If you’re looking to supercharge your savings, a high-yield savings account can offer a competitive interest rate that helps your balance grow faster.
However, not all banks offer high savings account rates, which is why it’s important to shop around and find the most competitive savings interest rates available.
Read on to learn more about where to find the best savings interest rates today.
Where to find the best savings interest rates today
The average interest rate on a traditional savings account is only 0.38%, according to the FDIC. However, today’s best high-yield savings accounts pay around 3%-4%.
Today, Monday, July 13, 2026, the highest savings account rate available from our partners is 4.10% APY. This rate is offered by Bask Bank.
Here is a look at some of the best savings rates available today:
How much interest can I earn with a high-yield savings account?
The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).
Say you put $1,000 in a savings account at the average interest rate of 0.38% with daily compounding. At the end of one year, your balance would grow to $1,003.81 — your initial $1,000 deposit, plus just $3.81 in interest.
Now, let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.
The more you deposit in an HYSA, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposited $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest.
Read more: What is a good savings account rate?
What impacts HYSA rates?
Deposit account rates — including savings rates — are tied to the federal funds rate. This is the target interest rate set by the Federal Reserve; when it increases its target rate, deposit account rates usually increase. Conversely, when the Fed lowers its rate, deposit rates fall.
Savings account interest rates have fluctuated quite a bit over the past couple of decades. From 2010 to about 2015, rates were rock-bottom, hovering between 0.06% and 0.10%. This was largely due to the 2008 financial crisis and the Federal Reserve’s decision to lower its target rate to near zero in order to spur economic growth.
From 2015 to 2018, interest rates gradually increased. However, they remained low by historical standards. Then, the onset of the COVID-19 pandemic in 2020 led to another sharp decrease in rates as the Fed cut rates again to stimulate the economy. This brought average savings interest rates down to new lows, around 0.05% to 0.06%, by mid-2021.
Since then, savings account rates have recovered considerably, largely driven by the Fed’s interest rate hikes in response to skyrocketing inflation. However, the Fed finally lowered the federal funds rate toward the end of 2024 and continued to do so throughout 2025. As a result, deposit rates have steadily declined. So far in 2026, the Fed has kept rates unchanged
Is now a good time to put your money in a high-yield savings account?
Choosing where to put your money is an important decision, and there are a few factors you should consider when evaluating your options. A high-yield savings account could make sense if you’re looking for a secure place to hold shorter-term savings while earning a solid return.
Here are a few key considerations:
Interest rates: One of the most important features of a savings account is the interest rate. It’s important to shop around and compare the best offers to ensure your money will grow over time. Considering that savings rates will likely drop in the near future, opening a high-yield savings account now will allow you to take advantage of historically high rates.
Goals: Today’s high-yield savings accounts offer rates we haven’t seen in more than a decade. That said, savings rates still don’t match average returns for the stock market. If you’re saving for a long-term goal like retirement, a savings account probably isn’t the best place to put your money, since your balance won’t grow at a pace that will allow you to reach your target. However, if you’re saving for a financial emergency, a down payment on a home or car, holiday gifts, or another short-term goal, a savings account is a great place to hold those funds.
Accessibility: Certain types of accounts and investments may provide higher returns than a savings account, but may make it difficult to access your funds in a pinch. For example, if you put your savings in a certificate of deposit (CD) and need to access the money before the maturity date, you could be subject to an early withdrawal penalty. So, if you want to be able to dip into your savings as needed, a high-yield savings account is likely the better choice.
Security: In most cases, savings accounts are insured by the FDIC up to the federal limit. They also can’t lose money due to fluctuations in the market, making them a low-risk option.
Read more: Can you negotiate a higher savings account rate with your bank?
Do online banks have the best savings account rates?
Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they’re able to pass those savings onto customers in the form of high deposit rates and low fees. In fact, many of the best high-yield savings accounts also come with zero monthly fees or minimum opening deposit requirements. If you’re searching for the best savings interest rates, online banks are a great place to start.
That said, online banks aren’t the only place you can find savings accounts with rates that range between 3% and 4% APY. Credit unions are not-for-profit financial cooperatives known for offering competitive rates and fewer fees. Many credit unions have requirements that must be met to become a member, though some allow just about anyone to join.
How to open a high-yield savings account
The requirements involved in opening a savings account vary by financial institution. However, if you’re ready to open an account, you can follow these general steps:
Research savings account rates: Of course, when choosing a savings account, one of the most important factors to evaluate is the interest rate. Be sure that you select a savings account with a competitive rate to help your money grow.
Figure out your must-haves: Although savings account interest rates should be top of mind, that’s not the only factor to consider. You’ll also want to think about what else you need from your account, whether it’s no minimum-balance requirement, low fees, or other perks. Finding a savings account with a solid rate that also helps you achieve your goals is key.
Prepare documentation: Opening a bank account requires you to provide a few important personal details and documents. Before you start your application, be sure you have your Social Security number, driver’s license or passport number, and proof of address.
Fill out the application: In many cases, you can apply for a savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, the application for a new savings account should only take a few minutes to complete. In many cases, you’ll get your approval decision instantly.
Fund your account: Once your savings account application is approved, you’ll need to add funds to the account. Be sure you’re aware of any minimum opening deposit requirements and the timeline for funding.
Read more: Step-by-step instructions for opening a high-yield savings account
Is a high-yield savings account right for you?
A high-yield savings account is a good fit if you want to earn a competitive return on money you’ll need in the near future while keeping it safe and accessible. It’s important to not only consider whether the interest rate is attractive, but whether the account matches the purpose of your savings.
An HYSA may be right for you if…
You want to maximize your emergency fund.
You’re saving for a goal within the next one to five years.
You have extra cash sitting in a low-interest checking or traditional savings account.
You prioritize safety over higher potential investment returns.
You don’t need to write checks or use the money for everyday spending.
An HYSA may not be the best choice if…
You’re investing for retirement or another goal that’s 10+ years away. Investing in a diversified portfolio has historically produced higher long-term returns, though with greater risk.
You won’t need the money for a fixed period. If you can leave your savings untouched for several months or years, a certificate of deposit (CD) may offer a higher guaranteed yield.
You need frequent access to your money. A checking account is more convenient for paying bills and making everyday purchases.
