Key takeaways

The best high-yield savings accounts currently earn APYs around 4.00%, over seven times higher than the national average.

Current inflation sits at 2.4%, so top savings rates are beating inflation by over 1.6 percentage points.

The federal funds rate remains at 3.50-3.75%, which mean high-yield savings rates are trending down.

A high-yield savings account earning over 4% APY is an excellent place to grow your money safely — while also offering easy access to funds. The best rates currently range from around 4% up to 4.20% APY at top online banks and credit unions.

These rates are significantly higher than traditional savings accounts, which typically earn just 0.01% to 0.10% APY at major brick-and-mortar banks. When your money earns a rate that outpaces inflation, your purchasing power actually grows over time.

What is a good savings account interest rate?

Today’s best high-yield savings accounts are earning APYs of around 4.20%, with some accounts still offering rates near 5 percent.…