High savings APYs can help you achieve your financial goals faster. Savings rates today, January 6, 2025

Sticking to a New Year’s resolution can be difficult, however The best high-yield savings accounts It can help you reach your financial goals faster. With interest rates of up to 5%, these accounts are ideal for replenishing your savings after taking some holidays or setting up an account Sinking fund For summer vacation.

Through regular preparation Automatic transfers In your savings account, you can get into the habit of saving without even thinking about it.

Although the annual percentage return has declined from its highest levels yet The Federal Reserve lowered interest ratesyou’ll still earn 10x your APYs Traditional savings accounts displays. Here are the banks offering the best rates, as well as factors to consider when choosing the best account for you.

Today’s best savings rates

Bank	my dad*	minute. Deposit to open
Farrow	5.00%**	$0
Newtec Bank	4.70%	$0
LendingClub	4.75%	$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 have savings rates changed over the past week?

CNET Average Savings Last Week APY*	CNET Average Savings for the Week APY	Weekly change
4.24%	4.21%	-0.01%

How often should you shop around for a new savings rate?

Experts recommend comparing prices, offers and fees once a year. If you have a traditional savings account with a 0.01% annual return, it’s probably worth switching to a high-yield savings account to help grow your money faster.

But it may not be worth the effort to move your money every time you see a slightly higher rate from your checking account.

“If you have a HYSA with a bank or credit union that works well for you and you don’t have much reason to switch besides the extra 0.1% increase in a HYSA with another bank, it’s not worth switching,” he said. Daniel Floresmember of the CNET Money Expert Review Board and founder of I Like to Dabble.

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%. If the rate stays the same for the next three months, you will earn $5.17 in interest. If you found a bank with an APY rate of 4.4% and made the same deposit, you would earn $5.41 — a difference of 24 cents.

Features to consider when opening a 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 ATMs: Not every bank offers cash deposits and withdrawals. If you need regular access to an ATM, check to see if your bank offers reimbursement for ATM fees or a wide selection of ATMs within the network, said Lanisha Mohib, founder of Polished CFO and member of CNET Money’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 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 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 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 3, 2025, based on banks we track at CNET. Weekly percentage increase/decrease from December 30, 2024 to January 3, 2025.
**Varo only offers 5% APY on balances under $5,000.

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