Inquiry about the customary interest rate for savings accounts.
Craving a serious boost for your savings? Ditch the average savings account rate, it's just a pitiful slice of the pie. Set your sights on an annual percentage yield (APY) that blows the national average out of the park, just like the ones you find in high-yield savings accounts. Trust me, finding a high-yield savings account with a competitive return and a low minimum balance is as easy as pie.
Here's a fun fact: Many of the best online banks boast savings interest rates way above the national average savings account interest rates. The higher the rate, the more dough you'll earn on your savings. As of June 2025, the national average savings account APY is a pathetic 0.6 percent APY according to our survey[4]. But the best high-yield accounts are offering rates of up to 4 or even 5 percent APY[1][2][3]!
So, how do we get these pitbull APYs?
Our website polls nearly 500 banks and credit unions weekly to crank out the national averages. We include institutions that are broadly available and dishing out high yields, as well as some of the nation's biggest banks[4].
What's this biz about linked checking and savings?
Link your savings account to a checking account, and you'll score a higher yield at some banks. These are often called relationship rates and are more common at brick-and-mortar banks[4]. For example, at U.S. Bank, you can beef up your APY by pairing a qualifying checking account with a Bank Smartly savings account. With a qualifying account and $5,000 or less across accounts, you'll earn a whopping 1 percent APY[4]. With at least $25,000 in combined balances, you'll earn a jaw-dropping 3 percent APY or more[4]!
But be warned: You'll usually find higher APYs at online-only banks, which often require low opening balances and pay high APYs on all balances[4].
In conclusion
When you're on the hunt for a high-yield account, compare online banks with those bigwig banks. Chances are, you'll find that online banks have lower minimum balances, won't slap you with monthly fees, and offer the same APY on all balances. In many cases, these APYs will be significantly higher than what you'd earn from a savings account at a brick-and-mortar bank[4], even with a relationship rate[4].
Take the national average savings rate as your benchmark. You should be able to find a bank that's offering an APY multiple times higher than the national average[4].
Calculate the difference between the APY at a big bank compared with the yield at an online bank to see what higher-interest earnings look like[4]. The magic of compounding helps your interest earn interest over time[4].
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- To experience rapid growth in your savings, consider opening a high-yield savings account, as these often provide an annual percentage yield (APY) far exceeding the national average savings account APY.
- For personal-finance enthusiasts, exploring online banks can offer an attractive alternative to traditional savings accounts, providing competitive APY rates, lower minimum balances, and no monthly fees – benefits that may not be found in finance institutions with a brick-and-mortar presence.
