Today’s savings account rates are still hovering over the national average. The Fed cuts the federal funds rate triple in 2024, which means deposit account rates are also falling. It is more important than ever to ensure that you get the highest interest rate in your savings, and a high yield savings account may be the solution.

These accounts pay more interest than a typical savings account – up to 4% APY and higher in some cases. Not sure where to find the best savings rate today? Read on to find out which banks have the best deals.

Typically, high-yield savings accounts offer better interest rates than traditional savings accounts. Nevertheless, interest rates vary widely between financial institutions. This is why shopping around and comparing rates is important before opening an account.

As of May 5, 2025, our partners offer the highest savings account interest rate of APY with 4.36%. This rate is provided by VIO Bank and does not require a minimum open deposit.

As you can see, most of the highest savings rates come from online banks. These institutions have much lower indirect fees than traditional banks, so they can pass these savings to customers at higher interest rates and lower fees.

Here are some of the best savings rates available today by our proven partners:

If you are looking for a safe location to store your money and earn competitive interest rates while maintaining liquidity, a high-yield savings account may be a good fit. Traditional savings accounts and certificates of deposit (CD) have some of the highest rates we have seen in over a decade, thanks to the recent Fed rate rise. Even so, the national average of these rates is quite low compared to the highest offer available.

For example, according to the FDIC, the average savings account rate is only 0.41%, while the average savings rate for 1-year CD is 1.77%. The Fed is also expected to lower its target rate again in 2025, meaning now may be the last chance for depositors to take advantage of today's high interest rates.

Taking the time to compare accounts and interest rates from various financial institutions will help you get the best available transactions. However, interest rates are not the only factor to consider when choosing a savings account.

For example, some banks may require you to keep your balance at a minimum to earn the highest advertising fees and avoid monthly fees. Other factors assessed include customer service options and hours, ATM and branch access, digital banking tools, and the overall financial stability of the institution. Also, before opening a savings account, make sure to be insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), which can protect your funds if the agency fails if it is held by a credit union.

Read more: How to open a savings account: a step-by-step guide