The Federal Reserve cut the federal funds rate thrice in late 2024, which suggests deposit rates are actually falling. It’s more essential than ever to make sure you’re earning the very best rate possible in your savings, and a high-yield savings account may very well be the answer.

These accounts pay more interest than the everyday savings account — as much as 4% APY and better. Unsure where to search out one of the best savings rates of interest today? Read on to search out out which banks have one of the best offers.

Historically speaking, savings account rates of interest have been high. That said, the rates on traditional savings accounts pale as compared to those offered for high-yield savings accounts.

For instance, the typical savings account rate is just 0.41%, while one of the best savings rates of interest are generally around 4.0% to 4.5% APY.

As of March 19, 2025, the very best savings account rate available from our partners is 4.20% APY. This rate is obtainable by Jenius Bank and there isn’t a minimum opening deposit required.

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

Related: 10 best high-yield savings accounts in 2025>>

Deposit account rates — including savings rates — are tied to the federal funds rate. That is the goal rate of interest set by the Federal Reserve; when it increases its goal rate, deposit account rates normally increase. And conversely, when the Fed lowers its rate, deposit rates fall.

After multiple rate of interest hikes by the Fed in response to skyrocketing inflation, it finally lowered the federal funds rate thrice in late 2024. Because of this, deposit rates are falling as well.

Experts anticipate that the Fed will cut its goal rate two more times in 2025, so we are able to expect savings account rates to proceed falling this 12 months. Nevertheless, high-yield savings accounts remain probably the greatest places to soundly store money and earn one of the best deposit rates available.

Read more: I bond vs. high-yield savings account: Which is best for beating inflation?

Selecting where to place your money is a vital decision, and there are a number of aspects it is best to consider when evaluating your options. A high-yield savings account could make sense in case you’re on the lookout for a secure place to carry shorter-term savings while earning a solid return. Listed here are a number of key considerations:

• Rates of interest: One of the vital essential features of a savings account is the rate of interest. It’s essential to buy around and compare one of the best offers to make sure your money will grow over time. Considering that savings rates will likely drop within the near future, opening a high-yield savings account now will permit you to benefit from historically high rates.

• Goals: Today’s high-yield savings accounts offer rates we haven’t seen in greater than a decade. That said, savings rates still don’t match average returns for the stock market. For those who’re saving for a long-term goal like retirement, a savings account probably isn’t one of the best place to place your money, since your balance won’t grow at a pace that may permit you to reach your goal. Nevertheless, in case you’re saving for a financial emergency, a down payment on a house or automobile, gifts for the vacation season, or one other short-term goal, a savings account is an ideal place to carry those funds.

• Accessibility: Certain sorts of accounts and investments may provide higher returns than a savings account, but may make it difficult to access your funds in a pinch. For instance, in case you put your savings in a certificate of deposit (CD) and wish to access the cash before the maturity date, you could possibly be subject to an early withdrawal penalty. So, if you would like to give you the option to dip into your savings as needed, a high-yield savings account is probably going the better option.

• Security: Generally, savings accounts are insured by the FDIC as much as the federal limit. Additionally they can’t lose money as a consequence of fluctuations out there, making them a low-risk option.

Read more: Are you able to negotiate the next savings account rate together with your bank?