The Federal Reserve cut the federal funds rate three times in late 2024, which means deposit rates are now falling. It's more important than ever to ensure you're earning the highest rate possible on your savings, and a high-yield savings account could be the solution.
These accounts pay more interest than the typical savings account — as much as 4% APY and higher. Not sure where to find the best savings interest rates today? Read on to find out which banks have the best offers.
What are the best savings rates today?
Historically speaking, savings account interest rates have been high. That said, the rates on traditional savings accounts pale in comparison to those offered for high-yield savings accounts.
For example, the average savings account rate is just 0.41%, while the best savings interest rates are generally around 4.0% to 4.5% APY.
As of March 19, 2025, the highest savings account rate available from our partners is 4.20% APY. This rate is offered by Jenius Bank and there is no minimum opening deposit required.
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Here is a look at some of the best savings rates available today from our verified partners:
Related: 10 best high-yield savings accounts in 2025>>
Will savings interest rates keep going down?
Deposit account rates — including savings rates — are tied to the federal funds rate . This is the target interest rate set by the Federal Reserve; when it increases its target rate, deposit account rates usually increase. And conversely, when the Fed lowers its rate, deposit rates fall.
After multiple interest rate hikes by the Fed in response to skyrocketing inflation, it finally lowered the federal funds rate three times in late 2024. As a result, deposit rates are falling as well.
Experts anticipate that the Fed will cut its target rate two more times in 2025, so we can expect savings account rates to continue falling this year. However, high-yield savings accounts remain one of the best places to safely store cash and earn the best deposit rates available.
Read more: I bond vs. high-yield savings account: Which is better for beating inflation?
Up Next
Is now a good time to put your money in a savings account?
Choosing where to put your money is an important decision, and there are a few factors you should consider when evaluating your options. A high-yield savings account could make sense if you’re looking for a secure place to hold shorter-term savings while earning a solid return. Here are a few key considerations:
Read more: Can you negotiate a higher savings account rate with your bank?
