Best high-yield savings interest rates today, January 6, 2026 (Earn up to 4% APY)

Core Insights - High-yield savings account rates have been declining, yet some accounts still offer rates above 4% APY, necessitating research to find competitive offers [1][2] Savings Interest Rates Overview - The average interest rate for traditional savings accounts is currently 0.39% as per FDIC data, while high-yield accounts can offer significantly higher rates [2] - As of January 6, 2026, the highest savings account rate available is 4% APY from SoFi [2] - Historical trends show that from 2010 to 2015, savings account rates were extremely low, ranging from 0.06% to 0.10%, primarily due to the 2008 financial crisis and subsequent Federal Reserve actions [2] Rate Fluctuations - Interest rates began to rise gradually from 2015 to 2018 but remained low historically [3] - The COVID-19 pandemic in 2020 caused another sharp decline in rates, bringing average savings interest rates down to around 0.05% to 0.06% by mid-2021 [3] - Following the pandemic, rates recovered significantly due to the Federal Reserve's interest rate hikes in response to inflation, but have since declined as the Fed lowered rates towards the end of 2024 and throughout 2025 [4] High-Yield Savings Accounts - Despite recent increases in interest rates, average savings account rates remain low compared to market investments, making them less suitable for long-term savings goals [4] - High-yield savings accounts are recommended for short-term savings goals, such as emergency funds or home down payments, due to their accessibility [5] - Other deposit accounts like money markets and CDs may offer competitive rates but often come with withdrawal restrictions [5]