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Forbes
21 hours ago
- Business
- Forbes
High-Yield Savings Account Rates Today: July 30, 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, 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 typically pay considerably 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 0.22% 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.
Yahoo
2 days ago
- Business
- Yahoo
Best savings interest rates today, July 29, 2025 (Earn up to 4.31% APY)
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 0.42%, according to the FDIC. However, the best savings rates can be found on high-yield accounts, which often pay much more. As of July 29, 2025, the highest savings account rate available from our partners is 4.31% APY. This rate is offered by VIO Bank and requires no minimum opening deposit. 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.
Forbes
2 days ago
- Business
- Forbes
High-Yield Savings Account Rates Today: July 29, 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 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, 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 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, 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 substantially 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 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. 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.
The Sun
5 days ago
- Business
- The Sun
Online bank with 1.9million customers makes huge change to accounts in a blow to savers
A HUGE online bank with more than 1.9million UK customers is set to make a big change to its savings accounts. First Direct customers will no longer be sent paper savings account statements after September 1. 1 In an email to customers last week the bank said that savers will be switched to online statements so they will no longer receive letters in the post. Instead, they will be able to view, download and print their statements using the bank's app or online banking. The change will only affect those who have a savings account with the bank. Customers have taken to social media website X, formerly Twitter, to share their frustration at the change. One saver said: 'Been with @firstdirect for 25 years. They're fine except for ONE thing. I want a paper statement.' Another posted on Facebook: 'I just got an email from first direct telling me they will no longer send me paper bank statements.' While a third commented: 'So irritating!' The Sun approached First Direct for comment. How will it work? First Direct added that the change will happen automatically, so customers do not need to do anything. Other information may still be sent to customers by post. Customers will receive an email as soon as their new statement is ready, so they should make sure their details are up to date. To do this visit the 'profile' section of the app or 'my details' section of online banking. When they receive the email customers need to log on to view the new statement. To find it in the app they just need to click the three dots next to their account. Where to find the best savings rates Many savings accounts offer miserly rates meaning that money is generating little or no return. However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate. Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time. If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not. Check in at least once a month to see what is happening in the market. Check what is offered by your bank - sometimes the best rates are for customers only. But do search the wider market as often top savings accounts are offered by lesser known providers. Comparison sites are a good place to check for the top rates. Try or Moneysupermarket. You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies. Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time. Or to view it in online banking there is a button in the top right corner of the transactions screen. Can I keep receiving paper statements? The switch is not final and customers who still want paper statements will still be able to change back after September 1. To do so they will need to log into online banking, click on 'my details' then go to 'statement preferences'. If they need help then they can contact customer services in the 'message us' section of online banking. Alternatively, they can get in touch with First Direct customer services by going to the help section of its app. Other bank changes First Direct is not the only bank to make changes to its accounts recently. Earlier this week Starling announced that customers can no longer open a second personal current account with the digital bank. The feature was popular with many banking customers as a way to help them manage their money. Starling told The Sun it had "temporarily" stopped allowing customers to open additional accounts while it makes improvements. The change only affects additional personal current accounts, so customers can still open joint and business accounts with the bank. Meanwhile, in February the bank scrapped interest payments on its current accounts for all customers. Before February 10, Starling paid 3.25% interest on balances of up to £5,000. This meant a customer with the maximum amount in their account could earn an extra £162.50 a year in interest. NatWest also increased its fees for cash payments, cheque transactions and certain online transactions. From August 30, cash payments into and out of business accounts will see their fees increase from 70p per £100 to 95p per £100. Cheque payments will also jump from 70p to 75p, irrespective of whether they are processed by hand or mobile. The bank will also hike some charges connected to its BACS payment system, with processing fees rising from 18p to 21p. Santander also recently revealed that it would start charging customers £120 a year for accounts it said would be 'free forever'. As a result, thousands of small businesses and self-employed account holders will be forced to pay £9.99 a month from October for business accounts. The change comes despite written assurances that their accounts would always remain free of fees, leaving some customers feeling betrayed by the charges. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
Yahoo
6 days ago
- Business
- Yahoo
Best savings interest rates today, July 25, 2025 (up to 4.3% APY return)
Find out if now is the right time to put your money in a savings account. The Federal Reserve cut the federal funds rate three times in late 2024. As a result, deposit interest rates are falling from their historic highs. 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 July 25, 2025, the highest savings account rate available from our partners is 4.44% APY. This rate is offered by Peak Bank and requires no minimum opening deposit. Here is a look at some of the best savings rates available today from our verified partners: 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. Read more: Here's why online banks offer the highest savings interest rates 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.
