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- Several high-yield savings accounts still have rates between 3.8% and 5% APY.
- Since the Federal Reserve lowered interest rates, your savings APY could drop, but it will still be higher than a traditional savings account if you put it in a HYSA.
- A HYSA allows you to withdraw and deposit money when you need it, making it a perfect place to store your emergency fund.
The year is almost over, but the best high-yield savings accounts still have annual percentage yields, or APYs, above 4%, much better than what you’d see in a traditional savings account. And while rates are likely to fall in 2025, especially if the Federal Reserve carries out additional interest rate cuts, that doesn’t mean we should stop using them.
“HYSAs still have pretty good rates, even after rates have started to come down,” he said Danielle FloresCNET money expert and founder of I Like to Dabble. “I signed up for a HYSA last month with a 4.1% rate that dropped to 3.9% last week, but I’m still making a decent amount of money on my balance.”
A HYSA allows you to earn interest on money intended for your short-term goals or needs, such as a car repair or an emergency fund. Although rates could go down, this type of account can still offer better returns than a traditional savings account.
Today’s best savings rates
| Bank | APY* | Minimum deposit to open |
|---|---|---|
| Precautionary | 5.00%** | $0 |
| Newtek bench | 4.70% | $0 |
| Loan club | 4.75% | $0 |
| Basque Bank | 4.50% | $0 |
| EverBank | 4.40% | $0 |
| Path of laurels | 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 partners for your area.
Compare the latest savings rates
| CNET average savings APY* from last week | This Week’s CNET Average Savings APY | weekly change |
|---|---|---|
| 4.33% | 4.23% | 2.30% |
Use a high-yield savings account to achieve your short-term goals
Even though rates have fallen from last year’s all-time highs, Flores recommends setting up a HYSA with the money you’re already saving.
Unlike a high-yield savings account, a traditional savings account typically offers just pennies on your savings.
For example, if you make a one-time deposit of $500 into a traditional savings account with an APY of 0.01%, you’ll earn two cents in six months. If you deposit that same amount into a HYSA with a 4% APY (assuming rates don’t change over the next six months), you’ll earn about $10 in interest over the same time period. The $10 you earn by keeping money in a HYSA may not seem like much, but every dollar counts toward your savings goal.
How to choose a high-yield savings account
It doesn’t hurt to look for better rates to earn more interest while high rates exist. Experts recommend comparing rates, offers and rates once a year.
Here are some things to look for in a HYSA:
- Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, typically between $25 and $100. Others require nothing.
- ATM access: Not all banks offer cash deposits and withdrawals. If you need regular access to ATMs, check to see if your bank offers ATM fee reimbursements or a wide range of in-network ATMs, said Lanesha Mohip, founder of Polished CFO and expert review board member of CNET.
- Fee: Be on the lookout for monthly maintenance fees, withdrawals and paper statements, Mohip said. Charges may affect 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 an online bank.
- Withdrawal limits: Some banks charge an excessive 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 FDIC or NCUA insured. This way, your money is protected up to $250,000 per account holder, per category, if the bank goes bankrupt.
- 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 an idea of how to work with the bank.
Methodology
CNET reviewed savings accounts at more than 50 banks, credit unions, and traditional and online financial institutions with services nationwide. Each account received a score between one (lowest) and five (highest). All 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
- Automated savings features
- Wealth management consulting/coaching services
- Cash deposits
- Extensive ATM networks and/or ATM reimbursements for out-of-network ATM use
A savings account may have a lower rating 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 December 27, 2024, based on banks we track on CNET. Weekly percentage increase/decrease from December 16, 2024 to December 23, 2024.
**Varo offers 5% APY only on balances less than $5,000
