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Article updated on Sep 27, 2024
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Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor’s degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
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CNET staff — not advertisers, partners or business interests — determine how we review the products and services we cover. If you buy through our links, we may get paid.
Reviews ethics statement
Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .
FREDERICA ABAN/Getty Images
Key Takeaways
You can earn up to 5.30% APY with today’s best high-yield savings accounts.
Savings rates are dropping after last week’s Fed rate cut.
The sooner you open a high-yield savings account, the higher your earning potential.
After nearly a year of speculation, the Federal Reserve cut interest rates by half a percentage point last week. In response, we’ve seen savings rates dip slightly, but they won’t plummet overnight.
The best high-yield savings accounts still earn annual percentage yields, or APYs, as high as 5.30% — more than 10 times the national average. So, there’s still time to earn a great rate if you want to grow your emergency fund or start a sinking fund.
Read on to see CNET’s picks for the best high-yield savings account rates.
Today’s best savings rates
Here are some of the top savings account APYs available right now:
BankAPYMin. deposit to openLendingClub5.30%$0Newtek Bank5.25%$0Bask Bank5.10%$0EverBank5.05%$0Varo5.00%$0Laurel Road4.80%$0Synchrony Bank4.50%$0American Express4.25%$0Capital One4.10%$0APYs as of Sept. 27, 2024, based on the banks we track at CNET.
Experts recommend comparing rates before opening a savings account to get the best APY possible. You can enter your information below to see CNET’s partners’ rates in your area.
What you need to know after last week’s rate cut
The Fed meets eight times a year to assess the US economy and interest rate changes. It may adjust the federal funds rate to help boost growth or slow down inflation. Since 2022, savers have enjoyed high rates as the Fed regularly hiked the federal funds rate to fight record inflation. But after more than a year of holding rates steady, the Fed cut rates by 0.5% at Wednesday’s Federal Open Market Committee meeting.
A single interest rate cut won’t immediately affect your wallet. But when the Fed adjusts the federal funds rate, banks typically respond by knocking down rates they offer to savers.
“The Fed controls short-term interest rates, which directly influence the rates offered by banks on savings accounts,” said Justin Haywood, certified financial planner and President and co-founder of Haywood Wealth Management. “As the Fed reduces rates to stimulate the economy, banks typically follow suit by lowering the interest rates they offer on deposit accounts, including savings accounts.”
Now that the Fed responded to the latest labor and inflation reports with a rate cut, we expect savings rates to drop, albeit gradually. Banks have already started lowering APYs. For example, My Banking Direct — one of the top accounts we track — dropped its APY from 5.45% at the beginning of August to 5.00% on Sept. 20.
Here’s where savings rates stood at the start of this week compared to the start of last week:
Last week’s CNET average savings APYThis week’s CNET average savings APYWeekly change4.80%4.75%-1.04%This week’s APY as of Sept. 23, 2024. Based on the banks we track at CNET.
*Weekly percentage increase/decrease from Sept. 16, 2024, to Sept. 23, 2024.
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Here’s all of the excitement headed to your inbox.
Weigh these factors when choosing a savings account
Stashing your extra funds in an account with a high APY is important, but don’t stop there. There are many variables you should consider before committing to a savings account, including the following:
Minimum deposit requirements: Some HYSAs require a minimum amount to open an account — typically, from $25 to $100. Others don’t require anything.
ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank offers ATM fee reimbursements or a wide range of in-network ATMs, said Lanesha Mohip, founder of the Polished CFO and CNET expert review board member.
Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The charges can eat into your balance.
Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider an online bank.
Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you think you may need to make more, consider a bank without this limit.
Federal deposit insurance: Make sure your bank or credit union is either insured with the FDIC or the NCUA. This way, your money is protected up to $250,000 per account holder, per category, if there’s a bank failure.
Customer service: Choose a bank that’s responsive and makes it easy to get help with your account if you need it. Read online customer reviews and contact the bank’s customer service to get a feel for working with the bank.
Methodology
CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.
CNET evaluates the best savings accounts using a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances and access to physical branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering any of the following perks:
Account bonuses
Automated savings features
Wealth management consulting/coaching services
Cash deposits
Extensive ATM networks and/or ATM rebates for out-of-network ATM use
A savings account may be rated lower if it doesn’t have an easy-to-navigate website or if it doesn’t offer helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.
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Written by
Liliana Hall
Associate Writer
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor’s degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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