The Federal Fund broke the federal fund rate three times in 2024, which means that deposit account rates were also in decline. It is more important than ever to ensure that you earn the highest possible rate on your savings, and a High Product Savings Account could be the answer.
These accounts pay more interest than the typical savings account – as much as 4% APY and higher in some cases. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers.
High product savings accounts generally offer better interest rates than Traditional Savings Accounts. Yet rates vary greatly across financial institutions. That's why it's important to shop around and compare rates before opening an account.
On February 17, 2025, the highest savings account rate available from our partners is 4.50% APY. This rate is offered by Jenius Bank and does not require a minimum opening deposit.
Read our full review of Jenius Bank
As you can see, most of the highest savings rates come Banks at -lein. These organizations have much lower overhead costs than traditional banks, so they can pass on those savings to customers in the form of higher rates and lower fees.
Here's a look at some of the best savings rates available today by our partners checked:
Related: 10 Best High Product Savings Counts Today >>
A high product savings account can be a good fit if you are looking for a safe place to store your money and gain a competitive interest rate while maintaining liquidity. Traditional savings accounts and deposit certificates (CDs) have some of the highest interest rates we saw in more than a decade, thanks to recent federal interest rate hikes. However, the national average for these rates is relatively low compared to the highest available offers.
For example, the average savings count rate is only 0.41%, while a year CDs pay an average of 1.82%, according to the FDIC. The Fed is also expected to reduce its target rate again in 2025, which means that now would be the last chance for savers to take advantage of today's high rates.
Taking the time to compare accounts and rates from various financial institutions will help you achieve the best deal available. However, interest rates are not the only factor to consider when choosing a savings account.
For example, some banks may require you to maintain a minimum balance to earn the highest advertised rate and avoid monthly fees. Other factors for evaluation include customer service options and hours, ATM and branch access, digital banking equipment, and the overall financial stability of the organization. In addition, before opening a savings account, make sure it is insured by the Federal Deposit Insurance Corporation (FDIC) – or National Credit Union Administration (NCUA) If caught by a credit union – so your money is protected in case the organization fails.
Read more: How to open a savings account: step -by -step guide