Highest Savings Rates for January 2026: Earn Up to 4% APY with Top Accounts

High-yield savings account rates have been falling, but some accounts still pay up to 4% APY. The highest rates are offered by SoFi, Valley Bank Direct, and Barclays. The average interest rate on a traditional savings account is 0.39%, according to the FDIC. Historically, savings account rates have fluctuated due to the 2008 financial crisis and the COVID-19 pandemic. Despite recent rate hikes, the average savings account rate is still low.