What's the typical interest rate earnings for saving accounts?
In the realm of personal finance, the national average annual percentage yield (APY) for savings accounts serves as a benchmark for the broader interest-rate environment. However, settling for this rate shouldn't be your goal. Instead, strive for an APY that is several times greater than the national average by opting for high-yield savings accounts, which can be easily found with minimal balance requirements and competitive returns.
A wealth of high-yield savings accounts are available from leading online banks, offering rates far surpassing the national average savings account interest rates. The higher the rate, the more interest you stand to earn on your savings. As of May 2025, our survey found the national average savings account yield to be 0.59 percent APY. In contrast, the best high-yield savings accounts are providing APYs of 4 percent or more.
Our weekly survey of nearly 500 banks and credit unions is the foundation for determining the national averages. These institutions encompass broadly available, high-yield providers, as well as some of the country's largest banks.
At some banks, linking your savings account with a checking account can boost your yield. Known as relationship rates, these offers are more commonly found in brick-and-mortar banks. For instance, U.S. Bank offers a higher APY when you pair a qualifying checking account with a Bank Smartly savings account. The relationship rate you earn depends on the amount of money you keep with the bank:
- The standard APY on Bank Smartly savings is 0.05 percent APY on any balance.
- With another qualifying U.S. Bank account and a balance of $5,000 or less across accounts, you'll earn 1 percent APY.
- With at least $25,000 in combined balances across accounts, you'll earn 3 percent APY or more.
While relationship rates can be advantageous, 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 initial deposit requirements of $100 or less and pay high APYs on all balances.
In summary, when searching for a high-yield account, compare online banks against larger, brick-and-mortar institutions. You'll likely find that online banks provide lower minimum balances, offer no monthly fees, and maintain APYs that outperform traditional savings accounts, even with relationship rates. Utilize the national average savings rate as a measuring stick. By doing so, you should be able to effortlessly locate a bank offering an APY multiple times higher than the national average.
Compare the APY at a major bank to that of an online bank to visualize the benefits of higher-interest earnings. The power of compounding allows your interest to generate interest over time.
Comparing the APY at major banks to those of online banks can reveal significantly higher interest earnings. For instance, the national average savings account yield is 0.59 percent APY, whilst some high-yield online banks offer APYs of 4 percent or more, demonstrating the potential for higher personal-finance growth through savings accounts.
