Savings Rates Still Hover Around 4% APY, but They’re Heading Downhill. Today’s Best Savings Rates for Feb. 5, 2025

More of the best high-yield savings accounts lowered rates this week. You can still find annual percentage yields, or APYs, as high as 5%, but most online-only banks are barely around 4% APY — and some banks have rates even lower. 

If you want to maximize interest, we recommend comparing rates, but don’t wait too long. Since banks are quietly lowering rates, there’s a chance savings APYs are as good as they’ll get. And waiting means you might miss out on interest. Even though rates are falling, you’ll still earn more than most traditional savings accounts offer.

Here’s a closer look at the best savings rates and the banks that offer them. 

Experts recommend comparing rates before opening a savings account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

How a high-yield savings account can help you save more

Starting a savings goal in the new year can be overwhelming, especially if you’re considering which new account to open. Money coach and CNET Money expert Bernadette Joy shared some tips to help you stick to your goal.

“Start by naming your savings account something meaningful, like ‘Peace of Mind’ or ‘Dream Fund,'” said Joy. “It’s a psychological hack that makes it easier to stay motivated.” 

Breaking your goal into smaller chunks can make it more manageable. For example, if you aim to save $1,000, you may start by setting aside $200 a month. If you put the money in a high-yield savings account, you’ll earn interest, which can help you reach your goal faster.

Joy also recommends sticking with a high-yield savings account that doesn’t charge a monthly fee or require a minimum balance. 

💰Saving for the long-term? Earn up to 4.65% APY on today’s best CD rates.

How to choose the best high-yield savings account for you

Since credit unions and online-only banks are most likely to offer high-yield savings accounts, that may change how you manage your savings. For example, some online-only banks don’t accept cash deposits and may not have physical locations for in-person assistance. Here are some other factors to consider when opening a HYSA.

• Account requirements: Some HYSAs require a minimum amount to open an account, typically between $25 and $100. Others don’t have any minimums. You should be aware of balance requirements to ensure your account stays in good standing and continues earning interest. 
• ATM access: Not every bank offers cash deposits and withdrawals. If you need regular ATM access, check to see if your bank provides ATM fee reimbursements or a wide range of in-network ATMs, said Lanesha Mohip, founder of the Polished CFO and another CNET Expert Review Board member.
• Fees: Look out for fees for monthly maintenance, withdrawals and paper statements, said Mohip. The charges can eat into your balance.
• Accessibility: If you prefer in-person assistance, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider an online bank.
• Withdrawal limits: Some banks charge an excess withdrawal fee if you make more than six monthly withdrawals. If you may need to make more, consider a bank without this limit.
• Safety and security: Make sure your bank is insured with the Federal Deposit Insurance Corporation — or the National Credit Union Administration for credit unions. This way, your money is protected up to $250,000 per account holder, per category, if the bank fails.
• Customer service: Choose a bank that’s responsive and makes it easy to get help with your account if you need it. Read online customer reviews and contact the bank’s customer service to get a feel for working with the bank.

Methodology

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with nationwide services. Each account received a score between one (lowest) and five (highest). The savings accounts listed here are all insured up to $250,000 per person, per account category, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of established criteria that compares annual percentage yields, monthly fees, minimum deposits or balances, and access to physical branches. None of the banks on our list charge monthly maintenance fees. An account will rank higher for offering any of the following perks:

• Account bonuses
• Automated savings features
• Wealth management consulting/coaching services
• Cash deposits
• Extensive ATM networks and/or ATM rebates for out-of-network ATM use

A savings account may be rated lower if it doesn’t have an easy-to-navigate website or if it doesn’t offer helpful features like an ATM card. Accounts that impose restrictive residency requirements or fees for exceeding monthly transaction limits may also be rated lower.

*APYs as of Feb. 4, 2025, based on the banks we track at CNET. Weekly percentage increase/decrease from Jan. 27, 2025, to Feb. 3, 2025.

**Varo offers 5% APY only on balances of less than $5,000.

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