Savings account rates have remained steady, with the highest yield reaching up to 5.84% for a minimum deposit of $2,500.
High-yield savings accounts offer higher interest rates than traditional accounts but may have requirements like large deposits or membership with a credit union.
The best interest rate on high-yield accounts requiring a $10,000 deposit is 4.88%, and for a $25,000 deposit, it is 3.94%.
Important factors to consider when choosing a savings account include interest rates, minimum deposit requirements, fees, institution reputation, and FDIC or NCUA insurance coverage.