Today's top savings account rate roundup: Take home 5.84% with today’s best rates — April 1, 2024 (2024)

Savings account rates have held firm over the past week, though savers can earn much higher yields now compared to this time last year. This is a positive development, to be sure, but make sure you consider fees, customer service and user-friendly digital experience when selecting a savings account.

Commonly referred to as “statement savings accounts” in the banking world, savings accounts paid microscopic yields after the Great Recession. The Fed maintained low borrowing costs for several years in order to bolster economic growth.

The landscape, however, became topsy-turvy after the government’s extensive spending during the pandemic. The Fed belatedly countered by increasing interest rates at an unprecedented pace in order to offset soaring inflation, prompting banks to raise rates for savers.

Savings account rates — $2,500 minimum deposit

The highest interest rate on a standard savings account today is 5.84%, per Curinos, the same as a week ago. Meanwhile, the average APY (annual percentage yield) for a traditional savings account, as reported by Curinos, is 0.23%, the same as last week.

APY represents the return your account will generate in a year, taking into account compound interest—the interest earned on both the principal and previously accumulated interest in your account.

For instance, if you were to invest $2,500 at a 5.84% rate (the current high) for one year, you would earn roughly $150 in interest, assuming daily compounding and no additional contributions.

Savings account rates — $10,000 minimum deposit

The average APY for savings accounts requiring a minimum deposit of $10,000 is 0.24%, unmoved over the past week. But remember that many banks offer significantly higher rates.

Some of the top high-yield savings accounts, for instance, currently feature rates of 4.00% or higher.

Per Curinos, the highest interest rate today on a savings account requiring a minimum deposit of $10,000 is 5.35%. If you were to invest $10,000 at a 5.35% rate (the current high) for one year, you would earn more than $550 in interest, assuming daily compounding and no additional contributions.

Methodology

To establish average savings account rates, Curinos focused on savings accounts intended for personal use. Savings accounts that fall into specific categories are excluded, including promotional offers, relationship-based accounts, private, youth, senior and student/minor. The average savings rates quoted above are based on a $2,500 or $10,000 minimum deposit amount.

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