News last week that the Federal Reserve was keeping interest rates paused - its third such freeze this year - may not have been the development borrowers were hoping for, but it will help to maintain the status quo for savers. And that's largely been a lucrative one in recent years.

After inflation surged in 2022, the Fed increased interest rates to combat it, causing borrowing costs to rise alongside exponentially higher returns on select savings accounts. The Fed only started cutting interest rates in gradual amounts in 2024, then waited again until the final months of 2025 to resume cutting. There's been no such reduction so far in 2026 with no anticipation of an imminent one either (there's no Fed meeting even on the calendar for May).

So now could be an optimal time for savers to explore their high-rate options, if they haven't already done so. To better decide on what account and rate makes sense for their money currently, it first helps to know where savings account interest rates stand right now, as of May 4, 2026. That's what we'll explore below.

See how much interest you could be earning on your money with a top savings account.

What are today's savings account interest rates?

The average interest rate on a savings account is 0.38%, according to the April 20 update from the Federal Deposit Insurance Corporation (FDIC). But that doesn't tell the whole story and does little to reflect what savers can actually secure by shopping around online.

There are still multiple savings account options with rates ranging from 3.10% to 4.10% now, according to Money.com. Some banks will even offer a rate as high as 4.30% if savers combine their savings and checking accounts. That makes these accounts between 715% and 1,030% more profitable than the average rate many may be accustomed to receiving on their money now. 

So don't leave this extra money unclaimed. Instead, start shopping around online today to see how high a rate you can secure. And considering that online marketplaces list rates, accounts, banks and terms all in one location, it's easier than ever to get started.

Shop for the top savings accounts online here.

Should you open a savings account online?

If you feel comfortable completing your banking online or at least managing your savings from your phone or desktop, then consider going one step further and look to open a high-yield savings account with an online bank, specifically. Online banks often have less maintenance costs than those institutions that operate in-person branch locations. Accordingly, they're usually then able to pass on those savings to accountholders in the form of higher interest rates. 

Savers, however, will need to feel comfortable without a local branch to visit. But if it means a substantially higher interest rate in exchange, it can still be valuable. That said, take a broad look at your savings account options now and don't dismiss the benefits banks with local branches can still offer, as not all institutions will interpret today's interest rate climate in the same way.

The bottom line

The average interest rate on a savings account, according to the latest data from the FDIC, is 0.38%, but there are multiple options available right now with rates ranging from 3.10% to 4.10% or even higher. So take the time to shop around to see which banks and accounts work for your savings account needs. With higher interest rates remaining on hold for the foreseeable future, it makes sense to take advantage of this rate climate while you still can. With no rate cut looming, either, savers can feel more comfortable than usual to take the time to thoroughly research all of their options.