- Rates on high-yield savings accounts are still above 4% at some banks and credit unions.
- High APYs may not last long, so don't wait to start earning.
- If you set up automatic deposits, high-yield savings accounts can help you get into the habit of saving regularly.
Sticking to a New Year's resolution can be challenging, but best high yield savings accounts can help you reach your money goals faster. With high rates of 5% annual percentage return, or APY, these accounts are perfect for replenishing your savings after some vacation spending or building a sinking fund for summer vacation.
By setting up regular automatic transfers in your savings account, you can get into the habit of saving without even thinking about it.
Even though APYs have fallen from highs after The Federal Reserve has cut interest ratesyou'll still earn 10x the APYs traditional savings accounts an offer. Here's which banks offer the best rates, plus what factors to weigh when choosing the best account for you.
The best savings rates today
| Bank | APY* | min. opening deposit |
|---|---|---|
| Preventatively | 5.00% ** | $0 |
| Newtech Bank | 4.70% | $0 |
| LendingClub | 4.75% | $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 savings rates have changed over the past week
| Last week's CNET average savings APY* | CNET's average savings this week APY | Weekly change |
|---|---|---|
| 4.21% | 4.20% | -0.24% |
How often should you shop for a new savings rate?
Experts recommend comparing rates, offers and fees once a year. If you have a traditional savings account with 0.01% APY, it's probably worth switching to a high-yield savings account to help you grow your money faster.
But it might not be worth the effort to move your money every time you see a rate slightly higher than your checking account.
“If you have a HYSA with a bank or credit union that has worked well for you and you don't have much reason to switch, other than maybe an extra 0.1% increase in a HYSA with another bank, it's not worth switching,” he said. Daniela Floresmember of the CNET Money Expert Review Board and founder of I Like to Dabble.
For example, let's say you make a lump sum deposit of $500 in a HYSA with 4.2% APY. If the rate stays the same for the next three months, you'll earn $5.17 in interest. If you find a bank with a 4.4% APY and make the same deposit, you'll earn $5.41 — a difference of 24 cents.
Features to consider when opening a savings account
Here are a few 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 a member of CNET Money'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 service nationwide. 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 6, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from December 30, 2024 to January 6, 2025.
**Varo offers 5% APY only on balances less than $5,000.