Cushion your savings cushion with apys over 4%. Today’s Best Savings Rates on January 24, 2025

Knowing where to stash money is important for your savings goals. While traditional savings accounts at your trusted bank may seem like a natural fit, some… The best high-yield savings accounts It can help you earn more interest. And extra money is a good way to reach your savings goals for the year.

Although the highest prices may not be as high as they were a year ago, they are still more than 10 times higher National average. The best savings accounts continue to offer, on average, more than 4% annual yield, or APY.

Apys have been slowly declining since the start of the Fed Reducing interest rates last year. So now is the right time to take advantage of high savings rates to earn interest to achieve your goals.

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

Today’s best savings rates

Bank	apy*	minute. Deposit to open
Farrow	5.00% **	$0
Nitec Bank	4.70%	$0
LendingClub	4.50%	$0
Bask Bank	4.50%	$0
Everbank	4.40%	$0
Synchrony Bank	4.10%	$0
Laurel Road	4.00%	$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 can you earn interest with a high-yield savings account?

Experts expect the Fed to hold rates steady at next week’s Federal Open Market Committee meeting, and banks are likely to follow suit. If so, you will have more time to earn interest on your savings with more than 4% APY. But even if rates fall, a high-yield savings account is still worth having.

“People may hesitate if it is worth opening Haisa with the low prices we are currently seeing,” he said. Daniel Floresmember of the CNET Money Expert Review Board and founder of I LIAD I TO DABBLE. “It’s always worth it to have a little money already saved.”

Savings rates are variable and will continue to fluctuate, but the interest earned adds up over the long term, Flores noted. Plus, Hysas’ 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 Hysa with an APY of 4.2%. Assuming the rate stays the same over 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.

Average savings rates from week to week

CNET Savings Last Week APY*	This week’s CNET average savings apy	Weekly change
4.18%	4.16%	-0.48%

What to consider when opening a savings account

Since credit unions and online-only banks are more likely to offer high-yield savings accounts, this could change how you manage your savings. For example, some online-only banks do not accept cash deposits and may not have physical locations for in-person assistance. Here are some other factors to consider when opening a Haisa.

• Minimum deposit requirements: Some hysas require a minimum to open an account, usually between $25 and $100. Others don’t need anything.
• Access to ATM machines: Not every bank offers cash deposits and withdrawals. If you need regular access to rewards, check to see if your bank offers fees on ATM fees or a wide selection of in-network ATMs, said Lanesha Mohip, founder of Polished CFO and another CNET Expert Review Board member.
• expenses: Look for monthly maintenance fees, towing, and paper statements. Charges 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 an online bank.
• Withdrawal limits: Some banks charge excess withdrawal fees if you make more than six withdrawals a month. If you need to do 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, if the bank fails.
• Customer Service: Choose a bank that is responsive and makes it easy to get help with your account if you need it. Read customer reviews online 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 with services nationwide. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of established criteria comparing annual percentage yields, monthly fees, minimum deposits or balances, and access to physical branches. None of the banks on our list charge monthly maintenance fees. The account will rank highest for offering any of the following perks:

• Account Rewards
• Automated savings features
• Wealth management consulting/training services
• Cash deposits
• Extensive ATM networks and/or ATM rebates 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 labeled.

*apys as of January 24, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from January 13, 2025 to January 20, 2025.

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