The typical interest rate given on savings accounts.
Go After Higher Savings Rates!
Stop settling for mediocracy! The national average savings account rate is just a starting point; your goal should be to snag an annual percentage yield (APY) substantially higher than that. Don't be content with the paltry 0.6% APY, as offered by traditional banks (per our survey from May 10, 2025). Instead, aim for the competitive returns temptingly offered by high-yield savings accounts.
But where can you find these high-yield gems with manageable minimum balances? Look no further than your favorite online banks, which boast savings interest rates that outshine the national average.
National Average Savings Account Interest Rates: A Meager Shadow of the Real Deal
More often than not, the best online banks triumph in the savings rate race, their rates towering over the national average savings account interest rates. Think of it this way: the national average APY, according to our research, is a mere 0.6%, while the leading high-yield accounts can surpass 4% APY!
Our Methodology
We keep tabs on nearly 500 banks and credit unions every week to ascertain the national averages. We include a diverse range of broadly accessible institutions with high yields, as well as some of the nation's biggest banks, in our survey.
Linked Checking and Savings: A Boost for Some Banks
Merging your savings account with a checking account can unlock higher yields at some banks. This strategy, dubbed "relationship rates," is popular among brick-and-mortar banks.
For example, at U.S. Bank, by teaming a qualifying checking account with a Bank Smartly savings account, you could reap a higher APY depending on the balance. Here's a rundown:
- Standard APY on Bank Smartly savings: 0.05% APY on any balance
- Qualifying U.S. Bank account + $5,000 or less combined balances: 1% APY
- $25,000+ in combined balances: 3% APY or more
However, online banks frequently offer even higher APYs with more reasonable minimum balance requirements to open the account and earn the attractive rate.
The Final Call: Shop Smart, Bank Smarter!
When venturing to find a high-yield account, don't forget to compare online banks against traditional, brick-and-mortar banks. You'll likely discover that online banks are better equipped, offering lower minimum balances, negligible monthly fees, and frequently higher APYs on all balances. These savings accounts will best many of the brick-and-mortar banks, even when relationship rates are considered.
So, use the national average savings rate as your benchmark. Effortlessly spot a bank boasting an APY far exceeding that of the national average. Calculate the difference between the APY at a traditional bank and an online bank to witness the power of compounding and higher interest earnings over time. Happy savings, depositor! 💸💰🚀
Delve deeper into the world of personal finance, and maximize your savings returns by choosing a high-yield savings accounts. Bypass the conventional banks offering meager returns and instead opt for online banks, known for their competitive APYs. In a recent survey, the national average savings account interest rates only managed to garner a pathetic 0.6% APY, while the leading high-yield accounts from online banks have surpassed this figure, often offering APYs in excess of 4%.
