Find out if now is the right time to put money into a savings account. The Federal Reserve has recently implemented a series of cuts to the federal funds rate. As a result, deposit rates fell from record highs. Still, it’s possible to find high-yield savings accounts with annual interest rates in excess of 4%. So if you’re looking for the best deals today, here are the details on how to find them.
Although savings rates have increased from historical standards, the national average interest rate on savings accounts is still only 0.39%, according to the FDIC. Good news: Top high-yield savings accounts offer interest rates that are more than 10 times the national average.
As of January 2, 2026, the highest savings account interest rate available from our partners is 4% APR. This rate is provided by SoFi. *
Here are some of the best savings rates currently available 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 (especially online banks) and credit unions that offer very competitive offers.
Online banking operates exclusively online. This significantly reduces their administrative costs, so they are able to pass these savings on to their customers in the form of high deposit rates and low fees. In fact, many of the best high-yield savings accounts also have zero monthly fees or minimum opening deposit requirements. If you’re looking for the best interest rates on savings, online banking is a great place to start.
That said, online banks aren’t the only place to find savings accounts with interest rates between 4% and 5% APY. Credit unions are not-for-profit financial cooperatives also known for offering competitive interest rates and fewer fees. Many credit unions have certain requirements that must be met to become a member, although some allow almost anyone to join.
A savings account is one of the safest places you can keep your money. They are insured by the FDIC (or NCUA if it’s a credit union), which means your deposits are protected up to $250,000 if your financial institution goes bankrupt. They also cannot lose money due to market fluctuations.
However, a savings account isn’t always the right choice. Although today’s savings rates are high by historical standards, they still don’t provide the same returns that you can get by investing your money in the market. For long-term savings goals like retirement, you’ll need to invest the majority of your savings in riskier (but higher-return) market investments, such as stocks, index funds, and mutual funds, to achieve your goals.
But if you’re saving for a short-term goal, like a house down payment, a vacation, or even an emergency fund, a high-yield savings account is one of the best options. This is especially true if you want to access your funds as needed; other types of high-yield deposit accounts, including money market accounts and certificates of deposit (CDs), have more restrictions on the frequency of withdrawals.
*SoFi Savings earns up to 4% Annual Percentage Yield (APY), with an APY increase of 0.70% (plus 3.30% APY as of 11/12/25), for up to 6 months. Open a new SoFi Checking & Savings account and sign up for SoFi Plus by January 31, 2026. Prices are variable and subject to change. Terms apply to sofi.com/banking#2. SoFi Bank, member FDIC.
