The best savings rates today – Don’t settle for less when these accounts still earn APYs of up to 5%

It is still possible to earn an annual percentage yield (APY) of up to 5.25% with one of the best high-yield savings accounts. But the clock is ticking.

While savings rates have been high for the past two years, experts predict the Federal Reserve could start cutting rates as early as September. And when that happens, savings rates will likely drop as well. So now is the time to earn an annual interest rate that’s more than 10 times the national average.

Read on to see CNET’s picks for the best high-yield savings accounts.

The best savings rates today

Here are some of the best savings account APYs currently available:

Experts recommend comparing interest rates before opening a savings account to get the best possible APR. You can enter your details below to see rates from CNET partners in your area.

Current status of savings interest rates

High savings rates have caught everyone’s attention over the past two years as the Fed has regularly raised rates to combat inflation. But after rates have remained stable for over a year, it’s likely that the Fed is preparing to change its stance.

“Overall, the trend toward slower inflation growth remains intact and the Fed should be able to cut rates at its next meeting in September,” said Gary Quinzel, vice president of portfolio advisory at Wealth Enhancement Group.

On Friday, Fed Chairman Jerome Powell hinted that a possible rate cut was imminent, saying it was “time for a policy adjustment.” And if the Fed does indeed decide to cut rates, your APR will likely drop as well.

In fact, banks are already cutting their APYs in advance. In recent weeks, we’ve seen several banks cut rates on their high-yield savings accounts, including My Banking Direct—the account we track most frequently—which cut its APY from 5.45% to 5.35% on August 5, and then to 5.25% on August 23.

Here you can see the development of savings interest rates compared to last week:

What you should consider before choosing a savings account

It’s important to keep your extra money in a high APY account, but don’t stop there. There are many variables to consider before choosing a savings account, including the following:

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account—usually between $25 and $100. Others require nothing at all.
• ATM access: Not every bank offers cash deposits and withdrawals, so if you need to access ATMs regularly, check to see if your bank offers fee reimbursement or a wide selection of ATMs in the network, said Lanesha Mohip, founder of Polished CFO and a member of CNET’s expert panel.
• Fees: Watch out for fees for monthly account maintenance, withdrawals and paper statements, Mohip said. The fees can eat into your balance.
• Accessibility: If you prefer personal support, look for a bank with branches. If you like managing your money digitally, consider an online bank.
• Withdrawal limits: Some banks charge an excessive withdrawal fee if you make more than six withdrawals in a month. If you think you need to withdraw more, consider a bank without this limit.
• Nationwide deposit protection: Make sure your bank or credit union is insured by either the FDIC or the NCUA. This way, in the event of a bank failure, your money is protected up to $250,000 per account holder, per category.
• Customer service: Choose a bank that is responsive and easy to get help with your account when you need it. Read online customer reviews and contact the bank’s customer service to get a feel for what it’s like working with the bank.

methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide service. Each account received a score ranging from one (lowest) to five (highest). The savings accounts listed here are all insured by the FDIC or NCUA up to $250,000 per person, per account category and per institution.

CNET rates the best savings accounts based on a set of established criteria that compare annual percentage returns, monthly fees, minimum deposits or balances, and access to physical branches. None of the banks on our list charge monthly account maintenance fees. An account is ranked higher if it offers any of the following benefits:

• Account bonuses
• Automated savings functions
• Consulting/coaching services in the area of ​​asset management
• Cash deposits
• Extensive ATM networks and/or ATM discounts for using ATMs outside the network

A savings account may be rated lower if it does not have a user-friendly website or if it does not offer helpful features such as a debit card. Accounts that impose restrictive residency requirements or fees for exceeding the monthly transaction limit may also be rated lower.