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Best Savings Rates Today -- Don’t Wait to Snag These High APYs, May 29, 2024

High savings rates won't stick around forever, so now's the time to switch to an account that maximizes your interest earnings.

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Key takeaways

  • Today’s best high-yield savings accounts earn up to 5.55%.
  • A high-yield savings account with a competitive APY can help you meet your savings goals faster.
  • Experts anticipate rates will drop later this year, so now’s the time to maximize your interest earnings with a high-yield savings account.

Traditional savings accounts typically pay paltry interest rates. However, the best high-yield savings accounts currently earn annual percentage yields, or APYs, up to 5.55% -- more than 10 times the national average of 0.45%

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Savings rates have been high for the last two years, but they’ve likely reached their peak. And since savings rates are variable, the sooner you open a high-yield savings account, the more interest you can earn. If you’re ready to stash your extra cash in an account with competitive APY, now’s the time to make the switch.

Read on to learn where you can find 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:

BankAPYMin. deposit to open
My Banking Direct5.55%$500
TAB Bank5.27%$0
Newtek Bank5.25%$0
UFB Direct5.25%$0
Synchrony Bank4.75%$0
Capital One4.25%$0
Discover Bank4.25%$0
Ally Bank4.20%$0
APYs as of May 29, 2024, based on the banks we track at CNET.

Where are savings rates headed? 

High interest rates have caught everyone’s attention since 2022 as the Federal Reserve steadily raised the federal funds rate 11 times to fight record inflation. While borrowing money with a credit card or loan became more expensive, banks raised rates on consumer products like savings accounts and certificates of deposit. 

The Fed opted to leave the federal funds rate unchanged at its last six meetings, maintaining its target range of 5.25% to 5.50%. But experts suggest this move means savings rates are likely at their peak. 

Experts expected several rate cuts to happen later this year, which would prompt savings rates to follow suit. But the most recent Consumer Price Index report revealed inflation rose 3.4% year over year -- down slightly from March’s numbers but still stubbornly higher than the Fed’s 2% target rate. Inflation has eased significantly since 2022, but the timeline for future rate cuts is still unclear. 

Some experts still think rate cuts are possible in 2024, according to Elaine King, a certified financial planner. However, some economists predict that rate cuts are now less likely to happen in 2024 unless inflation begins trending downward soon. Either way, you can expect high savings rates to stick around for the foreseeable future.

How the Fed impacts savings account interest rates 

The Fed doesn’t directly impact savings rates, but its decisions have ripple effects. For instance, when the Fed raises rates, many banks increase their rates for traditional and high-yield savings accounts, said Lanesha Mohip, a corporate accountant, founder of the Polished CEO and CNET expert review board member. Inversely, when the Fed lowers rates, banks drop savings rates, too.

“When the Fed changes the rates, it impacts everything,” said Mohip. That includes borrowing and savings rates. While taking out a loan or paying back debt may be more expensive, the high rates can also put extra money in your savings. 

Banks can change the interest rates on savings accounts at any time. Since savings rates are variable, your APY will likely go down once the Fed drops rates. But for now, many banks are holding rates steady in anticipation of what the Fed will do next. Based on CNET’s weekly tracking, here’s where rates stand compared to last week:

CNET Average Savings APY

Weekly Change*

FDIC Average
4.88%No change0.45%
APYs as of May 29, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from May 20, 2024, to May 28, 2024.

Top reasons to open a high-yield savings account now 

Savings rates have been particularly high for the last few years, and you can still find high-yield savings accounts with APYs up to 5.55%. This is great news if you’re determined to grow your emergency fund or park money for any short-term savings goals. Here’s what else makes HYSAs stand out:

  • High rates: HYSAs often have APYs 10 times higher (or more) than the national average, as tracked by the Federal Deposit Insurance Corporation.
  • 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). 
  • Accessibility: If you open an HYSA at an online bank, you’ll have 24/7 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 credit union insured by the National Credit Union Administration. That means your money is safe up to $250,000 per account holder, per account type.

What to look for in a high-yield savings account 

High-yield savings accounts usually have higher APYs than traditional savings accounts. But even if the rate environment shifts, HYSAs will continue to offer significantly better APYs than traditional ones. Still, you should also consider: 

  • Minimum deposit requirements: Some HYSAs require a minimum amount to open an account -- typically, from $25 to $100. Others don’t require anything. 
  • ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursements or a wide range of in-network ATMs, said Mohip. 
  • Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The charges can eat into your balance.
  • Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider an online bank.
  • 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: Make sure your bank or credit union is either insured with the FDIC or the NCUA. This way, your money is protected up to $250,000 per account holder, per category, if there’s a bank failure.
  • Customer service: Choose a bank that’s responsive and makes it easy to get help with your account if you need it. Read online customer reviews and contact the bank’s customer service to get a feel for working with the bank.


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 FDIC or NCUA.

CNET evaluates the best savings accounts using 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

A savings account may be rated lower if it doesn’t have an easy-to-navigate website or if it doesn’t offer helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.

Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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