Find out if now is the right time to put your money in a savings account. The Federal Reserve recently implemented a series of cuts to the federal funds rate. As a result, deposit interest rates are falling from their all-time highs. Still, it is possible to find high-yield savings accounts that pay more than 4% APY. So if you’re looking for the best rates available today, here’s a breakdown of where to find them.
Although savings interest rates are high by historical standards, the national average rate for savings accounts is still just 0.39%, according to the FDIC. The good news: Top high-yield savings accounts offer more than 10 times the national average.
As of December 19, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by SoFi.*
Below are some of the best savings rates available today from our verified partners:
Remember, it’s important to shop around before opening a savings account. Interest rates vary widely, but there are several banks (particularly online banks) and credit unions with highly competitive offers.
Online banks operate exclusively through the web. This significantly reduces their overall costs, so they can pass those savings on to customers in the form of high deposit rates and low fees. In fact, many of the best high-yield savings accounts also come with zero monthly fees or minimum initial deposit requirements. If you’re looking for the best interest rates for savings, online banks are a great place to start.
That said, online banks aren’t the only place you can find savings accounts with rates ranging from 4% to 5% APY. Credit unions are nonprofit financial cooperatives and are also known for offering competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, although there are some that allow anyone to join.
Savings accounts are one of the safest places you can put your money. They are FDIC (or NCUA in the case of credit unions) insured, meaning your deposits are protected up to $250,000 if your financial institution goes bankrupt. They also cannot lose money due to market fluctuations.
However, a savings account is not always the right choice. Although current interest rates on savings are high by historical standards, they still don’t offer the same returns you could achieve by investing your money in the market. For long-term savings goals, such as retirement, you should invest most of your savings in higher-risk (but higher-reward) market investments, such as 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, a 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 deposit accounts, including money market accounts and certificates of deposit (CDs), place more restrictions on how often withdrawals can be made.
*Earn up to 4.30% Annual Percentage Yield (APY) on SoFi savings with a 0.70% APY boost (added to 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 01/31/26. Variable rates, subject to change. The terms apply in sofi.com/banking#2. SoFi Bank, NA Member FDIC.