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Yahoo
4 days ago
- Business
- Yahoo
Best savings interest rates today, July 21, 2025 (Earn up to 4.3% APY)
Today's savings account rates still hover well above the national average. The Federal Reserve cut the federal funds rate three times in 2024, which means deposit account rates are also on the decline. It's more important than ever to ensure you're earning the highest rate possible on your savings, and a high-yield savings account could be the solution. These accounts pay more interest than the typical savings account — as much as 4% APY and higher in some cases. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers. Best savings rates today In general, high-yield savings accounts offer better interest rates than traditional savings accounts. Still, rates vary widely across financial institutions. That's why it's important to shop around and compare rates before opening an account. As of July 21, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by Openbank and requires no minimum opening deposit. As you'll see, the majority of top savings rates come from online banks. These institutions have much lower overhead costs than traditional banks, so they can pass those savings on to customers in the form of higher rates and lower fees. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. National average savings account rates A high-yield savings account can be a good fit if you're looking for a secure place to store your money and earn a competitive interest rate while maintaining liquidity. Traditional savings accounts and certificates of deposit (CDs) have some of the highest interest rates we've seen in more than a decade, thanks to recent interest rate hikes by the Federal Reserve. Even so, the national average for these rates is fairly low compared to the top offers available. For example, the average savings account rate is just 0.38%, while 1-year CDs pay 1.62%, on average, according to the FDIC. The Fed is also expected to lower its target rate again in 2025, which means now might be the last chance for savers to take advantage of today's high rates. Choosing the best savings account for you Taking the time to compare accounts and rates from various financial institutions will help you secure the best deal available. However, interest rates aren't the only factor to consider when choosing a savings account. For example, some banks may require that you maintain a minimum balance to earn the highest advertised rate and avoid monthly fees. Other factors to evaluate include customer service options and hours, ATM and branch access, digital banking tools, and the overall financial stability of the institution. Additionally, before opening a savings account, be sure that it's insured by the Federal Deposit Insurance Corporation (FDIC) — or the National Credit Union Administration (NCUA) if it's held by a credit union — so your money is protected in case the institution fails. Read more: How to open a savings account: A step-by-step guide
Yahoo
5 days ago
- Business
- Yahoo
Best savings interest rates today, July 20, 2025 (best accounts offering 3.9% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling from their historic highs. It's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. Overview of savings interest rates today The national average savings account rate stands at 0.38%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%, reflecting a sharp rise in a short period of time. As of July 20, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by Openbank and requires no minimum deposit. Since these rates may not be around much longer, consider opening a high-yield savings account now to take advantage of today's high rates. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. How much interest can I earn with a savings account? The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.42% with daily compounding. At the end of one year, your balance would grow to $1,004.12 — your initial $1,000 deposit, plus just $4.12 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate?
Yahoo
6 days ago
- Business
- Yahoo
Best savings interest rates today, July 19, 2025 (earn up to 4.3% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling. So it's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. Overview of savings interest rates today The national average savings account rate stands at 0.38%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%. Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up. As of July 19, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered Openbank and requires no minimum deposit. Here is a look at some of the best savings rates available today from our verified partners: How much interest can I earn with a savings account? The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.42% with daily compounding. At the end of one year, your balance would grow to $1,004.12 — your initial $1,000 deposit, plus just $4.12 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate?
Yahoo
17-07-2025
- Business
- Yahoo
Best savings interest rates today, July 17, 2025 (top account pays 4.3% APY)
If you're looking to supercharge your savings, a high-yield savings account could provide an above-average return to help your balance grow faster. However, not all banks offer high savings account rates, which is why it's important to shop around and find the most competitive savings interest rates available. Read on to learn more about where to find the best savings interest rates today. Banks with the best savings interest rates today Savings account rates have been trending down since last year, when the Federal Reserve began cutting the federal funds rate. The good news is that many high-yield savings accounts still offer rates of around 4% APY and up. The best rates are typically offered by online banks, although you may be able to find comparable savings interest rates at some credit unions and community banks. As of July 17, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by EverBank and Openbank and requires no minimum opening deposit. Here is a look at some of the best savings interest rates available today from our verified partners: How do I choose the best savings account? Selecting a savings account with a competitive interest rate is important. The higher the rate, the faster your balance will grow over time. That said, the interest rate shouldn't be your only point of comparison. Other factors, such as fees, ATM locations, the bank's reputation, and more should also be considered. The best savings accounts offer a combination of high rates, low fees, accessibility, and an overall positive banking experience. Not sure where to start? Check out our ranking of the 10 best high-yield savings accounts available today. Savings account interest rate forecast Following several years of near-zero interest rates, the Federal Reserve began raising the the federal funds rate in 2022 in order to combat rapidly rising inflation. As a result, savings interest rates skyrocketed, reaching a 15-year high. However, in late 2024, the Fed implemented a series of cuts to the federal funds rate, and savings account rates have started dropping. It's also expected that the Fed will implement more rate cuts in 2025. It's difficult to predict exactly how and when interest rates will change going forward, but one thing is for sure: Today's high savings account rates won't last forever. So, if you're hoping to give your savings a boost and take advantage of the best rates on the market, there's no better time than now. How to open a savings account The requirements involved in opening a savings account vary by financial institution. However, if you're ready to open an account, you can follow these general steps: Research savings account rates: Of course, when choosing a savings account, one of the most important factors to evaluate are the interest rates. Be sure that you select a savings account with a competitive rate to help your money grow. Figure out your must-haves: Although savings account interest rates should be top of mind, that's not the only factor to consider. You'll also want to think about what else you need from your account, whether it's no minimum balance requirement, low fees, or other perks. Finding a savings account with a solid rate that also helps you achieve your goals is key. Prepare documentation: Opening a bank account requires you to provide a few important personal details and documents. Before you start your application, be sure you have your Social Security number, driver's license or passport number, and proof of address. Fill out the application: In many cases, you can apply for savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, the application for a new savings account should only take a few minutes to complete. In many cases, you'll get your approval decision instantly. Fund your account: Once your savings account application is approved, you'll need to add funds to the account. Be sure you're aware of any minimum opening deposit requirements and timeline for funding. Read more: Step-by-step instructions for opening a high-yield savings account
Yahoo
16-07-2025
- Business
- Yahoo
Best savings interest rates today, July 16, 2025 (Earn up to 4.3% APY)
Here's a look at how today's savings account rates stack up. The Federal Reserve cut the federal funds rate three times in late 2024, which means deposit rates are now falling. It's more important than ever to ensure you're earning the highest rate possible on your savings, and a high-yield savings account could be the solution. These accounts pay more interest than the typical savings account — as much as 4% APY and higher. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers. Historically speaking, savings account interest rates have been high. That said, the rates on traditional savings accounts pale in comparison to those offered for high-yield savings accounts. For example, the average savings account rate is just 0.42%, while the best savings interest rates are generally around 4% to 4.5% APY. As of July 16, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by EverBank, and Openbank, which both require no minimum opening deposit. Here is a look at some of the best savings rates available today from our verified partners: Deposit account rates — including savings rates — are tied to the federal funds rate. This is the target interest rate set by the Federal Reserve; when it increases its target rate, deposit account rates usually increase. And conversely, when the Fed lowers its rate, deposit rates fall. After multiple interest rate hikes by the Fed in response to skyrocketing inflation, it finally lowered the federal funds rate three times in late 2024. As a result, deposit rates are falling as well. Experts anticipate that the Fed will cut its target rate two more times in 2025, so we can expect savings account rates to continue falling this year. However, high-yield savings accounts remain one of the best places to safely store cash and earn the best deposit rates available. Read more: I bond vs. high-yield savings account: Which is better for beating inflation? Choosing where to put your money is an important decision, and there are a few factors you should consider when evaluating your options. A high-yield savings account could make sense if you're looking for a secure place to hold shorter-term savings while earning a solid return. Here are a few key considerations: Interest rates: One of the most important features of a savings account is the interest rate. It's important to shop around and compare the best offers to ensure your money will grow over time. Considering that savings rates will likely drop in the near future, opening a high-yield savings account now will allow you to take advantage of historically high rates. Goals: Today's high-yield savings accounts offer rates we haven't seen in more than a decade. That said, savings rates still don't match average returns for the stock market. If you're saving for a long-term goal like retirement, a savings account probably isn't the best place to put your money, since your balance won't grow at a pace that will allow you to reach your target. However, if you're saving for a financial emergency, a down payment on a home or car, gifts for the holiday season, or another short-term goal, a savings account is a great place to hold those funds. Accessibility: Certain types of accounts and investments may provide higher returns than a savings account, but may make it difficult to access your funds in a pinch. For example, if you put your savings in a certificate of deposit (CD) and need to access the money before the maturity date, you could be subject to an early withdrawal penalty. So, if you want to be able to dip into your savings as needed, a high-yield savings account is likely the better choice. Security: In most cases, savings accounts are insured by the FDIC up to the federal limit. They also can't lose money due to fluctuations in the market, making them a low-risk option. Read more: Can you negotiate a higher savings account rate with your bank?
