High-yield savings accounts offer rates above 4% APY, great option for short-term savings goals

From Yahoo Finance: 2025-06-13 06:00:00

Now may be a good time to consider putting your money in a savings account, as the Federal Reserve has cut the federal funds rate three times in late 2024. While deposit interest rates are falling from their highs, high-yield savings accounts still offer rates above 4% APY. The national average rate for savings accounts is just 0.42%, but top high-yield savings accounts can offer more than 10 times that rate. Online banks and credit unions are known for competitive rates, with some offering rates between 4% and 5% APY. Savings accounts are safe and insured, but for long-term goals, consider investing in higher risk market investments like stocks or mutual funds. If you have short-term savings goals, a high-yield savings account is a great option, especially for easy access to your funds.



Read more at Yahoo Finance: Best high-yield savings interest rates today, June 13, 2025 (up to 4.3% APY return)