Inquiry regarding typical interest rates offered on savings accounts.
Revised Article:
Hold out for a stellar APY instead of settling for the national average savings account rate. Aim high, 'cause the top high-yield savings accounts can slay that measly national average by a long shot.
Look no further for a kick-ass high-yield savings account that delivers a knockout return with a minuscule minimum balance. You'll find plenty of these bad boys offering competitive rates without breaking the bank.
National average savings account interest rates
You'll often stumble upon the best online banks packing savings interest rates higher than the national average savings account interests. The higher the rate, the more coin you'll rake in on your savings. The national average APY? A measly 0.59%, according to our recent survey of institutions as of May 16, 2025. But the best high-yield savings accounts are pulling off rates upwards of 4%.
How we gather the data
Our team surveys nearly 500 banks and credit unions every week to churn out those national averages. We include widely available institutions boasting high yields, as well as some of the nation's largest banks.
Interest rates for linked checking and savings
Tying your savings account to a checking account is one way to nab a higher yield at some banks. Sometimes called relationship rates, they're more common with brick-and-mortar banks.
Consider U.S. Bank, for instance. You can score a higher APY by pairing a qualifying checking account with a Bank Smartly savings account. The APY depends on how much dough you've got stashed with the bank:
- The standard APY on Bank Smartly savings is 0.05% APY on any balance.
- But if you've got another qualifying U.S. Bank account and have $5,000 or less across accounts, you'll rake in a 1% APY.
- If you've got at least $25,000 in combined balances across accounts, you'll make 3% APY or more.
You'll usually find higher APYs at online banks, with lower minimum requirements to open the account and earn the high rate. Most online banks have minimum opening requirements of $100 or less and don't discriminate, paying high APYs on all balances.
APY details are as of May 15. Our editorial team updates this information weekly. APYs may have changed since they were last updated and may vary by region for certain products.
Bottom line
Compare online banks with old-school, brick-and-mortar banks when hunting for a high-yield account. You're likely to find online banks offering lower minimums, zero monthly fees, and higher APYs. In many cases, these savings accounts will outpay those offered by a traditional bank, even with a relationship rate.
Use the national average savings APY as your yardstick. You shouldn't have a hard time finding a bank offering an APY way above the national average. Compare the APY at a big bank with what an online bank offers to witness what a higher interest rate can do for your stash. The magic of compound interest helps your interest earn interest over time.
- To maximize your personal-finance gains, compare high-yield savings accounts from online banks, which often offer higher interest rates than traditional brick-and-mortar banks, even with a relationship rate.
- Incorporating a business strategy in your personal-finance decisions, aim for a high-yield savings account with a competitive interest rate to boost your savings, surpassing the national average savings account interest rate of 0.59%.
