Find the Best High-Yield Savings Accounts Available Today
The Federal Reserve’s three rate cuts in late 2024 have led to declining savings interest rates from their record highs. To maximize your earnings, it’s crucial to secure the best rate possible when selecting a savings account. Below, we provide an updated overview of today’s savings interest rates and highlight the top options.
Current Savings Interest Rates
As of today, the national average savings account interest rate is 0.41%, according to the FDIC. While this may seem modest, it marks a significant increase from just 0.06% three years ago.
The highest savings account rate available from our verified partners is 4.30% APY, offered by CIT Bank with a minimum deposit requirement of $5,000.
Since these rates may not last, consider opening a high-yield savings account now to take advantage of today’s competitive offers.
Top High-Yield Savings Accounts Today
Here are some of the best savings rates currently available:
- CIT Bank – 4.30% APY (Minimum deposit: $5,000)
- Other top banks offering competitive rates
See the 10 best high-yield savings accounts >>
How Much Interest Can You Earn?
The interest you earn depends on the annual percentage yield (APY), which accounts for both the base rate and the frequency of interest compounding.
For example:
- A $1,000 deposit in a savings account with the national average 0.41% APY would grow to $1,004.11 in one year.
- A $1,000 deposit in a high-yield savings account at 4.00% APY would grow to $1,040.81 in the same period, earning $40.81 in interest.
- A $10,000 deposit at 4.00% APY would grow to $10,408.08, generating $408.08 in interest.
Maximize Your Savings Today
With interest rates expected to fluctuate, now is the best time to take advantage of high-yield savings accounts. Compare top options and choose the best account to maximize your earnings.
