The average savings account rate is 0.40%. Here’s where you can earn 12 times that.

FAN Editor
These savings accounts offer 4.80% APY or more, which is 12x the national average.  Getty Images

Today’s high interest rates mean you can earn big returns on your savings balance — but not everyone is reaping the benefits. 

According to the latest data from the FDIC, the national average savings account rate today is just 0.40% APY. Many of the banks used to get that average offer only regular savings accounts which still earn near-zero APYs, despite the Federal Reserve’s target fed funds rate range (a barometer for deposit rates) now topping 5%. 

But high-yield savings accounts — generally offered by online banks or online divisions of larger banks — can offer multiple times that. Many of the best high-yield accounts offer at least 4% APY, though some of today’s best rates can top even 4.5% APY.

To help you take advantage of higher interest rates for your savings, we’ve gathered some of today’s highest-yield savings accounts. With the accounts below, you’ll earn 4.80% APY or more, at least 12 times the current national average.

Start comparing today’s top savings rates here.

High-yield savings accounts with 4.80% APY or more

The accounts below not only offer some of the highest interest rates you can earn today, but they all charge no monthly maintenance fees and offer easy access to your savings whenever you need it. These accounts are also FDIC insured, so any deposits you make up to the $250,000 limit (per depositor and per institution) are protected against any potential bank failure.

Here are some of our picks for accounts earning at least 12 times today’s national average: 

CIT Bank: 4.85% APY

CIT Bank’s Platinum Savings account earns a whopping 4.85% APY on balances above $5,000. If you choose this account, you should make sure you have a $5,000 balance to save; otherwise, your earnings drop to just 0.25% APY. You’ll also need a $100 minimum deposit to open the account.

First Foundation Bank: 4.85% APY

You can also earn 4.85% APY with First Foundation Bank’s Online Savings Account. This account requires a $1,000 deposit to open, but the minimum ongoing balance to earn your high APY is just $0.10.

Popular Direct: 4.85% APY

Popular Direct Savings can help you earn 4.85% APY on your savings balance. All you’ll need to open the account is $100 as a minimum deposit.

UFB Direct: 4.81% APY

The Premier Savings account from UFB Direct also earns a great interest rate of 4.81% APY. This account doesn’t have any minimum balance requirements. It also comes with a complimentary ATM card.

Laurel Road: 4.80% APY

Laurel Road’s high-yield savings account offers 4.80% APY on the money you save. It also has no minimum balance required to open your account or start earning.

Compare more of today’s top savings rates here now.

Why you should have a high-yield savings account today

If you don’t already have a high-yield savings account, you could be missing out on hundreds of potential extra earnings each year — especially with rates as high as they are right now.

For example, say you put $5,000 in an account earning 4.80% APY today. If you maintain that balance and interest rate over a year’s time, you could boost your savings to $5,240. And that’s just the minimum — if you make regular contributions toward your account or your interest rate goes up over that time, you could earn even more.

You can use your high-yield savings for everything from an emergency fund to money you’re setting aside for an upcoming vacation, a wedding or going back to school. You might even consider opening more than one high-yield account: One for emergency savings and another for contributing toward other short-term goals. 

One thing to keep in mind is that high-yield savings accounts carry variable interest rates. They can move up or down depending on the broader rate environment. That’s why you should start saving sooner rather than later, so you can take advantage of today’s high rates as long as possible.

Explore top savings rates right now here.

The bottom line

Though national average savings rates are at just 0.40% APY, many of the best high-yield accounts earn 10 to 12 times that. If interest rates are making other parts of your financial life — from credit card debt to auto loans and mortgages — more expensive, take advantage of the upside of high rates with a competitive savings account. Not only can you keep your cash secure and easily accessible in case of emergency, but you can reliably boost your savings and increase your balance over time.

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