With the recent cuts to the federal funds rate by the Federal Reserve, deposit interest rates are on the decline. However, there are still opportunities to earn high yields on savings accounts, with some offering above 4% APY. If you’re considering putting your money into a savings account, now may be a good time to explore your options.
According to the FDIC, the national average rate for savings accounts is currently just 0.4%. But there are top high-yield savings accounts that offer more than 10 times that rate. As of November 28, 2025, one of the highest savings account rates available is 4.3% APY, offered by SoFi.*
When looking for the best savings rates, it’s essential to shop around. Interest rates can vary widely, but online banks and credit unions are known for providing competitive offers. Online banks, in particular, have lower overhead costs and can pass on those savings to customers in the form of high deposit rates and low fees. Many of the best high-yield savings accounts come with zero monthly fees or minimum opening deposit requirements.
Credit unions, on the other hand, are not-for-profit financial cooperatives that also offer competitive rates and fewer fees. While some credit unions have membership requirements, there are others that allow almost anyone to join.
Savings accounts are a safe place to keep your money, as they are insured by the FDIC (or NCUA for credit unions) up to $250,000 in case of a financial institution failure. Additionally, savings accounts are not subject to market fluctuations, making them a secure option for your funds.
While savings accounts may not offer the same returns as market investments like stocks, index funds, and mutual funds, they are ideal for shorter-term savings goals such as a down payment on a home, vacation, or emergency fund. If you need access to your funds regularly, a high-yield savings account is a convenient option compared to money market accounts or certificates of deposit (CDs), which have more withdrawal restrictions.
If you’re interested in earning up to 4.30% APY on a SoFi Savings account with a 0.70% APY boost, you can open a new account and enroll in SoFi Plus by January 31, 2026. Rates are variable and subject to change, so be sure to review the terms and conditions on sofi.com/banking#2. SoFi Bank, N.A. is a Member FDIC.
In conclusion, now might be the right time to consider putting your money into a high-yield savings account. With competitive rates available from online banks and credit unions, you can make the most of your savings while keeping your funds secure and easily accessible.
*Please note that embedded content may not be available in all regions.
