Rates on high-yield savings accounts have been falling, but some of the best accounts still pay more than 4% APY. To get the highest possible interest rate on your savings, it’s important to do your research and find competitive offers. Not sure where to start? Here’s a closer look at current savings rates and where you can find the best ones.
The average interest rate on a traditional savings account is just 0.39%, according to the FDIC. However, the best savings rates can be found in high-yield accounts, which often pay much more.
As of January 20, 2026, the highest savings account rate available from our partners is 4% APY. This rate is offered by SoFi,* Valley Bank Direct and Barclays.
Below are some of the best savings rates available today from our verified partners:
Over the past decade, savings account interest rates have fluctuated quite a bit. From 2010 to about 2015, rates were rock bottom, ranging between 0.06% and 0.10%. This was largely due to the 2008 financial crisis and the Federal Reserve’s decision to reduce its target rate to near zero to stimulate economic growth.
From 2015 to 2018, interest rates began to gradually increase. However, they remained low compared to historical standards. Then, the onset of the COVID-19 pandemic in 2020 caused another sharp drop in rates as the Federal Reserve cut rates again to stimulate the economy. This drove average savings interest rates to new lows, around 0.05% to 0.06% in mid-2021.
Since then, savings account rates have recovered sharply, driven largely by the Federal Reserve’s interest rate increases in response to soaring inflation. However, the Federal Reserve eventually reduced the federal funds rate toward the end of 2024 and throughout 2025. As a result, deposit rates have steadily declined.
Here’s a look at how savings interest rates have changed over the last decade:
Even though interest rates have increased substantially since 2021, the average savings account rate is still quite low, especially compared to market investments. If you’re saving for a long-term goal, such as a child’s education or retirement, a savings account probably won’t generate the returns needed to reach your goal.
On the other hand, if you’re saving for an emergency fund, a down payment on a home, a vacation, or another short-term goal, a high-yield savings account is ideal, especially if you want to access funds as needed. Other types of deposit accounts, including money markets and CDs, may offer similar or even better rates, but restrict how often you can make withdrawals. The key is to shop around and find an account that offers a competitive rate with low or no fees.
*Earn up to 4.00% Annual Percentage Yield (APY) on SoFi savings with a 0.70% APY boost (added to 3.30% APY as of 12/23/25) 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.