Inquiry into the typical interest rate for savings accounts
Lockdown Your Savings' Growth with High-Yield Accounts
Don't let your savings languish with mediocre interest rates. Strive for a killer annual percentage yield (APY) that outshines the national norm, such as the ones offered by high-performing savings accounts. It's a breeze to snag a top-notch high-yield savings account boasting a lucrative return and reasonable minimum deposit requirements.
Savings Account Rates: The Overall Pulse
Dive into the higher echelons of interest rates with many of the finest online banks offering savings interest rates surpassing the national average. The higher the interest rate, the more your dough multiplies. Currently, the national average APY hovers around 0.59 percent as reported by our site's survey of financial institutions on May 17, 2025. High-yield savings accounts hurl you way past this pedestrian mark, paying interest rates of 4 percent or even more.
Behind Closed Doors: Calculating the National Average
Our site diligently examines approximately 500 banks and credit unions weekly to derive national averages. Institutions included in the study are readily accessible to the masses, dispensing high yields and offering competitive rates, as well as catering to established giants in the banking world.
In Bed with a Checking Account: A Secret to Higher Yields
Linking your savings account to a checking account is a sneaky way to stack higher returns at some banks. These partnership rates, often called sweetheart deals, are more common among brick-and-mortar banks.
For instance, pair a qualifying checking account with a Bank Smartly savings account at U.S. Bank, and you'll reap the rewards with a higher APY, depending on your funds:
- The standard APY on Bank Smartly savings is 0.05 percent APY on any balance.
- With a qualifying U.S. Bank checking account and $5,000 or fewer combined deposits, you'll pocket a 1 percent APY.
- With at least $25,000 combined across accounts, you'll capture a 3 percent APY or higher.
Though you'll discover appealing APYs at online banks as well, offering fewer hoops to jump through and minimal deposit requirements, ensuring high APYs across the board. The best of both worlds!
*Note: Save these APY figures for May 15, as our editorial team updates them weekly. Rates may have changed since the last update, and in some cases, they might differ by region for specific products.*
The Final Word
Challenge conventional wisdom by scrutinizing online banks when hunting for high-yield accounts. Generally, they'll require lower initial deposits, duck monthly fees, and provide APYs that best brick-and-mortar banks. Even in cases with relationship rates, online banks oftentimes trump the earnings you'd reap from a savings account at a physical bank.
Harness the power of compounding interest, calculating the salivating gap between high-interest earnings at online banks versus big banks, to watch your savings skyrocket.
A smart approach for personal-finance enthusiasts is to seek high-yield savings accounts that offer higher interest rates than the national average, as these can significantly boost your savings growth. These high-performing accounts can be found in many of the top online banks, such as the ones we've examined and discussed. Moreover, linking your savings account to a checking account, also known as a 'sweetheart deal', can provide additional higher yields at some brick-and-mortar banks.
