Two Top Savings Accounts Changed Their Rate Today—But 11 Still Offer 5%-Plus

Investopedia11-02

Key Takeaways Two of yesterday's leading savings accounts lowered their rate below 5.00% this morning, dropping them from our list of the best high-yield savings accounts. Fortunately, you still have...

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That's just a smidge below the 20-year peak rate of 5.55% reached in April.Newtek Bank and Openbank both offer the runner-up rate of 5.25%, and eight more options pay 5.00% to 5.11%.If you're not stashing your extra cash in a high-yield savings account, it's wise to make a move—as your current bank account may be paying little or nothing on your savings.Fortunately, it's easy to transfer your funds to a high-yield account, where you can start putting your money to work.The full article continues below these offers from our partners.Two options from our ranking of the best high-yield savings accounts fell off the list today, with rate reductions that took them below the 5% mark. But don't fret, because you still have 11 nationw","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4116":"互联网服务与基础架构","CD":"秦淮数据"},"translate_title":"两个顶级储蓄账户今天改变了利率，但11个账户仍提供5%以上的利率","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CD":0.9,"US10Y.BOND":0.9,"US12M.BOND":0.9,"US2Y.BOND":0.9,"US30Y.BOND":0.9,"US3Y.BOND":0.9,"US5Y.BOND":0.9,"US6M.BOND":0.9,"US7Y.BOND":0.9,"US912797HE00.BOND":0.6},"content_text":"Key Takeaways\n\nTwo of yesterday's leading savings accounts lowered their rate below 5.00% this morning, dropping them from our list of the best high-yield savings accounts.\nFortunately, you still have 11 options to earn 5% or better, including national leader Pibank's 5.50% APY. That's just a smidge below the 20-year peak rate of 5.55% reached in April.\nNewtek Bank and Openbank both offer the runner-up rate of 5.25%, and eight more options pay 5.00% to 5.11%.\nIf you're not stashing your extra cash in a high-yield savings account, it's wise to make a move—as your current bank account may be paying little or nothing on your savings.\nFortunately, it's easy to transfer your funds to a high-yield account, where you can start putting your money to work.\n\n The full article continues below these offers from our partners.\n\n\n\n\n\n  Earn 5.00% to 5.50% With the Nation's Best Savings Accounts  \n Two options from our ranking of the best high-yield savings accounts fell off the list today, with rate reductions that took them below the 5% mark. But don't fret, because you still have 11 nationwide options to earn that much elsewhere, with a tip-top rate of 5.50%.\n\n\n That stellar return is available at Pibank, which allows you to open its 5.50% Pibank Savings account with any opening deposit (even no initial funds). It also has no minimum ongoing balance requirement and charges no monthly maintenance fees. Although Pibank is relatively new to the U.S., it's owned by the brick-and-mortar Intercredit Bank, which has been FDIC-insured since 1984.\n\n\n Rates on high-yield savings accounts surged last spring to their highest level in over 20 years, reaching a peak rate of 5.55% in April. That's thanks to the Federal Reserve's aggressive rate-hike campaign of 2022–2023, which aimed to bring down decades-high inflation. Though the Fed has since made a rate cut, you can still earn very close to that peak savings rate.\n\n\n Pibank is just one of many great options that will let you earn a historically high return on your cash right now. The accounts below offer the highest annual percentage yields (APYs) among all nationally available savings accounts. Going with one of these top 11 accounts will put you in an elite tier of savings rates.\n\n\nWe Update Our Best Savings Account Rates Daily\nYou can find additional details on all of the top high-yield savings accounts by checking our daily roundup of the top APYs. We research rates from more than 100 federally insured institutions every business day to keep our rankings current.\n  Best High-Yield Savings Account Rates - Nov. 1, 2024  \n \n\n\n\n\n\n\n\nInstitution\nAPY\nRequired Opening Deposit\nMinimum Balance Requirement\n\n\n\n\nPibank\n5.50%\nAny amount\nAny amount\n\n\nNewtek Bank\n5.25%\nAny amount\nAny amount\n\n\nOpenbank\n5.25%\n$500\nAny amount\n\n\nTotalBank\n5.11%\n$25,000\n$2,500\n\n\nEverBank\n5.05%\nAny amount\nAny amount\n\n\nValley Direct\n5.05%\n$5,000\nAny amount\n\n\nForbright Bank\n5.00%\nAny amount\nAny amount\n\n\nBrioDirect\n5.00%\n$5,000\n$25\n\n\nFitness Bank\n5.00%\n$100\n$100\n\n\nPoppy Bank\n5.00%\nAny amount\n$1,000\n\n\nIvy Bank\n5.00%\n$2,500\n$2,500\n\n\n\nTo qualify for our rankings, a bank or credit union must be federally insured by the FDIC or NCUA.\n\n\nWorried that having savings at another bank won't be convenient? Don't worry. Online banking makes transfers between banks easy. And though the transfer process takes one to three days, it's easy to handle this by not moving all of your savings to the new account. Instead, keep a small reserve at your primary bank so you can make immediate transfers to checking if needed.\n  Will Savings Account Rates Fall?  \n Savings accounts have variable rates, meaning the bank or credit union can change your interest rate anytime it wants—and without warning. One of the main drivers for how institutions set savings account rates is the Federal Reserve's benchmark interest rate, the federal funds rate. Though banks and the Fed don't move in exact lockstep on their rates, they generally head in the same direction.\n\n\n Unfortunately for savers, the Fed has kicked off what's expected to be a series of rate cuts, starting with a significant 0.50 percentage point reduction on Sept. 18. Further cuts are expected in 2024 and 2025—and possibly even 2026. Each Fed decrease that comes to pass will put downward pressure on savings account rates.\n\n\n But it's good to keep some perspective. Even if, say, the best savings account rate comes down from today's 5.50% to maybe 4.50% by the end of the year—or even 3.50% by the end of 2025—these are still historically high returns. You can see this easily in the graph below, which shows that back in 2022, before the Fed's rate-hike campaign, the APY on the highest-paying nationwide savings account was a meager 0.70%.\n\n\n\n\nConsider Guaranteeing Your Rate with a Top CD\nAre you able to live without a portion of your savings for months, or even years? If so, it's an excellent time to open one of the nation's best certificates of deposit (CDs). That's because CDs guarantee their APY until the term ends, no matter how many rate cuts the Fed makes—letting you lock in today's rates for longer.\nRight now, you can secure a rate as high as 5.50% with the best 6-month CD, or up to 5.00% with the top 1-year CD. For terms of 18 months to 5 years, the top CD rates range from 4.00% to 4.65%, guaranteeing your APY until at least 2026 and up to 2029.\nBut don't delay! CD offers can vanish overnight, and rates are likely to fall. So lock in a term and APY you like as soon as possible.\nDaily Rankings of the Best CDs and Savings Accounts\nWe update these rankings every business day to give you the best deposit rates available:\nBest High-Yield Savings Accounts\nBest Money Market Accounts\nBest 3-Month CD Rates\nBest 6-Month CD Rates\nBest 1-Year CD Rates\nBest 18-Month CD Rates\nBest 2-Year CD Rates\nBest 3-Year CD Rates\nBest 4-Year CD Rates\nBest 5-Year CD Rates\n\nNote that the \"top rates\" quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often five, 10, or even 15 times higher.\n  How We Find the Best Savings and CD Rates  \n Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.\n\n\n Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480487856"}