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5 hours ago
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Best high-yield savings interest rates today, June 19, 2025 (top account pays 4.3% APY)
If you're looking to supercharge your savings, a high-yield savings account could provide an above-average return to help your balance grow faster. However, not all banks offer high savings account rates, which is why it's important to shop around and find the most competitive savings interest rates available. Read on to learn more about where to find the best savings interest rates today. Savings account rates have been trending down since last year, when the Federal Reserve began cutting the federal funds rate. The good news is that many high-yield savings accounts still offer rates of around 4% APY and up. The best rates are typically offered by online banks, although you may be able to find comparable savings interest rates at some credit unions and community banks. As of June 19, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by Openbank and EverBank, but EverBank requires no minimum deposit whereas Openbank requires a minimum depost of $500. Here is a look at some of the best savings interest rates available today from our verified partners: This embedded content is not available in your region. Selecting a savings account with a competitive interest rate is important. The higher the rate, the faster your balance will grow over time. That said, the interest rate shouldn't be your only point of comparison. Other factors, such as fees, ATM locations, the bank's reputation, and more should also be considered. The best savings accounts offer a combination of high rates, low fees, accessibility, and an overall positive banking experience. Not sure where to start? Check out our ranking of the 10 best high-yield savings accounts available today. Following several years of near-zero interest rates, the Federal Reserve began raising the the federal funds rate in 2022 in order to combat rapidly rising inflation. As a result, savings interest rates skyrocketed, reaching a 15-year high. However, in late 2024, the Fed implemented a series of cuts to the federal funds rate, and savings account rates have started dropping. It's also expected that the Fed will implement more rate cuts in 2025. It's difficult to predict exactly how and when interest rates will change going forward, but one thing is for sure: Today's high savings account rates won't last forever. So, if you're hoping to give your savings a boost and take advantage of the best rates on the market, there's no better time than now. The requirements involved in opening a savings account vary by financial institution. However, if you're ready to open an account, you can follow these general steps: Research savings account rates: Of course, when choosing a savings account, one of the most important factors to evaluate are the interest rates. Be sure that you select a savings account with a competitive rate to help your money grow. Figure out your must-haves: Although savings account interest rates should be top of mind, that's not the only factor to consider. You'll also want to think about what else you need from your account, whether it's no minimum balance requirement, low fees, or other perks. Finding a savings account with a solid rate that also helps you achieve your goals is key. Prepare documentation: Opening a bank account requires you to provide a few important personal details and documents. Before you start your application, be sure you have your Social Security number, driver's license or passport number, and proof of address. Fill out the application: In many cases, you can apply for savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, the application for a new savings account should only take a few minutes to complete. In many cases, you'll get your approval decision instantly. Fund your account: Once your savings account application is approved, you'll need to add funds to the account. Be sure you're aware of any minimum opening deposit requirements and timeline for funding. Read more: Step-by-step instructions for opening a high-yield savings account
Yahoo
4 days ago
- Business
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Best high-yield savings interest rates today, June 17, 2025 (Earn up to 4.3% APY)
The Federal Reserve reduced its target interest rate three times in 2024. As a result, high-yield savings account rates have been falling. That said, some of the best accounts still pay above 4% APY. In order to get the highest interest rate possible on your savings, it's important to do your research and find competitive offers. Not sure where to start? Here's a closer look at savings interest rates today and where you can find the best ones. The average interest rate on a traditional savings account is only 0.42%, according to the FDIC. However, the best savings rates can be found on high-yield accounts, which often pay much more. As of June 10, 2025, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by EverBank with no minimum opening deposit required. Openbank also offers a savings acount rate of 4.3% APY, but requires a minimum opening deposit of $500. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. Over the last decade, savings account interest rates have fluctuated quite a bit. From 2010 to about 2015, rates were rock-bottom, hovering at around 0.06% to 0.10%. This was largely due to the 2008 financial crisis and the Federal Reserve's decision to lower its target rate to near zero in order to spur economic growth. From 2015 to 2018, interest rates began to increase gradually. However, they remained low by historical standards. Then the onset of the COVID-19 pandemic in 2020 led to another sharp decrease in rates as the Fed once again cut rates to stimulate the economy. This brought average savings interest rates down to new lows, around 0.05% to 0.06% by mid-2021. Since then, savings account rates have recovered considerably, largely driven by the Fed's interest rate hikes in response to skyrocketing inflation. However, the Fed finally lowered the federal funds rate in September, November, and December 2024, and as a result, deposit rates are beginning to fall as well. The following is a look at how savings interest rates have changed over the past decade: Despite the fact that interest rates have risen substantially since 2021, the average savings account rate is still fairly low, especially compared to market investments. If you're saving for a long-term goal such as a child's education or retirement, a savings account probably won't generate the returns needed to reach your goal. On the other hand, if you're saving for an emergency fund, home down payment, vacation, or other short-term goal, a high-yield savings account is ideal — especially if you want to access the funds as needed. Other types of deposit accounts, including money markets and CDs, may offer similar or even better rates, but restrict how often you can make withdrawals. The key is to shop around and find an account that provides a competitive rate with low or no fees. This embedded content is not available in your region.
Yahoo
5 days ago
- Business
- Yahoo
6 Key Signs You're More Financially Savvy Than the Average American
There's no magic formula for being financially savvy, but there's certainly an art to being good with money. It's mostly a mix of planning, common sense, your credit score, commitment and a little cost-of-living calculus. People who actively build a financial blueprint they can follow — budget included — are prepared for the future and manage their money in a way that builds wealth. For You: Check Out: So how do you stack up? Are you savvier than the average American? Here's a look at several signs you're on the right path. It doesn't take much effort to find the banks that offer the best interest rates — a simple internet search will deliver all the info you need to better reach your long-term goals. Even so, a lot of U.S. consumers settle for rates as low as 0.01% APY when they can score rates at or above 4.5% APY. GOBankingRates consistently researches to find the best high-yield savings accounts available and here are the best high-yield savings accounts for 2025: EverBank Performance Savings Account Bask Bank Interest Savings Account Jenius Bank High-Yield Savings Account Bread Financial High-Yield Savings Account Western Alliance Bank High-Yield Savings Premier Acorns Emergency Fund Wealthfront Cash Account Betterment High-Yield Cash Account GO2bank High-Yield Savings Account Salem Five Direct eOne Savings Account Be Aware: Making a financial plan and establishing a monthly budget might be the two most important traits of financially savvy people. Your financial plan should encompass both long- and short-term goals and include everything from leisure activities and investment goals to major purchases such as a house or car. In contrast, your budget should focus on current living expenses and day-to-day spending. Here are six steps you can take to make sure you set a realistic budget and stick to it: Step 1: List all your living expenses. Step 2: List flexible and recurring expenses and loan payments. Step 3: Add up your after-tax income. Step 4: Set financial goals. Step 5: Record and track your spending. Step 6: Adjust and review your budget to account for growth. Nobody is born financially savvy, and nobody who becomes financially savvy ever has it all figured out. You need to keep aiming for ways to learn more — and that means seeking advice from people with expertise you might lack. It's important to consult with professional financial advisors who can recommend investments, savings plans and debt-management strategies to help you reach your goals. One thing financially savvy people have in common is that they don't bury themselves under a mountain of debt they can't afford to pay off. The road to financial ruin often begins with maxing out your credit cards to buy stuff you otherwise couldn't afford. This leads to a vicious cycle of paying only the minimum on your debt each month to free up extra cash for essential bills, which racks up additional interest and makes it even harder to climb out of debt. Being financially savvy isn't only about spending and budgeting wisely; it also means figuring out how to earn extra money beyond just the paycheck from your primary job. This can come in many different forms. One of the most popular ways to build wealth is to put a certain percentage of your income into investments such as stocks, bonds, mutual funds and real estate. You can also earn extra income through part-time jobs and side hustles that turn your free time into a source of wealth. Impulse purchases can make a bigger dent in your monthly budget than you may realize. Financially savvy people don't have the poor spending habits of an impulse shopper. Not maxing out your credit card and sticking to your goals puts you a financial foot ahead of many consumers. Here are a few ways to avoid impulse buying and stay savvy with your cash flow: Don't lean into retail therapy and the love of shopping. Deal-seeking is great, but don't mistake the crave of the save for actually saving money. Know that you're not missing out if you don't buy an item that you don't need. Stockpiling items is one step away from hoarding. Only buy things for which you've budgeted. Don't overestimate how much you will use a product you purchase. Being financially savvy isn't something that just happens. It's the result of hard work, a thirst for knowledge and dedication to making good money decisions. Employ some of these tips today to become that much more financially savvy. Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 6 Key Signs You're More Financially Savvy Than the Average American Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
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Best high-yield savings interest rates today, June 15, 2025 (best accounts offering 4.3% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling from their historic highs. It's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. The national average savings account rate stands at 0.42%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%, reflecting a sharp rise in a short period of time. As of today, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by EverBank and Openbank. However, Openbank has a minimum $500 opening deposit, while EverBank requires no minimum opening deposit. Since these rates may not be around much longer, consider opening a high-yield savings account now to take advantage of today's high rates. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.42% with daily compounding. At the end of one year, your balance would grow to $1,004.12 — your initial $1,000 deposit, plus just $4.12 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate?
Yahoo
7 days ago
- Business
- Yahoo
Best high-yield savings interest rates today, June 13, 2025 (up to 4.3% APY return)
Find out if now is the right time to put your money in a savings account. The Federal Reserve cut the federal funds rate three times in late 2024. As a result, deposit interest rates are falling from their historic highs. Still, it's possible to find high-yield savings accounts paying above 4% APY. So, if you're looking for the best rates available today, here's a breakdown of where to find them. Although savings interest rates are elevated by historical standards, the national average rate for savings accounts is still just 0.42%, according to the FDIC. The good news: Top high-yield savings accounts offer more than 10 times the national average. Today, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by Openbank and EverBank. However, EverBank requires no minimum opening deposit, while Openbank requires a minimum opening deposit of $500. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. Remember, it's important to shop around before opening a savings account. Interest rates vary widely, but there are several banks (in particular, online banks) and credit unions with highly competitive offers. Online banks operate exclusively via the web. This significantly reduces their overhead costs, so they're able to pass those savings onto customers in the form of high deposit rates and low fees. In fact, many of the best high-yield savings accounts also come with zero monthly fees or minimum opening deposit requirements. If you're searching for the best savings interest rates, online banks are a great place to start. That said, online banks aren't the only place you can find savings accounts with rates that range between 4% and 5% APY. Credit unions are not-for-profit financial cooperatives and are also known for providing competitive rates and fewer fees. Many credit unions have certain requirements that must be met in order to become a member, though there are some that allow just about anyone to join. Read more: Here's why online banks offer the highest savings interest rates Savings accounts are one of the safest places you can put your money. They're insured by the FDIC (or the NCUA in the case of credit unions), which means your deposits are protected up to $250,000 if your financial institution fails. They also can't lose money due to market fluctuations. However, a savings account isn't always the right choice. Although today's savings interest rates are high by historical standards, they still don't offer the same returns you could achieve by investing your money in the market. For long-term savings goals such as retirement, you need to invest a bulk of your savings in higher risk (but higher reward) market investments such as stocks, index funds, and mutual funds to reach your target. But if you're saving for a shorter-term goal such as a down payment on a home, vacation, or even an emergency fund, a high-yield savings account is one of the best options. That's especially true if you want to access your money as needed; other types of high-yield deposit accounts, including money market accounts and certificates of deposit (CDs) place more restrictions on how often you can make withdrawals. This embedded content is not available in your region.
