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- High-yield savings accounts are still over 4% at some banks and credit unions.
- High APYs may not last long, so don’t wait to start earning.
- If you only set up deposits, high-yield savings accounts can help you get into the habit of saving regularly.
Sticking to a New Year’s resolution can be difficult, though A good high yield savings account It can help you achieve your financial goals faster. With interest rates as high as 5%, these accounts are great for recouping your savings after spending time on vacation or creating a sinking fund summer vacation.
In regular setting just transfer in your savings account, you may have a habit of saving without thinking.
Although annual yields have fallen from their highs after The Federal Reserve lowered interest ratesyou’ll still get 10x the same APY traditional savings accounts to give. Here are the banks that offer the best rates, plus what you should consider when choosing the best account.
These days the best money to save
| Bank | APY* | Min. deposit to open |
|---|---|---|
| Careful | 5.00%** | $0 |
| Newtek Bank | 4.70% | $0 |
| LendingClub | 4.75% | $0 |
| Bak Bank | 4.50% | $0 |
| EverBank | 4.40% | $0 |
| Laurel’s way | 4.15% | $0 |
| Synopsis of the company 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. Enter your information below to find CNET friends the best rate in your area.
How has the savings rate changed in the last week?
| CNET average savings last week APY* | CNET money average this week APY | Change of week |
|---|---|---|
| 4.24% | 4.21% | -0.01% |
How often should you buy new savings accounts?
Experts recommend comparing prices, offers and fees once a year. If you have a traditional savings account with a 0.01% APY, it’s a good idea to switch to a high-yield savings account to help you grow your money faster.
But it may not be worth the effort to move your money every time you see a price that is slightly higher than your current account balance.
“If you have a HYSA with a bank or a loan agreement that has worked well for you and you have no reason to change except for maybe a 0.1% increase in HYSA with another bank, it is not worth changing. ,” he said. Danielle Floresmember of CNET Money’s Expert Review Board and founder of I Like to Dabble.
For example, let’s say you deposit $500 into a HYSA with a 4.2% APY. If the rate stays the same for the next three months, you will earn an interest rate of $5.17. If you find a bank with a 4.4% APY and keep the same amount, you’ll get $5.41 — a difference of 24 cents.
Things to consider when opening a savings account
Here are some things to look for when opening HYSA:
- Minimum deposit requirements: Some HYSAs require a minimum deposit to open an account, usually between $25 and $100. Some want nothing.
- ATM access: Not every bank offers deposit and withdrawal fees. If you want regular ATM access, check to see if your bank offers ATM fees or different online ATMs, said Lanesha Mohip, founder of Polished CFO and a member of CNET Money’s Expert Review Board.
- Fees: Look at monthly payments, deductibles and paperwork, Mohip said. Fees can cost you money.
- Accessibility: If you want personal assistance, look for a bank with real branches. If you’re comfortable using your money digitally, consider online banking.
- Withdrawal limits: Some banks charge you a higher withdrawal fee if you withdraw more than six times a month. If you need to make more, consider an unlimited bank.
- Federal deposit insurance: Make sure your bank or credit union is insured by 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 group, in the event of a bank failure.
- Customer service: Choose a bank that listens to you and makes it easy for you to get help with your account if you need it. Read customer reviews online and contact a bank customer service representative to get a feel for what you are doing with the bank.
The way
CNET reviewed savings accounts at more than 50 traditional and online banks, financial institutions and financial institutions with international operations. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.
CNET looks for the best savings accounts using established criteria that compare annual yields, monthly fees, minimum deposits or balances and find physical branches. None of the banks on our list charge monthly fees. An account will be advanced by providing any of the following:
- Account bonuses
- Storage systems
- Financial management consulting / training services
- Savings account
- Most ATM networks and/or ATM discounts for out-of-network ATM use
A savings account can be discounted if it doesn’t have an easy-to-navigate website or if it doesn’t have features like an ATM card. Accounts that impose residency restrictions or fees that exceed monthly limits may also be reduced.
*APYs as of January 3, 2025, based on the banks we track at CNET. Weekly increase/decrease from Dec. 30, 2024, to Jan. 3, 2025.
**Varo offers 5% APY on deposits under $5,000.
