The Fed cut its target interest rate triple in 2024. Therefore, interest rates for high-yield savings account are falling. That said, some of the best accounts still have to pay more than 4% APY. To get the highest interest rates in savings, it is important to do research and find competitive offers. Not sure where to start? Here is a close look at today's savings rates, where you can find the best rates.

According to FDIC, the average interest rate for A is only 0.41%. However, the best savings rates can be found on high-yield accounts, which usually pays more.

As of May 6, 2025, the highest savings account interest rate offered by our partners is 4.36% APY. This rate is provided by VIO Bank and does not require a minimum open deposit.

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

Savings account interest rates have fluctuated a lot over the past decade. From 2010 to around 2015, the interest rate was rock bottom, hovering between 0.06% and 0.10%. This is largely due to the financial crisis in 2008 and the Fed's decision to lower its target interest rate to zero to stimulate economic growth.

From 2015 to 2018, interest rates began to gradually increase. However, by historical standards, they are still very low. Then, as the Fed cuts its pace of stimulating the economy again, the outbreak of the Co-19 pandemic has caused another sharp drop in rates. This has brought the average savings rate to a new low, about 0.05% to 0.06% by mid-2021.

Since then, savings account rates have recovered significantly, largely due to the Fed’s rate hike in response to soaring inflation. However, the Federal Reserve finally lowered federal funds rates in September, November and December 2024, and as a result, deposit rates also began to fall.

Here is a look at how savings rates have changed over the past decade:

Although interest rates have risen sharply since 2021, the average savings account interest rates are still quite low, especially compared to market investments. If you are saving for long-term goals, such as children’s education or retirement, then a savings account may not generate the rewards you need to achieve your goals.

On the other hand, if you are storing for emergency funds, down payments, leave or other short-term goals, A is ideal, especially if you want to access funds as needed. Other types of deposit accounts (including) may offer similar or even higher rates, but limit how often you can withdraw money. The key is to roam around and find an account that offers low or no fees for competitive interest rates.