The Federal Reserve reduced its destination rate three times by the end of 2024, which means that savings interest rates fall from their historical highs. It is important to be sure that you will get the best possible rate when buying a savings account. The following shows a breakdown of savings interest rates today and where to find the best offers.

According to the FDIC. This may not seem much like this, but you consider it three years ago, it was only 0.06%, reflecting a sharp increase in a short period of time.

Today, the highest savings account rate available for our partners today is 4.50% APY. This rate is offered by Poppy Bank and there is a minimum opening tank of $ 1,000.

Since these rates may not be much longer, consider Opening of a high -performance savings account Now to take advantage of the high rates today.

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

Related: 10 best high -performance savings accounts today >>

The amount of interest you can earn from a savings account depends on Annual percentage rate (APY). This is a measure of your total benefit after a year when the basic interest rate is considered and how often the interest compounds (the interest in the savings account are usually composed daily).

Let’s say $ 1,000 in a savings account for the average interest rate of 0.41% with a daily compound. At the end of a year, your balance would grow up to $ 1,004.11: Your initial $ 1,000 deposit, plus $ 4.11.

Let’s say you choose a high -performance savings account that offers 4% APY. In this case, your balance would grow up to $ 1,040.81 during the same period, which includes $ 40.81 in interest.

The more you deposit in a savings account, the more you stay to win. If we took the same example of high -performance saving account at 4% APY, but place $ 10,000, your total balance after a year would be $ 10,408.08, which means you would gain $ 408.08 interest. ​​

Read -Ne More: What is a good savings account rate?