From Yahoo Finance: 2025-05-09 06:00:00

Now is a good time to consider putting your money into a savings account as deposit interest rates are falling from their historic highs following three Federal Reserve rate cuts in late 2024. While the national average rate for savings accounts is just 0.41%, top high-yield savings accounts offer over 10 times that amount, with rates as high as 4.40% APY from Poppy Bank with a $1,000 minimum opening deposit. Online banks are a great place to find competitive rates due to reduced overhead costs, and credit unions also offer competitive rates with fewer fees, though membership requirements may apply. Savings accounts are safe and insured by the FDIC or NCUA, but investing in higher risk market investments may offer greater returns for long-term goals. However, for short-term goals or emergency funds, a high-yield savings account is a flexible and accessible option.



Read more at Yahoo Finance: Best high-yield savings interest rates today, May 9, 2025 (up to 4.40% APY return)