Fast-Track Your Savings Goals With APYs Over 4%. Today’s Savings Rates for Jan. 16, 2025

The best high-yield savings accounts let you earn interest on the money you’re saving while still giving you the flexibility to withdraw it when you need it. Personal finance experts often recommend this account for short-term savings needs like your emergency fund. 

However, banks and credit unions have been dropping annual percentage yields for this account. The highest rate is 5% APY, but only for up to a certain amount of your balance. Most of the best savings accounts are still averaging 4.17% APY. 

If rates continue to fall, you’ll earn less interest, but that doesn’t mean you should move your emergency fund elsewhere. Here’s more on where rates stand and what experts want you to know about navigating the rate environment and choosing the right high-yield savings account for you. 

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.

Should you still use a high-yield savings account despite falling rates?

Rates aren’t as high as the 5% APYs we saw from some banks last year. Rates are hovering below 4.50% APY, and experts predict that the decline will continue.

“People may hesitate if it’s worth it to open a HYSA with the lower rates we are currently seeing,” said Danielle Flores, a CNET Money Expert Review Board member and founder of I Like to Dabble. “It is always worth it to earn a little extra on your already saved money.”

Savings rates are variable and will continue to fluctuate but earned interest adds up in the long run, Flores pointed out. Plus, rates for HYSAs will still be higher than most traditional savings accounts, so you’ll earn more interest on your money. 

For example, let’s say you make a one-time deposit of $500 into a HYSA with a 4.2% APY. Assuming the rate stays the same for the next 12 months, you’ll earn $21.60 in interest. If you keep your money in a traditional savings account that’s offering 0.42% for the same deposit you’ll earn $3.60 over the same time frame.   

How to choose the best high-yield savings account for you

Here are some things to look for when opening 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 another 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 Federal Deposit Insurance Corporation or the National Credit Union Administration, respectively. 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 Jan. 15, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from Jan. 6, 2025, to Jan. 13, 2025.

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

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