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Key Takeaways
- Savings account yields are much higher than a few years ago
- Top rates may fall if the Federal Reserve cuts interest rates
- Online banks tend to offer the best yields available
Rates on savings accounts are the same compared to one week ago. You can now earn 5.84% or higher on your savings.
Searching for an account where you can park some cash? Here’s a look at some of the best savings rates you can find today.
Related: Find the Best High-Yield Savings Accounts Of 2025
Traditional Savings Account Rates Today
Traditional savings accounts, called “statement savings accounts” in the banking world, have been notorious for paying paltry interest in past years, especially after the Great Recession. That’s changed more recently, and you can find rates 10-times higher than those offered by traditional financial institutions if you opt for an online bank or a credit union.
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 0.22%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account.
High-Yield Savings Account Rates Today
High-yield savings accounts generally pay substantially more interest than conventional savings accounts. But the trade-off 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 4.88%. That’s down from 6.35% one week ago.
The average APY for those accounts is now 0.23% APY, unchanged from a week ago.
On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 4.4%. You’ll be in good shape if you can get an account offering a rate close to that.
The current average is 0.24% APR for a high-yield account with a $25,000 minimum deposit.
How To Choose a Savings Account
To find the best savings account for your needs, you first must answer the question: What exactly are you looking for? And you must realize that different types of accounts have trade-offs.
If you want to open an account at a traditional bank with branches, that will likely rule out the best interest rates, which are typically available at online-only banks. Many traditional savings accounts at brick-and-mortar banks earn just 0.01% or 0.02% APY, while some online-only savings accounts earn more than 4.00% APY.
Don’t settle on any option until you’re certain you have a good grasp on the fees you’ll be charged. Savings accounts can ding you with monthly service fees, excess withdrawal fees and returned item fees (if you deposit checks that bounce), among others. Those charges add up and can gnaw away at your savings.
As you shop around, check the reviews and ratings of financial institutions and make sure you choose one that will protect your money with federal insurance – from the FDIC or, in the case of credit unions, the NCUA.
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.