Top Savings and CD Rates for December 2024: Earn Up to 9.5% APY

Following the Federal Reserve's recent interest rate cuts, high-yield savings account rates, which had been over 5% APY, are starting to decline. Currently, the top rate available is 4.75% APY from Everbank, with no minimum deposit required. While traditional savings accounts offer an average of 0.43% APY, high-yield accounts from online banks, credit unions, and community banks provide more competitive rates. Despite recent increases, savings account rates remain low compared to market investments, making them suitable for short-term savings goals.