Savings interest rates today: Earning 0.5% APY on your savings? You're leaving money on the table — May 23, 2024

If your savings account is with a local bank offering 0.50% APY on your nest egg, you're leaving money on the table. A high-yield savings account can earn you significantly more, paying out more than 10 times that of a traditional savings account.

The highest rates top 5.00% APY at FDIC-insured online-only banks and digital accounts requiring no minimum deposits or high fees that can eat into your earnings. Even brands like American Express and Capital One advertise competitive rates of...