From Yahoo Finance: 2025-06-08 06:00:00

Savings interest rates are on the decline after three Federal Reserve rate cuts in late 2024. The national average savings rate is now 0.42%, up from 0.06% three years ago. As of June 8, 2025, the highest savings account rate available is 4.3% APY from EverBank and Openbank, with different opening deposit requirements.

Consider opening a high-yield savings account now to take advantage of the high rates available. The interest you earn on a savings account depends on the annual percentage rate (APY) and how often interest compounds, typically daily. With daily compounding at 0.42% APY, a $1,000 deposit would earn $4.12 in interest in a year.

Opting for a high-yield savings account at 4% APY would increase your balance to $1,040.81 after a year, with $40.81 in interest. Depositing more money means earning more interest – with a $10,000 deposit at 4% APY, you could earn $408.08 in interest after one year.



Read more at Yahoo Finance: Best high-yield savings interest rates today, June 8, 2025 (best accounts offering 4.3% APY)