Savings interest rates today, August 31, 2024 (best account provides 5.50% APY)

Current Savings Account Rates: Today's savings account interest rates are at their highest in over a decade, with the national average at 0.46%, significantly up from 0.07% two years ago, largely due to Federal Reserve rate hikes aimed at controlling inflation.

High-Yield Options Available: Some banks offer high-yield savings accounts with rates exceeding 5% APY, such as Poppy Bank and Betterment, making it advisable for consumers to consider opening these accounts to maximize their earnings before potential rate declines.