Best savings rates today – There’s still time to maximize your earnings. But the clock is ticking

Now is the time to maximize your interest earnings with a high-yield savings account, because traditional savings accounts just aren’t cutting it. While traditional savings accounts typically offer annual percentage returns, or APYs, as low as 0.01%, the best high-yield savings accounts earn APYs up to 5.35%.

The difference in yield can make a big difference to your bottom line. But with rates likely to be at their peak, the sooner you open one of these accounts, the more interest you can earn.

Read on to learn where to find CNET’s picks for the best high-yield savings accounts.

Today’s best savings rates

Here are some of the best savings account APYs available right now:

Experts recommend comparing rates before opening a savings account to get the best possible APY. You can enter your information below to see CNET partners’ prices in your area.

Where are savings rates headed?

High savings rates have caught everyone’s attention for most of the past two years as the Fed regularly raised interest rates to fight inflation.

But as inflation began to show signs of cooling in late 2023, the Fed chose to put interest rates on hold, maintaining its target range of 5.25% to 5.5% at its last eight meetings. As a result, savings rates remained attractive and remained high for several months.

But with three meetings left this year, some experts predict the Fed could still make more cuts in 2024. And last week’s cooling inflation report makes a Fed rate cut in September even more likely.

“Overall, the trend toward lower inflation growth remains intact and the Fed should be able to cut interest rates at their next meeting in September,” said Gary Quinzel, vice president of portfolio advisory at Wealth Enhancement Group.

Banks are already lowering APYs in anticipation. Over the past few weeks, we’ve seen several banks lower the interest rates on their high-yield savings accounts, including My Banking Direct—the top account we track—which dropped its APY from 5.45% to 5.35%.

Here’s where savings rates stand compared to last week:

What to look for in a savings account

Your money will grow faster in a high-yield savings account than in a traditional savings account thanks to their higher returns. But you should consider more than just APY before opening a HYSA. Weigh these factors to find an account that matches your financial goals:

• Minimum deposit requirements: Some HYSAs require a minimum deposit to open an account – typically from $25 to $100. Others require nothing.
• ATM access: Not all banks offer cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursement or a wide variety of in-network ATMs, said Lanesha Mohip, founder of Polished CFO and CNET expert board member.
• Fees: Watch out for monthly maintenance fees, withdrawals and paper statements, Mohip said. The fees can eat into your balance.
• Availability: If you prefer personal assistance, look for a bank with physical branches. If you are 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 think you might need to earn more, consider a bank without this limit.
• Federal Deposit Insurance: Make sure your bank or credit union is either FDIC or NCUA insured. This way, your money is protected up to $250,000 per account holder, per category if there is a banking error.
• Customer service: Choose a bank that is 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 the cooperation with the bank.

Method

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account was given a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per month. person, per account category, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of established criteria that compare annual percentage returns, monthly fees, minimum deposits or balances, and access to brick-and-mortar branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering one of the following perks:

• Account bonuses
• Automated savings functions
• Advice/coaching of asset management
• Cash deposit
• Comprehensive ATM network and/or ATM discounts 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 useful features such as an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.