Today’s High-Yield Savings Account Rates – April 22, 2024: Savings account rates are mixed compared to a week ago. You can now earn 5.84% or higher.
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Considering a savings account for a rainy day or retirement? Here are some of the best rates available.
Due to the Fed’s campaign of interest rate hikes to combat inflation, traditional savings accounts, known as “statement savings accounts” within the banking industry, are paying paltry interest rates.
Curinos data shows the highest rate on a standard savings account with a $2,500 minimum deposit today is 5.84%. If you find a savings account with a rate in that range, you’ve found a good deal. One week ago, the best yield was also 5.84%.
APYs for traditional savings accounts are currently 0.24%, Curinos says. It’s the same as it was a week ago. APY indicates how much you’ll earn in an entire year. In addition to compound interest, it also includes interest that builds on interest already accrued in your account.
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Today’s High-Yield Savings Account Rates
You may be required to meet strict requirements laid down by the bank or credit union if you want to open a high-yield savings account. You may also have to make a large deposit to open one.
As of today, the best interest rate for high-yield accounts requiring a minimum deposit of $10,000 is 5.35%.
If you can find an account offering a rate close to 4.97%, you’ll be in good shape. Last week at this time, the best rate was also 4.97%.
A high-yield account with a $25,000 minimum deposit is currently yielding 0.25% APY, the same as last week.
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How often does the rate change?
Savings account interest rates typically fluctuate in response to changes in other rates throughout the economy.
To curb inflation, the Federal Reserve raised its benchmark federal funds rate.
Fed rate increases increase credit card rates and other borrowing costs, but savings rates do not.
Savings account interest rates have steadily risen throughout 2023.
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