Savings account rates remain stable compared to previous week with up to 5.84% being the highest yield available.
High-yield savings accounts generally offer higher interest rates than conventional savings accounts, requiring potential customers to meet specific criteria.
The current average APY for a traditional savings account is 0.22%, while high-yield accounts offer an average APY of 0.23%.
Factors to consider when selecting a savings account include interest rates, minimum deposit requirements, fees, and the institution's reputation and safety.