There is still time to increase interest to achieve your savings goals. Savings rates today, December 11, 2024

There is still time to grow your savings with one The best high-yield savings accounts. But even if rates drop, a savings account can still help you achieve your financial goals.

Opening a HYSA account is an easy way to earn interest on money you may need access to quickly, such as a HYSA account Emergency fund. But our CNET Money expert and founder of Save My Cents Shang Saavedra He also likes that having a separate account can help prevent you from spending your stash unnecessarily.

“The psychological trick to these accounts is that the money is not on your mind,” Saavedra said. “Most people pay attention to how much money they have in their checking accounts, but not so much in their savings accounts.”

If you set up automatic deposits into your account, the savings can really add up. This is where your money will do the most good when working toward your savings goal.

Today’s best savings rates

Bank	my dad*	minute. Deposit to open
Farrow	5.00%**	$0
Newtec Bank	4.90%	$0
LendingClub	4.75%	$0
Everbank	4.75%	$0
Basque Bank	4.65%	$0
Laurel Road	4.50%	$0
Synchronization bank	4.10%	$0
American Express	3.90%	$0
Capital One	3.80%	$0

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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.

Savings rates may decline slightly after the Fed’s meeting next week

The Fed meets Dec. 17-18, and most experts expect another 25 basis point rate cut.

If the Fed chooses to cut, most savings rates are expected to decline in the coming weeks. But that doesn’t mean you’ll see your high-yield savings account rate drop right away.

“Although HYSAs are affected by Fed decisions, not all institutions adjust their rates immediately, and some may delay to remain competitive,” said Stephen Kibbel, certified financial planner and founder and CEO of Kibbel Financial Planning.

So, if a bank is looking to attract new customers, it may actually raise savings rates to encourage people to sign up for a new account.

Why a HYSA is still a smart choice for your savings

Experts agree that high-yield savings accounts are the best places to keep money for short-term goals. They are federally insured Up to $250,000 per account type and bankMost of them provide easy access to your funds if you need to withdraw them quickly.

Think of the interest you earn as an added bonus. “Overall, HYSAs remain a smart choice for savers,” Cable said. “Especially if you prioritize accessibility and safety, although it’s always wise to keep an eye on price trends.”

Even if high-yield savings accounts continue to decline, you’ll still earn more interest than you would with a traditional savings account that has a roughly 0% annual return. High-yield savings accounts still offer rates 10x higher National average.

“In a low interest rate environment, it is still beneficial for people to store cash for short-term needs — think emergency funds, bills and savings for near-term goals — in high-yield accounts with competitive APYs,” said Alex Michalka, vice president. For investment research at Wealthfront.

If you have money set aside for long-term savings, you might consider this Lock the certificate of deposit While the rates are high.

Compare the latest savings rates

CNET Average Savings Last Week APY*	CNET Average Savings for the Week APY	Weekly change
4.41%	4.36%	-1.15%

7 factors to consider before opening a high-yield savings account

When deciding which account and bank is best for your savings, here’s what to look for:

• 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 reimbursement for ATM fees or a wide selection of ATMs within the network, said Lanisha Mohib, founder of Polished CFO and 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 think you may need to make more, consider getting a bank below this limit.
• Federal deposit insurance: Make sure your bank or credit union is insured with the FDIC or NCUA. 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 December 11, 2024, based on banks we track at CNET. Weekly percentage increase/decrease from December 2, 2024 to December 9, 2024.
**Varo only offers 5% APY on balances under $5,000

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