Looking to boost your savings? High-yield savings accounts offer competitive rates, with some reaching 4% APY. Online banks typically offer the best rates, but credit unions and community banks may have comparable options. Consider factors like fees and accessibility when choosing the right account.

Savings interest rates have been affected by the Federal Reserve’s decisions, with peaks and drops in recent years. The current highest rate available is 4% APY from SoFi as of December 2025. The Fed’s rate cuts have impacted the market, with more cuts anticipated in the future.

When opening a savings account, research rates, consider your needs, gather necessary documents, and fill out the application. Fund your account according to requirements and enjoy the benefits of high interest rates while they last. Remember, the best time to start saving is now before rates change.

Read more at Yahoo Finance: Best high-yield savings interest rates today, December 25, 2025 (top account pays 4% APY)