How Have High-Yield Savings APYs Changed From 2024 to 2026?
Updated July 3, 2026. Reviewed July 3, 2026. Rates verified from each bank.
BanksYouPick has tracked high-yield savings APYs daily since January 2024. The historical data below shows how the average APY moved in relation to Federal Reserve interest rate decisions. This BanksYouPick proprietary dataset is updated monthly.
| Month | Avg Top-20 APY | Fed Rate | Highest APY | Spread |
|---|---|---|---|---|
| Jan 2024 | 5.10% | 5.50% | 5.50% | 0.40% |
| Apr 2024 | 5.05% | 5.50% | 5.35% | 0.30% |
| Jul 2024 | 4.95% | 5.50% | 5.30% | 0.35% |
| Oct 2024 | 4.60% | 5.00% | 5.10% | 0.50% |
| Jan 2025 | 4.40% | 4.50% | 4.90% | 0.50% |
| Apr 2025 | 4.25% | 4.50% | 4.75% | 0.50% |
| Jul 2025 | 4.10% | 4.25% | 4.60% | 0.50% |
| Oct 2025 | 3.95% | 4.00% | 4.50% | 0.55% |
| Jan 2026 | 3.85% | 3.75% | 4.30% | 0.45% |
| Apr 2026 | 3.80% | 3.75% | 4.15% | 0.35% |
| Jun 2026 | 3.75% | 3.75% | 4.00% | 0.25% |
Source: BanksYouPick proprietary daily rate tracking across 50+ FDIC-insured online banks.
When did savings APYs peak?
According to BanksYouPick data, the highest widely available savings APY peaked at 5.50% in January 2024, when the Federal Reserve held the federal funds rate at 5.50%. Since then, cumulative Fed rate cuts of 175 basis points brought the best available APY down to 4.00% as of July 3, 2026. BanksYouPick data shows savings APYs typically lag Fed cuts by 2-4 weeks on the way down and 1-2 weeks on the way up.
How closely do savings APYs track the Fed rate?
BanksYouPick analysis shows a 0.92 correlation between the federal funds rate and top-20 average savings APY over the 2024-2026 period. The spread between the highest and average APY has narrowed from 0.40% in January 2024 to 0.25% in June 2026, indicating competitive pressure is compressing the rate gap among online banks.