Key Takeaways
Want to grow youremergency fundorsinking fundfaster this year?
Thebest high-yield savings accountsearn up to 5% annual percentage yield, or APY.
That’s more than 10 times thenational average.
APYs have been slowly dropping since the Federal Reserve started cutting interest rates this year.
But withinflation creeping back up, most experts don’t expect another cut until later in the year.
That means savings rates may hold steady, too, so there’s still time to maximize your earnings.
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If so, you’ll have more time to earn interest on your savings with over 4% APY.
But even if rates drop, a high-yield savings account is still worth having.
“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.
Here are some other factors to consider when opening a HYSA.
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. 22, 2025, based on the banks we track at CNET.
Weekly percentage increase/decrease from Jan. 13, 2025, to Jan. 20, 2025.
**Varo offers 5% APY only on balances of less than $5,000.
