Federal Reserve rate cuts led to decline in deposit rates, highest savings rate at 4.30%.
From Yahoo Finance: 2025-03-31 06:00:00
The Federal Reserve has cut the federal funds rate three times in 2024, leading to a decline in deposit account rates. High-yield savings accounts offer as much as 4% APY. Online banks generally provide higher rates due to lower overhead costs. The highest savings account rate available is 4.30% APY from EverBank as of March 31, 2025.
Savers can benefit from high-yield savings accounts, offering competitive interest rates and liquidity. Average savings account rate is 0.41%, while 1-year CDs pay 1.82%. The Fed is expected to lower its target rate in 2025. It’s crucial to compare rates and account features before choosing a savings account.
Factors to consider when choosing a savings account include minimum balance requirements, customer service, ATM access, and institution stability. Ensure your account is insured by the FDIC or NCUA for protection. Read more on how to open a savings account with a step-by-step guide.
Read more at Yahoo Finance: Savings interest rates today, March 31, 2025 (Top rate at 4.30% APY)