Savings account rates have remained steady this week, with the highest yield reaching 5.84% for a standard account with a $2,500 minimum deposit.
Average APY for traditional savings accounts is currently at 0.22%, whereas high-yield savings accounts offer substantially more interest, with the best rate at 4.88% for a $10,000 minimum deposit account.
For high-yield accounts requiring a $25,000 minimum deposit, the highest available rate is 4.40%, with an average APY of 0.24%.
Interest rates on savings accounts are influenced by the Federal Reserve's rate changes, which are adjusted based on the economy's health and inflation levels.