Banks and credit unions continually adjust their annual percentage rates (APYs) as markets react to Federal Reserve policies and inflation rates. So staying informed can really make a difference. Here you will find the best savings rates of the moment – and what you need to know before moving your money.
💰 Today’s best savings rates At a glance
Here are today’s best savings accounts for banks and credit unions:
1. Beware – Varo is a bank that offers up to 5.00% APY on the first $5,000 with qualifying direct deposits. Read our full Varo review.
2. Consumer Credit Union – CCU offers up to 5.00% APY on your checking account for the first $10,000. The earning requirements are tiered. Read our full Consumers Credit Union review.
3.PiBank- PiBank is the online brand of Intercredit Bank, NA and offers 4.60% APY with no monthly maintenance fees and no minimum balance requirements. Read our full Pibank review.
4. Axosbank – Axos ONE Savings offers an increased rate of 4.51% when you receive eligible monthly direct deposits totaling at least $1,500 and maintain an average daily balance of $1,500 in your Axos ONE® Checking Account. Read our full Axos Bank review.
5. Open bank – Openbank is the online brand of Santander, one of the largest banks in the world. It currently offers a competitive APY of 4.20% with only a minimum balance requirement of $500. Read our full Openbank review.
A full list of the best high-yield savings accounts can be found here >>
How high-yield savings accounts work and why rates matter?
High-yield savings accounts function just like traditional savings accounts, but pay a much higher annual yield (APY) – often 10 to 15 times more. You can see how these interest rates compare to savings rates at the ten largest banks in America – and this rate puts them to shame.
“Savings account rates remained steady ahead of the Federal Reserve’s final meeting of the year. -Robert Farrington
The banks and credit unions on this list tend to always have above-average interest rates, so even if the Federal Reserve cuts rates and these accounts lower their rates, you’re still in charge.
For example, a $10,000 balance yielding a 4.00% APY will accrue about $400 in interest per year, compared to less than $20 at a 0.20% interest rate at the major banks. That gap makes it worthwhile to regularly monitor interest rate changes and switch institutions if your current bank no longer remains competitive.
However, we expect more interest rates to fall below that 4.00% level in the coming weeks.
What you need to know before opening an account
Before you open a new account, review the key details that determine how much you earn and how easily you can access your money.
- Please note introductory or promotional rates: APYs can increase or decrease at any time. But a strong introductory rate does not guarantee long-term performance. None of the rates listed here are introductory, but some referral codes may only be temporary rates.
- Transfer limits: Federal rules no longer limit savings withdrawals to six per month, but many banks still impose limits.
- Safety: Confirm that the institution is FDIC or NCUA insured, which protects up to $250,000 per depositor, per bank or credit union.
- Access: Many high-yield accounts are online-only. Make sure you can deposit via the mobile app and link external accounts for easy transfers.
These details can help you distinguish really high-performing savings options from accounts that look attractive but may have hidden restrictions or slower rate adjustments.
How we track and verify rates
Bee The university investorour goal is to help you make smart, confident decisions about your money. To compile this list, our editorial team reviews savings account rates from more than 50 banks, credit unions and fintechs every day. We verify data using each institution’s official website, tariff information and registration files.
Only accounts available to U.S. consumers and insured by the FDIC or NCUA are included.
Our coverage is independent and editorially driven – we never rank accounts based on compensation. Although we may earn a referral fee when you open an account through certain links, this is the case not influence our recommendations or reviews. Our opinion is our own, based on a consistent evaluation of usability, cost, revenue and customer experience.
Frequently asked questions
How often does the interest rate on savings accounts change?
Banks can adjust rates daily or weekly based on market conditions.
Are online banks safe?
Yes, as long as they are FDIC insured. Check the coverage on the FDIC’s BankFind site.
Is interest on savings accounts taxable?
Yes. You’ll receive a 1099-INT if you earn $10 or more in interest.
Should I transfer my money if interest rates fall?
It depends on the difference in APY and your transfer limits, and chasing the interest rate regularly can reduce returns if transfers take time.
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