Current savings account rates are still well above the national average. However, the Federal Reserve cut the federal funds rate three times by 2025, which means rates on deposit accounts are also on the decline. It’s more important than ever to make sure you’re earning the highest possible rate on your savings and a high yield savings account could be the solution.

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

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

As of February 2, 2026, the highest savings account rate available to our members is 4% APY. This rate is offered by SoFi,* Valley Bank Direct and Barclays.

As you will see, most of the biggest 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 fees and lower fees.

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

A high-yield savings account can be a good fit if you’re looking for a safe place to store your money and earn a competitive interest rate while maintaining liquidity. Traditional savings accounts i certificates of deposit (CDs) have some of the highest interest rates we’ve seen in more than a decade, despite several rate cuts by the Federal Reserve. Still, the national average for these rates is pretty low compared to the best deals out there.

For example, the average savings account rate is just 0.39%, while one-year CDs pay 1.61%, on average, according to the FDIC. The Fed is also expected to cut rates further in the coming months, meaning now could 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 get the best deal available. However, interest rates are not the only factor to consider when choosing a savings account.

For example, some banks may require you to keep one minimum balance to get the highest advertised rate and avoid monthly fees. Other factors to evaluate include customer service options and hours, access to ATMs and branches, digital banking tools, and the institution’s overall financial stability. Also, before opening a savings account, make sure it is insured by the Federal Deposit Insurance Corporation (FDIC) – or the National Administration of Credit Cooperatives (NCUA) if it’s held by a credit union, so your money is protected if the institution fails.

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

*Earn up to 4.00% Annual Percentage Rate (APY) on SoFi Savings with a 0.70% APY increase (added to 3.30% APY effective 12/23/25) 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.