Find out if now is the right time to put your money into a savings account. In 2024, the Federal Reserve implemented a series of cuts in federal funds rates and these rates continue to trend downward through 2025. As a result, interest rates have fallen from historic highs. Still, it’s possible to find high-yield savings accounts that pay above 4% APY. So, if you’re looking for the best deals today, here’s a breakdown of how to find them.
Although savings interest rates have risen by historical standards, the national average rate for savings accounts is still only 0.39%, according to the FDIC. The good news: High-yield savings accounts offer 10 times the national average.
As of March 6, 2026, the highest savings account rate offered by our partners is 4% APY. This rate is offered by SoFi* and Valley Direct.
Here’s a look at some of today’s best savings rates from our verified partners:
Remember, it’s important to shop around before opening a savings account. Interest rates vary widely, but there are many banks (especially online banks) and credit unions with very competitive offers.
Online banks operate exclusively through the web. This significantly reduces their overhead costs, so they can pass these savings on to customers in the form of higher deposit rates and lower 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 looking for the best savings interest rates, online banks are a good place to start.
That said, online banks aren’t the only place you can find savings accounts with rates that range between 4% and 5% APY. Credit unions are not for profit financial cooperatives and are known for providing competitive rates and low fees. Most credit unions have certain requirements that must be met for membership, although some allow just about anyone to join.
Savings accounts are one of the safest places you can put your money. They are insured by the FDIC (or NCUA in the case of credit unions), meaning your deposits are protected up to $250,000 if your financial institution fails. They cannot afford to lose money due to market fluctuations.
However, a savings account is not always the right choice. Although today’s savings interest rates are high by historical standards, they still don’t provide the kind of returns you can get by investing your money in the stock market. For long-term savings goals like retirement, you need to invest more of your savings in high-risk (but high-reward) investments like stocks, index funds, and mutual funds to reach your goal.
But if you’re saving for a short-term goal like a down payment on a house, vacation, or even an emergency fund, a high-yield savings account is one of the best options. This is especially true if you want to access your money as needed; Other types of high-yield savings accounts, including money market accounts and certificates of deposit (CDs), have more restrictions on how long you can withdraw.
* Earn up to 4% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY boost for up to 6 months (added to 3.30% APY as of 11/12/25). Open a new SoFi Checking and Savings account and enroll in SoFi Plus by 1/31/26. Prices are variable, subject to change. Terms apply sofi.com/banking#2. SoFi Bank, NA Member FDIC.
