Best Savings Rates Today – Time’s Running Out on High APYs. Grab One While You Still Can

It pays to have a savings account with a high annual percentage yield, or APY. So, don’t waste your time with accounts that have paltry rates because the difference in yield can make a big difference in your bottom line. 

While traditional savings accounts typically offer APYs as low as 0.01%, the best high-yield savings accounts earn APYs up to 5.35% — more than 10 times the national average. However, with APYs slowly starting to slip as banks anticipate the Federal Reserve’s next move, now’s the time to act. 

Read on to see CNET’s picks for the best high-yield savings accounts. 

Today’s best savings rates

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

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.

What’s next for savings rates? 

High savings rates have caught everyone’s attention for the better part of the last two years as the Fed regularly hiked rates to fight inflation. 

However, as inflation began to show signs of cooling in late 2023, the Fed opted to pause rates, maintaining its target range of 5.25% to 5.5% at its last eight meetings. As a result, savings rates remained attractive, staying high for months.

But with three meetings left this year, some experts predict that the Fed could still make multiple cuts in 2024. And last week’s cooling inflation report makes a Fed rate cut in September even more likely.

“Overall, the trend towards slower inflation growth remains intact, and the Fed should be in a position to lower interest rates at their next meeting in September,” said Gary Quinzel, vice president of portfolio consulting at Wealth Enhancement Group. 

Banks are already lowering APYs in anticipation. Over the past few weeks, we’ve seen multiple banks lower rates on their high-yield savings accounts, including My Banking Direct — the top account we track — which dropped its APY from 5.45% to 5.35%.

Here’s where savings rates stand compared to last week:

Weigh these factors before choosing a savings account 

Your money will grow faster in a high-yield savings account than in a traditional savings account thanks to their higher returns. But you should consider more than just the APY before opening a HYSA. Weigh these factors to find an account that aligns with your financial goals: 

• 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 Lanesha Mohip, founder of the Polished CFO and CNET expert review board member.
• 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.

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 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.