Today's top savings account rate roundup: Take home 5.84% with today’s best rates — March 1, 2024 (2024)

Savings account rates have plateaued in recent weeks, although rates remain far higher than a year prior. While high yields are surely paramount in your evaluation of a potential savings account, don’t forget to take fees, customer service and customer-friendly digital experience into account as well.

Known as “statement savings accounts” in the banking business, savings accounts offered infinitesimal yields after the 2008 financial crisis when the Fed slashed short-term rates to near zero, and kept them there for years, in order to stimulate the economy.

The landscape, however, was turned upside down following the government’s extensive spending during the pandemic. The nation’s central bank countered the inflationary effects of lockdowns and rounds of stimulus bills by significantly increasing interest rates to offset soaring prices, prompting banks to raise rates for savers.

Savings account rates — $2,500 minimum deposit

The highest interest rate on a standard savings account today is 5.84%, per Curinos, the same as a week ago. Meanwhile, the average APY (annual percentage yield) for a traditional savings account, as reported by Curinos, is 0.23%, the same as last week.

APY represents the return your account will generate in a year, taking into account compound interest—the interest earned on both the principal and previously accumulated interest in your account.

For instance, if you were to invest $2,500 at a 5.84% rate (the current high) for one year, you would earn roughly $150 in interest, assuming daily compounding and no additional contributions.

Savings account rates — $10,000 minimum deposit

The average APY for savings accounts requiring a minimum deposit of $10,000 is 0.24%, unmoved over the past week. However, numerous financial institutions offer significantly higher rates.

Some of the top high-yield savings accounts, for instance, currently feature rates of 4.00% or higher.

Per Curinos, the highest interest rate today on a savings account requiring a minimum deposit of $10,000 is 4.51%. If you were to invest $10,000 at a 4.51% rate (the current high) for one year, you would earn more than $460 in interest, assuming daily compounding and no additional contributions.

Methodology

To establish average savings account rates, Curinos focused on savings accounts intended for personal use. Savings accounts that fall into specific categories are excluded, including promotional offers, relationship-based accounts, private, youth, senior and student/minor. The average savings rates quoted above are based on a $2,500 or $10,000 minimum deposit amount.

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