Excessive-yield financial savings account charges have been falling, however among the greatest accounts nonetheless pay above 4% APY. With a purpose to get the very best rate of interest potential in your financial savings, it’s necessary to do your analysis and discover aggressive provides. Unsure the place to start out? Right here’s a more in-depth have a look at financial savings rates of interest at present and the place you could find the perfect ones.
The typical rate of interest on a conventional financial savings account is simply 0.39%, in accordance with the FDIC. Nonetheless, the perfect financial savings charges could be discovered on high-yield accounts, which frequently pay rather more.
As of January 6, 2026, the very best financial savings account fee accessible from our companions is 4% APY. This fee is obtainable by SoFi.*
Here’s a have a look at among the greatest financial savings charges accessible at present from our verified companions:
During the last decade, financial savings account rates of interest have fluctuated fairly a bit. From 2010 to about 2015, charges have been rock-bottom, hovering at round 0.06% to 0.10%. This was largely as a result of 2008 monetary disaster and the Federal Reserve’s choice to decrease its goal fee to close zero to be able to spur financial progress.
From 2015 to 2018, rates of interest started to extend step by step. Nonetheless, they remained low by historic requirements. Then the onset of the COVID-19 pandemic in 2020 led to a different sharp lower in charges because the Fed as soon as once more lower charges to stimulate the economic system. This introduced common financial savings rates of interest right down to new lows, round 0.05% to 0.06% by mid-2021.
Since then, financial savings account charges have recovered significantly, largely pushed by the Fed’s rate of interest hikes in response to skyrocketing inflation. Nonetheless, the Fed lastly lowered the federal funds fee towards the top of 2024 and all through 2025. In consequence, deposit charges have steadily declined.
The next is a have a look at how financial savings rates of interest have modified over the previous decade:
Even if rates of interest have risen considerably since 2021, the typical financial savings account fee continues to be pretty low, particularly in comparison with market investments. For those who’re saving for a long-term purpose similar to a toddler’s schooling or retirement, a financial savings account most likely received’t generate the returns wanted to succeed in your purpose.
However, if you happen to’re saving for an emergency fund, dwelling down fee, trip, or different short-term purpose, a high-yield financial savings account is good — particularly if you wish to entry the funds as wanted. Different forms of deposit accounts, together with cash markets and CDs, could provide related and even higher charges, however prohibit how usually you can also make withdrawals. The secret’s to buy round and discover an account that gives a aggressive fee with low or no charges.
*Earn as much as 4.00% Annual Proportion Yield (APY) on SoFi Financial savings with a 0.70% APY Increase (added to the three.30% APY as of 12/23/25) for as much as 6 months. Open a brand new SoFi Checking & Financial savings account and enroll in SoFi Plus by 1/31/26. Charges variable, topic to vary. Phrases apply at sofi.com/banking#2. SoFi Financial institution, N.A. Member FDIC.
