From Yahoo Finance: 2025-06-01 06:00:00

Savings interest rates are declining after the Federal Reserve cut its target rate three times in late 2024. The national average savings account rate is currently at 0.42%, a significant increase from 0.06% three years ago.

The highest savings account rate available today is 4.3% APY, offered by EverBank with no minimum opening deposit required. It’s crucial to act quickly and take advantage of these rates by opening a high-yield savings account now.

Your total earnings in a savings account depend on the annual percentage rate (APY) and how often interest compounds. With daily compounding, a $1,000 deposit at 0.41% interest would grow to $1,004.11 after one year.

Choosing a high-yield savings account at 4% APY would result in a balance of $1,040.81 after one year, including $40.81 in interest. The more you deposit, the more you can earn, as evidenced by a $10,000 deposit yielding $408.08 in interest after a year.

Read more: Best high-yield savings interest rates today, June 1, 2025 (best accounts offering 4.3% APY)