What are today's savings interest rates?

If you don't have savings, you're putting your financial future in trouble.

"Things are going to happen," says William Thompson, CFP and financial planner at Valor Wealth Partners, LLC. "Whether it's job loss, an appliance needs replacing or the car breaks down, you need to have funds that can be tapped into quickly to respond to these issues without having to use high-interest credit cards."

A savings account is a safe place to put your money for everything from an emergency fund to specific expenses, like a new car or vacation. Thanks to a little thing called interest, your money earns more money while it sits there, giving you some extra cash to rely on down the road.

But how much interest you earn depends on several things, including the type of savings account you open and where current rates stand. So, to get the most for your money, read on to learn today's saving rates — and how to get the best one out there.

View top savings accounts here to see how much more you could be earning.

What are today's savings interest rates?

The national average savings account interest rate is 0.25% as of June 1, 2023, according to Bankrate. You can earn exponentially more than that by opening a high-yield savings account, however. Bankrate reports that as of June 7, 2023, top high-yield savings account rates are between 3.85% and 4.85%. And if you shop around, you may find an account that offers an even higher rate than that.

Explore today's rates here to find the account that will earn you the most!

How to get a good savings account rate

Whatever the current rate environment, here's how you can secure the best rate available.

Choose a high-yield savings account

When it comes to earning as much interest as possible, high-yield savings accounts are the clear winner. They typically offer rates up to 15 times higher than regular savings accounts, which can add up fast.

For example, suppose you deposit $1,000 into a savings account at 0.25%. After 12 months, you'll have earned only $2.50 in interest. But put that money into a high-yield account at 4.85%, and you'd earn $48.49 over the same period. And since interest compounds, this difference can really balloon over time.

Check out today's best savings account rates here to get started.

Look at online banks

Many of today's top high-yield savings accounts are offered by online banks. These banks have fewer overhead costs than brick-and-mortar banks since they don't have any physical locations. They pass those savings on to you by offering high interest rates and other perks, such as low or no fees.

"For anyone that thinks they don't have enough to save, many top accounts typically start with a $1 minimum, which is not a high bar to meet. Often they also don't have any monthly fees, so there should not be any serious obstacles, even if someone were only looking to save less than $100 a month in an online savings account," says Shane Cummings, CFP, CEPA, AIF, wealth advisor and the Director of Technology/Cybersecurity at Halbert Hargrove.

Plus, online accounts are quick to set up and easy to use. 

"The account opening process for most of [these] banks is also very streamlined and can be done online in a matter of minutes, which is much better than walking into a bank branch and going through a much slower process in person," says Cummings.

Shop around

High-yield savings accounts offered by online banks are your best bet for obtaining a great interest rate. But there's plenty of variation among these options. So take the time to compare products, noting not just interest rates but also things like fees that could eat into your earnings.

It will take longer than choosing the first account you come across, but once that initial research is done, you can sit back and watch your savings grow knowing you're getting the most you can for your money.

Find the right high-yield account for you by comparing your options online now!

The bottom line

Wherever you are in your financial journey, a savings account is a must-have. And you owe it to yourself to maximize your savings by getting the highest rate you possibly can. By knowing today's average rates, choosing a high-yield savings account with an online bank and researching your options, you can rest easier knowing you're better prepared to weather any storms that may come.