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The average savings account in the US pays 0.42% Annual Percentage Yield (APY), according to the FDIC. But that's not even close to the highest interest you can get.

Whether you're looking for the best high-yield savings account or best CD rates, we've done the research to help you find a great match. We've also included rates from high-yield checking and money market accounts.

Best savings rates today

Betterment Cash Reserve: 5.25% APY for new customers

Why it stands out: If you're looking for a place where you can save and invest, Betterment may be a strong option. The online investing platform is offering a high rate of 5.25% APY on the Betterment Cash Reserve Account for new customers. To earn the promotional rate, you'll open it through the signup link and make a deposit from an external bank account in the first 14 days.

The APY boost will be applied to your account until December 31, 2023. Afterward, you'll earn the standard rate.

What to look out for: To be eligible for the APY boost, you cannot have an existing Betterment account. Existing customers will earn the standard rate. You may also prefer another institution if you'd like to open CDs or money market accounts. Betterment only offers a checking account and cash reserve account, which is similar to a high-yield savings account.

Milli Account: 5.25% APY on Savings Account and Jars

Why it stands out: Milli is a solid choice if you're comfortable with a mobile-only banking experience and want to keep your checking and savings all in one place. Milli offers a Spending and Savings Account. You can earn 5.25% APY on the Savings Account. Milli also has a savings tool called Jars that helps you track money for individual goals without having to create a new savings account. There are no minimum balance requirements to earn interest.

What to look out for: Milli doesn't accept cash deposits. It only offers customer service on weekdays from 8 a.m. to 5 p.m. CT, and only through chat or email.

More top savings account rates:

• OceanFirst Bank High Yield Savings Account, powered by Raisin: 5.17% APY

• Bank5 Connect Jumbo Savings: 5.10% APY ($25,000 deposit required)

• UFB Priority Savings: 5.06% APY

• SoFi Checking and Savings: Earn up to 4.40% APY and up to $250 with direct deposit

Generally, national brick-and-mortar banks offer lower interest rates on traditional savings accounts. For example, Bank of America pays 0.01% to 0.04% APY on its Advantage Savings account. To get a higher interest rate at a national brick-and-mortar bank, you'll probably have to consider a premium savings account or money market account.

We check financial institutions daily to keep up with their new rate offerings on some of the best high-interest savings accounts. All of the banks on our list are FDIC insured, and the credit unions are federally insured by the NCUA.