you’ve found a good deal. One week ago, the best yield also was 5.84%.
Today’s average APY for a traditional savings account is 0.23%, Curinos says. Last week, it was 0.23%. APY, or annual percentage yield, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account.
High-Yield Savings Account Rates Today
High-yield savings accounts generally pay much higher interest than conventional savings accounts. But the trade-off is you may have to meet strict conditions laid down by the bank or credit union. Often, that means making a large deposit to open the account.
On high-yield accounts requiring a minimum deposit of $10,000, today’s best interest rate is 5.35%. That’s unchanged from one week ago.
The average APY for those accounts is now 0.24% APY, about the same as a week ago.
On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate offered today is 4.64%. You’ll be in good shape if you can nail down an account offering a rate close to 4.64%. Last week at this time, the best rate was a similar 4.64%.
The current average is 0.25% APY for a high-yield account with a $25,000 minimum deposit. That’s about the same as last week’s APY.
How To Find a Savings Account
If you’re shopping around for a traditional savings account, high-yield savings account or MMA, you’ll want to consider some essential points.
An attractive interest rate is important, but it’s not the only factor that matters when choosing an account to hold your savings. Another major consideration is whether the account has a minimum deposit—and whether you can meet that requirement.
You’ll also want to be alert for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals) and other annoying charges that can erode your returns.
And before you apply for an account, look into a financial institution’s reputation and safety. You should trust your bank or credit union and feel like you’re in good hands. Read the reviews, see what account holders have to say about customer service and find out how the financial institution responds to consumer questions.
Search for an account that’s insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category.
Methodology
Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation.
