The Highest Savings Account Rate Right Now is 4.11% APY. Here’s Where You Can Get It

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The highest interest rate on a savings account today is a whopping 4.11% APY.

Many of the other highest savings rates today are around 3.50% APY — and growing. High-yield savings rates are still moving up after another rate hike from the Federal Reserve this week.  

But in our analysis of over 70 banks across the country, UFB Direct has moved into the top spot with a sky-high 4.11% APY. It’s not only the highest but also one of just a few banks to have passed the 4.00% threshold so far.

Here’s more about UFB Direct’s high-interest savings account, and how to choose the best savings option for your goals:

The Highest Savings Account Rate Right Now

UFB Direct is an online bank, and a division of Axos Bank. It offers both high-yield savings and money market accounts.

There are no monthly or maintenance fees for UFB Direct’s high-yield savings, and no minimum balance or deposit requirements.

UFB Direct offers account access via online account or mobile app, and you can transfer money using an ACH transfer from another bank account. Unlike many online banking options, you can also access your money via a complimentary ATM card from UFB.

UFB Direct deposits are FDIC-insured up to the $250,000 maximum in deposits.

Other High Yield Savings Accounts

A 4.11% APY is impressive, but there are other high-yield savings accounts that also offer competitive rates today.

Among the high-yield savings accounts we track regularly, plenty earn above 3.50% APY. These accounts also charge no monthly fees and carry no minimum deposit or balance requirements.

Here are a few more of the top savings account rates today, each of which is also FDIC-insured:

How We Found the Highest Savings Account Rate

To determine the highest savings interest rate available today, we evaluated over 70 savings accounts. We compiled a list based on the Federal Reserve’s largest commercial banks, the NCUA’s analysis of largest credit unions, our own existing list of best high yield savings accounts, and other commonly reviewed and searched-for banks and credit unions across the country. 

Unlike the accounts included on our list of best savings account rates, we did not disqualify accounts on the basis of fees, minimum deposits, or other prohibitive requirements. However, we did include only rates for standalone savings accounts. Some savings accounts earn tiered rates based on opening multiple accounts with a bank or using other products offered, but we limited our analysis to the highest savings account rate available for a single savings account.

How the Federal Reserve Affects Savings Rates

Savings account interest rates aren’t directly tied to the federal funds target range determined by the Federal Reserve, but the Fed’s movements are a good indicator of high-yield savings account rates.

Over the past several months, as the Fed has enacted multiple rate hikes, rates on high-yield savings have moved from pandemic-era lows of around 0.50% APY to an average of about 3.36% APY today. That’s because banks are in competition with one another for your deposits, and offering a great rate is one way that banks — especially online banks with fewer overhead costs — can differentiate themselves.

And as the Fed’s rate hikes continue, many of these savings account rates will only get better. In fact, experts we’ve spoken to over the past several weeks have agreed that as long as the Fed continues to enact rate hikes to combat runaway inflation, savers can expect higher returns on their savings.

Of course, the flip side of that coin is the higher interest borrowers will pay on loans, credit cards, and mortgages. Combined with still-high inflation and a tightening job market, economic uncertainty is growing, too. 

That’s why it’s even more important to secure your emergency fund and save what you can, so you have a safety net in case you’re hit with financial hardship or unexpected costs. 

READ MORE: Savings Account Rates Could Be Near Their Peak. How to Get the Best Return in 2023