Savings Interest Rate Today, January 20, 2025 (maximum rate of 3.90% APY)

The Federal Reserve cut the federal funds rate three times this year, which means rates on deposit accounts are also down. 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 January 20, 2025, the highest savings account rate available today is 3.90% APY. This rate is offered by Marcus by Goldman Sachs and no minimum opening deposit is required.

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 are 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. Savings accounts and traditional certificates of deposit (CDs) have some of the highest interest rates we’ve seen in more than a decade, thanks to recent interest rate hikes 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 0.42%, while 1-year CDs pay 1.83%, on average, according to the FDIC. The Fed is also expected to cut its target rate again in 2025, 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.

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