Key takeout
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The highest-paid savings account fees have fallen slightly, and are now APY at 4.30% among those monitored by Bankrate editorial staff.
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For savers, one bright spot among the general economic uncertainty is that high-yield savings account rates remain rising, surpassing many inflation rates.
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Officials are widely expected to leave the Federal Reserve benchmark rate unchanged next week, which could help keep high APY in many savings accounts.
The next Federal Open Market Committee (FOMC) pricing meeting will be held over a week, with market watchers consensus being that authorities will hold rates in the current 4.25-4.5% range. This may be good news for savers if it promotes the continued stability of rates in high-yield savings accounts.
Future fee decisions come shortly after the May 29th meeting at the White House between Federal Reserve Chairman Jerome Powell and President Donald Trump. Both before and after the meeting, Trump urged the Fed to cut fees significantly, but maintained that the Fed would make financial policy decisions based on “a prudent, objective, and apolitical analysis.”
One way political policy could ultimately affect monetary policy is whether US trade tariffs promote higher inflation. Among the general economic uncertainty and market volatility caused by tariffs, one bright spot for savers is that rising inflation could keep APY longer. Similarly, Americans can help prepare for unplanned costs and market slump by prioritizing savings, says Mark Hamrick, senior economic analyst at Bankrate.
The Federal Reserve can begin cutting short-term benchmark rates this year, but it is not guaranteed. In the meantime, the highest yields are still in the 4% range, which is well above recent inflation.
– Mark Hamrick, Senior Economic Analyst | Bankrates
What are the best savings accounts and fees today?
For a few weeks, Santander Bank’s new digital arm, OpenBank, was the leader of the pack with a savings account that earned a 4.40% APY. It then reduced last week’s rating to 4.30% APY. As a result, OpenBank is currently tied with several other banks that get the same highest rate.
The best savings account fees can often be found in online-only banks and credit unions. Of the financial institutions listed below, it is not difficult to find an APY of 4% or more, as it offers the highest rates. On the other hand, sticking to a savings account that earns an inactive APY can be compared to leaving free money at the table in a form of higher interest.
Note: Annual yield (APY) is as of June 6, 2025. The APY for some products may vary by region.
Latest Federal Reserve News
Starting June 7, the customary blackout period prohibits FOMC meeting participants from publicly speaking from next week’s rate set meeting, June 17-18. However, before the blackout, various Fed officials appeared publicly to talk about monetary policy. At one such event, Chicago Federal President Austan Gursby spoke at the 2025 Middle-Age Economic Review of the Corridor Business Journal on June 3 in Cedar Rapids, Iowa.
At the event, Goolsbee was asked this year which companies should businesses expect in terms of interest policy. He responded by saying it depends on what happens in the next three months on price and employment data, adding that before the president’s April 2nd tariff announcement, employment was stable and that personal consumption expenditure (PCE) had reached the Fed’s 2% target.
The 12-month PCE inflation (April 2025) was around 2.1%, making it very close to our target. But that’s old news from last year. Therefore, these were the last reports that came before the tariffs. So now they’re just question marks. Will customs duties have a small impact? Or will tariffs have a major impact? And now we have to wait and see what happens.
– Austan Goolsbee, President and CEO | Chicago Federal Reserve Bank
At present, it is unclear how much of an involvement affects inflation. Marketwatchers are widely hoping that the authorities will remain stable at next week’s FOMC meeting.
Why should I choose a high income savings account?
Since December 2024, the rates for many savings accounts continue to outperform inflation, thanks to the unchanged federal fund rate. It’s not difficult to find a top savings account that earns an annual yield (APY) of around 4%.
“Taking advantage of high yield savings is a bit like being dedicated to physical fitness,” says Hamrick of Bankrate. “You don’t need to set a world record, but it’s important to be involved and be mindful. Don’t worry about not being able to catch the one with the highest yield, but you want to be in the neighborhood.
Conclusion
Despite concerns about economic uncertainty and how tariffs will affect inflation, many high-yie savings accounts continue to win strong APYs of over 4%. The Fed was stable in 2025 despite political pressure. At next week’s FOMC meeting, officials are widely expected to leave unchanged rates as officials could help maintain APY on savings accounts and deposit certificates above inflation.