Don’t miss out on maximizing your savings. Today’s best savings rates for January 23, 2025

Savings goals should be an important part of your goals Financial plan this year. Setting aside extra money each month is a great way to grow your emergency fund and keep it in one of the The best high-yield savings accounts can help you earn more interest.

The best high-yield savings accounts yield up to 5% annual percentage yield (APY). Even though prime interest rates are no longer as high as they were a year ago, they are still more than ten times higher National average.

APRs have been slowly declining since the Federal Reserve began Lowering interest rates last year. So now is a good time to use the higher savings rates for your growth Emergency fund or start one sinking fund for a vacation or a big purchase.

Read on to see CNET’s picks for the best high-yield savings accounts.

Today’s best savings rates

bank	APY*	Min deposit to open
Precautionary	5.00%**	$0
Newtek Bank	4.70%	$0
Lending Club	4.50%	$0
Basque Bank	4.50%	$0
EverBank	4.40%	$0
Synchronous bench	4.10%	$0
Laurel Street	4.00%	$0
American Express	3.80%	$0
Capital one	3.80%	$0

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 you can earn more interest with a high-yield savings account

Experts expect the Fed to keep interest rates steady at next week’s Federal Open Market Committee meeting, and banks are likely to follow suit. If so, with over 4% APR, you have more time to earn interest on your savings. But even if interest rates fall, a high-yield savings account is still worthwhile.

“People may be hesitant about whether it is worth opening a HYSA with the lower rates we are currently seeing,” he said Danielle FloresMember of the CNET Money Expert Review Board and founder of I Like to Dabble. “It’s always worth it to earn some extra money from the money you’ve already saved.”

Savings interest rates are variable and will continue to fluctuate, but the interest earned adds up in the long run, Flores emphasized. Plus, interest rates on HYSAs are still higher than most traditional savings accounts, meaning you’ll get more interest on your money.

For example, let’s say you make a one-time deposit of $500 into a HYSA with an APR of 4.2%. Assuming the interest rate stays the same for the next 12 months, you’ll earn $21.60 in interest. If you keep your money in a traditional savings account that offers 0.42% for the same deposit, you’ll earn $3.60 over the same period.

Average week-to-week savings rates

Last Week Average CNET Savings (APY)*	This week’s average CNET Savings APY	Weekly change
4.18%	4.16%	-0.48%

Aside from the APY, what you should consider when opening a savings account

Since credit unions and online-only banks are most likely to offer high-interest savings accounts, this may change the way you manage your savings. For example, some online-only banks do not accept cash deposits and may not have physical locations for in-person assistance. Here are some other factors to consider 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 another member of the CNET 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 individual, 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 23, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from January 13, 2025 to January 20, 2025.

**Varo offers 5% APY only for balances less than $5,000.

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