Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' viewpoints or assessments.
Key Takeaways Cost savings account yields are much greater than a few years
ago Top rates might fall as the Federal Reserve cuts rate of interest Online banks tend to use the best yields readily available Rates on savings accounts are decreasing. You can now make 6.35%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 very best cost savings rates you can find today.
Related: Find the Best High-Yield Savings Accounts Of 2025
Highest Savings Account Rates Today
Source: Curinos. Information precise as of January 14, 2025.
Traditional Savings Account Rates Today
Standard savings accounts, called “statement cost savings accounts” in the banking world, have been infamous for paying paltry interest in previous years, specifically after the Great Economic crisis. That's changed more just recently, and you can discover rates 10x than those offered by conventional financial institutions if you select an online bank or a cooperative credit union.
Today's greatest APY on a standard savings account with a $2,500 minimum deposit requirement is 6.35%, according to data from Curinos. If you spot a basic cost savings account with a rate in that ballpark, you have actually discovered a good deal. One week ago, the best yield was 6.82%.
Today's typical APY for a traditional cost savings account is 0.22%, Curinos says. APY, or yearly portion yield, precisely represents the actual quantity your account will make throughout one year. It consider compound interest, which is the interest that builds up on the interest in your account.
High-Yield Savings Account Rates Today
High-yield savings accounts often pay considerably more interest than traditional cost savings accounts. But the catch is you may need to leap through some hoops to earn that higher rate, such as becoming a member of a cooperative credit union or putting down a large deposit.
On high-yield accounts requiring a minimum deposit of $10,000, today's benefit rate is 6.35%. That's down from 6.82% one week ago.
On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate readily available today is 6.35%. You'll be in good condition if you can nail down an account providing a rate close to 6.35%. Recently at this time, the best rate was 6.82%.
The present average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. That's about the same as recently's APY.
How To Select A High-Yield Cost Savings Account
Start by comparing the best yields readily available on the marketplace. There's no point in opening a high-yield cost savings account if you're not really earning a high yield.
However the rate of interest should not be the only element you consider. Consider whether a prospective account has a minimum deposit– and if you can satisfy it.
You'll also wish to look out for fees. Savings accounts can feature monthly maintenance fees, excess deal fees (if you make more than a specific variety of withdrawals in a given month) and other pesky charges that can eat into your returns.
And before you obtain a brand-new account, explore the track record and security of the bank or credit union by checking the reviews, seeing what people need to say about customer support and discovering how the financial institution reacts to customer concerns.
Select a bank that's insured by the FDIC or a credit union insured by the NCUA. Those firms provide up to $250,000 in insurance coverage per depositor and bank for each account ownership classification.
Methodology
Curinos determines the average rates for cost savings accounts by concentrating on those planned for individual use. Certain types of cost savings accounts— such as relationship-based accounts and accounts designed for youths, elders and students– are not considered in the computation.
Frequently Asked Concerns (FAQs)
What is an excellent interest rate for a cost savings account?
The best high-yield cost savings account pays 6.35% now, according to Curinos information, so you'll wish to go for an account that provides a yield in that ballpark.
But rates aren't everything. You desire an account that charges couple of fees, provides great customer service and has a track record of being a stable organization.
How are savings account rates of interest figured out?
Savings yields vary and can alter depending on financial conditions or a bank's specific monetary requirement. Typically rates are affected by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed.
Online banks and cooperative credit union tend to use the very best yields since they can pass along cost savings from low overhead while also striving to attract brand-new customers.
