Maximizing Savings in Today's High-Interest Environment

Savings account interest rates in the US have hit a 15-year high, with top-yielding online savings account rates now just north of 5%, the highest since 2008, and much higher than last year's 0.8%. However, just 22% of savers are earning 3% or more on their accounts, and nearly as many savers are not earning any interest at all. Meanwhile, 49% of Americans have less savings or no savings compared to a year ago, and 4.5% of households had no checking or savings account in 2022, according to the FDIC's latest survey.