The typical interest rate applied to savings deposits in financial institutions.
Sticking with the average savings account rate ain't the wisest move, buddy. Aim high, aim for an annual percentage yield (APY) that blows the national average out of the water. You can find top-notch high-yield savings accounts offering a competitive return with a low minimum balance requirement.
Say goodbye to those stagnant traditional banks and hello to the best online banks offering savings interest rates higher than the national average. The higher the rate, the more you'll earn on your savings. As of our latest survey in April 2025, the national average savings account yield is a measly 0.59 percent APY. But the best high-yield savings accounts are paying upwards of 4 percent APY!
Our website surveys nearly 500 banks and credit unions weekly to generate these national averages. We include broadly available institutions that offer high yields, as well as larger banks.
Linking your savings account with a checking account is one way to earn a higher yield at some banks. It's more common for brick-and-mortar banks to offer these so-called relationship rates, like U.S. Bank. By pairing a qualifying checking account with a Bank Smartly savings account, you could earn rates significantly higher than the standard rate.
However, you'll often find higher APYs at online banks, 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.
In summary, compare online banks with larger banks when searching for a high-yield account. Online banks usually have lower minimum balances, don't have monthly fees, and pay the same APY on all balances. Many of these savings account interest rates will be higher than what you'll earn from a savings account at a brick-and-mortar bank, even with a relationship rate.
Take the national average savings rate as a benchmark and find a bank offering an APY multiple times higher than that. 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. The power of compounding helps your interest earn interest over time!
- To increase your earnings on savings, consider high-yield savings accounts that offer competitive returns with low minimum balance requirements, as these often surpass the national average APY.
- When it comes to personal-finance, it's wise to say goodbye to stagnant traditional banks and hello to online banks, as they provide higher savings interest rates than the national average.
- In contrast to traditional banks, many online banks have lower minimum opening requirements for savings accounts and pay high APYs on all balances, offering a more lucrative option for business or personal-finance.
- When comparing savings accounts, take the national average APY as a benchmark and aim for an annual percentage yield (APY) multiple times higher to maximize your interest earnings, leveraging the power of compounding for future growth.
