Query concerning the typical annual percentage yield for savings deposits accounts.
Hitting That High Note:
You don't want to settle for mediocre returns on your savings, not when you can easily find an account that outperforms the norm by leaps and bounds. Instead, focus on securing an annual percentage yield (APY) far exceeding the national average - the kind you'll find in high-yield savings accounts. If you're unsure where to start, don't fret, as high-yield savings accounts with a low minimum balance requirement are common and easy to come by.
Today's Savings Account Rates: Beat the Norm
You don't have to fall in line with the crowd when it comes to your savings account interest rates. The top online banks have rates that surpass the national average - the higher the rate, the more you'll earn on your hard-earned savings. Let's face it, the national average APY is just 0.6% as of June 20, 2025, but the best high-yield savings accounts offer returns of 4% APY and above.
A Closer Look at the National Average
To give you the most accurate snapshot, our experts survey hundreds of banks and credit unions every week. This wide-ranging survey includes institutions that cater to various needs, while also taking into account some of the country's largest banks.
Checking Plus Savings: A Winning Combination
Linking your savings account with a checking account can earn you a higher yield at some banks. These are often referred to as relationship rates, and they are more prevalent among brick-and-mortar banks.
For example, at U.S. Bank, you can increase your APY by pairing a qualifying checking account with a Bank Smartly savings account. The rate you earn depends on the amount you maintain across accounts:
- The standard APY on Bank Smartly savings is 0.05% APY on any balance.
- If you have another qualifying U.S. Bank account and manage $5,000 or less across accounts, you'll earn 1% APY.
- With at least $25,000 in combined balances across accounts, you'll earn 3% APY or more.
Online banks tend to offer higher APYs even with lower minimum requirements to open the account and earn the high rate. Many online banks have minimum opening requirements of $100 or less and pay high APYs on all balances.
The Bottom Line
When shopping for a high-yield savings account, compare online banks with traditional brick-and-mortar banks. Online banks offer lower minimum balances, no or minimal fees, and often pay the same APY on all balances. In many cases, these rates will be higher than what you would earn from a savings account at a traditional bank, even with a relationship rate.
Remember, the national average APY for savings accounts is your benchmark. To maximize your returns, aim for a bank offering an APY multiple times higher than the national average. Calculate the difference to see the significance of higher-interest earnings, and let the magic of compounding work its wonders over time.
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- For better personal-finance management, consider high-yield savings accounts that exceed the national average APY, as mentioned in the article "Today's Savings Account Rates: Beat the Norm."
- To further enhance your savings, explore relationship rates offered by some banks that pair checking accounts with savings accounts, as demonstrated in the section "Checking Plus Savings: A Winning Combination."
