The Federal Reserve cut the federal funds rate three times this year, which means deposit account rates are also on the decline. It’s more important than ever to ensure you’re earning the highest rate possible on your savings, and a high-yield savings account could be the solution.

These accounts pay more interest than the typical savings account — as much as 4% APY and higher in some cases. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers.

In general, high-yield savings accounts offer better interest rates than traditional savings accounts. Still, rates vary widely across financial institutions. That’s why it’s important to shop around and compare rates before opening an account.

As of January 20, 2025, the highest savings account rate available today is 3.90% APY. This rate is offered by Marcus by Goldman Sachs and there is no minimum opening deposit required.

Read more: Everything you need to know about the Marcus by Goldman Sachs savings account

As you’ll see, the majority of top savings rates come from online banks. These institutions have much lower overhead costs than traditional banks, so they can pass those savings on to customers in the form of higher rates and lower fees.

Here is a look at some of the best savings rates available today from our verified partners:

Related: 10 best high-yield savings accounts today>>

A high-yield savings account can be a good fit if you’re looking for a secure place to store your money and earn a competitive interest rate while maintaining liquidity. Traditional savings accounts and certificates of deposit (CDs) have some of the highest interest rates we’ve seen in more than a decade, thanks to recent interest rate hikes by the Federal Reserve. Even so, the national average for these rates is fairly low compared to the top offers available.

For example, the average savings account rate is just 0.42%, while 1-year CDs pay 1.83%, on average, according to the FDIC. The Fed is also expected to lower its target rate again in 2025, which means now might be the last chance for savers to take advantage of today’s high rates.

Taking the time to compare accounts and rates from various financial institutions will help you secure the best deal available. However, interest rates aren’t the only factor to consider when choosing a savings account.

For example, some banks may require that you maintain a minimum balance to earn the highest advertised rate and avoid monthly fees. Other factors to evaluate include customer service options and hours, ATM and branch access, digital banking tools, and the overall financial stability of the institution. Additionally, before opening a savings account, be sure that it’s insured by the Federal Deposit Insurance Corporation (FDIC) — or the National Credit Union Administration (NCUA) if it’s held by a credit union — so your money is protected in case the institution fails.

Read more: How to open a savings account: A step-by-step guide