Savings account rates have remained the same compared to last week, with the highest yield currently being 5.84% on a $2,500 minimum deposit.
High-yield savings accounts typically offer much higher interest rates than traditional accounts, with certain accounts providing a 4.88% interest rate on a $10,000 minimum deposit.
Average APY for traditional savings accounts is 0.22%, while for high-yield accounts it is 0.23% for $10,000 minimum deposit and 0.24% for $25,000 minimum deposit.
Choosing between traditional and high-yield savings accounts depends on your needs and willingness to meet requirements for higher interest rates, with online banks offering better rates but watch out for fees.