Want a higher savings account rate? Check out these places

If you are not getting high yield from your savings, You may have missed it. With the Federal Reserve’s target rate range of 5% after a Series of interest rate hikesSavers can benefit from higher yields on their balances.

But not all bank accounts are the same. If you have a regular savings account at a large, national brick-and-mortar bank, you may be earning pennies on the dollar. The national average interest rate on these accounts is just 0.39% APY, according to FDIC.

By comparison, you can earn 4.5% or more with a High Yield Savings Account. But you may need to look beyond your current bank to find them.

Compare some of the top savings rates now.

Where to find higher savings account rates

Before you open a new bank account, check if your deposits are insured. Banks must be insured by the FDIC, while credit unions must compete with the NCUA. As long as the financial institution you choose is insured by one of these organizations, deposits of up to $250,000 per depositor per account type are guaranteed against bank failure.

After confirming that your account is insured, you can begin to find the best combination of rates and account details that fit your savings goals. Here are some of the best places to start:

Online Bank

a lot Best High Yield Savings Account Come to the online bank today. Online Bank Where you get a rate of 4% or even above 4.5% APY. These banks are usually either online only or online divisions of larger banks. Because banks don’t have the same overhead costs as their branches, they can pass the savings on to customers — and attract more business with sky-high interest rates.

Since there are no branches, you should be comfortable doing all your deposits, transfers and other account activities online. Fortunately, these banks usually offer robust websites and mobile apps that make the process easy. And you’ll typically find customer service support available via phone, email, online chat, and more

Examples of online bank high-yield savings rates include:

• UFB direct: 4.81% APY
• Bread Storage: 4.65% APY
• Salem Five Live: 4.61% APY

Credit Union

Credit unions are nonprofit financial institutions owned by their members. Membership requirements may vary. Some credit unions are restricted to people who work for a specific employer or live in a specific geographic area, while others allow membership to anyone who makes a small donation to an associated charity.

Credit unions often have both checking and savings accounts available to members. And while they may not offer rates as high as online banks, many still beat the national average. If you like applying for the credit union’s other benefits — great customer service, low fees, potentially flexible loan requirements — it may be worth opening a savings account at an increased rate.

Examples of credit union high-yield savings rates include:

• Alliance Credit Union: 3.10% APY
• Pentagon Federal Credit Union: 2.70% APY
• State Farm Federal Credit Union: 2.02% APY

Local and Community Banks

As with online banks, local banks tend to have lower overhead costs than large national bank chains. As a result, their customers can often benefit from lower fees and sometimes higher yields.

But like credit unions, you typically won’t find rates as high from your local bank as from online banks. However, some savers may prefer the community feeling of visiting a bank branch and supporting a local business. As a compromise, you might even decide to open multiple accounts — one at your local bank and another at a high-income online bank.

Interest rates at local and community banks can vary greatly depending on where you are. Contact a nearby branch to find the top rates near you — and be sure to compare online banking options with today’s best high-yield savings rates.

Bottom line

A high-yield savings account can be one of the best tools to weather rising prices and economic uncertainty today. whether you Build an emergency fund Or saving up for an upcoming big purchase, earning a great rate on your balance can boost your savings.

If you are searching The right high yield account today, consider whether an online account might be a better fit. Online banks usually offer the highest rates with no fees and great online features. But a credit union or community bank in your area may be a good option. While you may not score the highest rate with an online account, you may find other features and benefits that suit your savings goals.