Savings accounts are federally insured financial products that can help your money grow. The best savings accounts have high annual percentage yields, or APYs. The higher the APY, the more money you'll earn over time.
The Federal Reserve emergency rate cuts of March 2020 encouraged many financial institutions to lower their APYs. Some made minor changes while others made more significant cuts. The accounts featured in this article are among those with the consistently highest rates; they can help you bolster your emergency fund faster than an account with an average APY. (The national average is just 0.05%.)
NerdWallet staff analyzed, compared and rated dozens of banks, credit unions and nonbank providers (often apps that partner with a bank for FDIC insurance) before selecting the savings accounts that offer the best combination of above-average rates and consumer-friendly features.
Â