Find out if now is the right time to put your money in a savings account. In 2024, the Federal Reserve implemented a series of cuts to the federal funds rate, and those rates continued on a downward trend throughout 2025. As a result, deposit interest rates have fallen from their historic highs.
So far in 2026, the Fed has kept interest rates unchanged. Still, it’s possible to find high-yield savings accounts paying above 4% APY. So, if you’re looking for the best rates available today, here’s a breakdown of where to find them.
What bank currently has the highest savings interest rate?
Although savings interest rates are elevated by historical standards, the national average rate for savings accounts is still just 0.38%, according to the FDIC. The good news: Top high-yield savings accounts offer more than 10 times the national average.
As of May 29, 2026, the highest savings account rate available from our partners is 4.10% APY. This rate is offered by CIT Bank.
Here is a look at some of the best savings rates available today from our verified partners:
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ACCOUNT |
RATE |
NOTES |
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Up to 4.10% APY |
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice. |
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4% APY |
Minimum deposit of $1,000 is required. New customers only (current customers earn 3.4%). |
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3.9% APY |
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Up to 3.8% APY |
Open a new SoFi Checking and Savings account by 12/31/26, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. |
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3.8% APY |
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Up to 3.75% APY |
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3.65% APY |
Applies to balances up to $249,999 (balances of $250,000 and up earn 3.75% APY) |
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3.65% APY |
Annual percentage yield (APY) is accurate as of the publish date. Interest rates and APYs are variable and may change without notice. Minimum to open account is $100. Fees could reduce earnings on the account. Member FDIC. |
Remember, it’s important to shop around before opening a savings account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers.
Do online banks have the best savings account rates?
Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they’re able to pass those savings onto 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 opening deposit requirements. If you’re searching for the best savings interest rates, online banks are a great place to start.
That said, online banks aren’t the only place you can find savings accounts with rates that range between 4% and 5% APY. Credit unions are not-for-profit financial cooperatives and are also known for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join.
Should you open a savings account?
Savings accounts are one of the safest places you can put your money. They’re insured by the FDIC (or the NCUA in the case of credit unions), which means your deposits are protected up to $250,000 if your financial institution fails. They also can’t lose money due to market fluctuations.
However, a savings account isn’t always the right choice. Although today’s savings interest rates 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 need to invest a bulk of your savings in higher-risk (but higher-reward) market investments such as stocks, index funds, and mutual funds to reach your target.
But if you’re saving for a shorter-term goal such as a down payment on a home, vacation, or even an emergency fund, a high-yield savings account is one of the best options. That’s 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 you can make withdrawals.
