High-Yield Savings Rates Today: June 16, 2025

The annual inflation rate ticked up slightly to 2.4 percent in May, according to the latest data from the Bureau of Labor Statistics. This makes it more likely that the Federal Reserve will hold off on cutting its benchmark federal funds rate during its meeting later this week.

While we at Bankrate have seen slight dips in annual percentage yields (APYs) over the past month, yields remain robust as the federal funds rate remains elevated. That trend is expected to hold if the Fed continues to hold interest rates steady.

Here’s what’s going on in today’s market as it pertains to high-yield savings accounts (HYSAs).

What are today’s best savings account rates?

As of mid-June, multiple banks remain in a five-way tie for today’s top yield, which remains at 4.30% APY. That’s good news for savers, as it gives consumers a wide array of choices, especially because the top five banks all have different minimum opening deposit requirements.

Note: Annual percentage yields (APYs) are as of June 16, 2025. APYs for some products may vary by region.

The latest news from the Federal Reserve

With inflation rising in May — and with President Donald Trump’s tariffs threatening to drive it up even further — experts anticipate that the Fed will keep interest rates steady. After all, the reason the central bank ratcheted up interest rates in the first place was to tame runaway inflation.

Holding rates steady gives the U.S. central bank more time to assess whether its previous hikes are having the intended effect without risking an unnecessary economic slowdown. Many economists believe that if inflation remains sticky or climbs further, the Fed could even delay any future rate cuts into late 2025.

“After a year of falling yields, 2025 is shaping up to be more stable. With the Fed pausing its rate cuts, savings rates have entered a holding pattern for now. What we’re seeing is a more competitive landscape, especially among digital banks and fintech platforms.”

— Cetin DuransoyU.S. Chief Executive Officer | Raisin

For consumers and savers, this means interest rates on deposit accounts such as HYSAs could stay attractive for a bit longer. While HYSA APYs are variable, meaning they can change at any time, an elevated federal funds rate tends to support higher APYs — making now a potentially smart time to take advantage before the tide turns.

Is it still a good time to open a high-yield savings account?

Yes. For now, high-yield savings accounts remain a solid option for earning more on your cash. With the Fed holding interest rates steady, APYs have stayed elevated, offering savers the opportunity to lock in stronger returns than they could have just a few years ago.

However, these rates won’t stick around forever. If the Fed resumes rate cuts later this year, banks may start lowering yields. So, if you’re thinking about moving your money into a HYSA, acting sooner rather than later could help you make the most of today’s higher returns.

Other high-yielding options you could consider during this time include money market accounts (MMAs) and certificates of deposit (CDs), which offer fixed yields for the duration of the term. The fixed rate guarantees that you’ll earn a high yield for the period of the CD’s term, especially if you open a multi-year CD, such as a five-year CD.

Bottom line

With inflation still a concern and the Fed likely to hold interest rates steady, high-yield savings accounts continue to offer compelling returns. While these rates won’t last forever, opening an account with a robust yield now can help you take advantage before the market shifts.