These high savings APYs can help you reach your money goals faster. Today’s savings interest rates, January 6, 2025

Sticking to a New Year’s resolution can be challenging, but the The best high-yield savings accounts can help you reach your money goals faster. With interest rates of up to 5% Annual Percentage Yield (APY), these accounts are perfect for topping up your savings after a vacation or building for a new year sinking fund for a summer vacation.

Through regular setup automatic transfers You can get into the habit of saving with your savings account without even thinking about it.

Even though APYs have fallen from their highs after the The Federal Reserve cut interest ratesyou still earn 10 times the APR traditional savings accounts Offer. Here’s what banks offer the best interest rates and what factors you should consider when choosing the best account for you.

Experts recommend comparing interest rates before opening a savings account to get the best possible APR. Enter your information below to get the best rate from CNET partners for your region.

How often should you check for a new savings rate?

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

But it might not be worth moving your money every time you see an interest rate that’s slightly higher than your checking account.

“If you have a HYSA at a bank or credit union that has worked well for you and don’t have much reason to switch other than perhaps an additional 0.1% increase in the HYSA at another bank, it’s not worth switching. “,” said Danielle FloresMember of CNET Money’s 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 APR of 4.2%. If the interest rate stays the same for the next three months, you’ll earn $5.17 in interest. If you find a bank with an APR of 4.4% and make the same deposit, you’ll earn $5.41 – a difference of 24 cents.

What you should consider when opening a savings account

Here are some things to look out for when opening a HYSA:

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, usually between $25 and $100. Others require nothing.
• ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check whether your bank offers ATM fee reimbursement or a wide selection of in-network ATMs, said Lanesha Mohip, founder of Polished CFO and member of CNET Money’s Expert Review Board.
• Fees: Watch out for fees for monthly maintenance, withdrawals and paper statements, Mohip said. The fees may affect your balance.
• Accessibility: If you prefer in-person support, look for a bank with physical branches. If you like managing your money digitally, consider an online bank.
• Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you may need to earn more, consider a bank without this limit.
• Federal deposit insurance: Make sure your bank or credit union is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. This way, your money is protected up to $250,000 per account holder per category in the event the bank fails.
• Customer service: Choose a bank that is responsive and makes it easy for you to get help with your account when you need it. Read online customer reviews and contact the bank’s customer service to get a feel for working with the bank.

methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions serving nationwide. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all FDIC or NCUA insured up to $250,000 per person, per account category, and per institution.

CNET evaluates the best savings accounts based on a set of established 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 rank if it offers any of the following benefits:

• Account bonuses
• Automated savings features
• Advice/coaching in the area of ​​asset management
• Cash deposits
• Extensive ATM networks and/or ATM discounts for out-of-network ATM use

A savings account may be rated lower if it doesn’t have an easy-to-navigate website or doesn’t offer helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also receive lower ratings.

*APYs as of January 6, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from December 30, 2024 to January 6, 2025.
**Varo offers 5% APY only for balances less than $5,000.

More savings tips