Current high-yield savings account rates have remained steady compared to last week, with a potential earning of up to 5.84% on deposits.
Traditional savings accounts have historically offered low interest rates, but online banks and credit unions now offer rates up to 10 times higher than traditional institutions.
The average APY for traditional savings accounts is 0.22%, while high-yield accounts offer significantly higher rates, with the best rate at 4.88% for a $10,000 minimum deposit.
When choosing a savings account, consider factors like deposit requirements, interest rates, fees, and institution reputation to ensure the best fit for your needs.