Today’s savings account rates are still above the national average, but declining due to Federal Reserve rate cuts. High-yield savings accounts offer up to 4% APY, with VIO Bank offering the highest rate at 4.31% APY. Online banks typically offer the best rates due to lower overhead costs.

Savers should act fast to take advantage of high rates, as the Fed is expected to lower rates again in 2025. Comparing rates and account features is crucial when choosing a savings account. Factors like minimum balances, fees, customer service, and FDIC or NCUA insurance should be considered.

It’s important to shop around for the best savings account deal. Consider factors beyond just interest rates, such as minimum balance requirements, fees, customer service, and institution stability. Be sure your account is insured by the FDIC or NCUA for protection in case of institution failure.

Read more at Yahoo Finance: Best savings interest rates today, July 28, 2025 (Earn up to 4.31% APY)