Jumpstart Your Savings Goals While APYs Are Still Over 4%. Today’s Best Savings Rates for Feb. 7, 2025
- The best high yield savings account rate is still higher than 4% APY.
- If you haven’t checked rates recently, you may lose interest.
- Experts say high-yield savings accounts can help you set and stick to your savings goals.
Rate The best high yield savings account Stay stable until the weekend. According to our daily tracking, the average rate is 4.13% APY – but your annual percentage may vary overnight.
Usually, high-yield savings accounts are like Traditional savings accountwith the flexibility to quickly deposit and withdraw funds. The biggest difference is that HYSA will receive more interest – up to 10 times the national average traditional savings account offers.
This extra interest can help you make more impact on your savings balance. Here are the best prices and what experts want you to know.
The best savings rate today
| bank | APY* | Minimum. Open deposit |
|---|---|---|
| Preventive | 5.00%** | $ 0 |
| Newtuk Bank | 4.70% | $ 0 |
| Lendclub | 4.50% | $ 0 |
| Everbank | 4.40% | $ 0 |
| Bask Bank | 4.35% | $ 0 |
| Synchronize the bank | 4.00% | $ 0 |
| Laurel Road | 4.00% | $ 0 |
| American Express | 3.80% | $ 0 |
| Capital One | 3.70% | $ 0 |
Experts recommend comparing rates to get the best APY before opening a savings account. Enter your information below to get the best interest rates for CNET partners.
How a high-yield savings account can help you stick to your savings goals
Saving goals can be overwhelming to start in the new year, especially when you consider which new account to open. Currency Coach and CNET Money Expert Bernadette Joy Share some tips to help you stick to your goals.
“First, name your savings account something meaningful, like peace of mind or dream fund,” Joey said. “It’s a psychological hack that makes it easier to stay motivated.”
Dividing your goals into smaller chunks can make them easier to manage. For example, if you plan to save $1,000, you can start with a $200 reserved monthly. If you put your money in a high-yield savings account, you will receive interest, which can help you achieve your goals faster.
Joy also recommends sticking to a high-yield savings account that does not charge a monthly fee or minimum balance.
💰Save for a long time? Earn up to 4.65% of APY The best CD prices today.
Average savings rate per week
| Last week’s CNET average savings APY* | CNET average savings APY this week | Weekly changes |
|---|---|---|
| 4.15% | 4.15% | No change |
Tips for choosing a high-yield savings account
Since credit unions and online-only banks are most likely to offer high-yield savings accounts, it may change the way you save. For example, some online-only banks do not accept cash deposits and may not have physical locations with physical assistance. Here are some other factors to consider when opening HYSA.
- Account Requirements: Some HYSAs require a minimum amount to open an account, usually between $25 and $100. Others don’t have any minimum limit. You should be aware of the balance requirements to ensure your account maintains a good reputation and continues to earn interest.
- ATM access: Not every bank provides cash deposits and withdrawals. If you need regular ATM access, check if your bank offers ATM fee repayment or extensive network internal ATM, says Lanesha Mohip, founder of Polishing CFO.
- cost: Mohip said, be aware of the costs of monthly maintenance, extraction and paper statements. These fees can balance you.
- Accessibility: If you like face-to-face help, look for a bank with a physical branch. If you are willing to manage your money digitally, consider online banking.
- Withdrawal restrictions: Some banks withdraw more than six per month, while some banks charge excess withdrawal fees. If you may need to make more, consider banks that do not have this limitation.
- Safety and security: Make sure your bank has Federal Deposit Insurance Company – or the National Credit Union Trade Union Administration. This way, if the bank fails, your funds protect every account holder of up to $250,000 per category.
- Customer Service: Choose a responsive bank and get help easily when you need it. Read online customer reviews and contact the bank’s customer service to enable you to work with the bank.
Methodology
CNET reviews savings accounts in over 50 traditional and online banks, credit unions and financial institutions and provides services nationwide. The scores for each account are between one (lowest) and five (highest). The savings accounts listed here are all insured by FDIC or NCUA, up to $250,000 per account, per institution.
CNET uses a set of established criteria to evaluate the best savings account that compares annual yields, monthly fees, minimum deposits or balances, and opportunities to enter a physical branch. The banks on our list do not charge monthly maintenance fees. Accounts that offer any of the following privileges will rank higher:
- Account Bonus
- Automatic saving function
- Wealth Management Consulting/Coaching Services
- Cash deposit
- Extensive ATM networks and/or ATM rebates are used for off-network ATM use
If the savings account does not have a website that is easy to play, or does not offer useful features like an ATM card, you can rate it as low. Fees that impose restricted residence requirements or exceed monthly transaction limits may also be lower.
*As of February 6, 2025, according to banks we tracked on CNET. From January 27, 2025 to February 3, 2025, the weekly increase/decrease percentage increase/decrease.
** varo offers only 5% APY with a balance of less than $5,000.
