Best savings interest rates today, March 20, 2025 (top account pays 4.20% APY)
Savings account rates are now trending down following the Fed's recent rate cuts.
The good news is that many high-yield savings accounts still offer rates of around 4% APY. 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.
Today, the highest savings account rate available from our partners is 4.20% APY. This rate is offered by Jenius Bank and there is no minimum opening deposit required.
Read our full review of Jenius Bank
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.Following several years of near-zero interest rates, the Federal Reserve began raising the federal funds rate in 2022 in order to combat rapidly rising inflation. As a result, savings interest rates skyrocketed as well, 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.
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
This embedded content is not available in your region.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Hot Inflation Clouds Fed Path, But Crypto Bulls Eye Q4 Liquidity Surge
A hotter-than-expected U.S. wholesale inflation reading has tempered optimism for a September interest-rate cut, but some analysts say the pullback in crypto could be short-lived as liquidity tailwinds build into year-end. The Producer Price Index rose 0.9% in July, its largest monthly gain in more than three years, with core PPI matching that pace. The data prompted traders to scale back bets on imminent Federal Reserve easing, pressuring Bitcoin and Ethereum from recent highs. Bitcoin is down 4.2% to $118,200 on the day while Ethereum has slipped 3% to 4,570, CoinGecko data shows. 'The recent pullback in crypto prices following a hotter-than-forecast reading on core PPI seems to have shaken broader confidence in a Fed rate cut next month,' Thomas Perfumo, Kraken's global economist, told Decrypt. 'Fundamentally, elevated inflation continues to underscore the long-term appeal of crypto assets with fixed or programmatic supply, which are structurally better positioned to preserve, and even grow in value.' The most prominent example is Bitcoin, which has a fixed supply capped at 21 million coins. What Treasury Secretary Bessent's Call for a 50bps Cut in September Could Mean for Crypto Jamie Coutts, chief crypto analyst at Real Vision, said the macro backdrop is breaking from historical cycles, with inflation unlikely to be 'easily tamed' and policymakers exploring unconventional tools such as targeted Treasury issuance or yield-curve control. 'Short-term, this looks bullish, but without sustained growth, it could end disastrously,' he said. Coutts expects seasonal weakness in September but sees rising global liquidity, driven by Chinese stimulus measures and a weaker U.S. dollar, supporting a rally in the fourth quarter. Why XRP Is Dumping While Cardano Is Pumping: Analysis Bitcoin has fallen in six of the past 10 Septembers, with a median decline of about 4.35%, according to CoinGlass data, but those dips have often set up strong year-end rallies. Coutts has often noted that shifts in liquidity, whether expanding or contracting, tend to move in step with the rise and fall of risk-asset valuations, as seen during the pandemic-era market rally of 2020–2021. For now, the PPI shock has reined in aggressive rate-cut bets. But if liquidity flows hold and the dollar continues to soften, crypto's late-summer lull could give way to a renewed push higher before year-end. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
5 hours ago
- Bloomberg
Treasuries End Turbulent Week Lower as Traders Eye Jackson Hole
Treasuries fell to wrap up a volatile week as mixed economic data kept investors on edge ahead of a key speech from Jerome Powell that may offer clues on the Federal Reserve's next steps. The selloff lifted 10-year yields to 4.32% on Friday, slightly above last week's levels. The dollar slipped and traders held to bets on a September rate cut while shifting focus to the Fed symposium in Jackson Hole, Wyoming, where Powell is set to deliver an address.
Yahoo
6 hours ago
- Yahoo
Key for Fed Is Retaining Inflation-Fighting Credibility: Misra
JPMorgan Asset Management Core Plus Bond ETF Portfolio Manager Priya Misra believes if the Fed starts the process of cutting rates based on data, inflation forecasts and where the expectations are leading, they will retain their inflation-fighting credibility. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
