Average Savings Account Interest Rates: A Look
As of early August 2025, several high-yield savings accounts are offering interest rates significantly above the national average. The best rates currently reach up to 5.00% APY, far exceeding the national average savings account interest rate, which is around 0.45%[2].
These high-yield savings accounts are typically offered by online banks or credit unions, which can provide higher interest rates due to lower overhead costs. Deposits are insured up to $250,000 by the FDIC or NCUA, ensuring security comparable to traditional banks[2][4].
Notable high-yield savings accounts include:
- Accounts offering around 4.3% to 4.35% APY, such as Peak Bank (4.35% APY, $100 minimum deposit), EverBank (4.30% APY, no minimum), and Rising Bank (4.30% APY, $1,000 minimum)[5].
- Axos Bank’s ONE savings account offering 4.46% APY[3].
- Several other online banks and credit unions consistently offering APYs above 4%, with some promotional or top-tier rates nearing 5.00% APY[1][4].
The Federal Reserve's recent policy has maintained interest rates in a range that supports these elevated APYs, with no significant rate cuts expected before the next Federal Open Market Committee meeting, meaning these high rates could remain stable in the near term[1][4].
At U.S. Bank, a higher APY can be achieved by pairing a qualifying checking account with a Bank Smartly savings account. If you have another qualifying U.S. Bank account and have $5,000 or less across accounts, you'll earn 1 percent APY. The standard APY on Bank Smartly savings at U.S. Bank is 0.05 percent APY on any balance[1]. With at least $25,000 in combined balances across accounts at U.S. Bank, you'll earn 3 percent APY or more[1].
Comparing online banks with larger banks can lead to finding lower minimum balances, no monthly fees, and potentially higher APYs. Linking your savings account with one of Bankrate's best checking accounts can also earn a higher yield at some banks[1]. This linking is sometimes referred to as relationship rates[1].
The national average savings rate should be used as a gauge when searching for a high-yield account. With the power of compounding, your interest earns interest over time, resulting in higher-interest earnings[1]. Bankrate surveys more than 500 banks and credit unions weekly to generate the national averages[1].
Included in the survey are institutions that are broadly available and offer high yields, as well as some of the nation's largest banks[1]. It's more common for brick-and-mortar banks to offer relationship rates[1].
In summary, high-yield savings accounts offering APYs from about 4.3% up to 5.0% in August 2025 represent opportunities to earn substantially more than the national average savings rate of roughly 0.45%[1][2][3][4][5].
- Online banks and credit unions, like Peak Bank, EverBank, Rising Bank, and Axos Bank, offer personal-finance solutions with high-yield savings accounts that provide industry-leading rates, such as the 4.35% APY at Peak Bank and the 4.46% APY at Axos Bank, which far surpass the national average savings account interest rate in banking-and-insurance.
- To maximize earnings and make banking more profitable, savvy savers can compare high-yield savings accounts across various financial institutions, setting their eyes on those with APYs above 4%, like those offered by several online banks, and banking with institutions that allow for relationship rates with checking accounts to achieve even higher returns.
