Best Savings Rates Today -- APYs Remain Attractive. But the Clock Is Ticking, June 19, 2024 (2024)

There’s still time to earn a competitive rate with one of today’s top savings accounts. But the clock is ticking.

The Federal Reserve held interest rates steady for the seventh consecutive time this month, which means high savings rates will likely hold on through the summer. So, now’s the time to take advantage of the best high-yield savings accounts that earn annual percentage yields, or APYs, as high as 5.55%. Otherwise, you’re leaving money on the table.

Here’s where you can find the top savings rates this week.

Experts recommend comparing rates before opening a savings account to get the best APY possible. You can enter your information below to see CNET’s partners’ rates in your area.

Today’s best savings rates

Here are some of the top savings account APYs available right now:

How long will savings rates stay high?

Savings rates took off in 2022 as the Fed raised the federal funds rate 11 times to fight record inflation. The Fed doesn’t directly impact savings rates, but its decisions have ripple effects. Since savings rates are variable, your APY will likely go down once the Fed drops rates. Inversely, when the Fed raises rates, banks tend to increase their APYs, too.

“When the Fed changes the rates, it impacts everything,” said Lanesha Mohip, a corporate accountant, founder of the Polished CEO and CNET expert review board member. That includes borrowing and savings rates. While taking out a loan or paying back debt may be more expensive, the high rates can also put extra money in your savings.

Last week, the Fed held rates steady for the seventh consecutive time, so APYs on savings accounts are likely to stay elevated for a while. That makes now a great time to open a savings account to maximize your earnings before the Fed begins cutting rates.

Based on CNET’s weekly tracking, here’s where rates stand compared to last week:

The average APY for the top high-yield savings accounts we track at CNET is 4.88%, but you can still find banks offering APYs over 5%. Rates haven’t budged much in the last month, but EverBank did drop the rate on its high-yield savings account on May 31 from 5.15% APY to 5.05% APY.

Benefits of opening a high-yield savings account

With savings rates as high as 5.55% APY, now’s the time to take advantage of competitive rates because they won’t be around forever. A high-yield savings account is a great place to park funds dedicated to your emergency fund or other short-term savings goals. Here’s what else makes HYSAs stand out:

• High rates: HYSAs often have APYs 10 times higher (or more) than the national average, as tracked by the Federal Deposit Insurance Corporation.
• Low or no fees: Monthly maintenance fees can eat into your savings. Many online banks can charge low or no fees thanks to their lower operating costs.
• Liquidity: You can access money in your HYSA anytime without penalty (as long as you mind any withdrawal limits).
• Accessibility: If you open an HYSA at an online bank, you’ll have 24/7 access through its mobile app. You may also have lots of customer service options, including by phone, online chat and secure messaging.
• Low risk: HYSAs are protected by federal deposit insurance if they’re held at an FDIC-insured bank or credit union insured by the National Credit Union Administration. That means your money is safe up to $250,000 per account holder, per account type.

What to look for in a high-yield savings account

Savings rates are high right now, so you’re probably eyeing accounts with attractive APYs. But don’t stop there. There are other important factors you should consider before choosing the right savings accounts for your financial goals, including the following:

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account -- typically, from $25 to $100. Others don’t require anything.
• ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursem*nts or a wide range of in-network ATMs, said Mohip.
• Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The charges can eat into your balance.
• Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable 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 think you may need to make more, consider a bank without this limit.
• Federal deposit insurance: Make sure your bank or credit union is either insured with the FDIC or the NCUA. This way, your money is protected up to $250,000 per account holder, per category, if there’s a bank failure.
• Customer service: Choose a bank that’s responsive and makes it easy to get help with your account if 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 with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of established criteria that compares annual percentage yields, 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 rank higher for offering any of the following perks:

• Account bonuses
• Automated savings features
• Wealth management consulting/coaching services
• Cash deposits
• Extensive ATM networks and/or ATM rebates for out-of-network ATM use

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