- Several high-yield savings accounts still have rates between 3.8% and 5% APY.
- Since the Fed lowered interest rates, your savings APY could dip — but it’ll still be higher than a traditional savings account if you put it in an HYSA.
- An HYSA allows you to withdraw and deposit money when you need it, making it a perfect spot to stash your emergency fund.
The year is almost up, but the best high-yield savings accounts still have annual percentage yields, or APYs, above 4% — far better than what you’d see on a traditional savings account. And while rates are likely to go down in 2025, especially if the Federal Reserve carries out additional interest rate cuts, it doesn’t mean you should stop using one.
“HYSAs still have pretty good rates, even after rates have started to fall,” said Danielle Flores, a CNET Money expert and founder of I Like to Dabble. “I signed up for a HYSA last month with a 4.1% rate that fell to 3.9% last week, but I am still earning a decent amount of money on my balance.”
An HYSA allows you to earn interest on money earmarked for your short-term goals or needs, such as a car repair or emergency fund. Though rates could dip, this type of account can still provide better returns than a traditional savings account.
Today’s best savings rates
| Bank | APY* | Min. deposit to open |
|---|---|---|
| Varo | 5.00%** | $0 |
| Newtek Bank | 4.70% | $0 |
| LendingClub | 4.75% | $0 |
| Bask Bank | 4.50% | $0 |
| EverBank | 4.40% | $0 |
| Laurel Road | 4.15% | $0 |
| Synchrony 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 CNET’s partners’ best rate for your area.
Compare the latest savings rates
| Last week’s CNET average savings APY* | This week’s CNET average savings APY | Weekly change |
|---|---|---|
| 4.33% | 4.23% | 2.30% |
Use a high-yield savings account to reach your short-term goals
Despite rates falling from last year’s record highs, Flores recommends setting up an HYSA with money you’re already stashing away.
Unlike a high-yielding savings account, a traditional savings account usually offers just pennies on your savings.
For example, if you make a one-time deposit of $500 into a traditional savings account with a 0.01% APY, you’ll earn two cents over six months. If you deposit that same amount into a HYSA with a 4% APY (assuming rates don’t change for the next six months), you’ll earn about $10 in interest over the same amount of time. The $10 you earn for stashing the money in a HYSA might not seem like much, but every dollar counts toward your savings goal.
How to pick a high-yield savings account
It doesn’t hurt to shop around for better rates to earn more interest while high rates are around. Experts recommend comparing rates, offers and fees 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 don’t require anything.
- ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursements or a wide range of in-network ATMs, said Lanesha Mohip, founder of the Polished CFO and CNET expert review board member.
- Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The 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 an online bank.
- Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you may need to make more, consider a bank without this limit.
- Federal deposit insurance: Make sure your bank or credit union is insured with the FDIC or the NCUA. 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’s responsive and makes it easy to get help with your account if you need it. Read online customer reviews 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 compares annual percentage yields, 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 rank higher for offering any of the following perks:
- Account bonuses
- Automated savings features
- Wealth management consulting/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 helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.
*APYs as of Dec. 27, 2024, based on the banks we track at CNET. Weekly percentage increase/decrease from Dec. 16, 2024, to Dec. 23, 2024.
**Varo offers 5% APY only on balances of less than $5,000
