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Forbes
6 days ago
- Business
- Forbes
High-Yield Savings Account Rates Today: August 7, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. Searching for an account where you can save for a rainy day or retirement? 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, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account. High-yield savings accounts typically pay considerably 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 3.94%. 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. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to its 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). There really is no way to know for sure—it depends on the health of the economy and the state of inflation. The highest interest rates in recent memory were seen in 1980 and 1981 when the Fed sent the federal funds rate soaring above 19%. That was in the face of runaway inflation that had prices rising at an annual rate of more than 14%. In the early 1980s, a three-month CD went as high as 18% compared to around 5% today, according to the Federal Reserve. Savings rates would eventually fall as inflation cooled off and the federal funds rate was brought back down. 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. Frequently Asked Questions (FAQs) 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
7 days ago
- Business
- Forbes
High-Yield Savings Account Rates Today: August 6, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. Shopping for an account where you can park some cash? 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 comparable rate, 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, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account. High-yield savings accounts generally pay much more interest than conventional savings accounts. But the thing to know 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 3.94%. 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. To find the best savings account for your needs, you first must answer the question: What exactly are you looking for? And you must realize that different types of accounts have trade-offs. If you want to open an account at a traditional bank with branches, that will likely rule out the best interest rates, which are typically available at online-only banks . Many traditional savings accounts at brick-and-mortar banks earn just 0.01% or 0.02% APY, while some online-only savings accounts earn more than 4.00% APY. Don't settle on any option until you're certain you have a good grasp on the fees you'll be charged. Savings accounts can ding you with monthly service fees, excess withdrawal fees and returned item fees (if you deposit checks that bounce), among others. Those charges add up and can gnaw away at your savings. As you shop around, check the reviews and ratings of financial institutions and make sure you choose one that will protect your money with federal insurance—from the FDIC or, in the case of credit unions, the NCUA. 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. Frequently Asked Questions (FAQs) 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
04-08-2025
- Business
- Forbes
High-Yield Savings Account Rates Today: August 4, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. Shopping 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, reflects the actual return your account will earn during one year. It accounts for compound interest, which is the interest that accrues on the interest in your account. High-yield savings accounts generally pay much more interest than conventional savings accounts. But the thing to know 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 3.94%. You'll be in good shape if you can nail down 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. Interest rates on savings accounts typically fluctuate in response to other rate changes throughout the economy. Savings rates are primarily influenced by the Federal Reserve's rate moves, and the central bank has finally begun reducing its benchmark federal funds rate as inflation has fallen closer to its 2% goal. Financial institutions usually adjust borrowing and savings rates soon after the Fed changes rates. The Fed votes to adjust rates eight times per year during meetings of the Federal Open Market Committee (FOMC). There really is no way to know for sure—it depends on the health of the economy and the state of inflation. The highest interest rates in recent memory were seen in 1980 and 1981 when the Fed sent the federal funds rate soaring above 19%. That was in the face of runaway inflation that had prices rising at an annual rate of more than 14%. In the early 1980s, a three-month CD went as high as 18% compared to around 5% today, according to the Federal Reserve. Savings rates would eventually fall as inflation cooled off and the federal funds rate was brought back down. 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. Frequently Asked Questions (FAQs) 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
17-07-2025
- Business
- Forbes
High-Yield Savings Account Rates Today: July 17, 2025
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are the same compared to one week ago. You can now earn up to 5.84% on your savings. In the market 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, called "statement savings accounts" within the banking industry, were notorious for paying meager interest in the aftermath of the Great Recession. Rates have been on the rise in recent years, and you can earn even more if you know where to look. For instance, online banks and credit unions often pay much higher rates than brick-and-mortar banks. 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, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account. High-yield savings accounts generally pay substantially more interest than conventional savings accounts. But the trade-off 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 3.94%. You'll be in good shape if you can get 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. Whether you're looking for a traditional savings account, high-yield savings account or MMA, you'll want to keep a few things in mind. A high interest rate is important, but it's not the only factor when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit - and whether you can meet that requirement. You'll also want to watch out for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals), and other pesky charges that can eat into your returns. And before you apply for an account, explore a financial institution's reputation and safety. You should trust your bank or credit union and feel like you're in good hands. Check the reviews, see what people have to say about customer service and find out how the institution responds to consumer questions. Search for an account that's insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category. That's tough to say—it depends on the path of inflation and the overall economy. The highest interest rates in recent memory were seen in 1980 and 1981, when the federal funds rate skyrocketed above 19%. That was in the face of runaway inflation that had prices rising at an annual rate of more than 14%. In the early 1980s, a three-month CD went as high as 18% compared to around 5% today, according to the Federal Reserve. Savings rates would eventually fall as inflation slowed and the federal funds rate came back down. 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. Frequently Asked Questions (FAQs) 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
06-05-2025
- Business
- Forbes
CD Rates Today: May 6, 2025 - Earn As Much As 5.02%
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Today's highest CD rate is 5.02% for a 1-year CD. CD rates from online banks are commonly twice as high as the national average rates. CD ladders let you leverage high rates without locking up all of your money long-term. Today's best interest rates on CDs (certificates of deposit) are as high as 5.02%. Rates vary by term and often fluctuate, and they are expected to fall as the Federal Reserve lowers interest rates. A CD is a specific type of savings account (known as a time deposit account) that comes with a fixed interest rate and a maturity period. CDs, depending on the yield, typically offer better yields than high-yield savings accounts. The tradeoff is that you can't access your cash until the CD matures, otherwise you'll owe a withdrawal fee. The longer the term, the harsher the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD too soon. Be absolutely certain you understand the penalty before you make your investment. Three-month CDs are a good option for short-term savings goals. The current average rate on a three-month CD sits at 1.3%, but the highest rate is 4.67%. The average rate is unchanged from a week ago. If you're interested in a short-term CD with high yields, consider a six-month CD . The best rate today is 4.94%. The current average APR for a six-month CD is 1.78%, about the same as last week. The highest interest rate currently available on a one-year CD—one of the most popular CD terms—is 5.02%. If you land a rate in that vicinity, you're getting a good deal. That rate hasn't changed much since last week. The average APY, or annual percentage yield, on a one-year CD is now 1.83%, unchanged from a week ago. If you can hold out for two years, 24-month CDs today are being offered at interest rates as high as 4.52%. That's the same as this time last week. The average APY for the CD is 1.66%, flat to last week's average. Today, the highest rate on a three-year CD stands at 4.27%, so you'll want to shop around for that rate or something near it. The average rate APY is 1.58%. The highest rate available today for a five-year CD is 4.26%. The average APY is 1.59%, similar to last week. The longer the term, the higher the early withdrawal penalty. It's not unusual to lose one full year's worth of interest or more if you break open a five-year CD early. Be absolutely certain you understand the penalty before you make your investment. The best rate today on jumbo CDs is 4.94% for a 6-month term. As with non-jumbo, various term lengths are available. The average APY for the 6-month CD is currently 1.82%. Most jumbo CDs require a minimum deposit of $100,000—and some even require $250,000. However, there's no universally agreed-upon definition regarding what qualifies as a "jumbo" CD. Some banks and credit unions slap the label "jumbo" on CDs you can open with $50,000, $25,000 or even less. Related: CD Interest Rates Forecast: How Good Will They Get? CD rates are rarely the same between any two banks, so you should comparison shop when looking for a new account. You may decide to stick with your current bank because it's convenient or join a new bank to take advantage of higher rates. To find the right CD, look at the specific term you're interested in with a few different banks. Traditional, brick-and-mortar banks tend to offer lower CD rates, in general, than online banks without any branches. For example: Other top CD rates by banks include: You "purchase" a CD from a financial institution by opening an account with a lump-sum deposit, which is your principal. Many CDs and share certificates (accounts similar to bank CDs but offered by credit unions) have minimum deposits you must meet, which typically range from a few hundred to several thousand dollars. Once you deposit your principal, the clock starts on your timed investment, and you begin earning interest. The bank or credit union will provide you with regular statements showing how much you're earning. You may accrue interest daily, monthly or quarterly. Try not to tap your CD before the term ends. Early withdrawal penalties can be so severe that they negate your interest and then start eating into your principal. CDs typically pay higher interest than other savings vehicles, even the best high-yield savings accounts and money market accounts . And while they may not offer the kind of enviable returns that are possible with stocks, CDs beat the more attention-getting investments in one regard: They're one of the safest places to put your money. Investors lost millions in the 2022 crypto crash, and putting your money into the stock market, real estate or gold and other commodities can be risky, too. But when you buy a certificate of deposit or credit union share certificate from a federally insured financial institution, you can sleep easily with the knowledge that your investment is protected. The Federal Deposit Insurance Corp. provides you with up to $250,000 in coverage in the event the bank issuing your CD ever fails. For share certificates purchased from federal credit unions and most state-chartered credit unions, the National Credit Union Administration insures your money up to the same limit. Traditional brick-and-mortar banks have far greater operating expenses than banks that only exist online. That's why online banks are usually able to offer more attractive APYs on CDs – they have lower overhead costs, so they can afford to pay higher interest rates to customers. Related: CD Interest Rates Forecast: How Good Will They Get? Curinos determines the average rates for certificates of deposit (CDs) by focusing on specific CDs and excluding others. Certain types, such as promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs are not considered in the calculation. Frequently Asked Questions (FAQs) You build a CD ladder by saving your money in multiple CDs with cascading term lengths. For instance, you might buy a one-year CD, a two-year CD, a three-year CD, a four-year CD and a five-year CD. As each of the shorter-term CDs matures, you replace it with a new five-year CD. Follow this plan and you'll have one better-yielding five-year CD maturing each year. If you're ever having a bad year, you could take some of the cash from the expiring CD and use it to pay bills instead of pouring it all into a fresh CD. Comparison shop to track down the best CD rates . Banks and credit unions compete by offering alluring yields to land your business, so shopping around is a must before you purchase any bank CD or credit union share certificate. CDs usually come with zero fees, meaning your money won't be nibbled at by the monthly maintenance fees that are typical with many savings, checking and money market accounts. You will likely be charged an early withdrawal penalty if you end your CD term early. Make sure you won't need access to your cash in the meantime.
