The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling. So it’s important to be sure you’re getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers.

The national average savings account rate stands at 0.42%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%.

Although the national average savings interest rate is fairly low compared to other types of accounts (such as CDs) and investments, the best savings rates on the market today are much higher. In fact, some of the top accounts are currently offering 4% APY and higher.

Today, the highest savings account rate available from our partners today is 4.30% APY. This rate is offered by BMO Alto and there is no minimum opening deposit required.

Here is a look at some of the best savings rates available today from our verified partners:

Related: 10 best high-yield savings accounts today>>

The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily).

Say you put $1,000 in a savings account at the average interest rate of 0.42% with daily compounding. At the end of one year, your balance would grow to $1,004.21 — your initial $1,000 deposit, plus just $4.21 in interest.

Now let’s say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest.

The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you’d earn $408.08 in interest. ​​

Read more: What is a good savings account rate?

Senior members of Canada’s cabinet held talks Friday with US President-elect Donald Trump’s nominees to lead the departments of commerce and the interior, as Ottawa works to hold off the threat of punishing tariffs.

Canada’s newly-appointed Finance Minister Dominic Leblanc and Foreign Minister Melanie Joly met with Howard Lutnick, Trump’s commerce secretary nominee, who will also lead the country’s tariff and trade agenda.

Interior secretary nominee Doug Burgum was also at the meeting held at Trump’s Mar-a-Lago estate in Florida.

Leblanc’s spokesman Jean-Sebastien Comeau, who confirmed the participants, described the talks as “positive and productive.”

Trump has vowed to impose crippling 25-percent tariffs on all Canadian imports when he takes office next month.

He has said they will remain in place until Canada addresses the flow of undocumented migrants and the drug fentanyl into the United States.

Canadian Prime Minister Justin Trudeau has promised retaliatory measures should Trump follow through on his pledge, raising fears of a trade war.

Leblanc and Joly “outlined the measures in Canada’s Border Plan and reiterated the shared commitment to strengthen border security as well as combat the harm caused by fentanyl to save Canadian and American lives,” Comeau said in a statement.

Canada’s Border Plan — estimated to cost CAN$1 billion ($694 million) — was crafted as part of Ottawa’s response to Trump’s concerns.

Lutnick and Burgum “agreed to relay information to President Trump,” the statement said.

Trudeau is facing his worst political crisis since sweeping into office in 2015.

Leblanc was named finance minister earlier this month after the surprise resignation of Chrystia Freeland.

In a scathing resignation letter, Freeland accused Trudeau of prioritizing handouts to voters instead of preparing Canada’s finances for a possible trade war.

More than 75 percent of Canadian exports go to the United States and nearly two million Canadian jobs depend on trade.

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