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Key Takeaways
- It’s been a tumultuous time for stock market investors, as the constant stream of macroeconomic news reports of latest tariff developments, an escalating trade war with China and predictions of a recession.
- Meanwhile, many savings accounts continue to offer competitive rates and a safe place to keep your emergency fund.
- The highest rate on a savings account today is 4.50 percent, and it’s offered from BrioDirect. A minimum opening deposit of $5,000 is required.
It’s been a wild ride for anyone following the recent economic news cycle, with many economists predicting more turbulence ahead, fueled by the Trump administration’s tariff policies and the intensifying trade war with China. Anyone in the stock market has likely seen volatility, from day traders to long-haul 401(k) investors.
Despite market fluctuations, top-yielding savings account rates remain competitive, with many surpassing 4 percent annual percentage yield (APY). While many agree the main benefit of a savings account is that it provides easy access to your emergency fund, an added perk, in recent years, is rates rose significantly on high-yield savings accounts.
Currently, the highest rate on a savings account is 4.50 percent APY, among accounts monitored by Bankrate’s editorial staff. While top APYs have retreated from above 5 percent in recent months, it’s still not hard to find an account that earns above 4 percent APY.
What are today’s best savings accounts and rates?
BrioDirect’s High-Yield Savings account earns a 4.50 percent APY, which is currently the top yield among the dozens of accounts Bankrate’s editorial staff monitors and reviews. It requires a minimum opening deposit of $5,000. Those looking for a high rate with a lower minimum deposit can earn 4.40 percent APY from Bread Savings and Openbank, which require $100 and $500, respectively.
Note: Annual percentage yields (APYs) shown are as of April 14, 2025. APYs for some products may vary by region.
How does the Federal Reserve impact high-yield savings accounts?
When the Federal Reserve raises its benchmark federal funds rate, competitive banks often respond by increasing their APY offerings. Likewise, when the Fed cuts its key rate, banks tend to lower their APYs.
After hiking the federal funds rate 11 times in 2022 and 2023 to combat inflation, policymakers went on to lower the rate in late 2024. Rates on many high-yield savings accounts followed suit.
The annual inflation rate has come down to a four-year low of 2.4 percent. So far, officials have held the federal funds rate steady in 2025, and this holding pattern could spur stability for some savings accounts as well as high-yielding certificates of deposit (CDs).
Going forward, however, some economists say inflation could rise as a result of President Donald Trump’s planned tariff increases.
Why it’s important to shop around for a high APY
Not all savings accounts are created equal, so it’s important to shop around for the best rates. For instance, the average savings account rate is just 0.59 percent APY, while many of the nation’s largest banks earn rock-bottom rates of 0.01 percent APY. The best rates, commonly found at online-only banks, are more than 400 times greater than those minimal rates.
“Every penny counts when it comes to saving. Someone with $100 in a savings account earning 3.7 percent annual percentage yield (APY) would earn $3.70 of interest after a year,” says Matthew Goldberg, Bankrate senior consumer banking reporter. He adds that while the APY in the example doesn’t change, savings account APYs are generally variable in the real world.
“For people who don’t think that’s worth it — if a $3.70 drink was put on your restaurant bill that you didn’t order, would you ask the restaurant employee to please remove the drink from your bill or would you say, ‘That $3.70 doesn’t really mean a lot to me’?” Goldberg says. “I think most people would take the former approach — which goes back to every penny really does count when it comes to saving.”
Bottom line
The top high-yield savings accounts are earning above 4 percent APY, and you’ll often find such high rates from online-only banks. In addition to finding a high rate, be sure to go with a bank that’s insured by the Federal Deposit Insurance Corp. (FDIC) or a credit union insured through the National Credit Union Administration (NCUA). This guarantees your deposits are protected up to $250,000 per depositor, per insured institution and per ownership category.
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