Saving money can feel impossible right now. Between higher winter energy bills, student loan payments and the potential that tariffs will raise prices, your financial situation may be tight. Having extra padding in an emergency fund can help you prepare. But how? With savings accounts still offering high interest rates — the best we’ve found offers up to 5% annual percentage yield — you can earn a little extra for each dollar you save. If you’re struggling to get started, I talked to experts to find out their favorite tip to help you build your emergency savings while still having extra cash on hand when you need it. Here’s where savings rates currently stand and how you can start saving a little extra now.Read more: Need a 2025 Financial Diet? Try One of These Savings ChallengesWhy you need a high-yield savings accountExperts agree that the best place to store money for your emergency fund and other short-term goals is a high-yield savings account. Not only can you earn more than 4% APY on your money, but a HYSA also makes it easy to access your cash when you need it.Certified financial planner, Larry Sprung, stands by a high-yield savings account for its flexibility and higher interest rate than most checking and savings accounts. Many online banks and credit unions are offering around 4% APY, which outpaces the current inflation rate. That can offer you a little more buying power, Sprung said. Here’s a closer look at the best high-yield savings accounts. Today’s best high-yield savings rates Varo 5.00%**$0Newtek Bank 4.70%$0LendingClub 4.50%$0EverBank 4.40%$0Bask Bank 4.35%$0Synchrony Bank 4.00%$0Laurel Road 4.00%$0American Express 3.80%$0Capital One 3.70%$0 Experts recommend comparing rates before opening a savings account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.Experts expect rates to remain high, but expect a “gradual decline” toward the end of the year, according to Paul Carlson, a certified public accountant. But don’t get too hung up on rates. Even if we see a 0.50% drop, you’d still be earning more than most big banks, which offer near 0% interest on their savings accounts.Every extra dollar toward your emergency savings counts Finding extra money to save can be tough if you’re already living paycheck-to-paycheck. That’s why experts recommend starting small and setting goals that feel obtainable.Sprung recommends looking at your budget to see what you can comfortably allocate toward savings each paycheck — even if it’s $10. Find a high-yield savings account you’re comfortable with to allocate those funds monthly until you hit your target amount. Instead of setting a lofty goal of saving $1,000 in a month, which could set you back on bills and necessities, aim for $50 or $100. Even depositing $50 into a savings account each month can help you grow your savings from $0 to $600 in a year — and that’s before interest kicks in.If setting a specific target numbe
Mar. Feb 11th, 2025
