Discover out if now’s the proper time to place your cash in a financial savings account. In 2024, the Federal Reserve carried out a collection of cuts to the federal funds price and people charges continued on a downward pattern all through 2025. Because of this, deposit rates of interest have fallen from their historic highs. Nonetheless, it is doable to seek out high-yield financial savings accounts paying above 4% APY. So, should you’re searching for the perfect charges out there right this moment, right here’s a breakdown of the place to seek out them.
Though financial savings rates of interest are elevated by historic requirements, the nationwide common price for financial savings accounts continues to be simply 0.39%, based on the FDIC. The excellent news: High high-yield financial savings accounts supply greater than 10 occasions the nationwide common.
As of February 6, 2026, the very best financial savings account price out there from our companions is 4% APY. This price is obtainable by SoFi*, Barclays, and Valley Direct.
Here’s a have a look at a few of the greatest financial savings charges out there right this moment from our verified companions:
Keep in mind, it’s necessary to buy round earlier than opening a financial savings account. Rates of interest range extensively, however there are a number of banks (particularly, on-line banks) and credit score unions with extremely aggressive affords.
On-line banks function solely by way of the net. This considerably reduces their overhead prices, in order that they’re in a position to go these financial savings onto clients within the type of excessive deposit charges and low charges. In truth, lots of the greatest high-yield financial savings accounts additionally include zero month-to-month charges or minimal opening deposit necessities. Should you’re trying to find the perfect financial savings rates of interest, on-line banks are an awesome place to begin.
That stated, on-line banks aren’t the one place you could find financial savings accounts with charges that vary between 4% and 5% APY. Credit score unions are not-for-profit monetary cooperatives and are additionally recognized for offering aggressive charges and fewer charges. Many credit score unions have sure necessities that should be met with the intention to grow to be a member, although there are some that enable nearly anybody to hitch.
Financial savings accounts are one of many most secure locations you possibly can put your cash. They’re insured by the FDIC (or the NCUA within the case of credit score unions), which implies your deposits are protected as much as $250,000 in case your monetary establishment fails. In addition they can’t lose cash attributable to market fluctuations.
Nevertheless, a financial savings account isn’t at all times the proper alternative. Though right this moment’s financial savings rates of interest are excessive by historic requirements, they nonetheless don’t supply the identical returns you possibly can obtain by investing your cash available in the market. For long-term financial savings targets akin to retirement, it is advisable make investments a bulk of your financial savings in greater danger (however greater reward) market investments akin to shares, index funds, and mutual funds to succeed in your goal.
However should you’re saving for a shorter-term purpose akin to a down fee on a house, trip, and even an emergency fund, a high-yield financial savings account is without doubt one of the greatest choices. That’s very true if you wish to entry your cash as wanted; different sorts of high-yield deposit accounts, together with cash market accounts and certificates of deposit (CDs) place extra restrictions on how usually you may make withdrawals.
*Earn as much as 4% Annual Share Yield (APY) on SoFi Financial savings with a 0.70% APY Enhance (added to the three.30% APY as of 11/12/25) for as much as 6 months. Open a brand new SoFi Checking & Financial savings account and enroll in SoFi Plus by 1/31/26. Charges variable, topic to vary. Phrases apply at sofi.com/banking#2. SoFi Financial institution, N.A. Member FDIC.
