Discover out if now’s the precise time to place your cash in a financial savings account. In 2024, the Federal Reserve carried out a sequence of cuts to the federal funds price and people charges continued on a downward development all through 2025. In consequence, deposit rates of interest have fallen from their historic highs. Nonetheless, it is potential to search out high-yield financial savings accounts paying above 4% APY. So, when you’re in search of the perfect charges obtainable as we speak, right here’s a breakdown of the place to search out them.
Though financial savings rates of interest are elevated by historic requirements, the nationwide common price for financial savings accounts remains to be simply 0.39%, in response to the FDIC. The excellent news: High high-yield financial savings accounts provide greater than 10 occasions the nationwide common.
As of January 16, 2026, the best financial savings account price obtainable from our companions is 4% APY. This price is obtainable by SoFi*, Barclays, and Valley Direct.
Here’s a take a look at a number of the greatest financial savings charges obtainable as we speak from our verified companions:
Bear in mind, it’s vital to buy round earlier than opening a financial savings account. Rates of interest range broadly, however there are a number of banks (particularly, on-line banks) and credit score unions with extremely aggressive presents.
On-line banks function solely by way of the online. This considerably reduces their overhead prices, so that they’re in a position to move these financial savings onto clients within the type of excessive deposit charges and low charges. In truth, most of the greatest high-yield financial savings accounts additionally include zero month-to-month charges or minimal opening deposit necessities. In case you’re trying to find the perfect financial savings rates of interest, on-line banks are a terrific place to start out.
That mentioned, on-line banks aren’t the one place you will discover financial savings accounts with charges that vary between 4% and 5% APY. Credit score unions are not-for-profit monetary cooperatives and are additionally identified for offering aggressive charges and fewer charges. Many credit score unions have sure necessities that have to be met with a purpose to grow to be a member, although there are some that enable nearly anybody to affix.
Financial savings accounts are one of many most secure locations you may put your cash. They’re insured by the FDIC (or the NCUA within the case of credit score unions), which implies your deposits are protected as much as $250,000 in case your monetary establishment fails. In addition they can’t lose cash as a result of market fluctuations.
Nonetheless, a financial savings account isn’t all the time the precise alternative. Though as we speak’s financial savings rates of interest are excessive by historic requirements, they nonetheless don’t provide the identical returns you could possibly obtain by investing your cash out there. For long-term financial savings targets similar to retirement, you want to make investments a bulk of your financial savings in increased danger (however increased reward) market investments similar to shares, index funds, and mutual funds to achieve your goal.
However when you’re saving for a shorter-term purpose similar to a down cost on a house, trip, and even an emergency fund, a high-yield financial savings account is without doubt one of the greatest choices. That’s very true if you wish to entry your cash as wanted; different varieties of high-yield deposit accounts, together with cash market accounts and certificates of deposit (CDs) place extra restrictions on how usually you can also make withdrawals.
*Earn as much as 4% Annual Share Yield (APY) on SoFi Financial savings with a 0.70% APY Increase (added to the three.30% APY as of 11/12/25) 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 alter. Phrases apply at sofi.com/banking#2. SoFi Financial institution, N.A. Member FDIC.
