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Key Takeaways
- Savings account yields are much higher than a few years ago
- Top rates may fall as the Federal Reserve cuts interest rates
- Online banks tend to offer the best yields available
Rates on savings accounts are going down. You can now earn 5.84% or higher on your savings.
Searching for an account where you can put some money aside? Here’s a look at some of the best savings rates you can find today.
Related: Find the Best High-Yield Savings Accounts Of 2024
Highest Savings Account Rates Today
Source: Curinos. Data accurate as of November 20, 2024.
Traditional Savings Account Rates Today
Traditional savings accounts, often called “statement savings accounts” in the banking industry, were notorious for paying puny interest rates for more than a decade after the Great Recession. But you can find much higher yields now, especially from online banks and credit unions.
The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with comparable rate, you’ve done well for yourself.
Today’s average APY for a traditional savings account is 0.23%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account.
High-Yield Savings Account Rates Today
High-yield savings accounts often pay substantially more interest than conventional savings accounts. But the catch is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit.
On high-yield accounts requiring a minimum deposit of $10,000, today’s best interest rate is 5.35%. That’s unchanged from one week ago.
The average APY for those accounts is now 0.23% APY, about the same as a week ago.
On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 4.43%. You’ll be in good shape if you can find an account offering a rate close to 4.43%. Last week at this time, the best rate was a similar 4.43%.
The current average is 0.25% APY for a high-yield account with a $25,000 minimum deposit. That’s about the same as last week’s APY.
How To Shop for a Savings Account
Whether you’re looking for a traditional savings account, high-yield savings account or MMA, you’ll want to keep a few things in mind.
A high interest rate is important, but it’s not the only factor when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit—and whether you can meet that requirement.
You’ll also want to watch out for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals), and other pesky charges that can eat into your returns.
And before you apply for an account, explore a financial institution’s reputation and safety. You should trust your bank or credit union and feel like you’re in good hands. Check the reviews, see what people have to say about customer service and find out how the institution responds to consumer questions.
Search for an account that’s insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category.
How High Can Savings Rates Go?
That’s tough to say—it depends on the path of inflation and the overall economy.
The highest interest rates in recent memory were seen in 1980 and 1981, when the federal funds rate skyrocketed above 19%. That was in the face of runaway inflation that had prices rising at an annual rate of more than 14%.
In the early 1980s, a three-month CD went as high as 18% compared to around 5% today, according to the Federal Reserve. Savings rates would eventually fall as inflation slowed and the federal funds rate came back down.
Methodology
Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation.
Frequently Asked Questions (FAQs)
What is a good interest rate for a savings account?
The best high-yield savings account pays 5.84% now, according to Curinos data, so you’ll want to aim for an account that delivers a yield in that ballpark.
But rates aren’t everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution.
How are savings account interest rates determined?
Savings yields are variable and can change depending on economic conditions or a bank’s particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed.
Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.