Best Savings Account Rates
Compare high-yield savings account APYs, minimums, fees, and requirements updated daily.
Trying to decide which HYSA to choose?
Open detailed HYSA comparison| Note | ||
|---|---|---|
4.40% | ||
4.21% | ||
4.20% | ||
4.10% | ||
4.05% | ||
4.01% | ||
4.01% | ||
4.01% | ||
4.01% | ||
4.00% | ||
4.00% | ||
4.00% | ||
4.00% | ||
4.00% | ||
3.95% | ||
3.90% | ||
3.90% | ||
3.90% | ||
3.90% | ||
3.85% | ||
3.85% | ||
3.85% | ||
3.85% | ||
3.80% | ||
3.80% |
Deposit Insurance
Listed savings accounts are federally insured through either the FDIC or NCUA, generally up to $250,000 per depositor or member, per insured institution, per ownership category.
The Federal Deposit Insurance Corporation (FDIC) protects deposits at FDIC-insured banks, while the National Credit Union Administration (NCUA) protects member shares at federally insured credit unions through the National Credit Union Share Insurance Fund. Both forms of federal insurance are backed by the full faith and credit of the United States government.
- Coverage Limit: Up to $250,000 per depositor or member, per insured bank or credit union, per ownership category
- Automatic Protection: No separate application is needed when your deposits are held at an FDIC-insured bank or federally insured credit union
- What's Covered: Bank deposit accounts such as savings, checking, money market deposit accounts, and CDs; credit union share accounts such as share savings, share draft/checking, money market share accounts, and share certificates
- What's Not Covered: Investments like stocks, bonds, mutual funds, and annuities
What is the best bank account?
The "best" bank account depends on your individual needs, but here are key factors to consider when choosing a savings account:
- Annual Percentage Yield (APY): Look for the highest APY available, but remember rates can change
- Minimum Balance Requirements: Some accounts require minimum balances to earn the advertised APY
- Fees: Avoid accounts with monthly maintenance fees or excessive transaction fees
- Access and Convenience: Consider online banking features, mobile apps, and ATM access
- Customer Service: Look for banks with good customer service ratings and support options
- Deposit Insurance: Ensure the bank is FDIC-insured or the credit union is federally insured by the NCUA for deposit protection
Online banks typically offer higher APYs than traditional brick-and-mortar banks because they have lower overhead costs. However, they may have limited physical locations and ATM networks.
Other FAQs
How often do savings account rates change?
Savings account rates can change at any time, as they're typically variable rates tied to federal interest rates. Banks may adjust rates based on Federal Reserve policy changes, competitive pressures, or their own business needs.
What's the difference between APY and interest rate?
APY (Annual Percentage Yield) includes the effect of compounding, while the interest rate does not. APY gives you a more accurate picture of what you'll actually earn over a year, so it's the better number to compare when shopping for accounts.
Are there limits on savings account withdrawals?
Federal regulations previously limited savings account withdrawals to 6 per month, but this restriction was lifted in 2020. However, some banks may still impose their own limits or fees for excessive transactions.
Should I keep all my money in a savings account?
Savings accounts are great for emergency funds and short-term savings goals, but they shouldn't be your only financial tool. Consider diversifying with checking accounts for daily expenses, CDs for longer-term savings, and investment accounts for long-term wealth building.
How do I open a savings account?
Most savings accounts can be opened online in minutes. You'll typically need to provide personal information, make an initial deposit, and verify your identity. Many accounts can be funded by transferring money from your existing bank account.