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Forbes
3 days ago
- Business
- Forbes
High-Yield Savings Account Rates Today: June 3, 2025
Rates on savings accounts are the same compared to one week ago. You can now earn as much as 5.84% on your savings. Searching for an account where you can put some money aside? Here's a look at some of the best savings rates you can find today. Related: Find the Best High-Yield Savings Accounts Of 2025 Traditional savings accounts, often called "statement savings accounts" in the banking industry, were notorious for paying puny interest rates for more than a decade after the Great Recession. But you can find much higher yields now, especially from online banks and credit unions. The highest yield on a standard savings account with a $2,500 minimum deposit amount within the last week has been 5.84%, according to data from Curinos. If you spot a basic savings account with a rate in that ballpark, you've done well for yourself. Today's average APY for a traditional savings account is 0.22%, Curinos says. APY, or annual percentage yield, accurately represents the actual amount your account will earn during one year. It factors in compound interest, which is the interest that builds up on the interest in your account. High-yield savings accounts typically pay much more interest than conventional savings accounts. But the catch is you may have to jump through some hoops to earn that higher rate, such as becoming a member of a credit union or putting down a large deposit. On high-yield accounts requiring a minimum deposit of $10,000, today's best interest rate is 4.88%. That's about the same as last week. The average APY for those accounts is now 0.23% APY, unchanged from a week ago. On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate available today is 4.21%. You'll be in good shape if you can find an account offering a rate close to that. The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit. Start by comparing the best yields available on the market. There's no point in opening a high-yield savings account if you're not actually earning a high yield. But the interest rate shouldn't be the only factor you take into account. Consider whether a prospective account has a minimum deposit - and if you can meet it. You'll also want to watch out for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you make more than a certain number of withdrawals in a given month) and other pesky charges that can eat into your returns. And before you apply for a new account, explore the reputation and safety of the bank or credit union by checking the reviews, seeing what people have to say about customer service and finding out how the financial institution responds to consumer questions. Choose a bank that's insured by the FDIC or a credit union insured by the NCUA. Those agencies provide up to $250,000 in insurance per depositor and bank for each account ownership category. Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship-based accounts and accounts designed for youths, seniors and students—are not considered in the calculation. The best high-yield savings account pays 5.84% now, according to Curinos data, so you'll want to aim for an account that delivers a yield in that ballpark. But rates aren't everything. You want an account that charges few fees, offers great customer service and has a track record of being a stable institution. Savings yields are variable and can change depending on economic conditions or a bank's particular financial need. Usually rates are influenced by the federal funds rate, meaning that a bank tends to raise or lower its rates along with the Fed. Online banks and credit unions tend to offer the best yields because they can pass along savings from low overhead while also striving to attract new customers.
Forbes
28-05-2025
- Business
- Forbes
Today's Top Money Market Account Rates For May 28, 2025 - Rates Hit 4.89%
Right now, the average money market rate sits at 0.53%, but the best rate today is 4.89%, according to Curinos. Here are today's money market account rates: A money market account (MMA) is a type of interest-bearing deposit account offered by banks and credit unions that works like other savings accounts: You deposit money into the account and earn interest on your balance. You can withdraw funds whenever you need to, but you may be restricted to six transactions per statement period. Money market accounts typically pay higher interest rates than other deposit accounts, including traditional savings accounts. And unlike typical savings accounts, they often offer debit cards, check-writing capabilities or both, providing convenient access to cash. Money market accounts often have higher deposit and balance requirements than many bank accounts. MMAs at banks are insured by the Federal Deposit Insurance Corp. (FDIC), while MMAs at credit unions are insured by the National Credit Union Administration (NCUA). In both cases, depositors are covered for up to $250,000 per account type, protecting your money in the event of bank failure. Before opening a money market account, look into at least a few options with different banks or credit unions. Compare minimum balance requirements, monthly fees, withdrawal limits and annual percentage yields (APYs) to choose the best fit. Also, check out the conditions to earn the highest interest rates. You can typically apply for a money market account online or in person. You will need to provide personal information such as your name, employment status and income, address and Social Security number, and show a government-issued ID. Once you're approved, you can make your initial deposit. Money market accounts act like a hybrid between savings accounts and a checking account. Both MMAs and savings accounts: Similar to checking accounts and unlike most savings, money market accounts: Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Forbes
07-05-2025
- Business
- Forbes
Today's Top Money Market Account Rates For May 7, 2025 - Rates Hit 4.89%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. As of today, the highest money market rate is 4.89%, compared to a national average rate of 0.53%, according to Curinos. Here are today's money market account rates: Money market account are interest-bearing deposit accounts that work similarly to savings accounts. You deposit money whenever you have some to spare and it grows more interest the longer you leave it alone. These accounts are insured by the Federal Deposit Insurance Corp. (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions up to $250,000 per depositor. Money market accounts offer convenient fund accessibility, often including checks and debit cards, though you might be limited to six monthly transactions. Compared to regular savings accounts, money market accounts usually offer higher interest rates. However, they tend to require higher minimum deposits and balances to earn these. Before opening a money market account , look into at least a few options with different banks or credit unions. Compare minimum balance requirements, monthly fees, withdrawal limits and annual percentage yields (APYs) to choose the best fit. Also, check out the conditions to earn the highest interest rates. You can typically apply for a money market account online or in person. You will need to provide personal information such as your name, employment status and income, address and Social Security number, and show a government-issued ID. Once you're approved, you can make your initial deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save. Was this article helpful?
Forbes
06-05-2025
- Business
- Forbes
Money Market Interest Rates Today: May 6, 2025 - Rates At 4.89%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. The current average money market rate is 0.53%, while the highest rate is up to 4.89%, according to Curinos. Here are today's money market account rates: A money market account , or MMA, is an interest-bearing deposit account you can open at a bank or credit union. These are insured up to $250,000 per depositor by the Federal Deposit Insurance Corp. (FDIC) at banks, or the National Credit Union Administration (NCUA) at credit unions. The insurance protects your balance if your bank fails. As with other savings accounts, your money in an MMA will grow as it earns interest, and you can add or withdraw funds at any time. You may also be able to write checks or use a debit card. However, depending on the bank, you could be limited to six transactions per statement period. Money market accounts may offer higher interest rates than typical savings accounts. In exchange, they often require higher minimum deposits and balances . Before opening a money market account , look into at least a few options with different banks or credit unions. Compare minimum balance requirements, monthly fees, withdrawal limits and annual percentage yields (APYs) to choose the best fit. Also, check out the conditions to earn the highest interest rates. You can typically apply for a money market account online or in person. You will need to provide personal information such as your name, employment status and income, address and Social Security number, and show a government-issued ID. Once you're approved, you can make your initial deposit. Money market accounts work like savings accounts in some ways and like checking accounts in others. Both MMAs and savings accounts: Let you deposit funds as you please Earn interest on your savings Are highly liquid Are safe deposit accounts May have withdrawal restrictions, balance requirements and monthly fees Similar to checking accounts and unlike most savings, money market accounts: Can come with debit cards, checks or both Tend to have higher fees Tend to have deposit and balance requirements Frequently Asked Questions (FAQs) Money market rates are variable and can change when economic conditions change, such as when the Federal Reserve alters interest rates or due to circumstances at a specific bank. There is no set schedule for when or by how much MMA rates change, so be on the lookout for notifications from your financial institution. Banks set money market account rates. The specific rate offered by an institution reflects the general interest rate environment and the bank's economics. For instance, a new online-only financial institution may offer a high rate to gain customers, whereas an established bank could count on generations of depositors. You can use a money market account calculator to see how much interest you'll earn. The amount of interest you earn is determined by the principal amount you deposit, the interest rate offered by your bank and the amount of time you save.
Yahoo
02-05-2025
- Business
- Yahoo
NCUA's Harper: Firings laying groundwork for Fed dismissals
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Former National Credit Union Administration Chair Todd Harper's decision to sue President Donald Trump over his firing was 'more difficult than coming out of the closet,' he said during a conversation Thursday at the Brookings Institution in Washington, D.C. 'Taking on the United States president is not an easy decision,' Harper said. 'The more I thought about it, the more I said, it had to be done.' Trump fired Harper and Tanya Otsuka, the NCUA's two Democratic board members, last month, leaving just one member on the regulator's board: Republican Chair Kyle Hauptman. Harper and Otsuka sued the president Monday for their 'patently unlawful removal[s].' Harper was appointed to the board during the first Trump administration and then served as board chair during President Joe Biden's administration. His term wasn't set to expire until April 2027. Harper said he 'indirectly learned' he had been let go, the day after Otsuka informed him of her firing. Access to his work phone and computer had been cut off, he said, and it took the Trump administration two days to find the email they had sent, intended to inform Harper of his firing. 'They had sent it to the wrong email address at the NCUA. I can't make this stuff up,' he told Aaron Klein, a Brookings senior fellow. It was the first time NCUA board members were removed while within their terms, he said. The lawsuit seeks reinstatement. There was no mention of cause 'whatsoever' in the email, and Harper said he's 'not doing anything related to offboarding' until the lawsuit is resolved. Harper made it clear he views the Trump administration's move as part of a broader strategy ultimately targeting the Federal Reserve. The president fired a Democratic member of the National Labor Relations Board in January and two Democratic commissioners at the Federal Trade Commission in March. 'I think they're chipping away, so that they can get to the Federal Reserve Board,' he said. 'They're using us as test cases.' The firings reflect a desire to dismantle independence held by the federal financial regulators, Harper said. Alluding to the executive order signed in February that gives the White House more control over independent agencies, Harper said the administration is exerting more 'pressure' on financial regulators, and he expects that will lead to fewer rules produced overall. He jabbed at credit union trade groups, for 'not coming out loudly' to advocate for his and Otsuka's reinstatement. Republican lawmakers have pushed for multi-member boards to lead some agencies instead of a single head — that idea has been floated for the Consumer Financial Protection Bureau. But officials have 'not been rushing to my defense,' Harper said. The NCUA can continue to handle essential functions, such as conducting examinations, with a one-person board, Harper said. But without a quorum of two members, the board cannot vote to implement any policy changes or approve new enforcement actions. On Wednesday, the NCUA liquidated Unilever Federal Credit Union, which had $46.6 million in assets. If the same were to occur with a larger credit union, board votes would be needed, Harper said. 'There's a real question out there, if it requires a board vote, what can happen?' he said. 'There might be some institutions where it's more slowly to get resolved, which could compound the problem over time.' Additionally, rulemaking comes to a 'grinding halt,' he added. Amid the firings, the NCUA board has been weighing pressing issues: At a meeting set for May 22, the board planned to discuss a downsizing effort that will see the agency lose 'a significant number of staff,' Harper said. Some 220 employees at the 1,200-person agency have accepted voluntary resignation offers, Bloomberg Law reported last week. The NCUA had already taken steps to effect a downsizing – which Harper said he voted for in a closed board meeting – when the Department of Government Efficiency set its sights on the agency, Harper said. DOGE met with career staff at the agency, and only briefly with Hauptman, Harper noted. 'How are we going to restructure the agency? What should the normal operating level be set at for the share insurance fund?' he said. 'After all, if you have fewer examiners and fewer people, there are going to be fewer exams and there's going to be greater risk.' Harper noted there are nine credit unions with CAMELS ratings of 4 and 5 that have more than $500 million in assets, and another 69 credit unions of that same size that have a CAMELS rating of 3, Harper said. CAMELS stands for capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. An ordinal scale — 1 being the best to 5 being the worst — is used by regulators to evaluate a financial institution's overall condition. Cumulatively, that group of credit unions has about $112 billion in assets, and 'these are the credit unions we need to spend more time at and look at closely. And we need the eyes there,' Harper said. Harper's 'deeply concerned' with the NCUA's ability to closely supervise those credit unions as the agency is downsized and loses retiring staffers. 'That's my worry,' he said. When asked about credit union taxation – given growing calls by bank trade groups to repeal tax exemption for credit unions because it allows credit unions to offer higher purchase prices for bank acquisition targets – Harper said he's seen 'a weakening in the position on [Capitol] Hill,' noting credit union taxation was included in a list of options for funding tax legislation. He also referenced a bill passed in Washington state last month that would tax transactions in which a state-chartered credit union acquires a bank. 'You're seeing sort of some rumblings of this 'don't tax my credit union' starting to break away,' he said. 'I see that credit unions are in the most perilous place that they've been on the taxation issue in the 25, 26 years that I've worked on credit union policy issues.' Recommended Reading First Citizens' poaching claims against HSBC largely dismissed Sign in to access your portfolio
