The Federal Reserve cut its goal rate 3 times in late 2024, which implies savings rates of interest are falling from their historic highs. It’s essential to ensure you’re getting the very best rate possible when shopping around for a savings account. The next is a breakdown of savings rates of interest today and where to search out the very best offers.

The national average savings account rate stands at 0.41%, in line with the FDIC. This may not appear to be much, but consider that three years ago, it was just 0.06%, reflecting a pointy rise in a brief time frame.

Today, the best savings account rate available from our partners is 4.75% APY. This rate is obtainable by Openbank and there’s a $500 minimum opening deposit.

Since these rates might not be around for much longer, consider opening a high-yield savings account now to make the most of today’s high rates.

Here’s a have a look at a few of the very best savings rates available today from our verified partners:

Related: 10 best high-yield savings accounts today>>

The quantity of interest you’ll be able to earn from a savings account is determined by the annual percentage rate (APY). This can be a measure of your total earnings after one 12 months when considering the bottom rate of interest and the way often interest compounds (savings account interest typically compounds each day).

Say you set $1,000 in a savings account at the typical rate of interest of 0.42% with each day compounding. At the top of 1 12 months, your balance would grow to $1,004.11 — your initial $1,000 deposit, plus just $4.11 in interest.

Now let’s say you select a high-yield savings account that provides 4% APY as an alternative. On this case, your balance would grow to $1,040.81 over the identical period, which incorporates $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one 12 months could be $10,408.08, meaning you’d earn $408.08 in interest. ​​

Read more: What’s savings account rate?