Edited by
Reviewed by
Edited by
Reviewed by
Updated Oct. 7, 2024
Opening a savings account allows savers to secure their funds in a safe place, capitalize on current interest rates and maintain liquidity for emergencies. Currently, the top savings account annual percentage yields (APY) range from 4.10 percent to 5.30 percent, with LendingClub offering the highest rate at 5.30 percent APY. This is roughly nine times higher than today's national average of 0.57 percent.
Banks that offer online savings accounts tend to have higher rates for a better return on your deposited funds, as long as you can follow any minimum balance and monthly fee rules. Keep in mind that savings rates are subject to change over time.
Bankrate provides you with timely news and savings account rate information from the most popular and largest banks and credit unions, all of which are federally insured. This saves you the time and trouble of searching many banks’ and credit unions’ websites. Since 1976, Bankrate has been a trusted source of banking information to help you make well-informed decisions on your finances.
Note: Annual percentage yields (APYs) shown were updated between Oct. 7 and Oct. 13. All other information is current as of Oct. 7. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
Page preview:
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Note: Annual percentage yields (APYs) shown were updated between Oct. 7 and Oct. 13. All other information is current as of Oct. 7. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
