Today’s savings account rates are still above the national average, but declining due to Federal Reserve rate cuts in 2024 and 2025. High-yield savings accounts offer up to 4% APY. Online banks typically offer higher rates than traditional banks. The highest savings account rate as of January 5, 2026, is 4% APY with SoFi.

As the Federal Reserve is expected to lower rates further, now is a good time to take advantage of high savings rates. Comparing rates from different banks is crucial. Factors to consider include minimum balance requirements, customer service, and FDIC or NCUA insurance. Online banks generally offer better rates due to lower overhead costs.

High-yield savings accounts provide secure storage with competitive rates. Traditional savings accounts and CDs have seen rate increases despite the Fed’s actions. Average savings account rates are 0.39%, while 1-year CDs average 1.63%. It’s important to act now before rates drop further and to find the best deal by comparing account features and rates.

Read more at Yahoo Finance: Best high-yield savings interest rates today, January 5, 2026 (Earn up to 4% APY)