The Best Savings Rates Today – There’s Time To Grow Your Income With These Top Savings Accounts

Savings rates have been falling since the Federal Reserve cut interest rates by 50 basis points on September 18. However, savers can still earn annual percentage yields, or APYs, of up to 5.30% on one of today’s highest-yielding savings accounts. But the clock is ticking.

“I think we’re seeing enough signs of inflation that you’re going to see at least one rate cut before the end of the year,” said David Peters, a certified public accountant. “However, I would expect it to be more modest than the last one.”

Savings rates vary, so your APY may decrease in the coming months. That means if you open a high-yield savings account early, you can enjoy a good rate for a long time.

Read on to see CNET’s picks for the best high savings account rates.

Today’s best savings rates

Here are some of the top savings account APYs currently available:

Experts recommend comparing rates before opening a savings account to get the best possible APY. You can enter your information below to see prices from CNET partners in your area.

What Fed rate cuts mean for savings rates

At the Fed’s September policy meeting, the central bank cut interest rates by 50 basis points – the first time it has cut rates since March 2020. Whenever the Fed adjusts the federal funds rate, it affects borrowing costs and how fast your money can grow. For example, when the Fed cuts rates, banks tend to lower their interest rates, too.

“The Fed controls short-term interest rates, which directly influence the rates banks offer on savings accounts,” says Justin Haywood, certified financial planner and president of Haywood Wealth Management. Depending on the bank, the changes may take several weeks or even months to take effect.

A single interest rate cut will not affect your wallet immediately. You can still get APYs north of 5%, but the key is to do it fast.

Here’s where savings rates stood at the beginning of this week compared to the beginning of last week:

How to choose the right savings account

It’s important to stash your extra money in a savings account with a high APY, but don’t make that the only criteria on your search list. There are other factors to consider when choosing the best savings account for your goals, including:

• Minimum deposit requirements: Some HYSAs require a minimum amount to open an account, typically, from $25 to $100. Some don’t need anything.
• ATM access: Not all banks offer cash deposits and cash withdrawals. If you need frequent access to an ATM, check to see if your bank offers ATM cashback or a variety of in-network ATMs, says Lanesha Mohip, founder of the CFO review board Polished and CNET.
• Payments: Look at monthly maintenance fees, withdrawals and paper statements, says Mohip. Charges can eat up your balance.
• Accessibility: If you prefer to be served in person, look for a bank with physical branches. If you’re comfortable managing your money digitally, consider online banking.
• Withdrawal limits: Some banks charge a higher withdrawal fee if you withdraw more than six months. If you think you might need to do more, consider an unlimited bank.
• Federal deposit insurance: Make sure your bank or credit union is FDIC or NCUA insured. This way, your money is protected up to $250,000 per account holder, per category, in the event of a bank failure.
• Customer service: Choose a bank that is responsive and makes it easy to get help with your account when you need it. Read customer reviews online and contact the bank’s customer service to get a feel for working with the bank.

How to do it

CNET reviewed savings accounts at more than 50 traditional and online banks, credit unions and financial institutions with national 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 class, per institution, by the FDIC or NCUA.

CNET evaluates the best savings accounts using a set of standardized criteria that compares annual percentage yield, monthly fees, minimum deposit or balance and access to physical branches. None of the banks on our list charge a monthly maintenance fee. An account will be ranked higher by offering any of the following benefits:

• Account bonuses
• Automatic saving features
• Wealth consulting/coaching services
• The deposit
• Multiple ATM networks and/or ATM discounts for out-of-network ATM usage

A savings account may be rated low if it doesn’t have an easy-to-navigate website or doesn’t offer convenient features like an ATM card. Accounts that impose restrictive residency requirements or payments that exceed monthly transaction limits may also be limited.