Interest rates on savings accounts remain high, hovering around 4% APY.
Yet many of us aren’t taking advantage of these high savings rates to add extra to our savings.
But what if you don’t have extra money to save right now?
I asked experts their number one tip to start saving now, without straining your wallet.
The answer may surprise you.
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How high are savings account rates right now?
Savings rates have been on a slight decline since their highs in 2024.
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Start small until it becomes routine.
Sprung strongly recommends keeping your savings in a high-yield savings account.
HYSAs offer better flexibility and higher interest rates than most checking andsavings accounts.
Most high-yield savings accounts offer 4% APY or higher, which outpaces thecurrent inflation rate.
That can offer you a little more buying power, Sprung said.
Andrea Woroch, a consumer finance expert, agrees.
You may also add windfalls –like your tax refund– to boost your savings.
