Savings account rates show mixed trends as of January 9, 2025

Savings account rates are mixed as of January 9, 2025. The highest rate for standard savings accounts is now 6.35%, down from 6.82% last week. The average rate for traditional accounts remains low at 0.23%. High-yield savings accounts also show a decrease, with the best rate at 6.35% for accounts requiring a $10,000 minimum deposit. This is a drop from 6.82% a week ago. The average APY for these accounts is stable at 0.24%. Interest rates on savings accounts are influenced by changes in the economy and the Federal Reserve's actions. The Fed has started to lower its benchmark rate as inflation approaches its target.