Inquiries concerning the typical interest rate offered on savings accounts.
In the ever-evolving world of personal finance, savvy savers are turning to high-yield savings accounts to maximise their returns. These accounts, often offered by online-only banks, are providing significantly higher interest rates compared to the national average.
As of August 2025, the national average Annual Percentage Yield (APY) for savings accounts stands at approximately 0.57%. However, this figure can vary slightly, with some reports indicating an average as low as 0.38% APY for regular savings accounts.
However, the landscape of high-yield savings accounts paints a different picture. Many of these accounts offer APYs that are several times higher than the national average. For instance, Axos Bank, Newtek Bank, and Zynlo Bank all provide APYs around 4.46%, 4.35%, and 4.35% respectively. SoFi, another popular online bank, offers up to 3.80% APY on savings, but this requires certain qualifications like SoFi Plus membership or qualifying deposits.
Some online banks are offering APYs close to 5.00%, making them a favourable option for those seeking better returns than traditional banks. These high-yield accounts generally feature low or no minimum balance requirements and are accessible online, making them a convenient choice for many.
The table below summarises some of the leading high-yield savings accounts currently available:
| Institution | APY (Approximate) | Notes | |------------------|-------------------|--------------------------------------------| | National Average | 0.38% - 0.57% | Regular savings accounts | | Axos Bank | 4.46% | Online bank, high-yield savings | | Newtek Bank | 4.35% | Online bank, competitive APY | | Zynlo Bank | 4.35% | Online bank, competitive APY | | SoFi | Up to 3.80% | Requires qualifying deposit or membership | | Some others | ~5.00% | Select offers with top rates (limited) |
The competitive high-yield savings account landscape is a testament to the fact that online banks consistently provide rates several times higher than the national average. By leveraging the power of compounding and choosing a high-yield savings account, your interest can indeed earn interest over time, resulting in a substantial boost to your savings.
[1] Bankrate.com - Weekly National Average Rates for Savings Accounts [2] SoFi.com - SoFi Savings Account [3] AxosBank.com - High Yield Savings Account [4] NewtekBank.com - High Yield Savings Account [5] ZynloBank.com - High Yield Savings Account
- In the realm of personal-finance, it's noteworthy that online-only banks are disrupting the industry by offering significantly higher finance returns in the form of high-yield savings accounts.
- With APYs hovering around 4.46% to even close to 5.00%, banking-and-insurance firms like Axos Bank, Newtek Bank, Zynlo Bank, and SoFi are providing a compelling choice for individuals seeking better finance returns than traditional banking institutions.
