Key Takeaways
Currently, thebest high-yield savings accountshave annual percentage yields over 4%.
Which bank is offering the best rate right now?
key in your information below to get CNET’s partners' best rate for your area.
Currently,Varo Bankoffers 5% APY.
You’ll only earn this rate for up to $5,000 of your balance.
After that, it offers a 2.50% APY, which is less than what other options are offering.
Both Varo and Newtek are online only, so you’ll need to be comfortable managing your money virtually.
Is it still worth opening a high-yield savings account?
Rates aren’t as high as the 5% APYs we saw from some banks last year.
Rates are hovering below 4.50% APY, and experts predict that the decline will continue.
“It is always worth it to earn a little extra on your already-saved money.”
Assuming the rate stays the same for the next 12 months, you’ll earn $21.60 in interest.
Each account received a score between one (lowest) and five (highest).
None of the banks on our list charge monthly maintenance fees.
Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.
*APYs as of Jan. 13, 2025, based on the banks we track at CNET.
Weekly percentage increase/decrease from Jan. 6, 2025, to Jan. 13, 2025.
**Varo offers 5% APY only on balances of less than $5,000.
