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Earn 5.00% to 5.50% With the Nation's Best Savings Accounts

Two options from our ranking of 澳洲幸运5官方开奖结果体彩网:the best💮 high-yield savings accoun💞ts fell off the list tܫoday, with rate reductions that took them below the 5% mark. But don't fret,ꦏ because you still have 11 nationwide options to earn that much elsewhere, with a tip-top rate of 5.50%.

That stellar return is available at Pibank, which allows you to open its 5.50% account with any opening deposit (even no initial funds). It also has no minimum ongoing balance requirement and charges no monthly maintenance fees. Although Pibank is relatively new to the U.S., it's owned by the brick-and-mortar Intercredit Bank, which has been FDIC-insured since 1984.

Rates on 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts surged last spring to their highest level in over 20 years, reaching a peak rate of 5.55% in April. That's thanks to the Federal Reserve's aggressive rate-hike campaign of 2022–2023, which aimed to bring down decades-high 澳洲幸运5官方开奖结果体彩网:inflation. Though the Fed has since made a rate cut, you can still earn very ꩲclose to that peak savings rate.

Pibank is just one of many great options that will let you earn a historically high return on your cash right now. The accounts below offer the highest 澳洲幸运5官方开奖结果体彩网:annual percentage yields (APYs) among all nationally available savings accounts. Going with one of these top 11 accounts will put you in an elite tier 𒀰of savings rates.

Best High-Yield♐ Savings Account Rates - Nov. 1, 2024

Will Savings Account Rates Fall?

Savings accounts have variable rates, meaning the bank or credit union can change your interest rate anytime it wants—and without warning. One of the main drivers for how institutions set savings account rates is the 澳洲幸运5官方开奖结果体彩网:Federal Reserve's benchmark interest rate, the 澳洲幸运5官方开奖结果体彩网:federal funds rate. Though banks and the Fed don't mo🦩ve in exact lockstep on their rates, they generally head inಞ the same direction.

Unfortunately for savers, the Fed has kicked off what's expected to be a series of rate cuts, starting with a significant 0.50 percentage point reduction on Sept. 18. Further cuts are expected in 2024 and 2025—and possibly even 2026. Each Fed decrease that comes to pass will put downward p💜ressure on savings account ra𝄹tes.

But it's good to keep some perspective. Even if, say, the 澳洲幸运5官方开奖结果体彩网:best savings account rate comes down from today's 5.50% to maybe 4.50% by the end of the year—or even 3.50% by the end of 2025—these are still historically high returns. You can see this easily in the graph below, which shows that back in 2022, before the Fed's rate-hike campaign, the APY on the highest-paying nationwide savings account was a meager 0.70%.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, 澳洲幸运5官方开奖结果体彩网:read our full methodology.