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The average savings account rate is 0.40%. Here you can earn 12 times.

These savings accounts offer 4.80% APY or higher, which is 12x the national average.

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Today’s High interest rates That means you can earn big returns on your savings balance — but not everyone is taking advantage.

According to recent data from the FDIC, the national average savings account rate today is just 0.40% APY. Even though the Federal Reserve’s target fed funds rate range (a barometer for deposit rates) now tops 5%, many banks that average offer only regular savings accounts that still earn nearly zero-API.

but High Yield Savings Account – Usually offered by online banks or online divisions of large banks – May offer multiple times. Many of the best high-yield accounts offer at least 4% APY, though some of the best rates today may be higher Top even 4.5% APY.

To help you take advantage of higher interest rates on your savings, we’ve rounded up some Today’s highest yield savings account. 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 higher

The accounts below don’t 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 deposit you make up to a $250,000 limit (per depositor and per institution) is 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 Platinum Savings Account Earns 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 will drop to just 0.25% APY. You 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 Online Savings Account. A $1,000 deposit is required to open this account, but the minimum running balance is just $0.10 to earn your high APY.

Popular Direct: 4.85% APY

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

UFB Direct: 4.81% APY

The Premier Savings Account from UFB Direct also earns an interest rate of 4.81% APY. This account has no 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 your savings. It has no minimum balance requirement to open your account or start earning.

Compare 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 might missing Hundreds per year on potential additional earnings — especially at rates as high as they are now.

For example, say you put $5,000 into an account that earns 4.80% APY today. If you maintain that balance and interest rate over a year, you can grow your savings to $5,240. And that’s just the minimum — if you make regular contributions to your account or if your interest rate increases over time, you can earn even more.

You can use your high-yield savings for everything from one emergency fund You’re saving money for an upcoming vacation, a wedding, or going back to school. You may even consider opening Multiple high-yield accounts: One for emergency savings and the other for contributing to short-term goals.

One thing to remember is that high-yield savings accounts carry Variable interest rates. They can go up or down depending on the broader rate environment. That’s why you should Start saving sooner rather than laterSo you can take advantage of today’s high rates as long as possible.

Explore the top savings rates right now.

Bottom line

While the national average savings rate is just 0.40% APY, many of the best high-yield accounts earn 10 to 12 times. 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 higher rate leverage with a competitive savings account. Not only can you keep your cash safe and easily accessible in case of an emergency, but you can also do so reliably Increase your savings And increase your balance over time.

MoneyWatch: Managing Your Money

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