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Yahoo
11-05-2025
- Business
- Yahoo
Best high-yield savings interest rates today, May 11, 2025 (best accounts offering 4.36% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling from their historic highs. It's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. The national average savings account rate stands at 0.41%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%, reflecting a sharp rise in a short period of time. Today, the highest savings account rate available from our partners today is 4.36% APY. This rate is offered by VIO Bank and there is no minimum opening deposit required. Since these rates may not be around much longer, consider opening a high-yield savings account now to take advantage of today's high rates. Here is a look at some of the best savings rates available today from our verified partners: The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.41% with daily compounding. At the end of one year, your balance would grow to $1,004.11 — your initial $1,000 deposit, plus just $4.11 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate?
Yahoo
10-05-2025
- Business
- Yahoo
Best high-yield savings interest rates today, May 10, 2025 (earn up to 4.36% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling. So it's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. The national average savings account rate stands at 0.41%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%. Although the national average savings interest rate is fairly low compared to other investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and up. Today, the highest savings account rate available from our partners is 4.36% APY. This rate is offered by VIO Bank and there is no minimum opening deposit required. 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. The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.41% with daily compounding. At the end of one year, your balance would grow to $1,004.11 — your initial $1,000 deposit, plus just $4.11 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate? This embedded content is not available in your region.
Yahoo
06-05-2025
- Business
- Yahoo
Best high-yield savings interest rates today, May 6, 2025: Earn up to 4.36% APY before the next Fed rate cut
The Federal Reserve reduced its target interest rate three times in 2024. As a result, high-yield savings account rates have been falling. That said, some of the best accounts still pay above 4% APY. In order to get the highest interest rate possible on your savings, it's important to do your research and find competitive offers. Not sure where to start? Here's a closer look at savings interest rates today and where you can find the best ones. Where are the best savings interest rates today? The average interest rate on a traditional savings account is only 0.41%, according to the FDIC. However, the best savings rates can be found on high-yield accounts, which often pay much more. As of May 6, 2025, the highest savings account rate available from our partners is 4.36% APY. This rate is offered by VIO Bank and there is no minimum opening deposit required. Here is a look at some of the best savings rates available today from our verified partners: Historical savings account rates Over the last decade, savings account interest rates have fluctuated quite a bit. From 2010 to about 2015, rates were rock-bottom, hovering at around 0.06% to 0.10%. This was largely due to the 2008 financial crisis and the Federal Reserve's decision to lower its target rate to near zero in order to spur economic growth. From 2015 to 2018, interest rates began to increase gradually. However, they remained low by historical standards. Then the onset of the COVID-19 pandemic in 2020 led to another sharp decrease in rates as the Fed once again cut rates to stimulate the economy. This brought average savings interest rates down to new lows, around 0.05% to 0.06% by mid-2021. Since then, savings account rates have recovered considerably, largely driven by the Fed's interest rate hikes in response to skyrocketing inflation. However, the Fed finally lowered the federal funds rate in September, November, and December 2024, and as a result, deposit rates are beginning to fall as well. The following is a look at how savings interest rates have changed over the past decade: Is a high-yield savings account right for you? Despite the fact that interest rates have risen substantially since 2021, the average savings account rate is still fairly low, especially compared to market investments. If you're saving for a long-term goal such as a child's education or retirement, a savings account probably won't generate the returns needed to reach your goal. On the other hand, if you're saving for an emergency fund, home down payment, vacation, or other short-term goal, a high-yield savings account is ideal — especially if you want to access the funds as needed. Other types of deposit accounts, including money markets and CDs , may offer similar or even better rates, but restrict how often you can make withdrawals. The key is to shop around and find an account that provides a competitive rate with low or no fees.
Yahoo
15-04-2025
- Business
- Yahoo
8 money market accounts with interest rates of 4% APY and higher (updated weekly)
Looking for the security and interest-earning power of a savings account with the perks of a checking account? A money market account (MMA) may be the right choice for you. In many cases, MMAs come with a debit card and/or checks, making it easy to access your funds when needed. Plus, your balance earns interest. In fact, the best money market accounts today pay upwards of 4% APY. This embedded content is not available in your region. Today, the national average money market interest rate is just 0.63%, according to the FDIC. However, many banks and credit unions offer MMAs with competitive yields of 4% APY or more, which can give your savings a significant boost over time. Here's a look at some of the top federally insured money market accounts available today. Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution. VIO Bank's Cornerstone Money Market Savings Account offers a competitive 4.41% APY with a minimum opening deposit of $100. The account has a $5 monthly fee, but it can be waived by opting into e-statements. Interest on this account is compounded daily. It does not come with paper checks or a debit card. Read our full review of Vio Bank here First Foundation Bank's Online Money Market Account currently offers 4.4% APY, more than six times the national average. This account requires a minimum opening deposit of $1,000; once your account is open, you only need a minimum balance of $0.01 to obtain the disclosed APY. There are no monthly maintenance fees, and you can request a debit card and/or checks for easier access to your funds. Zynlo's Money Market Account offers 4.4% APY with daily compounding interest. This rate applies to all balances under $250,000. Balances greater than $250,000 earn 0.1% APY. There are no monthly fees associated with this account. However, a minimum opening deposit of $10 is required, and you must maintain at least $0.01 in your account to continue earning interest on your balance. This account does not come with a debit card or access to checks. CFG Bank's High Yield Money Market Account offers a rate of 4.32% APY with a minimum opening deposit requirement of $1,000. You must maintain a minimum daily balance of $1,000 to avoid a $10 monthly service fee. This account does not come with check-writing capabilities or an ATM card. Quontic offers an online money market account with 4.25% APY, along with a free debit card and check-writing privileges. A minimum opening deposit of $100 is required. There are no monthly fees or minimum balance requirements. Interest compounds daily and is credited to your account monthly. Read our full review of Quontic Bank Prime Alliance Bank's Personal Money Market Account offers 4.15% APY with no minimum opening deposit or monthly fees. The downside is that this account does not come with a debit card or checks. It does, however, allow for unlimited deposits and up to six transfers per month. Interest on this account compounds monthly. UFB Direct's Portfolio Money Market Account offers a competitive 4.01% APY. There's no minimum opening deposit required. However, there is a monthly fee of $10 unless you maintain a minimum balance of $5,000 in your account. This account also comes with a debit card and check-writing privileges. Interest is compounded daily and credited monthly. Read our full review of UFB Direct EverBank's Performance Money Market Account pays 4% APY with no monthly fees. Interest compounds daily. This account also comes with a debit card and checks. Plus, it offers ATM fee reimbursements. Read our full review of EverBank
