If you’re looking to supercharge your savings, a high-yield savings account could provide a competitive return to help your balance grow faster. However, not all banks offer high rates, which is why it’s important to shop around and find the most competitive savings interest rates available. Read on to learn more about where to find the best savings interest rates.

What are the best savings rates today?

Savings account rates have been on an upward trend over the past two years or so, but will likely go down following the Fed's recent rate cut.

The good news is that many high-yield savings accounts still offer rates of 5% APY and up. The best rates are typically offered by online banks, although you may be able to find comparable savings interest rates at some credit unions and community banks.

For example, the highest savings account rate available stands at 5.50% APY. This rate is offered by Betterment on its cash management account. There is no minimum opening deposit required.

The next highest rate comes from Peak Bank, with 5.33% APY. This high-yield savings account also does not require a minimum opening deposit.

Here is a look at some of the best savings rates available today from our verified partners:

Related: 10 best high-yield savings accounts>>

Savings account interest rate predictions for 2024

Following several years of near-zero interest rates, the Federal Reserve began raising the federal funds rate in 2022 in order to combat rapidly rising inflation. As a result, savings interest rates have skyrocketed as well, reaching a 15-year high.

However, the Fed recently decided to cut the federal funds rate, and savings account rates will soon start dropping. It’s also expected that the Fed will implement more rate cuts later this year.

It’s difficult to predict exactly how and when interest rates will change going forward, but one thing is for sure: Today’s high savings account rates won’t last forever. So, if you’re hoping to give your savings a boost and take advantage of the best rates on the market, there’s no better time than now.

How to open a savings account

The requirements involved in opening a savings account vary by financial institution. However, if you’re ready to open an account, you can follow these general steps:

• Research savings account rates: Of course, when choosing a savings account, one of the most important factors to evaluate are the interest rates. Be sure that you select a savings account with a competitive rate to help your money grow.

• Figure out your must-haves: Although savings account interest rates should be top of mind, that’s not the only factor to consider. You’ll also want to think about what else you need from your account, whether it’s no minimum balance requirement, low fees, or other perks. Finding a savings account with a solid rate that also helps you achieve your goals is key.

• Prepare documentation: Opening a bank account requires you to provide a few important personal details and documents. Before you start your application, be sure you have your Social Security number, driver’s license or passport number, and proof of address.

• Fill out the application: In many cases, you can apply for savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, the application for a new savings account should only take a few minutes to complete. In many cases, you’ll get your approval decision instantly.

• Fund your account: Once your savings account application is approved, you’ll need to add funds to the account. Be sure you’re aware of any minimum opening deposit requirements and timeline for funding.

Read more: Step-by-step instructions for opening a high-yield savings account

Frequently asked questions

Which bank is giving 7% interest in savings accounts?

Currently, there are no banks that offer 7% APY as a standard rate on their savings account. However, you may be able to find limited-time promotional rates from local banks and credit unions that range from 6% to 7%. Check with the financial institutions in your area to find out what offers are available.

What bank currently has the highest savings interest rate?

Among our partners, the highest savings interest rate available today is offered by Betterment. It is currently paying 5.50% APY on its cash management account.

Where can I get 5% interest on my savings?

Several banks are currently offering 5% APY or higher on savings accounts, including Poppy Bank (5.50%), Peak Bank (5.33%), Western Alliance Bank (5.31%), Forbright Bank (5.30%), Jenius Bank (5.25%), Bask Bank (5.10%), and BMO Alto (5.10%).