If you’re looking to grow your savings, a high-yield savings account could provide an above-average return to help your balance grow faster. However, not all banks offer high savings account rates, so it’s important to shop around and find the most competitive savings interest rates available. Read on to learn more about where to find the best savings interest rates today.

Savings account rates have been on a downward trend since 2024, when the Federal Reserve began lowering the federal funds rate.

The good news is that many high yield savings accounts they still offer rates around 4% APY and above. Online banks usually offer the best rates, although you may be able to find comparable savings interest rates at some credit unions and community banks.

As of February 12, 2026, the highest savings account rate available to our members is 4% APY. This rate is offered by SoFi*, Barclays and Valley Direct.

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

It is important to select a savings account with a competitive interest rate. The higher the rate, the faster your balance will grow over time. That said, the interest rate shouldn’t be your only point of comparison.

There are other factors to consider as well, such as fees, ATM locations, the bank’s reputation, and more. The best savings accounts offer a combination of high rates, low fees, accessibility, and an overall positive banking experience.

Don’t know where to start? Consult our ranking of the 10 Best High Yield Savings Accounts available today

After several years of near-zero interest rates, the Federal Reserve began raising the the federal funds rate in 2022 to combat rapidly rising inflation. As a result, savings interest rates soared to a 15-year high.

However, at the end of 2024, the Fed implemented a series of cuts to the federal funds rate and savings account rates began to decline. At the end of 2025, the Fed cut rates for the third time, and additional cuts are expected in the coming months.

It’s hard to predict exactly how and when interest rates will change in the future, but one thing is certain: Today’s high savings account rates won’t last forever. So if you’re looking to boost your savings and take advantage of the best rates on the market, there’s no better time than now.

The requirements for opening a savings account vary by financial institution. However, if you’re ready to open an account, you can follow these general steps:

• Research savings account fees: Of course, when choosing a savings account, one of the most important factors to consider is interest rates. Make sure you select a competitively priced savings account to help your money grow.

• Discover your essentials: While savings account interest rates should factor in, it’s not the only factor to consider. You’ll also want to think about what else you need from your account, whether you don’t minimum balance requirementlow rates or other benefits. Finding a savings account with a solid rate that also helps you reach your goals is key.

• Prepare the documentation: Opening a bank account requires you to provide some important personal data and documents. Before starting your application, make sure you have your Social Security number, driver’s license or passport number, and proof of address.

• Fill out the application: In many cases, you can apply for a savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, applying for a new savings account should only take a few minutes to complete. In many cases, you will get your approval decision instantly.

• Fund your account: Once your savings account application has been approved, you will need to add funds to the account. Make sure you know the minimum opening deposit requirements and funding schedule.

Read more: Step-by-step instructions for opening a high-yield savings account

*Earn up to 4% Annual Percentage Return (APY) on SoFi Savings with a 0.70% APY increase (on top of 3.30% APY effective 12/11/25) for up to 6 months. Open a new SoFi checking and savings account and sign up for SoFi Plus by 1/31/26. Variable rates, subject to change. Terms apply to sofi.com/banking#2. SoFi Bank, Member FDIC of NA.