Add more to your savings with APYs above 4%. Today’s savings rates for January 15, 2025

This week, you can find The best high-yield savings accounts Earn 4% APY, while boasting some annual percentage yields, or APYs, close to 5%. But not much.

Over the past few months, we’ve seen banks quietly reduce savings rates on these accounts The Federal Reserve lowered the federal funds rate. Since banks tend to move in the same direction as the Fed, experts are not surprised by lower interest rates.

BMO Alto reduced its savings APY from 4.30% to 4.10% this week. Other banks also cut interest rates this month, but experts still recommend keeping money in high-yield savings accounts because of their flexibility.

If you want to maximize profits on your savings, you’d better open a HYSA account soon before rates drop further.

Today’s best savings rates

Bank	my dad*	minute. Deposit to open
Farrow	5.00%**	$0
Newtec Bank	4.70%	$0
LendingClub	4.50%	$0
Basque Bank	4.50%	$0
Everbank	4.40%	$0
Laurel Road	4.15%	$0
Synchronization 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 possible. Enter your information below to get the best CNET Partners rate for your area.

How much did the best savings rates fall over the past week?

CNET Average Savings Last Week APY*	CNET Average Savings for the Week APY	Weekly change
4.20%	4.18%	-0.48%

Should you store your money in a high-yield savings account?

Rates aren’t as high as the 5% APY we saw from some banks last year. Interest rates are hovering below 4.50% annually, and experts expect the decline to continue.

“People may be hesitant if it’s worth it to open a HYSA at the low rates we’re currently seeing,” he said. Daniel Floresboard member of CNET Money Expert Review and founder of I Like to Dabble. “It’s always helpful to earn a little extra from the money you’ve already saved.”

Flores noted that savings rates are variable and will continue to fluctuate, but the interest earned is increasing over the long term. Plus, HYSA rates will still be higher than most traditional savings accounts, so you’ll earn more interest on your money.

For example, let’s say you make a one-time deposit of $500 into a HYSA with an annual rate of return of 4.2%. Assuming the rate stays the same for the next 12 months, you will earn $21.60 in interest. If you kept your money in a traditional savings account that offers 0.42% for the same deposit, you would earn $3.60 over the same time frame.

How to choose a high-yield savings account

Here are some things to look for when opening a HYSA.

• Minimum deposit requirements: Some HYSA accounts require a minimum to open an account, usually between $25 and $100. Others don’t require anything.
• Access to ATM machines: Not every bank offers cash deposits and withdrawals. If you need regular access to an ATM, check to see if your bank offers ATM fee reimbursement or a wide selection of ATMs within the network, said Lanisha Mohib, founder of Polished CFO and another member of CNET’s expert review board. .
• expenses: Look for monthly maintenance fees, towing, and paper statements, Mohib said. Fees can eat into your balance.
• accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider banking online.
• Withdrawal limits: Some banks charge excess withdrawal fees if you make more than six withdrawals a month. If you may need to make more, consider a bank without this limit.
• Federal deposit insurance: Make sure your bank or credit union is insured with 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 category, in the event of a bank failure.
• 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 learn about working with the bank.

methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions offering services nationwide. Each account received a score between one (lowest) and five (highest). All savings accounts listed here are insured up to $250,000 per person, per account category, per institution, by the Federal Deposit Insurance Corporation (FDIC) or NCUA.

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

• Account Rewards
• Automated savings features
• Consulting/training services in the field of wealth management
• Cash deposits
• Extensive ATM networks and/or ATM discounts for using out-of-network ATMs

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 like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.

*APYs as of January 15, 2025, based on banks we track at CNET. Weekly percentage increase/decrease from January 6, 2025 to January 13, 2025.

**Varo only offers 5% APY on balances under $5,000.

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