33% of People Said This About Their Finances in 2024—And This Account Could Help Fix That

Did saving money stress you out in 2024? If so, you’re not alone. According to a recent survey from New York Life, 33% of U.S. adults used the word “stressed” to describe their finances at the end of last year. Another 28% used the word “anxious.” Meanwhile, millennials may have used their worries to save nearly double what the average adult saved in 2024 ($12,005 vs. $7,461).

Moving into 2025, U.S. adults are still on edge. According to the survey, 73% are adjusting their financial habits in response to concerns such as rising inflation—with 37% cutting their discretionary spending and 28% changing their budgets or financial strategies. But saving doesn’t have to be stressful. With a high-yield savings account, you can sleep more easily by building your emergency fund faster.

Rates are still high if you know where to look. The best high-yield savings accounts pay 4.45% to 4.75% APY right now. By moving your money out of a checking or traditional savings account and into a high-yield one, you will see interest compound faster, helping you save more and reach your goals faster.

Alleviate Some Financial Stress With a High-Yield Savings Account

The best high-yield savings accounts offer APYs of up to 4.75%—over 11 times the national average for savings accounts of 0.42%. That means if you put away $1,000, you could earn up to $47.50 in interest after a year, compared to just $4.20 if you stick with an average rate.

Regularly contribute to your high-yield savings account and you can earn even more due to compound interest. For example, say that on top of your $1,000 initial deposit, you save $100 per month for 12 months. By the end of a year, you’ll have earned about $75 in interest for a total balance of over $2,275.

Meanwhile, opting for a high-yield account over a regular savings account has virtually no downside. Unlike certificates of deposit (CDs) and other investments, high-yield accounts still allow easy access to your money. You can generally deposit or withdraw funds at any time. 

By accelerating your earnings while still providing liquidity, high-yield accounts can motivate you to stick to your savings goals. You’ll stress less as you see your emergency fund grow, knowing that you have a financial cushion to cover unexpected expenses.

Don’t Wait: Rates Will Probably Drop on High-Yield Savings Accounts This Year

That said, interest rates on high-yield savings accounts can change without warning. This is partly because they respond to broader economic trends—including the federal funds rate, which serves as a benchmark for other interest rates.

Though the Federal Reserve reduced how many quarter percentage rate cuts it expects in 2025 from four to two, this year is still poised to see gradually declining interest rates. As a result, the best time to cash in on high-yield savings account returns is now.

How We Find the Best Savings Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer savings, money market, and CD accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.