If you're looking to grow your savings, a high-yield savings account can offer competitive returns and help your balance grow faster. However, not all banks offer high interest rates, which is why it’s important to shop around and find the most competitive savings rates. Read on to learn more about where to find the best savings rates.

Savings account interest rates have been trending upward over the past two years or so, but are currently trending downward with the Federal Reserve's recent rate cuts.

The good news is that many high-yield savings accounts still offer interest rates of 4% and above. The best rates are usually offered by online banks, although you may be able to find similar savings rates at some credit unions and community banks.

As of January 23, 2025, the highest savings account interest rate available from our partners is 4.75% APY. This rate is offered by Openbank, and the minimum deposit required to open an account is $500.

Here are some of the best savings rates currently available from our verified partners:

Related: 10 Best High-Yield Savings Accounts >>

After several years of near-zero interest rates, the Fed began raising the federal funds rate in 2022 to combat rapidly rising inflation. As a result, savings rates have also surged, reaching a 15-year high.

However, at the end of 2024, the Federal Reserve implemented a series of federal funds rate cuts, and savings account interest rates began to decline. The Fed is expected to implement more rate cuts in 2025.

It's difficult to predict exactly how and when interest rates will change in the future, but one thing is for sure: Today's high savings account rates won't last forever. So, if you're looking to increase your savings and enjoy the best interest rates on the market, there's no better time than now.

The requirements for opening a savings account vary by financial institution. However, if you're ready to open an account, you can follow these general steps:

• Research savings account interest rates: Of course, one of the most important factors to evaluate when choosing a savings account is the interest rate. Be sure to choose a savings account with a competitive interest rate to help your money grow.

• Find your must-haves: While savings account interest rates should be the primary consideration, they aren't the only factors to consider. You'll also want to consider what else you need from your account, whether that's no minimum balance requirements, low fees, or other perks. Finding a savings account with a stable interest rate that will help you achieve your goals is key.

• Prepare documentation: Opening a bank account requires you to provide some important personal details and documents. Before you begin your application, make sure you have your Social Security number, driver's license or passport number, and proof of address.

• Fill out the application form: In many cases, you can apply for a savings account online. However, some financial institutions may require you to apply in person at a branch. Either way, applying for a new savings account only takes a few minutes. In many cases, you will receive an approval decision immediately.

• Fund your account: Once your savings account application is approved, you'll need to add funds to the account. Make sure you understand the minimum opening deposit requirements and funding timelines.

Read more: Step-by-Step Instructions for Opening a High-Yield Savings Account