- The best high-yield savings account rates continue to offer over 4% APY.
- Since the Federal Reserve began cutting interest rates, banks have followed suit by cutting their savings rates.
- The best high-yield savings accounts don’t require a minimum balance or deposit to open.
Currently, the best high-yield savings accounts have annual percentage returns above 4%. You’ll likely find the best rates at online banks and credit unions compared to big brick-and-mortar banks, but these high savings rates might not last.
Experts say a high-yield savings account is the best place to keep your money for short-term savings or an emergency fund. Which bank currently offers the best rate?
Here are the best savings rates we’ve found and what experts recommend considering before opening an account.
Today’s best savings rates
| Bank | APY* | Min. deposit to open |
|---|---|---|
| Varo | 5.00%** | $0 |
| Newtek Bank | 4.70% | $0 |
| Loan Club | 4.50% | $0 |
| Bask Bank | 4.50% | $0 |
| EverBank | 4.40% | $0 |
| Laurel Road | 4.15% | $0 |
| Sync 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 APY possible. Enter your information below to get the best rate from CNET’s partners in your area.
How much the best savings rates have changed over the past week
| CNET Average Savings Last Week APY* | This week’s CNET average savings APY | Weekly change |
|---|---|---|
| 4.20% | 4.18% | -0.48% |
Where can I find the highest savings rate?
Currently, Varo Bank offers 5% APY. You will only benefit from this rate up to $5,000 of your balance. After that, it offers an APY of 2.50%, which is lower than what other options offer.
If you’re looking for somewhere that offers a high rate on your entire balance, Newtek Bank currently offers 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 aren’t as high as the 5% APY we saw at some banks last year. Rates are hovering below 4.50% APY and experts predict the decline will continue.
“People may be hesitant about whether it’s worth opening a HYSA with the lower rates we’re seeing now,” said Danielle Floresmember of the CNET Money Expert Review Board and founder of I Like to Dabble. “It’s always worth it to earn a little more on your already saved money.”
Savings rates are variable and will continue to fluctuate, but the interest earned accumulates over the long term, Flores emphasized. Plus, HYSA’s rates will always be higher than most traditional savings accounts, so you’ll earn more interest on your money.
For example, let’s say you make a one-time deposit of $500 into a HYSA with an APY of 4.2%. Assuming the rate stays the same over the next 12 months, you’ll earn $21.60 in interest. If you keep your money in a traditional savings account offering 0.42% for the same deposit, you’ll earn $3.60 over the same period.
Features to Consider When Choosing a High Yield Savings Account
Here are some things to look for when opening a HYSA.
- Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, usually between $25 and $100. Others require nothing.
- Access to ATMs: Not all banks offer cash deposits and withdrawals. If you need regular access to ATMs, check whether your bank offers ATM fee reimbursements or a wide range of networked ATMs, said Lanesha Mohip, founder of Polished CFO and another member of the committee. CNET’s expert review.
- Costs: Pay attention to monthly maintenance fees, withdrawals and paper statements, Mohip said. Fees can eat into your balance.
- Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider online banking.
- Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you 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, in the event of the bank’s failure.
- Customer Service: Choose a responsive bank that 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 an idea of working with the bank.
Methodology
CNET examined savings accounts from more than 50 traditional and online banks, credit unions and financial institutions serving nationwide. Each account was given a rating between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.
CNET rates 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 if it offers any of the following benefits:
- Account Bonuses
- Automated savings features
- Wealth management consulting/coaching services
- Cash deposits
- Expanded ATM networks and/or ATM discounts for off-network ATM use
A savings account may be rated lower if it doesn’t have an easy-to-navigate website or 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 follow on CNET. Weekly percentage increase/decrease from January 6, 2025 to January 13, 2025.
**Varo offers 5% APY only on balances under $5,000.
