The average interest rate on a savings account is 0.40%. Here’s where you can earn 12x more.

These savings accounts offer 4.80% APY or more, which is 12 times the national average.

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today’s high interest rates means you can earn great returns on your savings balance, but not everyone benefits.

According to the latest FDIC data, the national average savings account interest rate today is just 0.40% APY. Most banks were only getting that average offer on regular savings accounts, which still earn near-zero APYs even though the Federal Reserve’s target fed funds rate range (a barometer of deposit rates) is now above 5%.

But high yield savings accounts – usually offered by online banks or online divisions of larger banks, may offer multiple times. Most of the best high-yield accounts offer at least 4% APY, although today’s best rates can up to even 4.5% APY.

To help you take advantage of higher interest rates on your savings, we’ve rounded up some of them today’s highest yielding savings accounts. With the accounts below, you’ll earn 4.80% APY or more, which is at least 12 times the current national average.

Start comparing today’s best savings rates here.

High-yield savings accounts with 4.80% APY or more

The accounts below not only offer some of the highest interest rates you can earn today, but they all charge no monthly maintenance fee and offer easy access to your savings when you need it. These accounts are also FDIC insured, so any deposits you make up to the $250,000 limit (per depositor, per institution) are protected against any potential bank failure.

Here are some of our picks for accounts earning at least 12 times today’s national average:

CIT Bank: 4.85% APY

CIT Bank Platinum Savings account earns a whopping 4.85% APY On balances over $5,000. If you choose this account, you need to make sure you have a balance of $5,000 to save. otherwise, your earnings drop to just 0.25% APY. You will also need a minimum deposit of $100 to open an account.

First Fund Bank: 4.85% APY

You can also earn 4.85% APY with First Foundation Bank Online Savings Account. This account requires a $1,000 deposit to open, but the minimum current balance to earn your high APY is just $0.10.

Popular Straight: 4.85% APY

Popular Direct Savings can help you earn 4.85% APY on your savings balance. You only need $100 as a minimum deposit to open an account.

UFB Direct: 4.81% APY

UFB Direct’s Premier Savings account also earns a great interest rate of 4.81% APY. This account has no minimum balance requirements. It also has a free ATM card.

Laurel Road: 4.80% APY

The Laurel Road High Yield Savings Account offers 4.80% APY on your savings. It also has no minimum balance required to open or earn your account.

Compare today’s best savings rates here now.

Why should you have a high yield savings account today?

If you don’t already have a high-yield savings account, you can letting go on hundreds of potential extra profits each year, especially with rates as high as they are now.

For example, let’s say you put $5,000 into an account earning 4.80% APY today. If you maintain that balance and interest for a year, you can grow your savings to $5,240. And that’s just the minimum. if you make regular contributions to your account or your interest rate increases during that time, you can earn more.

You can use your high yield savings for anything from a emergency fund money you’re setting aside for an upcoming vacation, wedding, or back-to-school. You might even consider opening one more than one high yield accountOne for emergency savings and another to contribute to other short-term goals.

One thing to remember is that high yield savings accounts carry variable interest rates. They can move up or down depending on the broader exchange rate environment. That’s why you should start saving sooner rather than laterso you can take advantage of today’s high prices for as long as possible.

Discover the best savings rates right here.

Bottom line:

Although the national average savings rate is just 0.40% APY, many of the best high-yield accounts earn 10 to 12 times that. If interest rates are driving up other areas of your financial life, from credit card debt to auto loans and mortgages, take advantage of higher interest rates with a competitive savings account. Not only can you secure your cash and have it easily accessible in case of an emergency, but you can reliably boost your savings and increase your balance over time.

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