Now is a good time to consider putting your money in a savings account, as deposit interest rates have fallen from historic highs. While the national average rate is just 0.39%, top high-yield savings accounts offer over 10 times that at 4% APY as of January 23, 2026.

Online banks like SoFi*, Barclays, and Valley Direct are offering some of the highest savings account rates at 4% APY. These banks operate exclusively online, reducing overhead costs and passing savings on to customers in the form of high deposit rates and low fees.

Credit unions are another option for competitive savings rates between 4% and 5% APY. They are known for providing attractive rates and fewer fees, though membership requirements may vary. Savings accounts are secure and insured by the FDIC or NCUA, protecting deposits up to $250,000 in case of institution failure.

For short-term savings goals, like a down payment or emergency fund, a high-yield savings account is a safe and accessible option. While these accounts offer high interest rates, they are not ideal for long-term growth compared to market investments like stocks, index funds, and mutual funds. It’s important to shop around for the best rates and terms before opening a savings account.

Read more at Yahoo Finance.: Best high-yield savings interest rates today, January 23, 2026 (up to 4% APY return)