Earn More Than 10X the National Average With These Accounts. Today’s Savings Rates, Dec. 30, 2024

If your money is in the wrong savings account, you could be missing out. The best high-yield savings accounts boast annual percentage yields, or APYs, up to 5% — more than 10 times the national average. By switching to one of these accounts today, you can boost your bottom line faster.

APYs have dropped since the Federal Reserve cut interest rates at its last three meetings, but a high-yield savings account will always earn more than a traditional savings account, making it a smart choice in any rate environment.

“HYSAs still have pretty good rates, even after rates have started to fall,” said Danielle Flores, a CNET Money expert and founder of I Like to Dabble. “I signed up for a HYSA last month with a 4.1% rate that fell to 3.9% last week, but I am still earning a decent amount of money on my balance.” 

Here’s where you can find some of today’s top savings rates.

Experts recommend comparing rates before opening a savings account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Why you should open a high-yield savings account now

Despite rates falling from last year’s record highs, Flores recommends setting up an HYSA with money you’re already stashing away. 

Unlike a high-yielding savings account, a traditional savings account usually offers just pennies on your savings. 

For example, if you make a one-time deposit of $500 into a traditional savings account with a 0.01% APY, you’ll earn two cents over six months. If you deposit that same amount into a HYSA with a 4% APY (assuming rates don’t change for the next six months), you’ll earn about $10 in interest over the same amount of time. The $10 you earn for stashing the money in a HYSA might not seem like much, but every dollar counts toward your savings goal. 

Things to consider when opening a savings account

It doesn’t hurt to shop around for better rates to earn more interest while high rates are around. Experts recommend comparing rates, offers and fees once a year. 

Here are some things to look for in a HYSA:

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, typically between $25 and $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 may need to make more, consider a bank without this limit.
• Federal deposit insurance: Make sure your bank or credit union is insured with the FDIC or the NCUA. This way, your money is protected up to $250,000 per account holder, per category, if the bank fails.
• 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.

*APYs as of Dec. 27, 2024, based on the banks we track at CNET. Weekly percentage increase/decrease from Dec. 16, 2024, to Dec. 23, 2024.

**Varo offers 5% APY only on balances of less than $5,000

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