Find out how much you could earn at today’s savings speeds. The federal reserve system reduced the target at the end of 2024 three times, which means that interest rates are falling from their historical highs. It is important to be sure that you get the maximum rate when shopping on a savings account. The following is the breakdown of savings interest rates today and where to find the best offers.
According to FDIC, the average rate on savings accounts is 0.42%. This may not seem much, but you think it was only 0.06%three years ago, which reflects the sharp growth in a short period of time.
As of June 8, 2025, the highest rate of savings account, available in our partners, is 4.3% APY. This rate offers Everbank and Openbank. However, Openbank has a minimum deposit of $ 500, and Everbank does not require a minimum deposit.
As these rates may not be much longer, think about the opening High -yield savings account Now to use today’s high tariffs.
Here’s a look at some of the best savings rates available today from our proven partners:
The amount of interest you can earn from the savings account depends on Annual interest rate (APY). This is an indicator of your total earnings after a year when considering the base interest rate and how often interest compounds (interest accounts are usually daily).
For example, you put $ 1,000 on a savings account at a medium interest rate of 0.42% at a daily drafting. At the end of one year, your balance will grow up to $ 1.004.12 – your original dollar deposit, as well as a percentage of $ 4.12.
Let’s say you choose a high -yield savings account that instead offers 4% APY. In this case, your balance has grown to $ 1.040.81 over the same period, which includes the interest of $ 40.81.
The more you make to the savings account, the more you will earn. If we took our most example of a high -yield savings account by 4% APY, but invest $ 10,000, your total balance will be $ 10,08.08, that is, you would earn interest $ 408.08.
Read on: What is a good savings account?
