High-yield savings interest rates are currently high, with the best account offering 4.31% APY.
From Yahoo Finance: 2025-06-22 06:00:00
Savings interest rates are decreasing after the Federal Reserve cut its target rate three times in late 2024. The national average savings account rate is 0.38%, a significant increase from 0.06% three years ago. The highest savings account rate available is 4.31% APY from VIO Bank as of June 22, 2025, with no minimum opening deposit required.
Opening a high-yield savings account now is advisable to take advantage of the current high rates. The amount of interest earned depends on the annual percentage rate (APY) and how often interest compounds, typically daily. For example, $1,000 at the average interest rate of 0.42% with daily compounding would yield $1,004.12 after one year.
Choosing a high-yield savings account offering 4% APY would result in a balance of $1,040.81 after one year, with $40.81 in interest. Increasing the deposit to $10,000 under the same 4% APY scenario would lead to a total balance of $10,408.08 after one year, earning $408.08 in interest.
Read more at Yahoo Finance: Best high-yield savings interest rates today, June 22, 2025 (best accounts offering 4.0% APY)