Top Savings Rates Remain above 4% APY, but not forever. Today’s Savings Rates for January 10, 2025

Rates for the the best high yield savings accounts they are no longer at record highs of 5% to 6% APY. But most credit unions and online banks offer annual percentage returns, or APYs, of just over 4%, so you can still earn interest on the money you save.

APYs will likely continue to fall if the Federal Reserve continues cut interest rates this yearbut you can still earn 10x more with a HYSA compared to a traditional savings account.

In addition to earning interest, keeping your money for short-term purposes in a HYSA can be useful if you need easy access to your money. For example, If you need to pull from your emergency fundyou can quickly transfer money from a HYSA.

Here’s which banks offer the best rates, plus what factors to consider when choosing the best account for you.

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 rates for your area.

Is it worth switching banks to earn a higher savings rate?

Experts recommend comparing rates, offers and fees once a year. If you have a traditional savings account with a 0.01% APY, it’s probably worth switching to a high-yield savings account to help your money grow faster.

But it’s not worth the effort to move your money every time you see a slightly higher rate than your current account.

“If you have a HYSA with a bank or credit union that has worked well for you and you don’t have much of a reason to switch other than maybe an extra 0.1% increase in a HYSA with another bank, it’s not worth it change,” he said Danielle Floresa CNET Money Expert Review Board member and founder of I Like to Dabble.

For example, let’s say you make a one-time deposit of $500 in a HYSA with a 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 an APY of 4.4% and make the same deposit, you’ll earn $5.41 — a difference of 24 cents.

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, typically between $25 and $100. Others do not require anything at all.
• Access to the ATM: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee rebates or a wide range of in-network ATMs, said Lanesha Mohip, founder of CFO Polished and another member of the CNET Expert Review Board.
• Fees: Look at the fees for monthly maintenance, withdrawals and card statements, Mohip said. Charges 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 excessive withdrawal fee if you make more than six monthly withdrawals. If you need to do 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. In 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 nationwide services. Each account received a score 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 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 upgraded to offer any of the following benefits:

• Account bonus
• Automated savings features
• Wealth management consultancy/coaching services
• Cash deposits
• Extensive ATM networks and/or ATM rebates for out-of-network ATM use

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 qualify lower.

*APY as of January 9, 2025, based on 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.

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