The highest savings account rates today: High-yield savings accounts reach up to 3.50% APY

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The average interest rate paid by a savings account right now is 0.21% Annual Percentage Yield (APY), according to the FDIC.

The best online institution for getting a competitive interest rate on a high-yield savings account is Salem Five Direct, which pays 3.50% APY on Salem Five Direct eOne Savings. National brick-and-mortar banks generally pay much lower interest rates than online banks. For example, US Bank pays 0.01% APY on the US Bank Standard Savings Account.

We’ve been checking over a dozen financial institutions to keep up with their new rate offerings. Our best savings accounts guide and best high-yield savings account guide can be great starting points in your research — but if you prioritize finding the highest rates above all else, this list is for you.

Salem Five Direct eOne Savings: 3.50% APY

Salem Five Direct eOne Savings has a $10 minimum opening deposit and zero monthly service fees. You’ll earn a competitive interest rate as long as you maintain less than $1 million in your account. If you have more than $1 million, Salem Five Direct may transfer your money to a Statement Savings Account, which only pays 0.01% APY.

UFB Elite Savings: 3.16% APY

UFB Elite Savings could be worthwhile if you’d like easy access to your account — the savings account comes with an ATM card. UFB Direct only offers types of online savings accounts. If you’re planning on opening a checking account or CD as well, you might consider other banks.

LendingClub High-Yield Savings Account: 3.12% APY

The LendingClub High-Yield Savings Account might be a good option if you have at least $100 to open an account. LendingClub also has a solid cash-back checking account. 

Bask Bank Interest Savings Account: 3.60% APY

Bask Bank might be a good fit if you’d like to open an account with $0. However, keep in mind that the online-only bank only offers savings accounts and CDs. If you’re also looking for a checking account, you’ll want to consider other financial institutions. 

CIBC Agility Account: 3.03% APY

The CIBC Agility Account pays a great interest rate and might be worth exploring if you have at least $1,000 for an initial deposit. 

However, keep in mind that your banking options at CIBC USA may depend on where you live. For example, you can only open a CIBC iCan Checking Account if you live in Illinois, Michigan, Missouri, or Wisconsin.

Bread Savings: 3.00% APY

The Bread Savings High-Yield Savings Account is another solid high-yield savings account. It could be a good choice if you have at least $100 to get started.

If you haven’t heard of Bread Savings, you might be familiar with Comenity Direct. Comenity Direct has recently been rebranded because its parent company, Bread Financial, has expanded to include lending options.

CIT Bank Savings Connect: 3.00% APY

The CIT Bank Savings Connect Account is straightforward savings account with a high interest rate. CIT Bank might be ideal if you’re searching for CDs or money market accounts, too. CIT Bank is currently offering a unique promotional offer through its money market account, and the bank offers a wide range of CD options.

Citizens Access Savings: 3.00% APY

The Citizens Online Access Savings Account could be a good choice if you have at least $5,000 for a minimum opening deposit. If the initial opening deposit is too steep, other banks listed let you open an account with less money upfront.

Capital One 360 Performance Savings: 3.00% APY

Capital One 360 Performance Savings™ may be worthwhile if you’re looking for a bank account with savings tools . The bank lets you set savings goals, then schedule recurring transfers from your Capital One 360 Checking account until you’ve saved the full amount.

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