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Rates on savings accounts are mixed compared to one week ago. You can now earn 5.84% or higher on your savings.

In the market for an account where you can save for a rainy day or retirement? Here’s a look at some of the best savings rates you can find today.

Related: Compare the Best High-Yield Online Savings Accounts

Traditional Savings Account Rates Today

Traditional savings accounts, called “statement savings accounts” within the banking industry, are known for paying paltry interest rates. That has changed, thanks to the Fed’s campaign of interest rate hikes to combat inflation last year. But even though the Fed hasn’t raised its rate since July 2023, consumer deposit yields remain high.

Today’s highest rate on a standard savings account with a $2,500 minimum deposit requirement is 5.84%, according to data from Curinos. If you score a basic savings account with a rate in that general area, you’ve found a good deal. One week ago, the best yield also was 5.84%.

Today’s average APY for a traditional savings account is 0.24%, Curinos says. APY, or annual percentage yield, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account.

High-Yield Savings Account Rates Today

High-yield savings accounts often pay much higher interest than conventional savings accounts. But the catch is you may have to meet tough requirements set by the bank or credit union. Often, that means making a large deposit to open the account.

On high-yield accounts requiring a minimum deposit of $10,000, today’s best interest rate is 5.35%. That’s unchanged from one week ago.

The average APY for those accounts is now 0.24% APY, about the same as a week ago.

On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate offered today is 4.97%. You’ll be in good shape if you can get an account offering a rate close to 4.97%. Last week at this time, the best rate was a similar 4.97%.

The current average is 0.26% APY for a high-yield account with a $25,000 minimum deposit. That’s above last week’s 0.25%.

How To Choose a Savings Account

Whether you’re looking for a traditional savings account, high-yield savings account or MMA, you’ll want to keep a few things in mind.

A high interest rate is important, but it’s not the only factor that matters when selecting an account to hold your savings. Another major consideration is whether the account has a minimum deposit—and whether you have enough money to fund the account.

You’ll also want to understand the fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals) and other bothersome charges that can eat into your returns.

And before you apply for an account, look into a financial institution’s reputation and safety. You should trust your bank or credit union and feel like you’re in good hands. Scan the reviews, see what account holders have to say about customer service and find out how the financial institution responds to consumer questions.

Search for an account that’s insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category.

How Often Do Savings Account Interest Rates Change?

Interest rates on savings accounts typically fluctuate in response to changes in other rates throughout the economy. Savings rates are primarily influenced by the Federal Reserve’s rate moves, and the central bank raised its benchmark federal funds rate several times between 2022 and 2023 in an attempt to control inflation. With inflation still high but cooling slowly, the federal funds rate has held steady since July 2023.

So far this year, earning rates on deposit accounts have been mostly stable. Savings yields, which remain favorable for consumers, are expected to start falling in 2024 when the Federal Reserve issues rate cuts, but this likely won’t happen until later in the year.

Methodology

Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation.

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Last Update: July 10, 2024