August 5, 2022 – Forbes Advisor

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Rates on a variety of savings accounts are rising as the Federal Reserve boosts interest rates. In the market for an account where you can park some cash? Here’s a look at the best savings rates you’ll find today.

Related: Compare the Best High-Yield Savings Accounts

Savings Rates Today: Traditional Savings Account

Traditional savings accounts, called “statement savings accounts” by the banking industry, have been known for paying teensy interest in recent years. That’s now changing, thanks to the Fed.

Today’s highest interest rate on a standard savings account is 2.18%, according to data from If you score a basic savings account with a rate in that range, you’ve found a good deal. One week ago, the best rate was 2.15%.

The national average rate is just 0.10%, according to the most recent data from the FDIC, the government agency that insures bank deposits. Today’s average APY for a traditional savings account is 0.56%, Bankrate says.

APY, or annual percentage rate, depicts the actual return your account will earn during one year. It factors in compound interest, which is the interest that builds up on the interest in your account.

Savings Rates Today: High-Yield Savings Account

High-yield savings accounts often pay substantially higher interest than a conventional savings account. But the trade-off is you’ll have to jump through some hoops for the bank or credit union. Often, that means making a large deposit to open the account.

On high-yield accounts requiring a minimum deposit of $10,000, today’s best interest rate is 2.00%. That’s unchanged from one week ago.

The average for those accounts is now 0.12% APY.

On high-yield savings accounts with a minimum opening deposit of $25,000, the highest rate offered today is 2.50%. You’ll do well if you can nail down an account with a rate close to 2.50%. Last week at this time, the best rate was 2.05%.

The current average is 0.24% APY for a high-yield account with a $25,000 minimum deposit.

Savings Rates Today: Money Market Account (MMA)

Money market accounts are savings accounts that have some of the properties of checking accounts. Typically, you can write checks and enjoy debit card privileges.

MMAs tend to pay somewhat higher interest than a standard savings account. The FDIC says the average MMA rate is 0.12%, versus 0.10% for a traditional savings account.

But today, the best money market accounts have rates as high as 1.49%. That’s below the top rate of 2.02% from one week ago.

The average APY for an MMA is now 0.14%, according to Bankrate.

How to Choose a Savings Account

If you’re shopping around for a traditional savings account, high-yield savings account or MMA, you’ll want to keep a few things in mind.

A great interest rate is important, but it’s not the only factor when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit—and whether you have enough money to fund the account.

You’ll also want to be alert for fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals), and other pesky charges that can eat into your returns.

And before you sign up for your account, be sure you investigate the reputation and safety of the bank or credit union. Read the reviews, see what people have to say about customer service, check how the financial institution responds to consumer questions, and feel that your money will be protected.

Get an account that’s insured by the FDIC or, in the case of credit unions, the NCUA. Those federal agencies provide up to $250,000 in insurance per depositor and per bank for each account ownership category.

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