Traditional And High Yield Savings Account Rates Today: January 11, 2024

Fact Checked Fact Checked Published: Jan 11, 2024, 3:32am Rates on savings accounts are mixed compared to one week ago. You can now earn 5.84% or higher on your savings. Shopping for an account where you can park some cash? Here’s a look at some of the best savings rates you can find today. Traditional Saving Account Rates Today , called “statement savings accounts” within the banking industry, are known for paying paltry interest rates.

That’s now changing, thanks to the Fed’s attempt to combat inflation with repeated interest rate hikes. Today’s highest APY on a standard savings account with a $2,500 minimum deposit requirement is 5.84%, according to data from Curinos. If you spot a basic savings account with a rate in that range, you’ve found a good deal.

One week ago, the best yield also was 5.84%. Today’s average APY for a traditional savings account is 0.23%, Curinos says. Last week, it was 0.23%. APY, or annual percentage yield, reflects the actual return your account will earn in a year. It includes compound interest, which is interest that builds on the interest already in your account.

High Yield Savings Account Rates Today High yield savings accounts generally pay substantially higher interest than conventional savings accounts. But the catch is you may 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 4.51%.

That’s unchanged from one week ago. The average APY for those accounts is now 0.23% APY, about the same as a week ago. On high yield savings accounts with a minimum opening deposit of $25,000, the highest rate offered today is 4.89%. You’ll be in good shape if you can nail down an account offering a rate close to 4.89%.

Last week at this time, the best rate was a similar 4.89%. The current average is 0.25% APY for a high yield account with a $25,000 minimum deposit. That’s below last week’s 0.25%. Money Market Account Savings Rates Today (MMAs) are savings accounts that offer some of the perks of checking accounts.

Often, you can write checks and have some debit card privileges. MMAs tend to pay at least slightly higher interest than standard savings accounts. The FDIC says the average MMA rate is 0.64% compared to 0.46% for a traditional savings account. But today, the best money market accounts have rates as high as 5.13%.

That’s steady with the top rate of 5.13% from one week ago. The average APY for an MMA is now 0.56%, the same as this time last week, according to Curinos. How to Find a Savings Account When 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 high interest rate is important, but it’s not the only factor that matters when picking an account to hold your savings. Another major consideration is whether the account has a minimum deposit—and whether you can meet that requirement. You’ll also want to understand the fees. Savings accounts can come with monthly maintenance fees, excess transaction fees (if you ignore limits on withdrawals) and other bothersome charges that can eat into your returns.

And before you sign up for an account, investigate a financial institution’s reputation and safety. You should trust your bank or credit union and feel like you’re in good hands. Read the reviews, see what other consumers have to say about customer service and find out how the financial institution responds to consumer questions.

Search for 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. How Often Do Savings Account Interest Rates Change? Interest rates on savings accounts typically fluctuate in response as other rates change throughout the economy.

Savings rates are primarily influenced by the Federal Reserve’s rate moves, and the central bank has recently been raising its benchmark federal funds rate in an attempt to get inflation under control. But while financial institutions are usually quick to raise credit card rates and other borrowing costs as the Fed raises rates, they tend to stall when it comes to increasing interest rates on savings.

Rates on savings accounts have been rising little by little, and that’s likely to continue throughout 2023. Curinos determines the average rates for savings accounts by focusing on those intended for personal use. Certain types of savings accounts—such as relationship based accounts and accounts designed for youths, seniors and students—are not considered in the calculation..