Best high-yield savings interest rates today, October 31, 2025 (up to 4.2% APY return)

Core Insights - The Federal Reserve has cut the federal funds rate three times in late 2024 and recently announced its first rate cut of 2025, leading to a decline in deposit interest rates from historic highs [1] - Despite the national average savings account rate being only 0.4%, top high-yield savings accounts are offering rates above 4% APY, with the highest being 4.1% APY from Openbank, LendingClub, and Jenius Bank as of October 31, 2025 [2] - Online banks and credit unions are highlighted as key providers of competitive savings account rates, often offering rates between 4% and 5% APY [4][5] Summary by Category Savings Account Rates - The national average savings account rate is currently 0.4%, while top high-yield accounts exceed 10 times this average [2] - The highest savings account rate available is 4.1% APY, offered by three banks [2] Online Banks - Online banks have lower overhead costs, allowing them to offer higher deposit rates and lower fees, often with zero monthly fees or minimum deposit requirements [4] - They are recommended as a starting point for finding the best savings interest rates [4] Credit Unions - Credit unions, as not-for-profit financial cooperatives, also provide competitive rates and fewer fees, although membership requirements may apply [5] Safety and Accessibility - Savings accounts are insured by the FDIC or NCUA, protecting deposits up to $250,000, making them a safe option for storing money [6] - High-yield savings accounts are particularly suitable for short-term savings goals, allowing easier access to funds compared to other deposit accounts [8]