Skip to navigationSkip to main contentADVERTISEMENTSome offers on this page are from advertisers who pay us, which may affect which products we write about, but not our recommendations. See our Advertiser Disclosure.Tim Manni ·Wed, July 1, 2026 at 12:00 PM GMT+2 8 min readIf you're looking to supercharge your savings, a high-yield savings account can provide a competitive interest rate 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.Where to find the best savings interest rates todayThe average interest rate on a traditional savings account is only 0.38%, according to the FDIC. However, today's best high-yield savings accounts pay around 3%-4%.Today, Wednesday, July 1, 2026, the highest savings account rate available from our partners is 4.10% APY. This rate is offered by Bask Bank.Here is a look at some of the best savings rates available today:How much interest can I earn with a high-yield savings account?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 0.38% with daily compounding. At the end of one year, your balance would grow to $1,003.81 — your initial $1,000 deposit, plus just $3.81 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 an HYSA, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposited $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?What impacts HYSA rates?Deposit account rates — including savings rates — are tied to the federal funds rate. This is the target interest rate set by the Federal Reserve; when it increases its target rate, deposit account rates usually increase. Conversely, when the Fed lowers its rate, deposit rates fall.Savings account interest rates have fluctuated quite a bit over the past couple of decades. From 2010 to about 2015, rates were rock-bottom, hovering between 0.06% and 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 gradually increased. 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 cut rates again 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 toward the end of 2024 and continued to do so throughout 2025. As a result, deposit rates have steadily declined. So far in 2026, the Fed has kept rates unchangedIs now a good time to put your money in a high-yield savings account?Choosing where to put your money is an important decision, and there are a few factors you should consider when evaluating your options. A high-yield savings account could make sense if you're looking for a secure place to hold shorter-term savings while earning a solid return. Here are a few key considerations:Interest rates: One of the most important features of a savings account is the interest rate. It's important to shop around and compare the best offers to ensure your money will grow over time. Considering that savings rates will likely drop in the near future, opening a high-yield savings account now will allow you to take advantage of historically high rates.Goals: Today's high-yield savings accounts offer rates we haven't seen in more than a decade. That said, savings rates still don't match average returns for the stock market. If you're saving for a long-term goal like retirement, a savings account probably isn't the best place to put your money, since your balance won't grow at a pace that will allow you to reach your target. However, if you're saving for a financial emergency, a down payment on a home or car, holiday gifts, or another short-term goal, a savings account is a great place to hold those funds.Accessibility: Certain types of accounts and investments may provide higher returns than a savings account, but may make it difficult to access your funds in a pinch. For example, if you put your savings in a certificate of deposit (CD) and need to access the money before the maturity date, you could be subject to an early withdrawal penalty. So, if you want to be able to dip into your savings as needed, a high-yield savings account is likely the better choice.Security: In most cases, savings accounts are insured by the FDIC up to the federal limit. They also