- The best high-yield savings account rates continue to offer over 4% APY.
- After the Federal Reserve began cutting interest rates, banks followed by cutting savings rates.
- The best high-yield savings accounts do not require a minimum balance or deposit to open.
Currently, on best high yield savings accounts have annual percentage returns above 4%. You're likely to find the best rates at online banks and credit unions compared to big brick-and-mortar banks, but these high savings rates may not last.
Experts say a high-yield savings account is the best place to keep your money for short-term savings or emergency fund. Which bank offers the best rate right now?
Here are the best savings rates we found and what experts recommend you consider before opening an account.
The best savings rates today
| Bank | APY* | Min. opening deposit |
|---|---|---|
| Preventatively | 5.00% ** | $0 |
| Newtech Bank | 4.70% | $0 |
| LendingClub | 4.50% | $0 |
| Basque Bank | 4.50% | $0 |
| EverBank | 4.40% | $0 |
| Laurel Road | 4.15% | $0 |
| Synchrony Bank | 4.10% | $0 |
| American Express | 3.80% | $0 |
| Capital One | 3.80% | $0 |
Experts recommend comparing rates before opening a savings account to get the best possible APY. Enter your information below to get the best CNET partner rate for your area.
How much the best savings rates have changed over the past week
| Last week's CNET average savings APY* | CNET's average savings this week APY | Weekly change |
|---|---|---|
| 4.20% | 4.18% | -0.48% |
Where can I find the highest savings rate?
Currently, Varo Bank offers 5% APY. You'll only earn this rate on up to $5,000 of your balance. After that, it offers 2.50% APY, which is less than what other options offer.
If you're looking for a place that offers a high rate on your entire balance, Newtek Bank currently has a 4.70% APY with no minimum balance or monthly fees. Both Varo and Newtek are online only, so you'll need to be comfortable managing your money virtually.
Is it still worth opening a high yield savings account?
The rates are not as high as the 5% APY we saw from some banks last year. Rates are hovering below 4.50% APY, and experts predict the decline will continue.
“People may question whether it's worth opening a HYSA at the lower rates we're seeing right now,” he said. Daniela Floresboard member for CNET's Money Expert Review and founder of I Like to Dabble. “It's always worth earning a little more than your already saved money.”
Savings rates are variable and will continue to fluctuate, but interest earned adds up over the long term, Flores noted. Plus, HYSA rates 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 lump sum deposit of $500 in a HYSA with 4.2% APY. Assuming the rate stays the same for the next 12 months, you'll earn $21.60 in interest. If you keep the money in a traditional savings account that offers 0.42% on the same deposit, you'll earn $3.60 in the same time frame.
Features to consider when choosing a high yield savings account
Here are some things to keep in mind when opening a HYSA.
- Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, usually between $25 and $100. Others ask for nothing.
- ATM access: Not every bank offers cash deposits and withdrawals. If you need regular access to ATMs, check to see if your bank offers ATM fee waivers or a wide range of in-network ATMs, said Lanesha Mohip, founder of Polished CFO and another member of CNET's Expert Review Board.
- Fees: Watch out for monthly maintenance fees, withdrawals and paper statements, Mohip said. Fees can eat into your balance.
- Accessibility: If you prefer personal 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 withdraw more than six per month. If you might need to earn 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 is responsive and makes it easy to get help with your account if you need it. Read customer reviews online 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 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 compare annual percentage returns, 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 be ranked higher for offering any of the following benefits:
- Account bonuses
- Automatic saving functions
- Wealth management consultancy/coaching services
- Cash deposits
- Broad ATM and/or ATM discounts for out-of-network usage
A savings account may be rated lower if it doesn't have an easy-to-navigate website or if it doesn't offer useful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.
*APY as of January 13, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from January 6, 2025 to January 13, 2025.
**Varo offers 5% APY only on balances less than $5,000.