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On June 6, 2024, a roundup from AOL Finance reported savings-account offers of up to 5.50% APY when minimum requirements applied, and up to 5.30% APY at providers it described as having no minimums. These are historical rates, not current offers; verify an account’s live APY and disclosures before applying.
What were the best savings rates on June 6, 2024?
AOL Finance’s June 6, 2024 roundup reported rates of up to 5.50% APY at Betterment and Western Alliance Bank, with minimum requirements, and up to 5.30% APY at Forbright, Jenius Bank, Bask Bank, and other providers, with no minimums reported. The available excerpt does not identify every account or spell out each provider’s qualifying balance, fees, or other terms, so these figures should not be treated as a complete account-by-account comparison. AOL Finance’s June 6 roundup
One contemporaneous provider announcement offers additional context: Forbright Bank announced 5.30% APY on its Growth Savings account on June 3, 2024, and described the offer as having no minimums and no fees. That announcement corroborates the dated rate claim for that account, but does not establish that all terms remained the same on June 6 or afterward. Forbright Bank’s June 3 announcement
How did those offers compare with the national savings rate?
The FDIC’s June 2024 monthly update, revised June 17, reported a national savings deposit rate of 0.45% and a national rate cap of 1.20%. The FDIC calculates its savings rate using the $2,500 product tier and weights the national rate by institutions’ share of domestic deposits. These figures are official monthly benchmarks, not a snapshot of the best offers specifically on June 6. FDIC national rates and rate caps for June 2024
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The 0.45% national rate and 1.20% rate cap describe different measures. The national rate is an average benchmark; the cap is a regulatory calculation that applies to certain institutions that are less than well capitalized. Neither figure is a list of the highest savings-account offers.
What does APY tell you?
Annual percentage yield (APY) expresses interest earned relative to the principal over a year, accounting for compounding under a standardized method. For an account without a stated maturity, such as a typical savings account, the Federal Reserve’s disclosure rule bases the calculation on an assumed 365-day term. The advertised APY is therefore useful for comparing yields, but it does not replace the account’s current rate and eligibility disclosures. Federal Reserve Regulation DD resources
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What to check before choosing an account
A high headline rate is only one part of the decision. Before opening an account, review the provider’s current disclosures for:
- Rate and eligibility: Confirm the live APY, whether it can change, and any balance, deposit, or other conditions required to earn it.
- Minimums and fees: Check both the opening deposit and ongoing balance requirements, as well as monthly or other account fees.
- Access: Understand how deposits, withdrawals, and transfers work, including any processing times or account-specific limits.
- Institution and insurance: Identify the bank that holds the deposit and review how deposit insurance applies to your ownership category and arrangement.
The June 6 roundup described some digital providers as working with FDIC-insured banks and referred to insurance up to $250,000. A fintech or savings brand is not necessarily itself the insured bank, and insurance coverage depends on the institution, ownership category, and deposit arrangement. Confirm the details with the provider and bank rather than assuming every balance is covered.
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Why these rates should not guide a decision today
The 5.50% and 5.30% figures describe offers reported on June 6, 2024, not rates available now. Savings APYs and account conditions can change. Check a provider’s current rate page and account agreement before relying on a quoted yield, minimum, fee, or access policy.
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