High-yield savings account rates remain steady, with no change from last week. The highest rate available is 5.84% on a standard savings account with a $2,500 minimum deposit.
Online banks and credit unions typically offer higher interest rates compared to traditional brick-and-mortar banks. The average APY for a traditional savings account is 0.22%.
For high-yield savings accounts requiring a minimum deposit of $10,000, the best interest rate is currently 4.88%, with an average APY of 0.23%. Accounts with a $25,000 minimum deposit offer rates around 4.21%.
When choosing a savings account, consider factors like minimum deposit requirements, fees, and the financial institution's reputation. Look for FDIC or NCUA insurance for added protection.