Savings account rates are still above the national average, but they’re on the decline due to Federal Reserve cuts. High-yield savings accounts offer up to 4% APY. Online banks typically offer higher rates than traditional banks. Top rates come from SoFi, Valley Bank Direct, and Barclays at 4% APY.

Compared to traditional savings accounts, high-yield savings accounts offer better rates, with online banks leading the way. Federal Reserve rate cuts mean now is the time to take advantage of high rates. Average savings account rate is 0.39%, while 1-year CDs average 1.63%.

When choosing a savings account, compare interest rates, minimum balance requirements, fees, customer service, and institution stability. Ensure your account is insured by the FDIC or NCUA for protection. SoFi offers up to 4.00% APY with certain conditions. Rates may change, terms apply.

It’s crucial to shop around for the best savings account deal, especially with expected Fed rate cuts. Consider all factors beyond interest rates, like fees, customer service, and bank stability. SoFi offers competitive rates, but be aware of changing terms.

Read more at Yahoo Finance: Best high-yield savings interest rates today, January 19, 2026 (Earn up to 4% APY)