Best Savings Rates Today -- Don’t Sleep on APYs as High as 5.55%, April 12, 2024

Since the beginning of 2022, we’ve been able to maximize our interest earnings with savings accounts earning high annual percentage yields, or APYs. But the clock is ticking. If your extra funds are still sitting in a traditional savings or checking account that earns less than 1% APY, you’re missing out on interest. 

Right now, the top high-yield savings accounts offer APYs up to 5.55%, while some traditional savings accounts offer as little as 0.01% APY. If you’re thinking about starting a sinking fund or building an emergency fund, now’s the time to maximize your interest earnings with a high APY. 

Read on to learn more about today’s top savings rates.

Experts recommend comparing rates before opening a savings account to get the best APY possible. You can enter your information below to see CNET’s partners’ rates in your area.

Today’s best savings rates

Here are some of the top savings account APYs available right now:

Are high savings rates here to stay?

High-yield savings accounts have been particularly attractive since the early days of 2022 when the Federal Reserve began raising interest rates to fight record inflation. The Fed doesn’t directly impact savings rates, but its decisions have ripple effects. As the Fed raised rates 11 times since March 2022, rates on consumer products have skyrocketed, making borrowing more expensive and saving rates more attractive.

But since July 2023, the federal funds rate has held at its target range of 5.25% to 5.5%, indicating to experts that savings rates are likely at their peak. 

Experts expect rate cuts to begin later this year. But after the most recent Consumer Price Index report revealed an uptick in inflation, the timeline for future rate cuts is less clear. 

Here’s where rates stand compared to last week:

The average APY for the top high-yield savings accounts we track at CNET is 4.88% -- with some accounts offering as high as 5.55%. That’s more than 10 times the national average of 0.47%. We haven’t seen any significant changes in weeks, but Marcus by Goldman Sachs lowered its rate from 4.50% to 4.40% on April 3, My Banking Direct raised its rate from 5.35% to 5.55% on April 8, American Express lowered its rate from 4.35% to 4.30% on April 9 and Capital One lowered its rate from 4.35% to 4.25% today.

Since savings rates are variable, your APY is likely to go down once the Fed drops rates. Yet even after rates fall later this year, high-yield savings accounts will continue to offer significantly better APYs than traditional ones. 

Top reasons to open a high-yield savings account today

Savings rates have been high for the last few years. And even though the rate environment may shift in the next several months, a high-yield savings account can always be a smart and low-risk savings strategy. 

Here’s what makes HYSAs stand out:

• High rates: HYSAs often have APYs 10 times higher (or more) than the national FDIC average.
• Low or no fees: Monthly maintenance fees can eat into your savings. Many online banks can charge low or no fees thanks to their lower operating costs.
• Liquidity: You can access money in your HYSA anytime without penalty (as long as you mind any withdrawal limits). CDs, another popular savings product, charge a penalty if you take out funds before the term is up.
• Accessibility: If you open an HYSA at an online bank, you’ll enjoy 24/7 account access through its mobile app. You may also have lots of customer service options, including by phone, online chat and secure messaging.
• Low risk: HYSAs are protected by federal deposit insurance if they’re held at an FDIC-insured bank or NCUA-insured credit union. That means your money is safe up to $250,000 per account holder, per account type.

If you’re earning less than 1% with your current savings account -- some big banks offer as little as 0.01% APY -- you don’t have to close your existing account to enjoy higher rates. You can open a new account from an online bank in minutes and set up recurring transfers or direct deposits to start funding it.

How to choose the best high-yield savings account

If you’re looking for the best high-yield savings account to stash your extra cash, it makes sense to put the interest rate at the top of your checklist, but don’t stop there. You want to earn a competitive APY on your money, but there are other factors you should consider. 

“Some accounts have mandatory minimums, transaction fees or other charges you might not expect,” said Ben McLaughlin, chief marketing officer and president of digital savings marketplace Raisin. “These hidden fees can chip away at your savings, so be sure you are satisfied with the terms and conditions before opening an account.”

To find the best fit for your financial needs, you should consider the following factors: 

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account -- typically, from $25 to $100. Others don’t require anything. How much you have to deposit initially can help you narrow down your options.
• Fees: Monthly maintenance and other fees can eat into your balance. Avoid unnecessary charges by looking for a bank with low or no fees.
• Accessibility: If in-person banking is important to you, look for a bank with physical branches. If you’re comfortable managing your money digitally, look for an online bank with a user-friendly app with all the features you need.
• Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you think you may need to make more, consider a bank without this limit.
• Federal deposit insurance: Look for a bank that belongs to the Federal Deposit Insurance Corporation or a credit union that belongs to the National Credit Union Administration. Accounts at these institutions are protected up to $250,000 per account holder, per category in the event of bank failure
• Customer service: You want a bank that’s responsive and offers convenient support options if you ever need assistance with your account. Read online customer reviews to see what current customers say about their experiences. You can also contact customer service to get a feel for what it would be like to work with the bank.

Methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the Federal Deposit Insurance Corporation or National Credit Union Administration.

CNET evaluates the best savings accounts with a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances and access to physical branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering any of the following perks:

• Account bonuses
• Automated savings features
• Wealth management consulting/coaching services
• Cash deposits
• Extensive ATM networks and/or ATM rebates for out-of-network ATM use

An account will rank lower if it doesn’t have a professional-looking website or doesn’t provide an ATM card, or if it imposes restrictive residency requirements or fees for exceeding monthly transaction limits.