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Earn 5.00% to 5.50% With One of the Nation's Top Savings Accounts

New to our daily ranking of 澳洲幸运5官方开奖结果体彩网:the best high-yield savi✨ngs accoun🌸ts is Openbank. Launched as a new online operation of Santander Bank, Openbank is paying 5.25% APY, which is the runner-up nationwide r🔯ate. Though you have to make a minimum deposit of $500 to open the account, you do not need to keep those funds there— has no minimum ongoing balance requirement🧔.

Rates on high-yield savings accounts surged this spring to their highest level in over 20 years, reaching a peak rate of 5.55% in April. That's thanks to the Federal Reserve's aggressive rate-hike campaign of 2022–2023—which aimed to bring down decades-high 澳洲幸运5官方开奖结果体彩网:inflation. Though the Fed has since made a rate cut, you can still earn very close to that peak savings rate.

Beyond Openbank, national leader Pibank is still offering its with any opening deposit (even no initial funds). It also has no minimum ongoing balance requirement and charges no monthly maintenance fees. Although Pibank is new to the U.S., it is owned by the brick-and-mortar Intercredit Bank, which has been FDIC-insured since 1984.

Pibank and Openbank are just two of many great options that will let you earn a historically high return on your cash right now. The accounts below offer the highest 澳洲幸运5官方开奖结果体彩网:annual percentage yields (APYs) among all nationally available savings a💦ccounts. Going with one of these top 14 accounts will put you in an elite tier of savings rates.

Top High-Y🐻ield Savings Account Rates - Oct. 28, 2ꦰ024

You can always find additional details on all of the top high-yield savings accounts by checking our 澳洲幸运5官方开奖结果体彩网:daily roundup of the top APYs. We research rates from more than 100 federally insured institutions every business day to keep ou🅠r rankings current.

Will High-Yield Savings Account Rates Fall?

Savings accounts have variable rates, meaning the bank or credit union can change your interest rate anytime it wants—and without warning. One of the main drivers for how institutions set savings account rates is the 澳洲幸运5官方开奖结果体彩网:Federal Reserve's benchmark interest rate, the 澳洲幸运5官方开奖结果体彩网:federal funds rate. Though banks and⛦ the𓂃 Fed don't move in exact lockstep on their rates, they generally head in the same direction.

Unfortunately for savers, the Fed has kicked off what's expected to be a series of rate cuts, starting with a significant 0.50 percentage point reduction on Sept. 18. Further cuts are expected in 2024 and 2025—and possibly ജeven 2026. Each Fed decrease that comes to pass will put downward pressure on savings account rates.

But it's good to keep some perspective. Even if, say, the 澳洲幸运5官方开奖结果体彩网:best savings account rate comes down from today's 5.50% to maybe 4.50% by the end of the year—or even 3.50% by the end of 2025—these are still historically high returns. You can see this easily in the graph below, which shows that back in 2022, before the Fed's rate-hike campaign, the APY on the highest-paying nationwide savings account was a meager 0.70%.

What About Today's Best CD Rates?

If you can commit to not touching a portion of your savings for months or years, it's a smart time to open one of the nation's 澳洲幸运5官方开奖结果体彩网:best certificates of deposit (CDs), as they are also paying historically high rates. You can lock in a rate as high as 5.50% with the best 6-month CD, or up to 5.00% with the 澳洲幸运5官方开奖结果体彩网:top 1-year CD. The longest CD term payingಞ at least 5.00% is currently 12 months, which would guarantee a 5.00% rate until about Halloween 2025.

For terms of 2 to 5 years, the top CD rates range from 4.00% to 4.50%, guaranteeing your APY until at least 2026 and up to 2029. Any CD you open will guarantee its🔴 return until the CD matures, no matter how many rate cuts the Fed makes.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.